Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

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

Term Insurance Riders, also known as add-ons, offers a customized cover at an additional premium. Click here to know what are riders and common riders that term insurers offer.

  • Sep 12, 2018
  • 3,567 Views

Term plans are an excellent option for those looking for a pure life cover. Such plans offer insurance coverage against an unfortunate event of the 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. The death benefit amount too may be claimed for tax deduction under Section 10(10D).

What are riders?

Insurers provide allow you to supplement your existing term insurance policy through riders. These riders, also known as add-ons, allow you to enjoy a customized cover at an additional premium.

Know MoreCalculate Premium

Following are five of the popular and common riders that term insurers offer.

  • Critical illness add-on

It is important to note that term plans do not offer coverage for critical illnesses such as heart attack, 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 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 an 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.

  • Accidental disability rider

Some accidents may leave you with a temporary or permanent disability. In an occurrence of such an event, an accidental disability rider comes to the rescue. The insurer provides a pre-defined percentage, of the sum assured amount, for a certain timeframe, say five to ten years. This amount may also be treated as an income replacement since you may lose your ability to work on a temporary or permanent basis.

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 riders according to your requirements and enjoy peace of mind at all times.

Explorer term insurance plan

Know MoreCalculate Premium

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

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

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

Can Term Insurance Plans Be Purchased As A Gift?

How to Compare Term Insurance Online

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

Term Plans are Definitely Cheaper than You Think!

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

Do term insurance policy have a waiting period after buying?

What Should You opt for - Limited or Premium Pay?

How Does Term Life Insurance Work? Learn the Benefits

What are incremental term insurance plans?

What is Critical Illness Policy?

5 Things To Consider While Buying Term Insurance Plan

Do You Need Term Insurance Cover After Retirement?

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

How Not To Get Your Term Insurance Claim Rejected

All About Term Insurance Inbuilt Coverage

All you need to Know about Term Insurance Plans for housewives

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

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

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

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

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

Term Insurance Age Limit – Term Plan for All Age Groups

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

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

What Is a Renewable Term Insurance Policy?

Why Should You Buy Term Insurance in 2022?

Top 3 Reasons Why You Should Buy A Term Plan Now

Increasing Term Insurance and Riders

9 Ways to Help Family Members in Financial Trouble

Can I Get Term Insurance on Behalf of My Spouse?

Types of Life Insurance Policies in India

Insuring Against Disability With Disability Insurance Rider

5 Benefits of Early Retirement Planning

Why Term Insurance Is Better Than ULIP?

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

What are the Documents Required for Term Insurance Plan?

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

Why Should New Parents Buy Term Life Insurance?

10 Most Frequently Asked Questions - FAQs on Term Insurance

Different Types of Protection Plans

Everything About Claim Settlement Ratio for Term Insurance

4 Things To Expect From Your Term Insurance Plan in India

Term Life Insurance Plan for Smokers vs Non-Smokers

How To Evaluate Your Term Insurance Quote?

Is There Any Tax Benefit on Term Insurance?

Should Youngsters, Working Couples Buy Term Insurance Plans?

10 Ways to Mentally Refresh After a Stressful Day

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

Benefits of Short-Term Life Insurance Policy

Why is it important to buy term insurance plan?

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

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

Is a Term Insurance Policy Portable?

Tips to Choose the Right Term Period for Term Insurance Plan

Can You Increase Your Term Insurance Cover?

Why Spending Time with Friends is Essential for Your Mental Health?

How to Surrender Term Life Insurance When You Have No Liabilities?

4 Methods to Calculate How Much Term Insurance You Need

What Are the Best Term Insurance Plans for Planning Retirement?

8 Benefits of Term Insurance You Should Know

Comparing Term Plans – What Should You Look Out For

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

Endowment Plans vs Term Plans: Understanding the difference

क्या ₹1 करोड़ का टर्म इंश्योरेंस पर्याप्त कवर है?

How Much Term Life Insurance Cover Do I Need?

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

11 Types of Death not covered in Term Insurance Plans

Is Life Insurance Investment Worthy Enough

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

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

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

Insurance Policy for Housewife In India

5 Reasons to Have a Child Education Plan

Importance of Term Insurance at Every Stage of Your Life

Tax Benefits of Term Insurance in India

How do I Calculate My Term Insurance Premium

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

6 Types of Death not covered in Term Insurance Plan

Busting Myths and Facts About Term Insurance Policies

Term Plan with Spouse Cover

Difference Between Short-Term and Long-Term Insurance

Why Short-Term Insurance Plans Deserve a Second Look?

