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Customize Your Life Insurance Policy with Riders

Understand how to use riders to customize life insurance.

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Life insurance policies are a way to ensure that your family never has to face financial burdens, even in your absence. The uncertainty of life has made the need for such protection unavoidable, primarily with the increasing number of threats in the environment. If you choose Max Life Insurance policy, you can select Max Life insurance riders to create a comprehensive financial protection  plan for your loved ones. 

What are Life Insurance Riders? 

While most of us understand the need and importance of life insurance, we may not be aware of riders and their benefits. Life insurance riders are add-ons that can enhance the coverage of your policy considerably. They offer coverage against more extensive risks than the base life insurance policy.

The policyholder can modify the insurance policy once they calculate their needs according to their situation. Personal life factors such as age, lifestyle, and health condition play a central role in deciding the coverage you may require. Having done that, you can select the riders of your preference to get better benefits.

Different Max Life insurance riders are available to cater to people with distinct financial profiles. It allows people from varying backgrounds to secure life coverage, as per their situation. You can attach Max Life Insurance riders by paying an additional premium when buying our life insurance products.

Know More: What are Riders in Insurance?

Max Life Insurance Riders 

The goals and requirements in life evolve with time, and so does the need for risk coverage. You can make more informed and well-rounded financial decisions when you are aware of your personal situation. Max Life Insurance riders are specifically designed to help you with that decision.

In a time of crisis, the right financial support system can make a world of difference. To know if Max Life riders are for you, it will be in your best interest to learn about them when buying life insurance. It allows you to have a clear vision of the financial plan you need to protect your loved ones.

Here are some of the Max Life Insurance riders available to increase the value of your insurance plan:

1. Max Life Critical Illness and Disability Rider (A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider | UIN: 104B033V01)  

There is nothing more financially draining than a severe health issue. Critical illnesses can have a detrimental effect not only on your physical health but also on mental and financial health. The cost of treating critical diseases is reaching new heights with each day.

With Critical illness Insurance, you can create a financial plan capable of preparing for such a situation. Irrespective of how mindful you are about your health, life can be extremely unpredictable. As unpleasant as it is, it is essential to have a financial plan that covers such possibilities. 

If you are diagnosed with a listed critical illness, you will receive a lump sum or periodic payments to support the treatment under this Max Life Insurance rider. This payment is over and above the health insurance and the payout is made irrespective of the actual treatment cost. 

When you select a Critical Illness And Disability Rider (Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider UIN: 104B033V01) , Max Life Insurance ensures that you do not have to solely rely on your savings or other investments, which may not be sufficient. 

With Critical illness Insurance, you can create a financial plan capable of preparing for such a situation. Irrespective of how mindful you are about your health, life can be extremely unpredictable. As unpleasant as it is, it is essential to have a financial plan that covers such possibilities. 

If you are diagnosed with a listed critical illness, you will receive a lump sum or periodic payments to support the treatment under this Max Life Insurance rider. This payment is over and above the health insurance and the payout is made irrespective of the actual treatment cost. 

When you select a Critical Illness And Disability Rider (Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider UIN: 104B033V01) , Max Life Insurance ensures that you do not have to solely rely on your savings or other investments, which may not be sufficient. 

 

2. Max Life Comprehensive Accident Benefit Rider (A Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider | UIN: 104B025V03) 

We are prone to accidents in our regular life that can substantially impact us in financial terms. This Max Life rider ensures that you will have adequate support when you face such a situation. It enables you to be financially independent in times of crisis.

You can customize a comprehensive protection plan for your family by including a Max Life Comprehensive Accident Benefit Rider. In case of accidental death, this Max Life insurance rider will provide the rider sum assured to the nominee, as mentioned in the policy terms.

3. Max Life Waiver of Premium Plus Rider 

Max Life Insurance riders can be exceptionally useful for an earning individual responsible for family members’ well-being. In case your family depends on your income solely, the Max Life Waiver of Premium Plus Rider can be the right choice for you.

It ensures the life coverage remains intact even when you are unable to pay the premiums. In case the insured person is diagnosed with a critical illness or has suffered dismemberment, this Max Life Insurance rider waives off future premiums. The policy coverage is not affected by the waiver of premium, and the family remains protected. 

3. Max Life Waiver of Premium Plus Rider 

Max Life Insurance riders can be exceptionally useful for an earning individual responsible for family members’ well-being. In case your family depends on your income solely, the Max Life Waiver of Premium Plus Rider can be the right choice for you.

It ensures the life coverage remains intact even when you are unable to pay the premiums. In case the insured person is diagnosed with a critical illness or has suffered dismemberment, this Max Life Insurance rider waives off future premiums. The policy coverage is not affected by the waiver of premium, and the family remains protected.

 

What to Consider While Selecting Term Insurance Riders? 

There may be several questions running on your mind when putting together a plan for your family’s future. While the availability of Max Life Insurance riders is advantageous, it requires careful assessment on your part.

Hence, choosing which of the Max Life riders is suitable for your financial plan can be challenging. Let’s discuss some important things to consider while reviewing Max Life term insurance riders.

1. Income & Expenses 

Depending on your long and short-term expenses, your investment goals may change. While you want to have the best possible financial support system with suitable Max Life Insurance riders for your loved ones, it is also important to be realistic.

You do not want to feel disappointed by underestimating or overestimating your ability to sustain the investments. Hence, it is crucial to assess the current and possible expenses in the coming years to choose the most appropriate Max Life riders. 

2. Your Health Condition 

Your health when securing life coverage plays a vital role in deciding the right Max Life Insurance riders. Considering the increasing instances of lifestyle diseases and other worrying health conditions, you can choose the appropriate riders to add to your life cover. Moreover, it is in your best interest to opt for such a comprehensive cover early in life.

