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Factors to Consider While Adding Accidental Death Benefit Rider to your Policy

You may often have wondered about how and why life insurance is important for securing your family’s future. And over time, you may have heard and read enough about how it provides financial support to your loved ones in your absence.

However, life insurance is a diverse product, and you can opt for additional benefits in your policy through a life insurance rider#. Such riders# are meant to ensure that even though your life insurance policy may be enough to protect your family, an emergency, such as accidental death, should not disrupt their financial stability when you’re no longer around to care for them.

And hence, adding an Accidental Death and Dismemberment (Long Scale) or ADDL rider to your policy can be a wise step.

What is an ADDL rider?

The accidental death rider benefit is an additional and optional benefit that you can add to your life insurance plan for an extra premium. In return, the rider# will offer a benefit or sum assured in case of your accidental death. The reason the accidental death benefit rider# is useful is that the lump sum benefit it provides is over and above the sum assured offered by your base policy.

In insurance terms, a death that has occurred strictly due to accidental causes can qualify as accidental death. This can include situations such as a car crash, drowning, a sudden slip or fall that leads to death, an accident that occurs while using machinery, choking, etc.


While it is true that your life insurance plan may cover different types of death and aid your family accordingly, an accidental death benefit ensures that the additional lump sum benefit it provides can help your loved ones and they do not have to compromise on their dreams and aspirations.

However, unlike your life insurance plan, which does not cover serious or grievous injuries, the life insurance accidental death benefit will pay out a percentage of its sum assured benefit in case you suffer a severe injury or disablement as a result of an accident.

How to Select an Accidental Death Benefit Rider#?




But before you add the accidental death benefit cover to your policy, here is what you should consider:
 

  • Your age:

    There is no saying when an accident may take place and the extent of damage it can cause. Given how young people are much more mobile, tend to travel and move around a lot and are exposed to a variety of elements, it is quite likely that as a young person, you could be prone to many accidental occurrences.

    Furthermore, like your life insurance policy, adding the accidental death benefit rider# to your policy at the earlier stages of your life ensures that you can be prepared for any accidental mishaps right from the start.

  • Your income:

    Though it is highly recommended that you get the accidental death benefit cover as soon as you get a life insurance policy, you also need to consider the additional premium payments. Dropping the cover from your policy due to the lack of finances can expose your family to financial hardships in case of an accidental event. You will also need to consider how your family, which is dependent on your current income, can sustain themselves with a life insurance cover that includes the accidental death rider# benefit when you’re not there.

  • Your risk:

    Your daily schedule or profession may include a certain amount of risk that may lead to accidental injuries or death if something goes wrong.  However, remember that if you are working a job that can be classified as a hazardous occupation, you may not be eligible for the accidental death rider# benefit.

    Even if you pursue hobbies that pose a potential risk of accident, there is a chance that you may not be able to add this cover to your life insurance plan. Therefore, consider the amount of risk on your life while getting this rider#.

Features of the Accidental Death and Dismemberment (Long Scale) Rider#

With an accidental death benefit rider# in your life insurance policy, you can avail of protective coverage against situations that cannot be covered by your life insurance policy. Moreover, a life insurance policy will offer the sum assured as a death benefit only in the case of the policyholder’s demise during the policy term.

Here are some of the salient features of the Accidental Death and Dismemberment (Long Scale) Rider#:

  • Receive a certain percentage of the rider# sum assured, based on the extent of the injuries, burns or disablement.
  • A lump-sum amount is paid out on the rider# to protect your family in case of your accidental death.
  • Under some policy-specific conditions, the accidental death or dismemberment benefits can be doubled for added coverage.
  • The premiums paid on the rider# are eligible for tax* deductions under Section 80C of the Income Tax Act, subject to the terms and conditions of the policy.

Conclusion

It wouldn’t be right to assume that there will be no need for an accidental death benefit rider#. Most people are content with a simple life insurance policy and feel that it will take care of their family’s needs. While this is partly true, it is also important to consider how you can maximise the coverage and the benefits of your life insurance plan with the selection of a suitable accidental death benefit rider#.

 L&C/Advt/2022/Nov/2975

Customize Your Protection: Add-On Riders for Your Life Insurance

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Disclaimer

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services, and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication; however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • #Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.