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Importance of Riders in Life Insurance Policy

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Importance of Riders in Life Insurance Policy
November 05, 2018

A life insurance policy is as important as any saving that you make for yourself or your family. You may ask what an insurance policy has to do with your life when you can either invest the money in some property or shares or as short-term or long-term funds or even just keep it safe in a bank account as a savings deposit or fixed deposit? Well, for any person with a family and dependents, a life insurance policy serves as a critical cover when the said person is no more or meets with an untoward scenario in life and is in dire need of money.

However, for a life insurance policy to suit your needs, it is important that you back it up with riders that can enhance the policy coverage. A rider can make the overall experience for the insured a lot better as it adds to the existing benefits of a policy coverage. Here are a few important riders that you must have or can include in your existing life insurance policies:

  1. Premium waiver rider:

    To handle emergency situations, many companies provide insurers with the option to waive off their premium. This rider waives off the future premiums in case a policyholder is not able to pay the premiums either due to accidental disability or is diagnosed with critical illness.

  2. Critical illness rider:

    This rider acts as an income replacement during situations of critical illness wherein your expenditure shoots your earnings or even savings. The amount received under this can help you tide over the expenditures. This rider can be purchased as an add-on with your existing policy and you can opt for the critical illnesses as mentioned in the policy documents of the particular client.

  3. Accidental death insurance rider:

    Statistics around accidental death are alarming and when you are a single earning member of the family, it becomes equally important for you to opt for this rider along with your insurance policy. This is because with the help of this rider, if you have an accidental death, the insurer will pay the nominees a total of the rider sum assured plus death benefit. All insurance companies have different policies when it comes to rider sum assured - the amount could either be selected by the policyholder or pre-decided by the insurer.

  4. Accidental permanent and partial disability rider:

    not always will a simple term plan be able to tide you over accidents especially when the accident leads to permanent or partial disability. In an accident, if the person is unable to come back to normal life due to any temporary or permanent disability, the insurer either pays a lump sum amount or sometimes, premiums are waived off and a rider sum assured is paid to the policyholder.

You may find a rider to be akin to a term plan or a policy however, it is this rider that helps your family stay afloat in case of sudden demise or helps you tide over trying times. Check out HDFC Life for more on riders that you can add to your existing policy or buy along with a new policy.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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