Doesn’t it feel good to be protected? In today’s fast-paced life, where you barely get time for yourself, it is hard to take care of your health. In such a case, it is a reassuring thing to know that someone has you covered. A good life insurance policy ensures your peace of mind.
We all know that buying term insurance is the sensible thing to do. While a pure life insurance policy ensures that your dependents receive the sum assured, you can get more out of it. You can enhance your insurance policy with riders which you can buy separately . These riders will become a part of your policy once you have bought them. One good thing about riders is that you pay only for what you want or need.
It is like buying a midrange model of car and then adding only those accessories and features that you want. You end up with the car of your choice and you do not pay for any feature you do not want.
What is a Rider?
A rider is an additional benefit over your insurance plan benefits. They are activated in case of specific eventualities. They offer you additional financial cover over and above that of the basic sum assured by your plan.
So, even if any rider is activated and used up critical illness or accident benefit etc., the original cover of the insurance policy remains intact. You, as the insured, remain eligible for the death benefit of your term insurance policy.
You can attach riders to your term insurance with little extra expenses. But a rider can also be applied to an endowment plan or unit-linked plan (ULIP) or a money back plan. You should select riders based on yours and your family’s needs. Well-chosen riders enhance the term plan benefits and secure the financial future of your family more effectively.
There are a variety of riders to choose from. Riders cover a wide array of additional benefits that cover death, disability and illnesses.
Accidental Death Benefit Rider
This rider covers the possibility of death happening due to an accident. It ensures that the beneficiary receives an additional sum, over and above the term plan benefits, if the policyholder dies in an accident. Any additional payouts are useful to the family who must face life after their sudden loss.
Accidental Disability Rider
The accidental disability rider provides additional cover in case of a disability due to an accident. If the policyholder is left disabled after an accident, they lose their regular income. This rider either pays a monthly income for a certain period or waives off further premiums on the policy.
Critical Illness Rider
The critical illness rider offers financial benefits in case of critical illnesses which require long-term hospitalization. It is a useful rider to have as it takes care of a big chunk of expensive medical costs. The payout can be lumpsum or in parts as desired by the policyholder.
Terminal Illness Rider
The terminal illness rider entitles financial benefits to the policyholder on being diagnosed with any potentially terminal illness like cancer or a heart attack. With medical advances, the chances of surviving such illnesses are quite high. But treatment is costly. This rider eases the financial burden of treatment with a lump sum or staggered payout.
You can opt for any of these riders as per your needs. But one thing is sure. Riders enhance the protection of your term insurance policy with additional benefits. They are wise investments that have you covered in case of any possible illnesses or injuries.
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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