5 Types of Term Insurance Riders in India
Close

Buy a Life Insurance Plan in a few clicks

Close

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

Term Insurance With Riders In India

Term Insurance With Riders In India
  • 20th Jan 2020 |
  • 2,374

Term plans are an excellent option for those looking for a pure life cover. Such plans offer insurance coverage in case of death of the policyholder during the policy term. The insurance provider offers the sum assured amount to the beneficiary, which may be used to meet various financial obligations. This amount, therefore, acts as an income replacement, especially if you are the breadwinner of the family. Term plans are also known for their affordability, offering a high level of insurance cover at a low premium. Besides, you may enjoy tax benefits towards premiums paid up to an amount of INR 1.5 lakh under Section 80C of the Income Tax Act, 1961. Also, the death benefit amount can be claimed for income tax deduction under Section 10(10D).

Buy Term Plan Online

Term Insurance Riders

A rider is an additional component that can be added to your new or existing term life insurance policy to increase your coverage. The benefits of the rider are extended beyond the perks offered by your plan. These term insurance riders allow you to enjoy a customized cover at an additional premium.

Here are five types of insurance riders in insurance that are most commonly bought by policyholder:

  • Critical illness add-on
  • It is important to note that term plans do not offer coverage for critical illnesses such as permanent paralysis of limbs, cancer, or brain tumor, among others. Upon diagnosis of any of the critical illnesses as per your policy document, you are entitled to receive a lump sum amount. This helps you meet medical costs and other indirect expenses towards the treatment of the disease without any financial difficulty.

  • Waiver of premium rider
  • Financial constraints may prevent you from making premium payments towards your term insurance plan. Opting for a waiver of premium rider ensures that you continue to enjoy the policy benefits even if you fail to pay the premium amount. Your term plan, therefore, does not lapse completely.

  • Income benefit rider
  • In case you are the breadwinner of the family, chances are that your family may be left financially crippled in an unfortunate event. To avert such a scenario, you may purchase an income benefit rider. This rider provides a regular stream of income to your beneficiary, for a specified period, say five to ten years. Your loved ones may, therefore, manage their finances easily and have a good lifestyle even in your absence.

  • Accidental death rider
  • As the name suggests, this rider in term insurance offers insurance coverage against accidental death. The insurance provider is entitled to offer an additional sum over and above the sum assured amount, in an event of death due to an accident.

  • Permanent disability rider
  • This rider gives you the benefit of claiming the sum assured over a period of five years in case of an accident causing permanent disability. The rider benefit received can be used to replace the regular income and also pay for the indirect expenses of the family. As the payout is regular, it can ultimately take the place of your monthly salary and make sure that your family is not affected financially.

    Riders in term insurance maximize your insurance coverage and help you gain control over the financial security of your loved ones. You may, therefore, choose the most appropriate term insurance riders according to your requirements and enjoy peace of mind at all times.

Kotak e-Term Plan

Features

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

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

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Know How to Invest at Every Age for Larger Returns

Side Effects of Covid-19 Booster Doses

Advantages & Disadvantages of Term Insurance in India

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Is Term Life Insurance Plan an Investment or Expense?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

6 Reasons That Make Term Insurance a Must Buy

How to Surrender Term Life Insurance When you have No Liabilities

5 Reasons to Buy Term Insurance When You are in Your 30s

How To Calculate The Amount Of Term Life Insurance You Need?

What Happens if you Hide Facts in your Term Insurance?

8 Things To Do After Buying Term Insurance

How to Compare Term Insurance Online

Does Term Insurance Cover Accidental Death?

Why Term Plan Should Be The First Step To Securing Your Future?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Insuring Against Disability With Disability Insurance Rider

Everything About Claim Settlement Ratio for Term Insurance

What Are the Best Term Insurance Plans for Planning Retirement?

While Buying Term Insurance Compare Features, Not Just Premiums

Eligibility Criteria for Buying Term Insurance in India

What is Critical Illness Policy

Can I Extend the Tenure of My Term Insurance Plan?

Cost of Term Insurance Likely to Increase Soon

Insuring Against Accidents with an Accidental Death Insurance Rider

Why Term Insurance Is Better Than ULIP?

What are the Documents Required for Term Insurance Plan?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Why Term Insurance Is Important in times of COVID-19?

Is Life Insurance Investment Worthy Enough

4 Things To Expect From Your Term Insurance Plan in India

Term Insurance Calculator - Everythng You Need To Know

Which Death Type Does Your Term Plan Not Cover?

Endowment Plans vs Term Plans: Understanding the difference

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Why should single women purchase term life insurance?

Tax Benefits of Term Insurance in India

Why is it important to buy term insurance plan?

Is ₹1 Crore Term Insurance Good Enough Cover?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Should You Buy a Term Plan After 40?

Make Your Online Term Plan Your Familys Monthly Payout

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

8 Benefits of Term Insurance You Should Know

Why Should You Not Take A Term Plan Without Medical Test in India?

