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We will also review your current coverage and advise you if we see that you are either over-insured, under-insured, or if we have other recommendations for your specific situation.
A Rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy such as additional coverage. Riders come at an extra cost—on top of the premiums an insured party pays.
Term riders are a pure protection plan that offers additional risk coverage in case of death. This can be attached to a basic life policy to get the add-on benefit at a nominal cost. However, note that at the inception of the base policy, the rider can only be attached to non-linked plans. The premium for this can be paid as a regular premiums. During the term of the rider, in case of the unfortunate death of the policyholder, an amount equal to the sum assured of the term rider is paid. For instance, the LIC’s term assurance rider provides life cover for the insured, in case of unfortunate death, during the policy period. Additionally, on the survival of the policy term, nothing is payable to the policyholder.
In case the policyholder dies or in the middle of the policy term, and has opted for the waiver of premium rider, the premium for the policyholder is waived off. The family of the policyholder or surviving parent does not have to pay any more premium to continue the policy. The insurance company pays the rest of the premiums on behalf of the policyholder, the policy continues uninterrupted until the end of the policy term
As the name suggests, accidental death benefit rider provides an additional sum assured to the policyholder’s family, on death due to accident. This can also be bought with the life insurance base policy as a rider. However, if bought as a separate policy, it offers comprehensive coverage along with a disability cover option. In case of a separate policy, the policyholder also gets eligible for the living benefit, in case of partial or permanent disability leading to loss of income.
This cover offers policyholder protection against major critical illnesses, which are at times not covered by health insurance policies. This includes heart and artery, a major organ, cancer, brain, and nervous system benefits. On the first occurrence of any critical illness, mentioned payments can also be made in a lump sum to the policyholder. On payment of CI benefits, the additional rider is terminated, however, the base policy continues.
Accidental death and disability are very common possibilities in today’s fast-paced life. Both of these contingencies result in substantial financial loss and so LIC offers an Accidental Death and Disability Benefit Rider which covers these two contingencies. The rider pays a benefit in case of accidental death or disability suffered by the insured during the term of the policy.
This is an optional rider which covers Accidental Death only and will be available under Individual Unit-Linked Plans only. If the life assured is involved in an accident, which is defined as “a sudden, unforeseen and involuntary event caused by external, violent and visible means”, leading to death and such incident shall occur within 180 days from the date of accident, then Accident Benefit Sum Assured shall be payable.
