Buy a Life Insurance Plan in a few clicks
Protect your family's financial future.
Insurance and Investment in one plan.
A plan that offers immediate or deferred stream of income
Thank you
Our representative will get in touch with you at the earliest.
A term life insurance plan functions as a security blanket for your loved ones by providing them with financial security in case something happens to you during the policy term. However, in some cases, just basic coverage is not always sufficient. That is where riders come in. One such smart rider option is accidental death benefit rider. It provides your dear ones with additional financial aid in the event of your accidental death. This rider is also affordable, easy to get, and assists in covering most of the unexpected changes of life, such as road accidents, falls, or fire incidents.
Unexpected and unpleasant events can happen to anyone at any point in life. That is why the Kotak Accidental Death Benefit Rider provides you with an extra cover that you can add to your basic term insurance plan. In case of death due to an accident, this rider pays your family an additional sum assured, along with your regular policy amount.
Let us say you bought a 1 crore term insurance plan and added this rider for another 50 lakhs. In case of death due to an accident during the policy period, your family will get 1.5 crores instead of just 1 crore for the accidental death insurance claim. Simple, right?
The best part is that you get flexible payment options, allowing you to choose between single, limited, and regular premiums that stay active as long as your base policy does. These riders only work in the event of accidental death occurrences, falls, road accidents, etc., brought about by external and violent causes. Since accidents don’t come with a warning, it is always best to stay prepared.
Here’s a basic example to help you understand:
Ravi, a 30-year-old working professional, buys a term insurance plan with a sum assured of ₹75 lakh. He also adds an accidental death benefit rider of ₹25 lakh to his policy.
A few years later, Ravi meets with a tragic road accident and passes away. Since his death was due to an accident and within the claim period mentioned in the policy, his nominee (let’s say, his wife) will receive ₹75 lakh from the term insurance and ₹25 lakh from the term insurance accidental death benefit, making it a total payout of ₹1 crore.
This rider ensures that in case of accidental death, your family does not just get the basic life cover, but they also receive extra financial support to handle any unexpected costs or loss of income. It’s like adding an extra safety net, without paying for a whole new policy.
Adding an additional death benefit rider to your base term plan can help you avail of extra benefits at affordable rates. Here are some features that you get:
The first is the convenience and flexibility of payment. You can easily choose how you want to pay your premiums- single, regular, or limited.
The rider provides coverage for accidental death as long as your base term insurance policy is active. So, you stay protected till the end of your policy term.
If the life insured passes away due to an accident, the rider sum assured (the extra amount chosen under this rider) is paid out in addition to the base policy amount. This further boosts your family’s financial support.
You can usually add this rider if you are within a certain age range, starting from 18 years old. The maximum entry and exit age depends on the insurer, but the aim is to keep it accessible for working individuals.
When you opt for an accidental death benefit rider, your family gets financial protection in case you pass away due to certain types of accidents. Here are the main kinds of accidents that are usually covered:
If the policyholder passes away due to accidental death in insurance, like a crash, bike accident, or any kind of road mishap, the rider kicks in to provide extra financial support to the family.
Accidental falls, be it at home, on stairs, or even outdoors, that lead to death are covered under this rider.
If the policyholder unfortunately drowns while swimming or during any water-related incident, it is considered a valid claim under this rider.
People working in factories or around heavy machinery are at risk of accidents. If death occurs due to such a workplace incident, the rider provides coverage.
Deaths caused by fire injuries, whether in the home, workplace, or anywhere else, are also included under the accidental death benefit rider.
While the accidental death benefit rider offers extra protection, there are a few situations where an accidental death claim will not apply. Here’s what’s not covered:
If the person insured dies because they harmed themselves on purpose or attempted suicide (whether they were mentally stable or not), the rider won’t pay out. Even if the accident happens while drunk or under the influence of drugs (unless given by a doctor), it is not covered.
Accidents that happen during criminal acts, like theft, fighting, or breaking the law, are also not covered. If the insured person was doing something illegal and that led to their death, the accidental death insurance benefit will be denied.
Risky sports like skydiving, scuba diving, racing, or mountain climbing are fun but dangerous. If someone passes away while doing any extreme activities, the accident benefit rider does not provide any payout.
If the insured person is in the army or military services and dies during war, combat, or a military operation, this rider does not cover it. Military duties come with higher risks that are not included in standard accidental life insurance.
Death caused by war, riots, or terrorist attacks is not covered either. These are considered unpredictable, large-scale dangers and are excluded from the accidental death benefit in term insurance.
Adding an accidental death benefit rider to your life insurance plan might sound like an extra step, but it is totally worth securing your family’s life. Here is why:
Even if you already have a term insurance plan, this rider adds an extra safety net. In case something unfortunate happens due to an accident, your family will not only get the base policy amount, but they will also get the additional rider benefit. That is more financial security when they need it most.
One of the best parts? It does not cost a lot. You can add this rider to your existing life insurance plan for a small extra charge. You do not need to buy a new policy or go through a complicated process; just opt in when buying your plan or during renewal.
We all want to feel like our loved ones will be okay, no matter what. Having this rider in place gives you that mental peace, knowing that if life takes an unexpected turn, your family will have that additional financial cushion to fall back on.
Adding the accidental death benefit rider to your policy is super easy. When you go to purchase your term insurance or life insurance, the insurance company will typically enquire whether you would like to go with additional riders. All you have to do is simply say yes to the accidental death benefit rider, and the premium will then be added to your base plan.
If you already have a policy, you can simply inquire with your insurer, as some can add riders either at policy renewal or simply add it using an update. Just call their customer service or log in to your policy account online. It barely takes a few minutes!
You may not always know what unexpected event is coming your way, but you can always be assured that you are prepared for when something like this happens. Adding an accidental death benefit rider to your base term insurance plan is a smart move to safeguard your family financially in the unfortunate event of your demise.
The best part? This rider is affordable and easy to include in your existing term insurance plan. Plus, you can enjoy a term insurance tax benefit on the premiums you pay. If you are still not sure about how much coverage you need, try using a term insurance calculator online to make the process simpler.
In the end, it is all about being prepared. Because when you are protected, you are at peace, and that is something everyone deserves.
1
Standard life insurance pays out for death due to natural causes or illness. The accidental death benefit rider gives extra money if the death is caused specifically by an accident. The entire point of this rider is to provide an added safety net on top of your basic policy.
2
Yes, the payout from the accidental death benefit rider is given in addition to the sum assured under your regular life insurance. So your loved ones get both amounts if death happens due to an accident.
3
Yes, there are. Most insurance companies allow you to add this rider only if you are within a certain age range, usually between 18 and 65 years. It may vary slightly depending on the insurer.
4
In most cases, no. Riders like this need to be selected at the time you buy your term insurance plan. Some insurers may allow you to add a rider later, but it is always best to consult early.
5
You will usually need the death certificate, FIR or police report, post-mortem report, and the claim form. If the death was due to an accident, these help prove that it meets the conditions of the rider.
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.
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
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
Get a Term plan that offers high coverage at low, affordable premiums
