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Rider Options Available in Life Insurance

Rider Options Available in Life Insurance

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A rider option is a provision of an insurance Policy that can be bought in addition to the basic policy, additional service or option that may or may not be attached to an insurance policy. This feature allows the owner of the policy to make modifications or alterations relating to the contract’s terms and conditions, or its coverage. This extra option does not come for free, you have to shell out an extra fee for it, and even then it is a very important feature which is good to have with any life insurance cover. The rider option gives you the privilege of correcting the terms and conditions of your insurance whenever you need to do so in future.

How to Get a Rider Option?

It is important to understand that Riders do not come automatically attached with all insurances, thus it is important to consult with an insurance professional about this option before making the agreement. Once you decide to opt for the rider option, you will have to ask your insurance company to provide you with a rider policy in addition to the life insurance. If you already have an insurance and want to know if you are eligible for a rider option or not, then you have to contact the customer care service of your insurance company.

Why to Take a Rider Option?

The reason for opting for a rider option with a life insurance is simple; it gives you an additional safety of making changes in the main insurance agreement anytime in the future as you are never sure about what life has in store for you. Normal policies usually do not give you any chance for modification or customization. Riders help the Policyholder to adapt the insurance product as per his requirement; in other words, it helps you to customize a life insurance cover by providing an enhanced Coverage along with the life cover. For instance, accelerated Death Benefit rider on a life insurance cover will ensure that the Insured receives his payment if he is diagnosed with terminal illness and is still alive. In such a case it becomes much easier on the insured as he gets the money for his treatment from the insurance company. In case of the insured demise, his dependents will get only part of the insurance as other part was already disbursed to the insured for treatment.

Which Rider to Choose?

Riders are not complex, but selecting the right one for you can prove complicated. It is because of the broad choice on offer; each Insurer offers at least three different types of riders, and agents will try to convince you to take as many as allowed. Much to everyone’s relief however, the Insurance Regulatory and Development Authority (IRDA) enforced a rule to check insurance agents from selling riders without genuine requirement. IRDA reiterated that the Premium for all riders combined cannot exceed 30 per cent of the base life insurance premium. Also, it has been mandated that the tenure of the rider policy and the primary life insurance policy be same.

There are various types of rider options to select from for both Term and whole life policies:

  • Hospital cash benefit rider provides you with cash in the occasion of a sudden hospitalization.
  • Guaranteed insurability rider allows you to but supplementary whole life insurance at different stages without any medical examinations.
  • Critical illness benefit rider takes care of your expenses in the unfortunate episode of a critical disease.
  • Accidental disability benefit rider gives you a protection against disabilities as a result of accidental encounters during your policy term.
  • Accidental death benefit rider will compensate for the cost incurred in your death due to an Accident during your policy term.
  • Premium Waiver rider ensures that the insured does not have to pay any life insurance premium in case of total permanent disability; in such a situation the premiums will be waived off if certain conditions are fulfilled.
  • The juvenile payer death or disability rider ensures that a juvenile’s policy premium is waived off in case of sudden death of the insured person which is again subject to a certain condition.