Everything You Must Know About ULIP Riders

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Everything You Must Know About ULIP Riders

 Everything You Must Know About ULIP Riders
  • 26th Jul 2022 |
  • 2,431

When we start planning to invest our money to meet different financial goals in our life, we first start exploring the market and father information related to funding. This helps us understand what the market offers and how you can make the most out of it. Now the question is, will you take multiple policies to meet different financial goals and manage everything differently or move ahead with the current policies that offer various functionalities in one procedure. Indeed, you will want to have everything in one place, which is why ULIP is so popular nowadays.

Let’s discuss the different types of riders in ULIP and understand how adding ULIP riders benefit you. But before we move on to discuss this, you must clearly understand what ULIP riders are and how riders in ULIP policy function.

ULIPs and the Role of Insurance Riders

Unit Linked Insurance Plans (ULIPs) are modern financial tools that help save money through market-linked investment while enjoying the benefit of life insurance. It is the best option to take care of your life insurance and investment needs in the same policy and with maximum flexibility and control.

While ULIP offers significant flexibility in the investment part of the policy, you can ensure optimum safety by adding insurance riders to your policy for full-proof protection against unforeseen circumstances.

What are ULIP Riders? How do Riders in ULIP Policy Function?

ULIP Riders are like add-ons for your ULIP insurance policy. They can be purchased by paying a nominal fee. This helps you in customizing your ULIP insurance policy as per your requirements. Moreover, the ULIP policy riders help you enhance your protection against unforeseen circumstances. So, basically, through ULIP riders, a policyholder adds various other insurance benefits.

For example, you have opted for a life insurance policy that does not cover health and accidental insurance. So rather than opting for two additional policies, you can use ULIP riders to add these benefits to your policy.

Types of Riders in ULIP

Let’s have a look at some of the ULIP riders and the benefits that a policyholder can add to their existing ULIP policy:

1. Premium Waiver

Life is unpredictable, but you can be prepared for any unfortunate circumstance. For example, suppose your regular income is impacted due to some life-threatening event, maybe due to an accident that left you on disability or a chronic illness. Naturally, most policyholders will be worried about the timely payment of premiums. However, when you opt for the Premium waiver riders, in such a life-threatening case where your regular income source has ceased, all the future premiums of your ULIP policy are waived off, and your investment and life insurance cover continues towards maturity.

This ensures that even when you cannot earn, the life of your loved ones is not affected financially. However, before opting for this rider, you must look at the eligibility criteria and other details related to this ULIP rider.

2. Accidental Death

This is an add-on financial help to your existing ULIP life insurance if you lose your life in an accident. This ULIP rider ensures that the policyholder has additional financial cover in case of accidental death. So, suppose the ULIP policyholder with this ULIP rider linked to their policy dies due to an accident. In that case, the nominee will receive an extra amount as a ULIP rider sum assured in addition to the original life insurance policy.

3. Accidental Disability (total/partial)

This rider is an addon to ensure that if a policyholder meets an accident leaving them partially/disabled, they are eligible for a lump sum payout subject to policy terms and guidelines. This is one of the must-have riders in ULIP policy as it ensures that if your life is saved, but you are disabled and lost your regular source of income, you are still financially covered and will receive a lump sum for meeting daily living expenses.

4. Critical Illness Riders

This rider in the ULIP policy makes your ULIP plan life + critical health insurance policy. For example, when you’re diagnosed with a critical illness, the health insurance coverage alone might not be enough to cover all the expenses. This ULIP rider provides you extra support in such cases to support your financial needs without eroding your savings.

There are other riders as well that you might consider as per your requirements to add more support to your ULIP policy and to make it more secure for you and your loved ones in case of your absence. Riders are a great way to ensure you get the maximum benefits of a life insurance policy. However, it is strictly advised to read the policy documents of the riders and the things covered under its benefits and opt for them accordingly.

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Why Online Term Insurance Plans Cheap?

