Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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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.
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.
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.
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.
The riders of the life insurance policy come with various benefits. Here are the ones that guarantee overall security for you and your family:
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.
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.
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
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