Insuring Protection Against Death With Death Insurance Rider

Advantages of Buying Term Insurance in Your 50s

How Much Cover Should I Take In A Term Plan?

Can I Make Changes to My Term Insurance Policy Post Purchase?

10-Year Term Life Insurance Policy - Explained in Detail

Do Beneficiaries Pay Taxes on Term Insurance?

Steps on How to Buy Term Insurance Online

What is a short term insurance policy?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

How Much Term Insurance Do I Need

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

How Does Term Life Insurance Work? Learn the Benefits

Best Investment Plans for Children - Secure Your Child's Future

Term Insurance with Critical Illness

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Difference Between Term Insurance vs Life Insurance

Is term Insurance Needed for People With No Dependents?

Protection for your family

Why Premium Amount for Term Insurance is So Low?

5 Term Insurance Benefits for Single Women

9 Ways to Help Family Members in Financial Trouble

Tips to Choose the Right Term Period for Term Insurance Plan

5 Things To Consider While Buying Term Insurance Plan

What Should You opt for - Limited or Premium Pay?

Why Buy Term Insurance Even at Rising Rates?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

5 Benefits of Early Retirement Planning

Top 3 Reasons Why You Should Buy A Term Plan Now

Increasing Term Insurance and Riders

How Not To Get Your Term Insurance Claim Rejected

Is It Good To Buy A Term Insurance Plan In 2022?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

How To Choose the Right Term Insurance Plan?

Should You Have Multiple Term Life Insurance Policies?

What Is a Renewable Term Insurance Policy?

Why does every working woman need life insurance?

Term Insurance Plans and Policies for Smokers

Insurance Policy for Housewife In India

Reasons You Need Term Insurance Plan as a Self-Employed Person

All About Term Insurance Inbuilt Coverage

Can I Get Term Insurance on Behalf of My Spouse?

Insuring yourself against Ill Health with a Critical Illness Rider

How To Change The Nominee in Term Insurance?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Term Life Insurance Plan for Smokers vs Non-Smokers

Gift Your Father A Term Insurance Plan This Father's Day

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

What is Term Insurance - A Complete Guide

How To Choose the Right Sum Assured Under a Term Plan?

Term Insurance Basics You Should Know

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Planning For Children's Future

What Are Insurance Riders and How to Choose Them in a Term Plan?

Term Plan with Spouse Cover

Do You Need Term Insurance Cover After Retirement?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Can I Buy Term Insurance for a COVID-19 Patient?

What Types of Deaths Are Covered in a Term Insurance Plan?

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Should Youngsters, Working Couples Buy Term Insurance Plans?

Planning For Son or Daughter's Wedding

Term Plans are Definitely Cheaper than You Think!

Comparing Term Plans – What Should You Look Out For

All you need to Know about Term Insurance Plans for Housewives

What Should Be The Duration Of Your Term Plan in India?

4 Reasons Why You Need Critical Illness Cover

Do I Need to Give a Medical Test for Term Insurance in India?

Choosing Riders for Insurance Plans

Can Senior Citizens Avail Term Insurance?

How to Identify Term Insurance According to Your Needs?

Is There Any Tax Benefit on Term Insurance?

Individual Life Insurance vs. Group Term Life Insurance

Different Types of Protection Plans

What are incremental term insurance plans?

Is Group Term Life Insurance Provided By Employer Sufficient?

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

6 Types of Death not covered in Term Insurance Plan

Why Should New Parents Buy Term Life Insurance?

Why Should You Add a Rider to a Term Insurance Plan?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Term Insurance Age Limit – Term Plan for All Age Groups

What All Documents Required For Term Insurance In India?

Understanding Term Insurance Riders

Buying A Term Insurance Plan? Take These Factors into Account

Why Buy Term Insurance Plan With a High Cover?

Different Types of Premium in Term Insurance

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Why 1 Cr Term Plan Is Necessary For Family?

What is Insurance Premium - A Detailed Guide

Is a Term Insurance Policy Portable?

Can Term Insurance Plans Be Purchased As A Gift?

Term Insurance: Smokers vs Non-Smokers

Term Insurance – Why You Must Include In Your Financial Planning?

Can You Increase Your Term Insurance Cover?

How Much Term Life Insurance Cover Do I Need in India?

Busting Myths and Facts About Term Insurance Policies

What Is the Correct Age to Buy Term Insurance?

Importance of Term Insurance at Every Stage of Your Life

Calculating Term Insurance Premium

Why Married People Should Buy Term Insurance Under MWP Act?

8 Factors to consider before choosing a Critical Illness Insurance

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

4 Methods to Calculate How Much Term Insurance You Need

How Does A Term Life Insurance Work in India?

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

9 Most Frequently Asked Questions on Term Insurance

Why Should You Buy Term Insurance in 2022?