Why Term Insurance for Women is Important?

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

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

Details Required To Be Filled In A Life Insurance Form

Life Insurance vs Mutual Funds

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

How to Choose Life Insurance for All Ages?

Life Insurance Vs. Mutual Funds Investment

10 Most Frequently Asked Questions - FAQs on Term Insurance

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

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Why Renewal of Term Insurance Plan is Important

What is Minimum Life Insurance Policy?

Is Return-of-Premium (ROP) in Life Insurance Worth It?

Top 5 Common Life Insurance Myths and Facts

Choose the Nominee of a Term Life Insurance Plan Wisely

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

Always keep your Nominee informed

Staying Insured While Investing

How Do Term Insurance Plans Differ for Smokers?

What Is Insurance Rider and It’s Benefits?

Term Insurance Claim Process

Do Life Insurance Premiums Increase Every Year?

Why You Should Never Cancel Life Insurance Policy

Term Insurance Tips for NRIs in India

ULIPs: Suitable for all

Who Is A Nominee In A Life Insurance Plan?

Why One Must Buy Term Insurance before 25 Years

Voluntary Life Insurance Policy Vs Group Life Insurance

What Is Investment Insurance?

Guide for Buying Online Term Insurance Plans for Senior Citizens

How To Use Different Types Of Life Insurance For Retirement Planning?

Can An Individual Buy Multiple Term Insurance Plans?

How to Choose the Right Life Insurance Policy for Your Age?

“Life” Insurance or “Death” Insurance?

Term Insurance Vs Life insurance: Small Details, Big Differences

FAQs on Life Insurance

All about Your Rights and Duties While Buying Life Insurance Policy

Life Insurance Policy Closure

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Do Your Financial Planning with Life Insurance!

5 Advantages of Life Insurance Going Digital

What are the Benefits of Endowment Policy?

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

What Is Social Impact Investing and How Does It Benefit Society?

Is it Worth Buying Disability Rider on Term Insurance?

Can You Transfer Life Insurance Policies to Another Company in India?

Why Buying a Term Insurance is Important for all Parents

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

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

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

5 Smart Steps to keep in mind while buying term policies

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Life Insurance with Money Back vs Without Money Back

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

Does Life Insurance Pay for Suicidal Death?

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

Nominee in insurance - A Complete Guide on nomination in insurance

Term Life Insurance for Home Loans: The Maximum Security

Types of Insurance You Must Invest in for Secure Future

What are robo-advisors in insurance?

Benefits of Term Insurance with Critical Illness Rider

Term Life Insurance vs. Accidental Death Insurance

How Does Life Insurance Work?

A Term Insurance Guide for Disabled People

Life Insurance for Millennials

5 Ways to ensure faster settlement of claims

How to Choose a Life Insurance Policy

Life Insurance and Retirement Planning

Biggest Life Insurance Myths

Insurance Vs Investment - A Guide to Your Financial Goals

Important Terminologies of Life Insurance

How to Buy a Life Insurance Plan?

What is Underinsurance & The Dangers of Being Underinsured

Why do I Need Life Insurance?

Beware of Phishing & Fraud Insurance Calls

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

5 Reasons Why a Women Should Buy a Life Insurance

How Much Life Insurance Cover Do I Need?

Difference Between Money Back and Endowment Policy

NRI Premium Payment Options

5 Reasons Why You Need Life Insurance in College

Why Your Family Should Know About Your Life Insurance Policy?

6 Different Types of Insurance Policies

Difference Between ULIP and Endowment Plan?

Is It Advisable To Have Multiple Life Insurance Policies?

First Job? Here’s Some Tips on How to Manage Finances

How to Find the Best Term Insurance Plan in Seven Steps

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

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Best Insurance Plans in India

Sabse Pehle Life Insurance

Different Types Of Life Insurance In India

How Many Insurances Should I Have?

Loan Against Life Insurance Policy

What Is Insurance Coverage?

