Riders in Life Insurance

  • Riders are extra benefit which are provided over a base policy, which helps insured in case of Uncertainty. An insured has to pay premium for this extra benefits which riders provide, provided the rider is not in-built rider.

                                             Types of Rider

  1. Critical Illness Rider :

 An insured gets benefit of this rider if unfortunately he gets detected with Critical illness . Critical illness Sum assured is provided to insured during such uncertainty. Post receiving critical illness sum assured, further Rider benefits and premium stops.

  • Accidental Death Benefit Rider :

An insured receives benefit of this rider, if cause of his demise is accidental. Accidental death Sum Assured is given to beneficiary of a policy in case of such uncertainty.

  •  Disability  Rider :

This rider gives benefit to policyholder if unfortunately he becomes disabled. Disability Sum Assured is given to life assured during such eventuality. It can be given in installment annually (1o percent) or monthly (1 percent) for 10 years.

  • Waiver of Premium Rider :

This rider benefits by waiving of an insured premium provided the policy remains inforce .  Due to certain uncertainty , if an insured becomes disable for certain period of times, this rider comes in picture. It also plays an important role when contract owner dies but life assure of a policy is alive.

  • Income Benefit rider :

This rider gives benefit by providing monthly income for a fixed term  to family of a life assured in case of unfortunate demise of a policyholder within policy term. Policyholder has to decide Fixed tenure( no of years) of receiving payments  while buying a policy. In such policies, 1o percent of rider SA is given yearly to insured family.

Disclaimer :

This article is not sponsored and not meant for endorsing any particular insurance company. Please Check Terms and Condition of respective organization along with inclusion and exclusion before buying insurance policy.

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