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Choosing Riders for Insurance Plans

You can add several riders (added benefits) to the existing insurance policy at an additional amount to the premium for secure financial planning. Know more here.

  • 2,936 Views | Updated on: Jan 15, 2024

It is often recommended to have some kind of basic life insurance - most of the time, it is in the form of term insurance. This ensures the financial stability of your loved ones in your absence. That being said, what if you were told that you could tweak your insurance and add rider benefits to it, thereby securing your loved ones further? Benefits that would cover any other unfortunate event that may befall you while you are still around?

Such benefits are known as term insurance riders. They can be brought over and above a base insurance plan as additional benefits, and also, you can buy multiple riders at the same time for one plan. In order to add riders in insurance, you may have to pay a little extra, and that amount is added to the premium which you are already paying for your base insurance. Some common types of riders are accidental death rider, insurability rider, family income benefit rider, return of premium rider, child care rider, etc.

Now that you are aware of what is rider, you might have certain questions as to what are the types of riders in insurance, how to choose them, etc. Let us address the choosing bit.

Things to Consider While Choosing Critical Illness Riders

The Right Amount

While choosing a rider, it is important to note the cover that it is providing to you. Based on the cover you need; you will pay the additional premium. Keep points like future financial requirements, hospital costs, recurring treatment costs, etc., in mind.

Rider or Standalone

This is a personal choice. While you will have the option of taking a standalone policy, people generally go for riders because as add-on benefits on a base insurance plan, they are more affordable in comparison to standalone policies.

Illnesses Covered

Evaluate the kinds of illnesses that are covered under the CI riders. For example, if you have any kind of family history of chronic illnesses, heart diseases or cancer, then you should get a cover.

Special Plans

If you need term insurance riders for special groups such as for senior citizens or for women, you can get those as well. They look into issues specific to these groups and provide a sum cover for the same.

Waiting Period

It is advisable to add term insurance riders to your insurance as soon as possible because they generally involve a waiting period that lasts about three months to four years. Post this waiting period, the benefits start kicking in.

Individual or Family

You can buy riders or a standalone rider policy as a plan for an individual or for a family. You need to consider the family history of everyone while going for a family floater plan so that you can settle on a cover amount accordingly.

So, these are some pointers you can look into while adding critical illness riders to your base insurance. It is crucial that you choose the riders based on your needs while also considering the inclusions and exclusions that are a part of the rider benefits. A detailed and thorough analysis of the terms and conditions will enable you to make the most of your decisions!

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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