Term Life insurance is one of the most popular life insurance plans in India. It is easy to understand and avail term life plans. Term Life insurance offers financial protection to the dependent family members, if the policyholder expires within the term of the plan.
Ensuring the financial safety of your family is extremely important in your absence. Term life insurance offers maximum cover at minimum premiums.
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Accidental Death Benefit Rider: This rider offers an additional sum assured, if the policyholder expires in an accident. The additional sum assured varies from one insurer to another and is computed on the basis of the original sum assured. The premium for an accidental death benefit remains unchanged across the policy tenure. This rider is suitable for people who travel frequently, as nominees get an additional amount if the policyholder dies in an accident.
Accelerated Death Benefit Rider: When you avail an accelerated death benefit rider, you receive cash advances against death benefits on diagnosis of a terminal illness. The money would be used for medical treatment and other expenses.
See Also: Term Insurance For Indians
Critical Illness Benefit Rider: A critical illness benefit rider is an optional add-on feature, which is availed to compliment a life insurance policy. Policyholders get a lump sum on detection of a pre-specified critical illness as mentioned in the policy terms. The major critical illnesses covered under this rider are cancer, stroke, heart attack, kidney failure major organ transplants and so on.
Waiver of Premium Rider: The waiver of premium rider keeps your term insurance policy active, even though you are unable to pay premiums in the future. People with pre-existing diseases are not entitled to get policy benefits. A majority of waiver of premium riders entail a waiting period. During the waiting period, there is no accrual of benefits from waiver of premium rider.
Income Benefit Rider: When you add an income benefit rider to term insurance policy, the dependents get additional income for 5-10 years in addition to the regular sum assured. Choose the rider wisely while availing term insurance.
Only avail riders which you really need. Otherwise, you end up paying extra in premiums, which is a loss of money.
See Also: How Much Term Insurance Should I Buy?
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