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A Comprehensive Guide for Term Insurance Riders

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March 16, 2019

Insurance serves as a very viable financial tool that acts as a hedge against future uncertainties and life's unseen circumstances. Life insurance acts as a futuristic guarantee that serves to protect your family's interests in the event of any contingency and that too even in your absence. A traditional life insurance plan entitles the policy holder's nominee (s) to receive the main plan benefit i.e. the sum assured in the event of the policy holder's demise during the plan term. In addition, in the event of the policy holder's survival, there are accrued maturity benefits that are payable to the policy holder. However, this is where a traditional term insurance plan differs from a traditional life insurance plan. A term insurance plan does not include any maturity benefits. However, a traditional term insurance plan entitles the policy holder's nominee (s) to receive the main plan benefit i.e. the sum assured in the event of the policy holder's demise during the plan term.

A term insurance plan offers several additional riders in addition to the main plan benefits.

These riders come with a proportionally increased premium and are of the following types:

  1. Accelerated death benefit rider:

    This is an additional feature that comes as an extra rider and entitles a policy holder or her/his nominee(s) to receive additional benefits (apart from the main plan benefits) in the event of the policy holder's demise due to any specified and pre-defined reason

  2. Accidental Death benefit:

    This is a rider that comes with a clause of lump-sum payment of the sum assured to the nominee(s) in the event of the policy holder's demise due to an accidental reason.

  3. Accidental disability rider:

    This is a very important rider that comes with the clause of financial protection coverage in the event of any kind of disability due premium terms and therefore, must be chosen as per the actual requirement  and not randomly.

  4. Critical illness rider:

    This is an additional clause that offers extra coverage in lieu of the added premium terms and accompanying payment options. This clause offers complete financial coverage against the probability of any critical illness. This clause offers coverage against critical illnesses that are defined and listed in the policy documents.

  5. Income rider:

    This is the rider that entitles the policy holder's nominee(s) to receive a particular sum as a fixed income in the event of the policy holder's demise during the plan term.

  6. Waiver of premium:

    This is a very beneficial rider that is often added to certain plans, especially a child plan. This rider states that there will be no payable premiums in the event of the policy holder's demise and that her/his nominee(s) will be entitled to the main plan benefits.

HDFC Life offers several term insurance plans that seek to secure your family's future at all times and during all stages of life. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.

 

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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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