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Riders Offered in Life Insurance

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It has to be admitted that the life of a human being is actually full of surprises. You never know what is going to happen to you in the future. Life is precious. But the saddest part is that is that it is quite unpredictable. We are also aware of the fact that in the event of death or disability of an individual, his entire family is bound to suffer. Life insurance comes as a ray of hope in the lives of such people. With life insurance, it is possible to improve one’s financial condition to a great extent. Even though human life is priceless, you can always figure out a certain amount of money that can be provided to your family members based on your income.

Let’s try to understand the types of life insurance in India. Term life insurance is a type of life insurance that offers the policyholder’s family the amount of sum Assured in the event of his death. The important point to be considered in term life insurance is that the money will be provided if the death occurs within the contract period. Some of the other life insurance policies are whole life insurance, endowment assurance, money back plans and Annuity products.

Now that we know something about life Insurance in India, let’s take a look at a new concept called “Riders” in life insurance. Riders can provide several added benefits to policyholders and offers them extensive Coverage options. Let’s take a look at some of the most important riders in life insurance:

Accident & Disability income rider- It is a type of rider subscribing to which your insurance Premium is waived off and you will be able to receive a fixed monthly payment in case of disability. You can know the exact sum of money that you are going to receive. Moreover you can also know whether this amount will be paid for a certain period of time or throughout the period of disability. Waiver of premium rider-Under this rider you won’t have to pay the insurance premium if you are permanently disabled and become unable to work. Term conversion rider- If you have a term life insurance and you wish to convert it to a permanent life insurance, then this rider makes it possible for you.

One of the key advantages is that you need not go for a medical exam to convert your policy. You need to convert your Policy within a specified duration of time.

Guaranteed insurability rider-This rider makes it easy for you to extend your original policy. You can get additional coverage at a much later date as specified in the policy. Medical examinations and other evidences need not be provided. Your age will be considered before setting the insurance premium.

Critical illness rider- You will be payable with the specified amount of coverage if you are diagnosed with any of the serious health conditions mentioned in the policy. This includes diseases such as cancer, kidney failure and more.