Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

How to Customize Your Life Insurance Policy with Riders

Having a life insurance riders will help you customize your life cover. Click here to know the types of riders and its benefits.

  • Nov 19, 2019
  • 3,226 Views

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.

Types of riders in Insurance

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.

Conditions of insurance policy for Riders

When buying a rider, keep these important points in your mind:

  • The Insurance Regulatory and Development Authority of India (IRDAI) mandates that the total premium you pay for your riders cannot be more than 30% of your basic life policy
  • The sum assured and the tenure of the riders cannot be more than your main life insurance policy
  • The benefits of the riders discontinue when the policyholder reaches the age of 65 or when the base policy matures

Life Insurance Tax Benefits for riders:

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.

Watch outs

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.

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Choosing Between Short-Term & Long-Term Insurance Plans

Role of Life Insurance in Your Financial Portfolio

Whole Life Insurance Definition: How It Works, With Examples

Choosing a Life Insurance Beneficiary

Biggest Life Insurance Myths

What is the process of reactivating lapsed life insurance policy?

Key Things to Review in Your Life Insurance Policy Document

Life Insurance Nominees: 5 Must-Know Facts for Beneficiaries

Term Plan with Return of Premium (TROP)

What Happens If You Stop Paying Premiums of Life Insurance?

Think About Life Insurance Sooner than Later

How often should I review my policy?

Does Family History Affects your Term Life Insurance Rates?

All about IRDAI

Is It Time to Review Life Insurance Policy of Yours?

Should You Buy Life Insurance After Getting Married?

What is Insurance Premium? | Definition of Insurance Premium

Important Life Insurance Terms You Must Know

Compare Different Life Insurance Products Offered By Kotak Life

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Life Insurance Plans for Women

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

What is Human Life value and a Human Life Value Calculator?

Know the many types of life insurance policies in India

Voluntary Life Insurance vs. Basic Life Insurance

What are robo-advisors in insurance?

What is the Difference Between Insurance and Reinsurance?

Why Your Family Should Know About Your Life Insurance Policy?

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

All About Life Insurance and How It Works?

How Do Term Insurance Plans Differ for Smokers?

जीवन बीमा पर ऋण

Insurance vs Investment - Know the Difference

How Much Life Insurance Should You Have?

Invest in Insurance to Secure Your Future

Know the many types of life insurance policies in India

Factors to Check Before Buying Life Insurance in India

What Should One Expect During the Medical Evaluation for Life Insurance?

Important Terminologies of Life Insurance

NRI Premium Payment Options

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

Adding a Child to Your Life Insurance Policy?

Staying Insured While Investing

Term Life Insurance vs Accidental Death Insurance

What is Life Insurance?

Life Insurance for Millennials

जीवन बीमा क्या है?

Is It Advisable To Have Multiple Life Insurance Policies?

Terminal Illness Benefit in Term Insurance

What is KYC - Meaning, Types, and Importance

बीमा क्षेत्र में IRDAI की भूमिका

Loan Against Life Insurance Policy

भारत में जीवन बीमा पॉलिसियों के प्रकार

What is Minimum Life Insurance Policy?

Difference Between Insurance and Assurance?

What happens to joint life insurance after divorce?

Why do I Need Life Insurance?

How to Buy Life Insurance Policy Online?

6 Ways You Can Ensure Fast & Smooth Claim Settlement

Different Types of Protection Plans

What is Underinsurance & The Dangers of Being Underinsured

Top 5 Common Life Insurance Myths and Facts

Health Insurance VS Life Insurance

9 Most Important Things You Must Learn About Paying Life Insurance Premium

Is Life Insurance For Millennials Really Needed?

What is Surrender Value in Insurance, and How is it Calculated?

Different Types Of Life Insurance In India

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

Do Your Financial Planning with Life Insurance!

Term Insurance Vs Life insurance: Small Details, Big Differences

6 Different Types of Insurance Policies

Why Porting Health & Life Insurance after Marriage is Important?

Process of Filing A Claim For Life Insurance

What Is Investment Insurance?

Why Life Insurance is Always a Smart Decision?