Compare Different Life Insurance Products Offered By Kotak Life

Life Insurance and Millennials

Life Insurance Beneficiary

Difference Between Term Insurance and Endowment Plan

Digital Life Certificate for Pensioners Seeking Pension

Is Voluntary Life Insurance the Same as Basic Life Insurance?

Is Life Insurance For Millennials Really Needed?

How to Revive the Lapsed Life Insurance Policy?

Term Life Insurance Vs Money back Life Insurance

5 Things to Keep in Mind While Buying Life Insurance Policy

What Happens If I Stop Paying My Life Insurance Premium?

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

Take 100% Responsibility of Your Family with Term Life Insurance

Choosing the Right Life Insurance

Process of Filing A Claim For Life Insurance

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

Why is Medical Test Important While Buying a Term Insurance?

How to Buy a Term Life Insurance Online

What is a savings plan?

Think About Life Insurance Sooner than Later

Important Life Insurance Terms You Must Know

All about IRDAI

What is Life Insurance?

Insurance Changes You Need to Make Post Marriage

Types of Life Insurance policies in India

Different Types of Insurance Policies in India

Should you buy a Renewable Term Life Policy?

What is Group Insurance?

Life Insurance for Overweight Applicants

Can NRI Buy Term Insurance in India?

Life Insurance vs Health Insurance

5 Things to Consider Before You Buy Life Insurance

Choosing Between Short-Term & Long-Term Insurance Plans

Why Life Insurance Is Always a Smart Decision

Why Do Life Insurance Agents Avoid Selling Term Plans?

4 Benefits of Gifting Life Insurance Cover to Your Spouse

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

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

6 Things You May Not Know about Life Insurance

Customer Awareness on Information Security

All About Backdating in Life Insurance

Kotak Life Claim Settlement Ratio

Health Insurance VS Life Insurance

Is It Time to Review Life Insurance Policy of Yours?

Types of Life Insurance Or One Investment, Many Options

Important Features of a Term Insurance Plan

5 Common Life Insurance FAQs and Answers

What Is Financial Planning?

A Step-by-Step Guide: How To Make An Investment Plan?

What is Sum Assured in Endowment Policy?

What Is a Whole Life Insurance Plan?

7 Superficial Reasons People Avoid Buying Insurance Online

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

How to Customize Your Life Insurance Policy with Riders

What Is Staggered Payment Option Under Term Insurance Policy?

In India, should NRIs purchase life insurance?

Does Family History Affects your Term Life Insurance Rates?

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

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Does Life Insurance Cover Terminal Illness?

Role of IRDAI in the Insurance Sector

What is the Difference Between Insurance and Assurance?

How to Make Death Claims on Life Insurance?

Reasons Why Term Insurance Claims Get Rejected

Choosing a Life Insurance Beneficiary

Guidelines for Linking Aadhar and PAN to Insurance Policies

Life Insurance Plans for Women

How to Calculate Human Life Value(HLV)?

Does Life Insurance Policy Cover Covid Death?

What is the Current Trend in Term Insurance?

What is an Endowment Plan?

How Often You Must Review Your Life Insurance Policy?

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

Life Insurance for Overweight Applicants

Benefits of Buying Term Insurance Plan for Senior Citizens in India

Savings cum Protection Plans Secures Your Family from Unforeseen Events

5 Easy Steps to Buying A Policy

What is a Single Premium Term Plan and its Tax Benefit?

Is Life Insurance an Investment?

When Should You Review Term Life Insurance of Yours?

How Much Life Insurance Do You Need?

All About Life Insurance and How It Works?

Key Things to Review in Your Life Insurance Policy Document

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

Adding A Child to Your Life Insurance Policy?

Most Common Life Insurance Riders to Enhance Your Existing Policy

Terms and Conditions of Term Insurance Plans

All about Life Insurance Calculators

Various Term Insurance Premium Payment Options Available in India