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Life Insurance
Insurance riders: The add-ons that supercharge your cover
Life can be pretty unpredictable and hit you with the worst at the most unexpected times. While many people safeguard themselves and their loved ones with insurance coverage, that alone may not be enough. To protect everyone that is important to you, you will always require more. And when it comes to life insurance, an insurance rider adds an extra layer of protection.
What is a rider in insurance?
Riders are extra or optional terms that go into effect along with your basic policy. They often come with an additional cost. If we put it simply, a rider gives extra coverage and added safety against risks.
In addition to your life insurance policy, insurance riders are cost-effective add-ons that you can select. They strengthen and expand your policies, so they cover more than just the cost of your death.
| Rider type | Description |
|---|---|
| Accidental death benefit | Provides an extra payout if the policyholder dies due to an accident. |
| Accelerated death benefit rider | Allows early access to the death benefit if diagnosed with terminal illness. |
| Critical illness rider | Pays a lump sum if diagnosed with serious illnesses like cancer. |
| Accidental disability rider | Offers financial support if an accident leads to a permanent disability. |
| Waiver of premium | Waives future premium payments if the policyholder becomes disabled. |
| Income rider | Provides regular income payouts in addition to the death benefit. |
How can you buy riders?
When you purchase an insurance policy, you can also buy riders. For example, you can select the riders from the list when you purchase a policy from an insurer. Remember that you should purchase these riders when you buy the base insurance plan. After purchasing the base policy, riders cannot be added.
It is worthwhile to take the time to consider whether you would benefit from purchasing an additional rider. Some insurance companies offer flexible plans that can be tailored to your needs, while others have riders built into their basic life insurance policies.
Why should you buy riders?
- They provide additional coverage, which is beneficial during difficult financial times.
- Purchasing a rider is far less expensive than purchasing an individual insurance policy.
- It increases the cost-effectiveness of the insurance policy.
- It lets you personalise your insurance plan.
Conclusion
The right thing to do would be to know what your insurer has to offer. This is how you can make the most of your life insurance policy. It would be wise to examine and explore possible riders. This can help you add the ones that meet your future requirements.
Disclaimer: This article is for information purposes only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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