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Term Plans are among the most preferred and popular life insurance products in the Indian market. This preference stems from its ease, transparency, and cost-effectiveness. A term plan is a kind of a safety net that breaks the fall of your family's finances in the unforeseen event of an accident or untimely demise of its earning member. Although term plans often come across as basic insurance instruments, their benefits come alive in due time and prove to be an essential commodity.
Rider benefit options in a term life insurance plan are called add-ons. The death benefit offered in term plans is one of its primary highlights. It implies that if the policyholder passes away during the policy tenure, the nominees or dependents will receive the sum assured as ‘death benefit.’ In this way, term life insurance provides for the financial safety of your family in critical times. However, the benefits of a term plan could be enhanced for extensive coverage, using add-ons or riders. Some add-ons are pre-included in term plans, while others can be purchased for an additional cost, varying from insurer to insurer and plan to plan.
The purpose of these add-ons is to provide extensive coverage and added security to the policyholder. Like all procedures related to term plan insurance, getting add-ons for your term plan is simple and hassle-free. Let's look at some of the popular add-ons for term life insurance:
There may be cases where a family's financial condition could be adversely affected due to a given disability. In such situations, the policyholder often fails to continue paying the premium amount. It commonly results in the expiry of the policy without any advantages. However, with the Waiver of Premium add-on, you don't have to worry about paying premiums. This add-on waives off the remaining premium amount in case of a disability and unburdens you in a handicapped condition. This add-on is a good fit for individuals who lead an adventurous lifestyle that is prone to accidents.
The sole intent of every breadwinner in every home is to be able to provide for their families. Now, if something happens to this breadwinner, the financial stability of the household gets disrupted. Hence it is vital to ensure that your family is free of any financial risks even in your absence. With term life insurance, the policyholder gets death benefits or the sum assured. However, with the Accidental Death add-on, you get an added sum assured if the policyholder's death occurs due to an accident. This add-on is best-suited for people working in challenging environments. Nominees receive the sum assured if the insured person passes away within three months of an unforeseen accident.
In this day and age, critical illnesses have unfortunately become a common sighting. Severe medical conditions like heart issues, kidney problems, cancer, etc., are on the rise. Without financial backing, the treatment of such ailments is sure to burn a hole through your savings. But there is a way to avoid such scramble by opting for a Critical Illness Add-on. This add-on supplements a basic term life policy and compensates with the lump sum amount in case the insured is diagnosed with a pre-specified illness.
So if you are looking out to enhance the coverage of your term life plan, there are some great offerings in the market. Remember, each add-on comes with a specific purpose and understanding its function is the key to finding the right one for you. Also, carefully go through the documents while getting your add-on, to cover any details that you may have missed out.
07 May, 2021