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Life Insurance Riders

Life insurance riders are optional, and additional benefits can be added to a life insurance plan to cover various risks, like critical illnesses, accidental death, etc. Life insurance riders can vary by insurer and type of policy, and they come at an additional cost. Let’s discuss life insurance riders more here. 

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What is a Life Insurance Rider?

Riders are additional benefits or add-ons that you can opt for along with your current life insurance plan at low premium rates. Life insurance riders are important financial tools that help you increase your life insurance plan coverage.

Different insurance companies provide different benefits with their life insurance riders and therefore, you must wisely read all terms and conditions before adding them to your base plan.

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What are the Different Types of Life Insurance Riders?

  1. Accelerated Death Benefit Rider:

    The Accelerated Death Benefit Rider is an added benefit/rider that allows a policyholder or his/her nominee to avail extra advantages to their base term plan. Apart from the benefit of the base plan, it allows additional coverage at the time of the policyholder’s death due to any pre-specified condition.

  2. Accidental Death Benefit Rider:

    The accidental death benefit can be added to all life and term insurance plans. However, when you purchase an accidental death benefit rider, the insurance company pays up to double the sum assured to the policyholder’s nominee in case he/she dies due to an accident.

  3. Accidental Disability Rider:

    In the unfortunate event of disability, the Accidental Disability Rider offers financial protection. This rider must be chosen according to the actual need and not accidentally, i.e. when you buy the term insurance plan.

  4. Critical Illness Rider Benefit:

    The term life insurance with Critical Illness Rider benefit is paid in case the policyholder gets diagnosed with any of the critical illnesses mentioned in the policy document, like cancer, kidney failure, heart attack, etc. In such cases, the critical illness sum assured is paid.This benefit acts as an income replacement plan because the money received under the rider can be used to fulfill both household and medical expenses. The critical illnesses covered under the plan may vary from one company to another.

  5. Waiver of Premium:

    The Waiver of Premium rider benefit ensures that the life insurance plan remains active if you cannot pay your premiums. The effect of this plan would waive off all the future premiums but the policy benefits will be continued. This rider benefit also extends to partial and permanent disability.

  6. Terminal Illness Rider:

    The Terminal Illness Rider allows the policyholder to avail of benefits if he/she is diagnosed with a terminal illness. In this case, the accelerated death benefit, the family/loved ones of the ailing policyholder will be able to get a sum of the life cover in advance to pay the medical expenses.

  7. HospiCare Rider:

    Under the HospiCare Rider, the policyholder gets to avail the benefit of his/her hospitalization as per the terms and conditions of the plan. Many insurance companies provide a certain percentage of the life cover as benefit upon admission of the policyholder in a hospital and then double the amount if the policyholder is admitted to the ICU.

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What are the Benefits of Life Insurance Riders?

There are a number of benefits offered by the rider to enhance the coverage of the existing term plan:

  • Better Protection: One of the most important reasons to add riders to your life insurance plan is that you want your loved ones safe from more than one risk. No doubt, death is the ultimate cause of a family’s financial problems. But, life-threatening illnesses, accidental disabilities along with expensive treatments equally destroy your life. So, adding riders to your life insurance policy adds more protection to the plan and secures your family’s future.

  • Extra coverage: By adding a rider to a base life insurance plan, one can enjoy extensive coverage. For example, a critical illness rider benefit pays a lump sum amount which can be used in loan EMIs, household expenditures, and other financial liabilities.

  • Flexibility: You can attach a rider to any of your life insurance plans i.e., Term, ULIP, whole life, endowment and customize your plan as per your requirements.

  • Affordability: Purchasing a rider is much more economical than purchasing an individual insurance plan. Additionally, there are several types of riders which one can choose as per their requirements. So, it becomes easy to provide coverage at low premium rates.

  • Tax Benefits: Riders are add-ons to the life insurance plans. Therefore, payments towards insurance riders also enjoy tax savings benefits as per the prevailing income tax laws.

When can Life Insurance Riders be Purchased?

Insurance riders are sold individually from insurance plans at the same time when you buy the base plan. For example: When you buy term plan from an insurance company, you can also select the riders from the list of options provided by the insurer. However, the riders cannot be attached after the plan is bought. It is important to take time to evaluate whether or not investing in an insurance rider is beneficial. While some insurers have in-built rider benefits in the standard life insurance plans, others have flexible policies, which can be personalized according to your requirements.

How to Choose the Best Life Insurance Rider?

Choosing the right life insurance rider can be an important decision for ensuring that you have the right amount of coverage for your needs. Here are some steps you can take to choose the best life insurance rider for your situation

  • Determine your financial Requirements: Life insurance plans come with a wide variety of add-ons or riders. Some options of riders available are term life insurance with Critical Illness Rider, Accidental total and permanent disability, accidental death benefit, waiver of premium, accelerated death benefit, and hospi-care rider. Each insurance rider has different purposes as per its features, so it is important to identify the purpose of the rider before purchasing the right cover. Always keep your needs in mind.

  • Research your options: Different life insurance riders provide different types of coverage, so it's important to understand what each one offers. Common riders include accidental death benefit, accelerated death benefit, and long-term care.

  • Consult with an insurance agent or financial advisor: These professionals can help you understand your options and determine which riders might be best for your needs. They can also provide information on the costs associated with each rider.

  • Consider the cost: Riders can increase the cost of your life insurance policy, so it's important to consider the cost in relation to the benefits. Make sure you can afford the premiums associated with the rider.

  • Review your policy’s terms and conditions: As your needs and circumstances change, you may need to adjust your life insurance coverage. Periodically reviewing your policy and riders can help ensure that you have the right amount of coverage for your current situation.

Wrapping It up!

It is always good to know what your insurance company has to offer so that you can receive the most of your life insurance plan and take advantage of the cost-effective add-on benefits. It is also suggested to analyze and research possible insurance riders that can help meet your requirements.


  • Are Life Insurance Riders Worth It?

    Ans: Yes, Life Insurance Riders give the policyholder an additional coverage and in this way, it increases the utility of the life insurance plan. In case of your untimely death, these risk covers, also known as riders, will help your loved ones maintain their standard of living and they will not have to stop fulfilling their dreams.
  • What is a life insurance policy rider?

    Ans: A rider is a provision in a life insurance policy that provides additional benefits or flexibility. Most are optional, while some are included in your insurance price.
  • What is the difference between a rider and a claim in life insurance?

    Ans: Riders are purchased in addition to a standard life insurance policy to cover the life assured (or his loved ones) for certain losses, or worse, death. Rider claims are claims that occur or are acceptable under the rider coverage by default.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common benefits of term insurance:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the benefits of term life insurance?

    Ans: Below mentioned are the key features of a best term insurance policy in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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