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Last year, business partners Rohit Varma, aged 33, and Lalit Sinha, aged 35, were on their way back from a business meeting. On their way, their driver lost control, and the car hit the barricade at high speed. Both Rohit and Lalit died on the spot. Their aggrieved families found it hard to come to terms with the loss.
Being partners and friends, both men had bought life insurance policies worth Rs 25 lakhs each. Lalit, however, had also opted for an additional accidental death benefit rider# of Rs. 20 lakhs. After their death, Rohit had a basic life insurance cover, and his family received a death benefit of Rs 25 lakhs. On the other hand, Lalit’s family received the death benefit of Rs 25 lakhs plus the accidental death benefit of Rs 20 lakhs, taking the total to Rs 45 lakhs.
There is no way to save a family from the emotional and mental trauma they face when they lose a beloved family member. But, when the family’s primary earner passes away untimely, life can become a financial struggle for the family as well!
Protection for the Family
In today’s fast-paced life, accidental death is sadly becoming very common. The death of a family member, especially the bread earner, causes immense emotional grief and significant financial loss. Most life insurance plans come with an insurance rider# or the add-on benefit of “accidental death” to help a family deal with this sudden misfortune.
You can opt for an accidental death insurance rider# when you purchase a new base policy or during the tenure of an ongoing policy. Let us take a look at the various ways in which your insurance plan can protect your family:
Caters to unpredictable accidents
Even in case of death or dismemberment of the policyholder, the insurance amount would help the family members lead the life they are accustomed to. The death benefit from the life insurance plan and the accidental death benefit rider# would help your family live with dignity. This is the primary reason for opting for an accidental death insurance policy.
Supports your loved ones
When you carry the responsibility of your loved ones, you are always anxious about their future. You’re constantly plagued by the question of what happens in your absence? What will be their source of income? A life insurance plan helps you protect and safeguard their tomorrow.
Takes care of your liabilities
In the prime of your life, you may take on certain liabilities such as a home loan, a car loan or a personal loan. In the case of your untimely demise or an unfortunate dismemberment, you would leave your family in a financial lurch. However, if you have insurance cover, your liabilities would be quickly paid off by your family.
Crucial expenses at different life stages
Even after you are gone, your family will have to move on with their lives. Your partner’s future, your children’s education, your parents’ medical expenses are things that will be crucial. For such pressing situations, your insurance, along with accidental death insurance, would keep your family from the struggle.
Benefits of an Accidental Death Benefit Rider# for a Family:
Let us now take a look at what all an accidental death benefit rider# has to offer:
A lump-sum amount
In case of your unfortunate death during the policy term, your beneficiary would receive the death benefit. This lump sum amount can help them deal with the considerable expenses that would continue after your death.
Benefits of an add-on
There are many optional riders#/ add-on benefits with a life insurance policy attached to your base policy. Such as:
At the time of policy purchase, you have the option to decide how you would want your nominee to receive the death benefit; it could be in the form of:
Why Opt for an Accidental Death Rider# Benefit?
Accidents are hard to predict; when you buy a life insurance plan, your nominee will receive the death benefit at the time of your death. However, by adding an accidental death rider# to your insurance, you can further enhance the cover.
When you add an accidental death insurance policy to your base policy, your nominee will receive the rider# sum insured over and above the life insurance sum insured. If you are looking for a life insurance plan, you can explore the various plan options offered by Tata AIA Life Insurance. There are many plans along with which you can opt for an accidental death benefit rider as well.
The Accidental Death and Dismemberment Rider# of Tata AIA Life Insurance (Long Scale) is a pure risk premium rider# that you can opt for by paying an extra amount. This plan is a sensible one that can help your family dealing with the financial loss that your untimely accidental death could cause. The Tata AIA Life Insurance plan you purchase can be a great support to your family. It would help them in managing their day-to-day lives and also in securing their future.
Buying a life insurance policy can offer significant benefits to your family in their time of need. Whether you have a dangerous job profile or wish to be prepared for one, having a vanilla life insurance plan may not be enough. Opting for the right kind of rider# would help you customise the coverage that suits you and your family. You can ensure a bigger payout, almost the size of your original policy. This amount can be of much use for your loved ones to cover their needs and expenses.
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#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
Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan, 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 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 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 be liable for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.