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What is an Insurance Rider? Its Types and Benefits

11-10-2022 |

Life can be unpredictable and hit you when you least expect it. Although we try to prepare ourselves with life insurance plans, there are times when that is not enough. There are some situations that a basic life insurance plan does not cover.
 

Let us understand all about rider# insurance and the types of riders# in insurance.
 

What is a Life Insurance Rider#?
  

The rider# in insurance is an additional modification or provision that is included in your base life insurance plan to enhance the coverage of the life insurance policy. It is an added protection against certain risks and often comes at an additional cost. Life insurance riders# are an effective addition to your life insurance plans as they make the coverage broad and robust at an economical rider# premium.

 

Now that we understand the rider# meaning in insurance, let us understand the types of riders# in insurance.
 

Types of Riders# in Insurance
 

To enhance life insurance coverage, here are the types of riders# that you can include in your plan:
 

  • Accidental Death and Dismemberment Rider#

    There can be unfortunate accidents that might lead to death or disability. This can affect the family of the provider. With accidental death and dismemberment rider#, the sum assured that received will help the family with their day-to-day expenses. You can include this rider# in your life insurance plan at an affordable rider# premium, and it will help you receive a benefit when the need arises.

  • Critical Illness Rider#

     
    With a critical illness rider#, you will receive a lump sum benefit if you are diagnosed with any of the critical illnesses specified in the policy. Some of the common critical illnesses include cancer, kidney failure, heart attack, paralytic stroke, etc. There is no specific way in which you need to spend the rider# benefit that you have received. You can use it for your medical expenses, daily needs, or to pay off debts, depending on your preferences.

  • Terminal Illness Rider#

    Under the terminal illness rider#, the rider# benefit is paid if the policyholder is diagnosed with one of the terminal illnesses specified under the plan or due to the early death of the policyholder due to the terminal illness.

  • Waiver of Premium Rider#

    If the primary provider of the family suffers a total and permanent disability or death, the finances of the family can suffer. The inability of the family to pay the upcoming life insurance premium can lead to a lapse in the life insurance plan. With a waiver of premium rider#, if you suffer from an accidental disability, all the future premiums of your life insurance plan will be waived off, and the policy will continue to be active.

  • Family Income Benefit Rider#

    With this rider#, your family will receive a steady income in case of death or disability. The number of years for which you need the income will have to be specified at the commencement of the life insurance policy.
     
Benefits of Riders# in Insurance
 

Insurance riders# are one of the top ways to enhance the coverage of your life insurance plan at an affordable premium. But, there are many other benefits of riders# in insurance; these include:
 

  • Rider# insurance provides additional coverage to the policyholder, which can prove to be crucial in times of need. For example, a waiver of premium rider# can be helpful if the policyholder suffers a total and permanent disability and is unable to pay any future premiums.
  • If you are looking to enhance the coverage of your policy, including a rider# in your life insurance plan is more affordable than buying a separate policy. And since choosing life insurance riders# depends on you, this is a more cost-effective way.
  • You can make use of the tax* benefits available on the life insurance riders, just like a base plan, depending upon the tax* laws.
  • With a life insurance rider#, you can customise the policy as per the needs of yourself and your loved ones.
     
Choosing the Right Rider# with Your Life Insurance Plan
 

Riders# provide coverage to you for specific situations. Therefore, you must assess your needs to understand the type of rider# you need. Riders# come at an additional cost, therefore, you must take that into consideration.
 

At Tata AIA life insurance company, there are various riders# available that you can choose with your offline and online life insurance plans. You can go to the website, understand each rider# and choose one that suits your requirements.
 

Conclusion
 

A life insurance plan is one of the apt ways to protect and secure your loved ones. When you include life insurance riders# in your policy, it enhances the efficacy of the policy. But, before you choose the riders#, ensure that you read the terms and conditions carefully. Every rider# has some exclusions and inclusions that you must know beforehand.

 

L&C/Advt/2022/Oct/2454

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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

Frequently Asked Questions

What is a rider# in a life insurance policy?

A rider# in insurance is an addition to the life insurance plan that enhances the coverage offered by the plan. Each rider# covers a specific situation, and it comes at an additional premium. For example, the critical illness rider# will provide the policyholder with a lump sum at the diagnosis of a specified critical illness etc.

Is there an example of a rider# in a life insurance plan?

Suppose you have a life insurance plan that pays out a death benefit of ₹70 Lakh; you can include an accidental death and dismemberment rider# with a sum assured of ₹30 Lakh. So, in case of your unfortunate death due to an accident, the rider will pay you ₹30 Lakh on top of the death benefit offered by your life insurance policy. 

Disclaimers

  •  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 does 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 on 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.