5 types of riders you need to get in your term insurance

We never know what life may bring to us; we always need to be prepared for the worst situation by finding some alternatives. Therefore, investing in life insurance plans can be one of the ways, which ensure the financial security of the family in your absence. There are different types of life insurance plans, and you can choose the one which suits you the best. term insurance plan has been the most popular option today, and it offers different useful riders as well.

What is term insurance rider?

The term insurance rider is known as an attachment, which comes with the term insurance plans and supplements the policy coverage. In simple term, riders are the add-ons of the policy.

Let’s have a look over few riders which you need to get in term insurance

  1.    Accidental death rider-

If the policyholder dies in an accident, then the rider provides an additional amount to his/her family. The additional amount provided is generally a percentage of the assured sum.

  1.    Critical illness rider-

In this rider, the company offers a lump sum amount through which you can reduce your financial pressure in case of a critical illness. This rider is a very important rider for everyone. The coverage may terminate or lapse once diagnose of critical illness is done.  However, this all depends on the terms and conditions of the policy.

  1.    Premium Waive rider-

This is also an important rider. In case if your income is stopped or if you become physically disabled then your future premiums get waived off. However, your Insurance policy still will be in force. The insurance company will take care of the policy premiums in the future if it is not possible for you to pay the premiums. Your term insurance will continue till the tenure without any distraction. So, your family is also secured even if you are not able to pay the premiums.

  1.    Income benefit rider-

This rider acts as a blessing to you if you are the only breadwinner in your family. After your death, this plan will help your family to get the regular and steady flow of income. For a period of 8 to 10 years, income would be paid to your family on every month or quarterly basis. So your family need not have to worry about future expenses.

  1.    Accelerated death benefit rider-

It has been seen that every 4 minute a person loses his life due to the accident in India. Even if they do not die in the accident, the medical expenses like the cost of the treatment will drain the saving of the family. With this rider, you can save your savings because the company will pay a part of the sum assured.

So, one can surely benefit from these term plan riders. The reason you should think of taking the riders is that they are very beneficial and are also cost-effective ones. Riders help the policyholders in customizing their policy to increase the benefits. Plus these riders will help you to secure your future in a better way.

 

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