Types of Riders in Life Insurance

What Are Life Insurance Riders?

Types of Riders in Life Insurance

What Are the Benefits of a Life Insurance Rider?

How to Choose a Life Insurance Rider?

Things to Consider While Buying a Rider in Your Life Insurance Plan

FAQs About Riders in Life Insurance

Are Riders Available in All Insurance Policies? up-arrow

Yes, Riders are available with almost all insurance policies. However, depending on your insurance provider, different riders might be available with their various policies.

What Are The Standard Exclusions in Riders? up-arrow

Riders do not cover suicide, self-inflicted injury, disability, or death due to pursuing dangerous hobbies, sports, or narcotics.

Is Any Proof Required to Prove a Case of Disability, Critical Illness, etc., While Claiming the Riders? up-arrow

A registered doctor's certificate is usually sufficient to establish proof of the above; however, in some cases, the insurer might ask for an additional certification from the insurer-appointed medical practitioner.

Can the Riders be Terminated? up-arrow

Yes, Riders can be terminated at any time. However, the payout of maturity benefits depends on the terms and conditions of the Rider.

When Can We Add a Rider to an Existing Policy of an Individual? up-arrow

Usually, you can add a Rider during the start of the policy term. However, it is also possible to add it at the time of renewal.

Can I Add a Critical Illness Rider to My Policy Later Once I'm Diagnosed With an Illness? up-arrow

Critical Illness Benefit provides a payout on the first diagnosis of the disease. However, if you are already suffering from the disease, you won't be able to buy a Critical Illness Rider.

Why is it Called a Rider? up-arrow

Rider is a legal term that refers to the additions made to the existing contact. Hence the usage for Life Insurance Add-Ons.

What is a Rider Benefit Claim? up-arrow

Claims that are admissible under the rider covers, according to the rider coverage, are called as Rider Claims or Rider Benefit Claims.