Think life insurance is enough? These add-ons prove otherwise
What's the story
Life insurance is a vital part of financial planning, providing reassurance and security for the future.
However, a significant number of policyholders in India might not be fully utilizing their coverage by taking advantage of riders.
These additional features allow you to customize your policy to more closely fit your specific needs and circumstances, adding further layers of protection.
Accident protection
Understanding Accidental Death Benefit Rider
The Accidental Death Benefit Rider provides an additional payout on top of the base policy amount in case of the insured's accidental death.
For instance, if the sum assured of your policy is ₹10 lakh and you have this rider also of ₹10 lakh, the beneficiary will receive ₹20 lakh in case of accidental death.
This rider is particularly beneficial for individuals with high-risk occupations or lifestyles.
Health security
Embracing critical illness coverage
Critical Illness Riders offer a lump sum payout if you are diagnosed with any of the specified critical illnesses like cancer, heart attack, or stroke.
This financial cushion can be a lifesaver, helping you manage medical costs, which are skyrocketing in India.
Plus, it gives you peace of mind to concentrate on your recovery, not stress over money.
Financial safety net
Opting for waiver of premium rider
The Waiver of Premium Rider provides that if the policyholder gets disabled or critically ill during the term of the policy, all future premiums are waived off i.e. the policy continues without any future payment of premiums.
In simple terms, if you unfortunately fall sick and won't be able to earn, your life cover will continue without you having to pay any premium for it.
Income support
Exploring Income Benefit Rider
The Income Benefit Rider provides a guaranteed income stream for a certain period following the insured's death, assisting families who depended on the deceased's income.
This rider assists in managing everyday expenses and preserving the family's lifestyle during challenging periods.
Every rider comes with its own set of terms, conditions, and costs. One should carefully consider these aspects against the potential benefits before including them in their life insurance portfolio.