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Customize Your Life Insurance

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Riders are the benefits that one can purchase along with the life insurance. They enhance life insurance by giving extra cover for situations that may arise in future. The Riders come at an added cost that is included in the Premium but the cost of riders is generally very low. Just like life insurance, premium of the rider is calculated based on sum Assured and age of the person. Another thing to note is that the Sum Assured for the rider is always up to a given percent of the sum assured of the main policy. Although there are many riders available, all of them might not be important to everyone or for all types of life insurance policies . Judicious selection of riders helps manage the cost and cover extra risks.

Some of the Important Life Insurance Riders:

Waiver of Premium Rider

Waiver of premium rider generally accompanies the disability rider for all life insurance plans or as a payer benefit rider for child plans. If the Insured is disabled due to Accident or sickness, the premiums are waived off for the duration and the insurance remains in force. One needs to resume payments after recovery. The conditions listed as disability may vary for each policy. The rider is of high value in case the premiums are high. It is considered an essential for policies taken for dependents like in case of a child plan.

Accelerated Death Benefit

This rider allows the insured to make a Claim if diagnosed with a terminal illness. It can be whole or part of the sum assured as per the medical conditions. It is deducted from the basic sum assured thus reducing the Death Benefit to the nominee. It helps relieve the financial burden due the illness. Usually it is inbuilt in the Term insurance policies.

Family Income Benefit Rider

This ensures continuous income to the nominees in event of death of the life insured. In this case the total sum assured is not given in lump sum but spread over a pre determined period of time. The duration for income provision has to be decided at the time of buying the life insurance.

Critical Illness Rider

Also called the dreaded disease rider, it covers the insured in case one of the critical illnesses listed in the Policy is diagnosed. In such cases the rider sum assured is given to the insured in lump sum. The list generally covers diseases like cancer, heart attack, bypass surgery, kidney failure and major organ transplants. Sum assured for the rider is generally equal to or fifty percent of the sum assured of the main policy.

Accidental Death and Dismemberment

This is an added cover in case of death or disability due to accident. In case of death due to accident, the nominee gets basic sum assured along with the sum assured of the accidental death rider. It is also called double Indemnity rider as the sum assured is doubled. In case of permanent disability depending upon the policy norms either the future premiums are waived off or compensation is provided to the insured. For temporary disability compensation is provided for the duration for which the insured has been disabled.

Major Surgical Assistance Benefit

The rider covers expenses arising only due to surgery. Ailments not requiring surgery are excluded. Also surgeries due to Pre-existing diseases, accidents or ailments listed in the exclusion clause are not covered. Not all insurance companies offer the rider. Some discontinue the rider after the claim.

Almost all insurance companies offer these riders. They can enhance the value of life insurance. Although riders come at a very low cost, they still add to the premium. It is important to carefully identify which riders are more suited to your lifestyle the most.