How Does Short-Term Life Insurance Work?

What All Documents Required For Term Insurance In India?

Why does every working women need life insurance?

Term Insurance With Riders In India

Term Insurance Calculator - Everything You Need To Know

Advantages & Disadvantages of Term Insurance in India

Is Term Life Insurance Plan an Investment or Expense?

Term Insurance with Critical Illness

While Buying Term Insurance Compare Features, Not Just Premiums

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

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

Why Premium Amount for Term Insurance is So Low?

5 Term Insurance Benefits for Single Women

Calculating Term Insurance Premium

All about Online Income Tax Calculator

Term Insurance Basics You Should Know

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Insuring Protection Against Death With Death Insurance Rider

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

Is term Insurance Needed for People With No Dependents?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Difference Between Term Insurance and Endowment Plan

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

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

Which Death Type Does Your Term Plan Not Cover?

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

How Does Term Life Insurance Work? Learn the Benefits

How to Identify Term Insurance According to Your Needs?

How To Choose the Right Term Insurance Plan?

Can You Get Term Insurance Without Income Proof?

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

What is Insurance Premium? | Definition of Insurance Premium

Different Types of Premiums in Term Insurance?

Should You Buy a Term Plan After 40?

Planning For Son or Daughter's Wedding

Know How to Invest at Every Age for Larger Returns

Term Insurance Plans and Policies for Smokers

Ensure Protection Against Death, Disease & Disability With Life Insurance

Buying A Term Insurance Plan? Take These Factors into Account

Do Beneficiaries Pay Taxes on Term Insurance?

Difference Between Term Insurance and Endowment Plan

How to Buy 1 Crore Life Insurance Policy Without Medical Test

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

4 Reasons Why You Need Critical Illness Cover

8 Things To Do After Buying Term Insurance

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

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

Is ₹1 Crore Term Insurance Good Enough Cover?

What Is the Correct Age to Buy Term Insurance?

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

6 Reasons That Make Term Insurance a Must Buy

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

Why You Must Include In Your Financial Planning?

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

How Much Cover Should I Take In A Term Plan?

Individual Life Insurance vs. Group Term Life Insurance

What Happens if you Hide Facts in your Term Insurance?

Zero Cost Term Insurance Plan: What is & Should you buy it?

Understanding Term Insurance Riders

भारत में जीवन बीमा कितने प्रकार के होते हैं?

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

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

Key Differences Between Term Insurance, ULIPs, And Health Insurance

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Why Buy Term Insurance Plan With a High Cover?

9 Most Frequently Asked Questions on Term Insurance

Can Senior Citizens Avail Term Insurance?

What is Term Insurance? Term Plan Meaning and Definition

Does Term Insurance Cover Accidental Death?

Eligibility Criteria for Buying Term Insurance in India

Why Married People Should Buy Term Insurance Under MWP Act?

10-Year Term Life Insurance Policy - Explained in Detail

Insuring Against Accidents with an Accidental Death Insurance Rider

Insuring yourself against Ill Health with a Critical Illness Rider

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

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

How To Change The Nominee in Term Insurance?

Why should single women purchase term life insurance?

Planning For Children's Future

Protection for your family

Steps on How to Buy Term Insurance Online

9 Point Guide on how to File Income Tax Return Online

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

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

Make Your Online Term Plan Your Familys Monthly Payout

What is a term insurance plan with a return of premium, and how does it work?

Should you buy a Renewable Term Life Policy?

Should You Have Multiple Term Life Insurance Policies?

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

Choosing Riders for Insurance Plans

Term Insurance: Smokers vs Non-Smokers

भारत में गृहणियों के लिए टर्म इंश्योरेंस

3 Things to Consider When Buying Term Insurance, If You are Single

What is a short term insurance policy?

Why Buy Term Insurance Even at Rising Rates?

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

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

How Does BMI Affect Your Term Insurance Premium?

Side Effects of Covid-19 Booster Doses

Joint vs Individual Term Insurance: Which One Should You Choose?

Advantages of Buying Term Insurance in Your 50s

Term Life Insurance Vs Money Back Life Insurance

Cost of Term Insurance Likely to Increase Soon

Is Group Term Life Insurance Provided By Employer Sufficient?

8 Factors to consider before choosing a Critical Illness Insurance

टर्म इंश्योरेंस क्लेम प्रक्रिया

Should you have more than one nominee in your term insurance?

Can I Extend the Tenure of My Term Insurance Plan?

Why 1 Cr Term Plan Is Necessary For Family?