What Is Riders in Life Insurance Policy

Type's of Riders in Life Insurance Policy

Although a term life insurance policy is a simple type of product, you can add riders to strengthen your coverage. You can opt for:

• Accelerated death benefit rider. This provides a portion of the sum insured once the person is diagnosed as terminally ill. This allows the Insured to have access to funds to pay for treatments. Upon the death of the insured, the beneficiaries will receive the remaining balance of the sum insured. 

• Accidental Death and Disability Benefit. This will pay an additional amount (usually the same as the sum insured) if the Insured dies of an accident. 

• Critical Illness Benefit. This provides a lump sum (separate from the sum insured) in the event that the Insured is diagnosed with a covered critical illness. 

• Return of Premium Benefit. This provides a refund of premiums paid at the end of the policy coverage period. 

• Waiver of Premiums Benefit. In the event that you get disabled or sick (or any criteria stipulated in the contract), premiums are waived. The number of premium payments waived depends on your condition. For example, if the waiver is based on disability, the premiums will only be waived for as long as you are disabled. Once you recover, premiums will again be charged to the Insured.

Anand Khemka
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