Why Term Insurance for Women is Important?

Everything You Need to Know About Endowment Policy

Do Life Insurance Premiums Increase Every Year?

Guidelines for Linking Aadhar and PAN to Insurance Policies

5 Reasons Why a Women Should Buy a Life Insurance

All about Your Rights and Duties While Buying Life Insurance Policy

How do life insurance payouts work?

Different Types of Insurance Policies in India

Nominee in insurance - A Complete Guide on nomination in insurance

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Single Premium Term Insurance: Meaning & Tax Benefits

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

What Is the Difference Between Group Term and Voluntary Term Life Insurance?

In India, should NRIs purchase life insurance?

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

Who Is A Nominee In A Life Insurance Plan?

Sabse Pehle Life Insurance

Life Insurance Vs. Mutual Funds Investment

Is Life Insurance Worth It?

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

Ensure Protection Against Death, Disease & Disability With Life Insurance

6 Things You Didn't Know Life Insurance Could Do

How to Choose Life Insurance for All Ages?

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

How Does Life Insurance Work?

Why You Should Never Cancel Life Insurance Policy

Why Do Life Insurance Agents Avoid Selling Term Plans?

How to Choose a Life Insurance Policy

Does Life Insurance Policy Cover Covid Death?

Here's How to Choose The Tight Life Insurance

FAQs on Life Insurance

भारत में गृहणियों के लिए टर्म इंश्योरेंस

How Much Life Insurance Do You Need?

Beware of Phishing & Fraud Insurance Calls

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Difference Between Money Back and Endowment Policy

5 Common Life Insurance FAQs and Answers

क्या जीवन बीमा एक निवेश है?

Why is Medical Test Important While Buying a Term Insurance?

Details Required To Be Filled In A Life Insurance Form

Life Insurance for Overweight Applicants

Kotak Life Claim Settlement Ratio

Can I Transfer My Term Life Insurance Policy to another Company?

Insurance and Endowment: Everything You Need to Know!

Can a Term Plan be the Substitute for a Retirement Plan?

Digital Life Certificate for Pensioners Seeking Pension

7 Superficial Reasons People Avoid Buying Insurance Online

Always keep your Nominee informed

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Why do most Indians choose the wrong way to buy life insurance?

5 Easy Steps to Buying A Policy

Benefits of Term Insurance with Critical Illness Rider

What is the Difference Between Limited and Regular Pay Insurance Plan?

Life Insurance vs. Death Insurance: Exploring the Key Distinction

Most Common Life Insurance Riders to Enhance Your Existing Policy

How Much Term Life Insurance Cover Do I Need?

How to Use Different Types of Life Insurance for Retirement Planning?

Life Insurance with Money Back vs Without Money Back

Advantages of Digitizing the Insurance Claims Process

Types of Riders in Insurance Policy

Life Insurance Beneficiary

When are Millennials required to take out a life insurance policy?

What is Human Life Value (HLV) & How to Calculate it?

Benefits of Term Insurance for Senior Citizens in India

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

How to Choose the Right Term Plan as per Your Age

Want to surrender your life insurance policy? Here's a guide

Life Insurance and Retirement Planning

5 Things to Keep in Mind While Buying Life Insurance Policy

Benefits of Gifting Term Insurance to Your Spouse

Backdating in Life Insurance: Should You Avoid it?

Life Insurance and Millennials

What Is the Procedure to choose a nomination in life insurance policy?

Life Insurance for Overweight Applicants

How Many Insurances Should I Have?

Does Life Insurance Pay for Suicidal Death?

How to Make Death Claims on Life Insurance?

What is Insurance Coverage? Overview, Types, and Examples

All about Life Insurance Calculators

Choosing Riders for Insurance Plans

Do College Students Need to Buy a Life Insurance?

Role of IRDAI in the Insurance Sector

Customer Awareness on Information Security

Best Insurance Plans in India

What is Group Insurance?

Health Insurance VS Life Insurance

What Is Insurance Rider and It’s Benefits?

What are the Benefits of Endowment Policy?

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Life Insurance vs Mutual Funds