How rider covers help in betterment of your life insurance

Arvind Singh

Rider covers help in enhancing the benefits offered by life insurance. Make sure while choosing that it is essential for you and your family members.
Riders are a crucial part of insurance policies. A policy rider allows modification in an existing insurance policy to provide an additional coverage. In most cases it has been seen that riders provide additional protection against risk. If the riders are selected carefully they can add great value to a life cover. In simpler terms a rider is an added benefit which you can opt for along with your base policy for greater benefits. Available at an extra cost, a rider will allow you to customize your policy so that it meets your specific requirements . The basic purpose of a rider is to give you more than what your basic policy offers. Common examples of insurance riders include personal accident, critical illness rider and permanent disability rider.
A rider is an add -on cover to the base policy that provides additional benefits. Life insurance companies offer a range of optional riders that you can buy at an additional premium to suit your needs. A rider is an optional add – on to a policy, which is explained in the product brochure. So you can buy a rider as long as the product offers you that option.
There are a host of riders that life insurance companies offer.  The most popular ones are accidental death and permanent disability riders.
Life insurance plans, increasing term plans also pay only a death benefit. The amount of death benefit is the sum assured applicable (after increase) at the start of the policy year in which life insurance died.  While most increasing term insurance plans pay a lump sum benefit on death, there are some plans, which have been recently launched which have a monthly or annual income payout. These plans pay the death benefit partly in lump sum and partly in monthly or annual incomes for a specified tenure after the death of the insured.
Benefits of riders
Riders are an excellent solution to increase your insurance coverage without buying the new policy. Some of the key benefits of riders are Extra coverage, Affordability, Flexibility etc.
Life insurance has become an absolute necessity when it comes to ensuring the financial security of your loved ones. Rider covers help in enhancing the benefits offered by life insurance.

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