With Life Insurance, one size does not fit all. A Term Insurance Rider is an additional benefit available along with the base term insurance cover, which helps you get more than a life cover. The need and extent of protection vary from person to person. Based on the income, liabilities, and important milestones in life, one needs to ascertain the right insurance cover and maximize the benefits by availing different riders.
A Term Plan is the most affordable life insurance product in the market with a considerable Sum Assured for a relatively lower premium. It also comes with multiple optional riders, varying from company to company and plan to plan.
Typically, The Following Riders/Features Can Be Availed With An Online Term Insurance Policy:
1. Comprehensive Accident Benefit
This rider provides additional pay-out, along with the base plan’s Sum Assured, in case of accidental death or dismemberment.
2. Waiver of Premium
This rider is applicable in case the insured suffers a serious illness or dismemberment. Under this rider, all future premiums are waived off and the policy continues to remain in force.
3. Critical Illness Benefit
Treatment of a critical illness can derail the most carefully planned finances. This is where a critical illness rider helps. It provides you with a periodic or lump sum benefit when you are diagnosed with a critical illness defined in your term plan policy document. Heart attack, kidney failure and some types of cancers are generally listed as critical illnesses.
Your lifestyle, hereditary background, and nature of occupation determine the degree of risk and the right insurance protection for you. You can start by creating a quick Term Plan quote and explore the different riders!
Disclaimer: Life Insurance coverage is available in this product. It is a pure term insurance plan which provides only death benefit and no maturity or surrender benefit. For more details on the risk factors, terms and conditions, please read the product sales prospectus carefully before concluding a sale.