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What are Term Insurance Riders? – Meaning and Benefits

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What are Term Insurance Riders? – Meaning and Benefits
January 23, 2024

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Term insurance policies offer life cover for a specific period. They are pure insurance products and do not offer additional investment benefits. For this reason, term plans are often the most affordable life insurance policies in the market. Many people opt for term policies to safeguard their family’s financial future. They choose policies with high sum assured amounts. But, the policy may not provide enough financial protection. Today, policyholders can opt for term plan riders to boost their coverage and get the protection they need.

What Are Term Insurance Riders?

As with most insurance plans, term insurance riders allow policyholders to enjoy additional benefits. These riders come at a cost, which gets added to your term insurance premium. Before acquiring your insurance, you should understand what kind of riders your insurer offers. You must select whether or not you require all term insurance riders. 

Three Riders Offered by HDFC Life:

  1. HDFC Life Protect Plus Rider1

    2. The HDFC Life Protect Plus Rider has three plan options offering unique benefits. Policyholders can choose the rider to receive Personal Accident Cover. It provides a payout in case of accidental death, accidental total permanent disability, and accidental partial permanent disability. The second option provides accidental death cover. The entire rider sum assured amount gets paid to the beneficiary if an accident causes the death of the insured. The policyholder can opt for the amount to get paid as a monthly income over ten years or in a lump sum. The third option offers Cancer Cover. With this rider, the policyholder receives a payout on the diagnosis of early-stage or major cancer. While selecting this rider, the policyholder must select which plan option or benefit they want.

  2. HDFC Life Income Benefit on Accidental Disability Rider2

    3. Accidents may cause long-term damage. An individual might become handicapped. In such cases, this rider offers the policyholder with a payment to assist them maintain financial stability. The insured will receive the benefit as a monthly income for a fixed number of years. If they are completely disabled, they will receive the complete sum assured for the rider. If they are partially disabled, they will receive a percentage of the sum assured instead.

  3. HDFC Life Critical Illness Plus Rider3

    4. Today, critical disease diagnoses are on the rise. With this rider, the policyholder will receive the sum assured amount against the rider if they are diagnosed with a covered critical illness. The payout provides financial stability and helps pay for treatments, replace lost income, or take care of other financial liabilities. Covered critical illnesses include cancer, kidney failure, end-stage liver and lung disease, and heart disease. Always check the rider documents to understand the coverage terms. 

Which Term Plan Riders Should I Pick?

Picking the right mix of term insurance riders can be tricky. You need to understand your needs and choose the term plan riders you want accordingly. Individuals who travel regularly or work in dangerous situations can benefit from the HDFC Life Protect Plus Rider. Given the rise of lifestyle diseases today, it’s also a good idea to opt for the HDFC Life Critical Illness Plus Rider with your term policy. While purchasing your term plan, you should evaluate your circumstances and pick the riders that best suit your lifestyle and requirements.

Once you understand the term plan riders offered by your insurer, you can decide what to purchase. Remember, a term plan will provide your family with financial stability. So, keep their future financial needs in mind while making your decision.

ARN -  ED/10/23/5710

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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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Here's all you should know about life insurance.

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Difference Between Term Insurance and Life Insurance

Difference Between Term Insurance and Life Insurance

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Eligibility Criteria for Buying Term Insurance in India

Term Insurance Age Limit

Term life insurance age limit is the age range for buying a term plan. In India, you can start at 18 years, and the maximum age is usually up to 65 years.

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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Disclaimer

  1. HDFC Life Protect Plus Rider (UIN:101B016V01) is a Non-Linked Health Insurance Rider.
  2. HDFC Life Income Benefit on Accidental Disability Rider (UIN: 101B013V03) is a Non-Linked, Non-Participating Rider.
  3. HDFC Life Critical Illness Plus Rider (UIN: 101B014V02 ) is a non-linked, non-participating rider.
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