Let Life Insurance Riders Drive Your Coverage


Someone very wise said that change is the only constant. This deep-rooted philosophy applies to all walks of life. We can do everything in our power to lead a healthy life, make future plans and yet everything could change in the blink of an eye. That being said, it is important to be prepared for change and that is why financial institutions offer online life insurance plans that ensure your loved ones are secure even when you aren’t around to provide them with security.

The question remains. How do you decide what life insurance plan to choose? Can’t really select the first plan that is presented to you because it might not meet your family’s needs. Today, most life insurance providers are neck in neck with their security offers. The premium amounts are similar and so are the benefits. So how can you differentiate between life insurance plans? Any financial expert worth their salt will be able to tell you that you must consider everything a plan has to offer and significantly focus on the riders. Because it is the riders that actually cover the pain points of life. Let’s understand what are riders in a life insurance policy.

While a life insurance policy can provide with basic coverage based on your premium amount, the insurance provider can also offer various riders that come into play in the case of a specific eventuality. In a nutshell, a rider will offer to cover expenses over and above the basic sum assured.

What Are The Types Of Riders Offered Under A Life Insurance Policy?

As every individual might have different priorities and different needs, insurance providers offer different kinds of riders.

Critical Illness Rider

An individual with a clean bill of health but with a family history of critical illness can consider options for a critical illness rider with their life insurance policy. If the policyholder is diagnosed with a critical illness like heart disease, renal or liver disease, cancer etc, they can make a claim and avail of financial benefits for, the life insurance provider on diagnosis.

Accidental Death Benefit Rider

Accidental death can lead to a major and untimely loss of income to the policy holder’s family. If the policyholder dies because of an accident, this rider will kick in and take care of the family’s monetary needs in times of difficulty.

Disability Rider

Accidents can lead to disability and can further lead to loss of income. If a policyholder has signed up for a rider with disability benefits, they can make a claim for the same in the event of a situation leading to disability.

Term Rider

If a policy holder wishes to ensure that their loved ones have a regular income to depend upon, they can sign up for a term rider that will offer monthly income to the nominee.

Waiver Of Premium Rider

In the case of untimely death due to a mishap or accident, a waiver of premium rider will allow that family of the policyholder need not pay future premiums on the policy.

But don’t worry. Even if you make a claim on a rider, your life cover will remain intact and your family will still be eligible for a lump sum payout in case of your unfortunate demise. This means you have double protection and you can ensure that your family is comfortable even in your absence.