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Ref. No. KLI/22-23/E-BB/492
Purchasing a permanent disability rider is a great way to cover the expenses related to disability and loss of income. Click here to know whether you should buy term insurance with disability rider.
Whenever you purchase a life insurance policy, you will be informed about riders that enhance the coverage and protection. However, have you heard about a rider that waives premium payment in case of a disability? Many individual life insurance policies include a rider, which will waive the premium upon total disability.
The rider will be useful in case of a temporary or permanent disability because of an accident. Many policies pay you a certain percentage of the sum assured regularly for the next five to ten years, making it an ideal income replacement mode. You need to remember that the rider will only come into force when a disability occurs due to an accident.
The definition of disability will be included in your policy documents. Many insurers consider total disability as an inability to perform substantial duties related to your occupation. In addition, a disability should be due to an accidental injury. Any pre-existing conditions will remain excluded. The insurer can review the insured’s status during different time intervals and the definition of disability can change with time; for instance after five or seven years.
Purchasing a rider is a great way to cover the expenses related to disability and loss of income. When you buy life insurance online, you can consider the cost of a rider and then make a decision. If you have a rider, which waives the premium, it will make a lot of sense in the long term. You will not have to pay the premium and will continue to receive regular income from the insurance company.
Read the fine print and understand what qualifies as a disability and what does not. You need to ensure that the rider works as per your requirements. Paying an additional expense will make sense when the benefit from the same outweighs the cost. It is ideal for those who would find it difficult to make premium payments when you are out of work.
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
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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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