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Life Insurance - Accidental Death Benefit Rider

The Accidental Death Benefit Rider is an optional feature that can be added to a life insurance policy. It provides an additional payout in the event of the insured person's death due to an accident. While life insurance primarily covers death caused by natural causes, the Accidental Death Benefit Rider extends the coverage to include accidental deaths. 

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What is an Accidental Death Benefit Rider in Life Insurance?

Accidental Death Benefit (ADB) Rider in life insurance is an optional rider that the policyholders can add to their base plan for enhanced coverage at nominal premiums. The premiums for the ADB rider are paid with the base premiums, and you can get a large ADB rider sum assured at really affordable rates. This rider provides the nominee with the additional rider sum assured on top of the base sum assured in case of the policyholder’s death during the policy term due to accidental reasons.

Do I Need to Add the Accidental Death Benefit Rider to Life Insurance?

The need for Accidental Death Benefit Rider in Life Insurance is completely subjective. You may or may not find the need for the ADB rider in your life. But, this rider provides the nominee with an additional financial benefit in the event of the policyholder’s unfortunate demise due to an accident. With this rider, you can secure more benefit amounts at low premiums and ensure the financial stability of your family in your absence. Your family can use this benefit payout to pay for their rent, pay for child’s fees, pay off any remaining loans, and take care of any other financial obligations that might burden your family in your absence.

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How Does Accidental Death Benefit Rider Work?

An Accidental Death Benefit Rider provides the nominee with the benefit amount if the policyholder dies due to an accident during the policy term within the applicable waiting period, which is usually 180 days.

Let us understand this with an example:

Suppose Palak bought a 10-year life insurance policy of 2 Crores life cover with the accidental death benefit rider of 50 Lacs included in the base plan. Now, Palak suffers a car accident after 4 years of purchasing the policy and unfortunately passes away. The insurer will provide the nominee with the base sum assured of 2 crores on her death at any time, but if Palak passes away within 180 days of the accident, the nominee will receive the 50 Lacs rider sum assured on top of the base sum assured as an additional benefit.

What are the Benefits of Accidental Death Benefit Riders in Life Insurance?

Here is a list of all the benefits of ADB rider that you can avail of by adding the rider to the base plan.

  • Additional Coverage: An Accidental Death Benefit Rider provides the policyholder and their family with an additional benefit amount which will provide monetary help to the nominee in case of the policyholder’s unfortunate death during the policy term.

  • No Medicals Required: You do not need to submit any medical exam to add this rider to the base plan and can easily enhance your plan by adding this rider without any hassles.

  • Save More by Spending Less: By adding the ADB rider to the base plan, you can increase the benefit amount your family receives in case of your accidental death at nominal premiums. The premiums for this rider are much lower than the premiums of a new policy for the same rider sum assured.

  • Peace of Mind: An Accidental Death Benefit Rider provides the policyholder with the much-needed peace of mind that their family will be financially secure in the event of their unfortunate death and can take care of their financial needs.

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How is Accidental Death Rider Different From Term Life Insurance?

While both ADB rider and term insurance plans provide the nominee with a benefit amount in case of the policyholder’s untimely death, there are a few differences between the two.

Parameters Accidental Death Benefit Term Life Insurance
Benefit Amount Usually much less than the Base Sum Assured Equals to the Base Sum Assured
Payable Only payable if the policyholder dies due to an accident Payable under all circumstances covered under the term insurance
Purchase It cannot be purchased by itself, has to be added to the base plan It can be purchased by itself

Exclusions of Accidental Death Benefit Rider in Life Insurance

There are certain conditions under which an active life insurance policy with the ADB rider included in the base plan may not payout, and they are:

  • The rider will not provide cover if the policyholder attempts suicide or inflicts self-harm onto themself.

  • If the policyholder participates in extreme sports like paragliding, skydiving, or anything other than a regular fare paying passenger on a commercial flight.

  • If the policyholder has engaged in criminal activities or breaks the law

  • The maximum age limit for the rider cover has expired.

  • If the policyholder is actively participating in wars of any kind.

Wrapping it Up!

The ADB rider or the Accidental Death Benefit Rider in Life Insurance is the easiest way to secure a large sum assured over the base amount for your family. You can consult your financial advisor to understand the details of the rider and its exclusions within each plan as per your needs. You can then compare life insurance plans online to see the companies that offer this rider and purchase the plan most suitable for yourself.

FAQ's

  • How much does the Accidental Death Benefit Rider in Life Insurance cost?

    Ans: The premium rate for the ADB rider depends on a variety of factors like your age, current medical conditions, previous illnesses, and lifestyle habits. Compared to a new plan for the same life cover, the premium rates for this rider are much more affordable.
  • What is covered under Accidental Death Benefit?

    Ans: Death due to an accident within 180 days of the accident is eligible to payout the benefit amount to the nominee of the policy.
  • What is the minimum and maximum amount I can purchase the ADB rider for?

    Ans: The minimum and maximum limit for the rider sum assured is different for different plans. You should always check the policy documents of each plan before buying the most suitable plan.
  • Is ADB Rider the right option for me?

    Ans: The ADB Rider might be the right option for you if you want to secure a large sum of money for your family in your absence. Not only that, if you work around heavy machinery or you think you are at a higher risk of death due to an accident, you should add the rider to the base plan.

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