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Ref. No. KLI/22-23/E-BB/492
Having a life insurance riders will help you customize your life cover. Click here to know the types of riders and its benefits.
A life insurance plan is designed as an income replacement facility for families that suffer the untimely death of the bread earner. There are many life policies available in the market, most of which offer huge covers and additional bonuses. However, sometimes a life cover is not enough as it pays only in case of death. For other unfortunate occurrences like accidental disability or critical illnesses, you need something extra. This is when life insurance riders come in the picture.
Riders are optional covers that you can add to your life policy. You can purchase them for an extra premium to enhance your existing policy.
You have the flexibility to choose from various forms of riders. The availability and price of riders depend on your insurance plan. Here are some important riders to consider:
1. Accidental death
The accidental death rider allows the nominees of the policyholder to receive an additional benefit with the main life policy cover. For example, if you have a term plan cover of INR 20 lakh and you have an accidental death term insurance rider worth INR 5 lakh, the total benefit becomes INR 25 lakh.
2. Permanent disability
In some cases,an accident may cause permanent disability. This often results in loss of income. With this rider, the policyholder receives the sum assured over a certain period.
3. Critical illness
Out of all the types of riders, a critical illness rider is one of the most important ones to have. It pays you a lump sum in case you are diagnosed with any serious disease included in your policy. You can use the money to cover hospital expenses and loss of income.
When buying a rider, keep these important points in your mind:
The premium paid towards any health-care related rider is eligible for a tax benefit under Section 80D of the Income Tax Act, 1961. Section 80C of the Act allows tax benefits for other riders such as accident benefit rider and disability benefit rider.
If you want to add riders to your life insurance policy, you need to watch out for certain things. Some insurers only you to buy riders when you are buying the base policy while insurers let you buy riders when you n renew the policy. You must buy the rider accordingly. Also, find out if your insurer allows you to buy all the riders that you require.
Riders can surely enhance your existing cover, but be sure to only add the ones that you need.
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.
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
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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