Learn About Term Insurance Riders Before Comparing Any Plan

Term insurance is a basic type of life insurance that offers a lump sum benefit to the policyholder’s family. This benefit is called the Death Benefit and is availed on the death of the insured individual if the coverage period is still applicable. As term insurance doesn’t have any frills, it is very affordable. However, insurance providers offer insurance riders that provide supplementary benefits to the policyholders.

7 Term Insurance Riders One Should Know When Comparing Life Insurance Plans

Here are some term insurance riders you should know when you are going to compare insurance plans:

1. Critical illness benefit rider:

This rider offers a lump sum amount when the insured person is diagnosed with a critical illness. The caveat is that the critical illness must be listed in the policy document. The illnesses listed are usually stroke, paralysis, heart attack, and so on. Upon diagnosis of the critical illness, the policy may terminate or continue as per its terms and conditions.

2. Accidental disability benefit rider:

With this rider, the insured individual will receive an additional amount of money on the unfortunate event of an accident that leaves them partially or permanently disabled. When you do a term insurance comparison, you will find that many plans pay the insured person for 5 to 10 years after the initial accident.

3. Accidental death benefit rider:

This rider offers an additional sum assured if the insured individual passes away from an accident. To avail this benefit, you must pay an additional premium. If the death of the insured individual occurs does not take place due to an accident, the beneficiaries will receive the basic sum assured.

4. Accelerated death benefit rider:

This benefit can be availed if the insured person suffers from a terminal illness such as kidney failure, lung failure, cancer, and so on. The insured individual and their family often must pay high medical bills due to the treatment for the illness. When you avail of this rider, you will receive a part of this benefit in advance which helps in the payment of the medical expenses.

5. Income benefit rider:

Look out for this useful rider when doing a term insurance comparison. The beneficiaries receive an additional income on the unfortunate demise of the insured individual. This income is given to the beneficiaries every year along with the basic sum assured for a period of 5 to 10 years.

6. Waiver of premium rider:

This is another useful rider that ensures that the insured individual’s policy does not get terminated in case he or she is unable to pay the premiums due to any reason.

7. Child support benefit rider:

With this rider, an additional amount is paid upon the death of the parents (the insured) of the child. This rider ensures that the child is taken care of financially and that their future is not compromised due to the death of the parent.

In conclusion

Author Bio

Paybima Team

Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Choose from India’s top insurers

Latest Post

The first Tuesday of May is designated as the World Asthma Day, an event of global healthcare that is organized to promote awareness of the disease worldwide. Let us read about the significance of this day, in this blog.

See nowSee now

December 1 is marked as World AIDS Day. It is observed every year to educate people about HIV AIDS. HIV, or Human Immunodeficiency Virus, is a virus that attacks the immune system of humans and makes it weak. With a weak immune system, HIV-infected people become prone to deadly diseases, and that condition is termed as AIDS or Acquired Immune Deficiency Syndrome.

See nowSee now

Loss of profit insurance is a valuable protection for many businesses. This article will discuss the key features of this type of insurance. If you are looking to protect your business against financial losses, then a loss of profit policy may be right for you. Read on to learn more about the policy’s benefits and drawbacks before deciding whether or not it’s worth getting coverage!

See nowSee now

A hectic work schedule, lack of physical activities, consuming unhealthy and junk food regularly, protruding belly fat, improper sleep patterns or sleep deprivation, and smoking – Is it the way of life you lead? If so, you might be at risk of enhanced health conditions and critical diseases. This unhealthy lifestyle is the story of most city dwellers with no time for themselves. If you are one of those leading such a sedentary life, it is high time to make changes in your diet and lifestyle. Let’s start with incorporating chia seeds in your meal daily to make a difference.

See nowSee now

The Water Apple is a remarkable fruit with a treasure trove of astonishing health benefits clubbed with unparalleled nutritional values. It is more than just a luscious delight but a symbol of vitality for a healthier, happier existence. Let’s uncover the hidden marvels of this captivating fruit and its remedial benefits.

See nowSee now