Basics & benefits of riders   Back

Life insurance rider is an additional benefit which can be added to a life insurance policy to provide extra features at an additional cost. These riders are prepared in order to enhance the policy which suits best to the insurer as per there needs and requirement it can be customized. There are various kinds of riders which are included and they are as follows,

Child cover rider.

This rider provides you with the lump sum amount when the child of the insurer is no more or met with some unexpected accidents and even if he is suffering from any major diseases.

Accidental Death rider.

This helps you with financial needs at the time of a major accident which caused death, so it will pay you some amount in that scenario.

Premium Waiver rider.

With this rider if the insurer is unable to pay the premiums in case of any illness or injury for a particular period of time so in that case the insurance company will waive of all the extra charges and the premium amount will remain same and coverage will be as it is without paying any premium.

Guaranteed Insurability rider.

This rider allows insurer to purchase additional cover at some specific life events such as marriage or child birth without going through any medical exam or any underwriting.

Funeral Expense rider.

At the time of death this rider provides with all the financial benefits which is needed during the funeral activities.

Indexation rider.

With this rider the premium increases every year in order to keep pace with the inflation and it ensures that the premium doesn’t change will remain the same.

Life buy back rider.

Life buy back rider in the case of Total and permanent disability (TPD) is an additional rider which can be included in TPD cover. In case if TPD is claim due to any reason and the amount is deducted from the main cover at that time life buy back can be useful it will restore same amount after deduction at any extra cost.      

Double TPD rider.

If Double TPD is included in the life cover then insurer will be paid doubled amount then the regular amount if the person meets some disability or some injury or any specific criteria. It means that payout will be doubled then the initial amount.

Double Trauma rider.

If double Trauma is included in the life cover then insurer will be paid doubled amount then its initial amount if the person meets with some critical illness like Heart attack, Stroke, Organs Failure etc.