When a parent plans to buy a child plan, he/she needs to take care of various minute details and little elements, which are needed to be there in the policy. Be it types of child plans, payer value, guaranteed benefits, loyalty addition, additional benefits and of course the riders. These elements play a vital role in enhancing the benefits of the child plan because they come up with additional benefits. The inbuilt Riders
in the Policy
ensure no Lapse
of the insurance plan even if the payer is not able to make the policy survive.
You can guarantee extensive protection for your child through riders. You can form your very own comprehensive child insurance plan by adding the rider benefits to the basic child plan.The major riders associated with child plans include:
•Critical Illness Benefit Rider
•Waiver of Premium
•Income Benefit Rider
•Accidental and Death Benefit
•Waiver of Premium on Critical Illness
RiderImportance of riders in child plans:
•Waiver of premium rider helps in the event of an unfortunate event such as when the parents of the Policyholder
child die, then future premiums are waived off and the insurance company is liable to pay the future premiums to continue the policy.. This comes innate with most of the child insurance policies
available in the marketplace.
•Accidental death benefit rider offers additional benefits to the parents of the child suffered through unexpected accidental death.
•Under income benefit rider if the policyholder dies during the Term
of the policy, 10% of the rider sum Assured
is paid annually to the beneficiary, on each policy anniversary till Maturity
of the rider. Premiums paid under this rider are eligible for tax benefits under Section 80C.
•In case of accidental disabilities or disintegration, the accidental disability/dismemberment benefit rider safeguards the policyholder.
•Critical illness benefit rider provides protection against 9 critical illnesses, namely: Major organ transplants, complete renal failure, stroke, paralysis, heart attack, valve replacement surgery, major surgery of the aorta, CAGS (Bypass) and cancer.
In some cases, the stipulations can be innate, in some optional and in others they might be unavailable. The parents seeking to purchase the policy should consider conducting research about the policy, its elements and availability of provisions. The importance of riders should not be overlooked at any cost. One should choose the policy with the required riders to ensure extensive protection. At the same time, if there are some of the important ones that are missing can be further added to the policy. They support the future of your child and give you more confidence to deal with all requirements of your kids. One can explore the information online and get the online child plan along with all required riders to weight up the policy.