Insurers usually ask for a medical examination of the person who is to be covered to assess the risk profile accurately. It allows them to offer a better coverage amount that can meet the demands adequately.

3. Coverage Offered 

After evaluating your personal situation, you can compare Max Life riders to see how the coverage offered by them caters to your requirements. Make sure that you go for a coverage that will suffice when the need arises.

Different types of riders have varying features and benefits, and it is up to you to select the ones that fit your requirements. 

4. Tax Benefits 

The tax benefits offered by insurance instruments are a relief for people. It can help you reduce your taxable income considerably and still make sound investment choices.

3. Coverage Offered 

After evaluating your personal situation, you can compare Max Life riders to see how the coverage offered by them caters to your requirements. Make sure that you go for a coverage that will suffice when the need arises.

Different types of riders have varying features and benefits, and it is up to you to select the ones that fit your requirements. 

4. Tax Benefits 

The tax benefits offered by insurance instruments are a relief for people. It can help you reduce your taxable income considerably and still make sound investment choices.

 Opting for Max Life Insurance riders enables you to avail of the applicable tax benefits on the premiums paid and the benefits received.

At the time of including Max Life Insurance riders to your plan, check the tax benefits that are available with them to not miss out on them.

Tax benefits are as applicable tax laws subject to change

5. Rider Exclusions 

Certain conditions are not covered under the riders. It is advisable to go through the details of Max Life riders when choosing them to avoid disappointment in the future.

For instance, specific types and cancer stages may be covered under a Max Life critical illness rider. When you know the rider’s scope of coverage, you can plan your finances more efficiently. 

Frequently Asked Questions (FAQs) 

Q. When Can I add a Rider to My Policy? 

A. In general, riders are attached at the time of purchasing an insurance policy. The insurer may allow the same at a later date during policy anniversary, depending on the terms and conditions of base Max life policy and rider policy

Q. Can I Cancel a Rider Which I Have Already Added?

A. If the policy terms allows the cancellation of a rider after the policy inception, it can be done. In this situation, the future payable premium amount will only include the base policy premium, excluding the rider portion from it.

Q. Is It Possible to Have a Rider Without A Base Policy?

 A. No, it is not possible to buy a rider without a base policy. Riders are only available as add-ons to an existing policy that strengthen the coverage.

Q. How Many Riders Can I Attach to My Policy?

A. There is no limit to the riders you can attach to a policy, provided they are available under the base policy. The different types of life insurance policies offer riders of different kinds. 

Q. What Illnesses Are Covered Under the Max Life Critical Illness and Disability Rider? 

A. The Max Life Critical Illness and Disability Rider (A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider | UIN: 104B033V01) offers multiple variants to suit the needs of diverse financial and health profiles and the coverage can go for up to 64 critical illnesses including:

S NO.

Name of CI or Surgery Benefit Variant

1

Angioplasty

2

CiS / Early-stage Cancer

3

Small Bowel Transplant

4

Brain Aneurysm Surgery or Cerebral Shunt Insertion

5

Severe Osteoporosis

6

Cancer of Specified Severity

7

Myocardial Infraction (First Heart Attack of Specific Severity)

8

Open Chest CABG

9

Open Heart Replacement or Repair of Heart Valves

10

Coma of Specified Severity

11

Kidney Failure Requiring Regular Dialysis

12

Stroke Resulting in Permanent Symptoms

13

Major Organ / Bone Marrow Transplant

14

Permanent Paralysis of Limbs

15

Motor Neuron Disease with Permanent Symptoms

16

Multiple Sclerosis with Persisting Symptoms

17

Benign Brain Tumor

18

Blindness

19

Deafness

20

End Stage Lung Failure

21

End Stage Liver Failure

22

Loss of Speech

23

Loss of Limbs

24

Major Head Trauma

25

Primary (Idiopathic) Pulmonary Hypertension

26

Third Degree Burns

27

Alzheimer’s Disease

28

Parkinson’s Disease

29

Aorta Graft Surgery

30

Amputation of Feet Due to Complications of Diabetes

31

Apallic Syndrome

32

Aplastic Anaemia

33

Bacterial Meningitis

34

Brain Surgery

35

Cardiomyopathy

36

Chronic Adrenal Insufficiency (Addison's Disease)

37

Chronic Relapsing Pancreatitis

38

Creutzfeldt-Jacob Disease (CJD)

39

Crohn's Disease

40

Dissecting Aortic Aneurysm

41

Eisenmenger's Syndrome

42

Elephantiasis

43

Encephalitis

44

Fulminant Viral Hepatitis

45

Hemiplegia

46

HIV due to Blood Transfusion and Occupationally Acquired HIV

47

Infective Endocarditis

48

Loss of Independent Existence (Cover up to Age 74)

49

Loss of One Limb and One Eye

50

Medullary Cystic Disease

51

Muscular Dystrophy

52

Myasthenia Gravis

53

Myelofibrosis

54

Necrotizing Fasciitis

55

Other Serious Coronary Artery Disease

56

Pheochromocytoma

57

Poliomyelitis

58

Progressive Scleroderma

59

Progressive Supranuclear Palsy

60

Severe Rheumatoid Arthritis

61

Severe Ulcerative Colitis

62

Systemic Lupus Erythematosus with Lupus Nephritis

63

Terminal Illness

64

Tuberculosis Meningitis

 

Sources:

 

https://www.policyholder.gov.in/life_insurance_riders.aspx

https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo169&flag=1&mid=IRDA+Journal, (12th December 2001).

https://www.maxlifeinsurance.com/content/dam/corporate/Riders/Max-Life-Critical-Illness-and-Disability-Rider/Max-Life-CIDR-Prospectus.pdf

ARN No : Sept21/Bg/15A

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