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What are the Rider options with a Life Insurance Plan? | Bajaj Allianz Life

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What are the Rider options with a Life Insurance Plan?


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May 10, 2022

By : Bajaj Allianz Life

A life insurance policy is a versatile financial tool. It can not only be customized according to your needs and requirements, but it also allows you to enhance the benefit by opting for riders at the time of purchase. Wondering what riders are? Here’s something that can give you some clarity on insurance riders.

 

What is a Rider?

 

A rider is basically an add-on cover that you can choose at the time of purchase of a life insurance plan. Riders allow you to enhance the coverage that you receive over and above the base coverage offered by an insurance plan.

That said, here’s something that you should know. Opting for a rider comes at a cost. Depending on the rider that you choose, you will be required to pay a nominal additional premium over and above the base insurance premium. So, this is something that you should keep in mind when opting for riders.

 

What are the various life insurance riders that you can opt for?

 

There are many different insurance riders that you can choose at the time of purchasing a life insurance policy. They vary from one life insurance plan to another. However, here’s an overview of five of the most common riders that policyholders can choose from.

 

1. Permanent total or partial disability benefit rider

This life insurance rider provides the policyholder with a lump sum payment in the case of permanent total disability or permanent partial disability occurring due to an accident.

 

2. Family income benefit rider

This rider is designed to provide the policyholder or their nominees with a regular payout in the event of the underlying conditions specified in the rider. The monthly payout would be over and above any benefits provided by the base life insurance policy in case of meeting the conditions prescribed in the rider.

 

3. Accidental death benefit rider

If the policyholder dies as a result of an accident, the accidental death benefit insurance rider would provide the nominees with a lump sum amount. This additional rider sum assured would be paid over and above the base sum assured that the nominees are eligible to receive under the life insurance policy.

 

4. Waiver of premium rider

With the waiver of premium rider, all future premiums under the plan would be waived off in case of the underlying conditions as defined by the rider are met. By waiving off the premium payment requirements completely, the rider helps reduce the financial burden of the affected policyholder and/or their loved ones.

 

5. Critical illness benefit rider

This rider is designed to provide the policyholder with a lump sum in the case of diagnosis of certain specified critical illnesses. The rider sum assured that the policyholder receives depending on the policy terms & conditions, can be used by them to pay for the treatment of the critical illness, or to meet the hospitalization and medical costs.

 

Conclusion

 

Considering the fact that insurance riders allow you to customize the policy and provide extra benefits, they may be very useful additions to your life insurance policy. That said, remember to only choose the ones that you need. Opting for too many riders can make your insurance premium very expensive.

 

FAQs

 

1. Do I have to pay any additional premium for choosing a rider?

Yes. For every rider you choose, you would have to pay an additional rider premium over and above the base insurance premium.

 

2. Can I opt for any number of life insurance riders?

Yes. There’s no limit to the number of insurance riders that you can opt for your life insurance plan. However please check the terms and conditions of the plan you are purchasing for more detail in this regard.

 

3. Does the critical illness rider cover all kinds of illnesses?

No. The critical illness rider doesn’t cover all illnesses. Depending on the insurance provider, it only covers certain specified illnesses. To get a good idea of the kind of illnesses that the rider covers, make sure to read through the rider sales brochure carefully before making a purchase.

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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.