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Why You Need Riders in Term Insurance? Research Team | Posted On Monday, September 02,2019, 09:15 AM

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Why You Need Riders in Term Insurance?



Life insurance buyers often face the dilemma on whether or not to avail a term insurance plan. The dilemma arises due to the lack of maturity benefits in the term insurance plan. This plan has no survival benefits. The lack of awareness on term insurance plans lead people to remain uninsured across their lives.

The term insurance plan not only allows the policyholder to cover the risk of death, but also offers additional riders to combat other types of risks. The pure term life plans come with various types of riders and benefits where the insurance buyer can secure his health and the lives of dependents by purchasing term insurance at affordable prices.

The importance of the term insurance plan is missed by many insurance buyers until it’s too late. Listed below are some of the added benefits of term insurance rider, other than providing financial security to the beneficiaries in case of death of the policyholder within the term of the plan.

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Why You Need Riders in Term Insurance?

Critical Illness Rider: If you avail the critical illness rider, you get a lump sum amount on diagnosis of a critical ailment. Critical illnesses like cancer, heart ailments, organ replacement or a stroke are enough to derail your finances and may lead to massive debt.

A critical illness rider allows you to avail insurance cover of up to Rs 1 Crore for critical illnesses and helps protect your family against financial losses. As these illnesses require extensive and quality medical care, critical illness cover is crucial for availing quality treatment at the best network hospitals in India.

See Also: Term Insurance For Indians

Accidental Disability Rider: This rider is crucial to protect you from accidents. You are compensated for partial or total disablement, temporary disablement or partial disability resulting from an accident.

This rider comes at a minimal cost and adding this to your base term insurance policy helps shield you from risks associated with commuting or travelling. This rider also helps cover the medical expenses incurred due to an accident and provides a source of income on loss of job due to accidental disability.

Income Benefit Rider: This rider helps in income generation after policyholder’s death. With income benefit rider, your family gets additional income say for 5-10 years, along with the regular sum assured.

See Also: Why You Need A Term Insurance Plan?

The riders that come with a term insurance plan are necessary to shield you from the risks and uncertainties of life. It is not in our hands to stop such incidents from occurring, but it is very much possible to plan for such incidents. While purchasing the term insurance plan, remember that it protects your family and saves you from the vagaries of life.

Riders offer additional cover at a slightly higher premium. You stand protected from accidents and critical illnesses. Your family enjoys additional cover over and above the sum assured.

See Also: Benefits of Buying Term Insurance Online

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