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

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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

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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

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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

Most Common Life Insurance Riders to Enhance Your Existing Policy

Most Common Life Insurance Riders to Enhance Your Existing Policy
  • 12th Nov 2019 |
  • 2,584

By purchasing life insurance online, you do the best you can for your loved ones. The policy will provide financial security to your family in case of an unfortunate incident. In addition to the basic cover, you can give them extra protection through life insurance riders.

What is an insurance rider?

A rider is a provision that adds an extra benefit on your basic insurance cover. You are free to choose the riders that fit your needs. A rider will enhance the cover and will help you build a policy that suits your personal needs.

You can purchase the riders at a nominal cost and enjoy an additional benefit. The maximum benefit you can enjoy depends on the rider you choose. However, the total premium on all riders should not exceed 30% of the basic premium.

Most common life insurance riders

Listed below are some of the common term insurance riders that will fit your needs.

  • Accidental death benefit rider
  • It is one of the most common life insurance rider types. In this rider, you can choose a single, limited, and regular premium option. This rider will provide you with protection until the end of the policy term of your base plan. It will pay a certain sum assured in case of an accidental death.

  • Term benefit rider
  • Through this rider, your nominees get the sum assured in case something untoward happens to you. It will provide protection until the end of the policy term and provides flexibility in premium payment. You can also enjoy income tax benefit on the premium paid according to Section 80C of the Income Tax Act, 1961.

  • Permanent disability benefit rider
  • One of the most important insurance riders, permanent disability benefit rider will pay the specific sum assured in case of a permanent disability. You can choose to pay a single, regular, or limited premium option. There is no maturity benefit in this rider.

  • Waiver of premium rider
  • This rider will work when you are injured or diagnosed with an ailment and are unable to provide for your family. When you have this rider, you will not have to pay premiums but the plan will remain active.

  • Accelerated death benefit rider
  • This rider will come into force in case of a terminal illness. When a critical illness strikes, the income stops. In this scenario, family members spend heavily on treatment and hospitalization. This is when the rider will make a huge difference. The family will receive the sum assured in case of a terminal illness.

  • Return of premium rider
  • With the return of premium rider, you receive a return from the insurance company. The policy with this rider will offer death and maturity benefits. If you survive the tenure, you receive the premium paid over the years.

    Consider your health and financial stability before you choose a rider. You need to carefully access what the rider is offering and then make a decision. It is a wise move to add riders to your basic life insurance cover. It will give you enhanced protection at a nominal cost.

- A Consumer Education Initiative series by Kotak Life

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