THE RIGHT TOP UP (RIDER)
Choosing a life insurance policy has taken on a new twist with the addition of add-ons known as riders, which can significantly increase the scope of the risk cover that you can take. Riders, if chosen wisely, can provide you with additional benefits and increase your peace of mind. Riders can only be added at the time of purchase of a new life insurance policy. The riders come at an additional cost, which is negligible in comparison to the additional benefits they provide.
The most significant advantage of riders is that the premium remains fixed for the duration of the policy. Aside from providing additional protection to help you meet specific requirements, they are also reasonably priced when compared to a standalone policy with comparable benefits. Furthermore, they are adaptable in terms of how they can be attached to a policy and claimed as a tax deduction for the premium paid for a rider. Choose the appropriate rider to supplement your life insurance coverage. The following riders are generally available.
Death by accident or permanent
disability:-
This rider protects against the possibility of death or permanent disability as a result of an accident. This rider provides an additional amount of death benefit over and above what the basic policy provides in the event of death due to an accident. The amount of the additional benefit paid out in the event of an accident is determined by the sum assured chosen for the rider.
Waiver of Premium : -
Future premiums are waived under this rider if the insured becomes permanently disabled or loses his income as a result of the injury or illness specified in the policy contract.
Term Rider :-
This, like term insurance, can be added to a base life insurance policy to increase the risk cover on your life insurance policy for a small fee.
Disability income support :-
This rider will remain for the duration of any disability caused by an accident. The disability could be temporary or permanent, partial or total.
Critical Illness Rider : -
Some illnesses fall into the critical illness category, such as stroke, heart disease, cancer, organ transplant, and so on. This rider pays the sum if such illness is detected. It is not to be confused with health insurance because it does not cover treatment.
The aforementioned riders are available subject to your insurance company's availability. Before you choose a rider, double-check and request an additional premium.
Dr. Sanjay Mittal
Senior Banker & Doctor of Management
# 1119 , Model Town, Phase 3
Bathinda
9592800921
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