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What Is Insurance Rider and It’s Benefits?

Insurance riders are additional benefits that you can use to enhance your existing life cover. Click here to know what is insurance rider and its benefits in detail.

  • 5,729 Views | Updated on: Mar 18, 2024

A life insurance policy is designed to provide you with a cover that offers financial security to your loved ones. It comes with multiple facilities like death and maturity benefits. However, you can enhance the cover even further with insurance riders.

What is a life insurance rider?

The riders are additional benefits that you can use to enhance your existing life cover. The riders are also known as add-ons. To avail of the benefits, you need to pay an additional premium. However, the extra price proves beneficial in the form of financial security.

What are the different types of life insurance riders?

Explained ahead are some important forms of life insurance riders.

1. Accidental death benefit rider

In case of an accidental death of the policyholder, this insurance rider offers the sum assured to the nominees. It can be bought with the main life policy or at the time of renewal.

2. Permanent disability

In case of permanent disability of the policyholder due to an accident, the insurer pays the benefits to the dependents. With us, at Kotak Life Insurance, you can avail of 120% of the rider sum assured over five years.

3. Critical illness

This rider offers the policyholder a lump sum if he or she is diagnosed with any critical illness that is included in the policy. The money received as a benefit can be used for the treatment and hospitalization of the insured, as well as, to cover the household expenditures.

Can you take the rider with any insurance policy?

Now that you have the answer to what is insurance rider, you might be asking yourself if you are eligible to buy the riders with any life policy. The answer to that is ‘yes.’

Whether it is a term insurance policy, a whole life policy, or any other cover, you can enhance it with riders. The riders should be selected based on your personal needs.

Benefits of the riders

The riders of the life insurance policy come with various benefits. Here are the ones that guarantee overall security for you and your family:

  • Extra coverage
  • The most important aspect of a rider is that it enhances your existing life cover. With the riders, the cover becomes more comprehensive and offers you complete security. For example, if you buy a critical illness cover then all the hospitalization and household expenses during your treatment can be taken care of with the monetary benefit offered by the insurer.

  • Affordability
  • Buying riders is quite economical as compared to purchasing separate policies for additional security. As the riders come as add-ons to your existing policy, you have to pay an additional but affordable price to enjoy the benefits. You also have the flexibility to buy riders as per your requirements.

  • Tax benefit
  • Certain riders come with tax benefits too. Hence, you can save more with riders.When purchasing your life insurance policy, ask your insurer about the available riders. This way, you can add them to the policy during purchase and avail of complete protection.

- 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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