A lot of people seem to, very strangely, have this misconception that Riders on an insurance policy are conditions which apply to a life insurance contract. They consider it detrimental to the customer as these do not allow the customers to receive the full benefit of a life insurance contract . On the contrary, riders are additional benefits that are attached to the policy to make it more comprehensive. Rider is an additional provision on a basic insurance policy that provides additional cover to the Life Insured. It is purchased separately as an add-on to the main base plan. Now that you’ve got the drift of what Riders mean, it is important to understand which are the Riders that you should add to an already comprehensive insurance plan like Edelweiss Tokio Life Total Secure+.
Three Riders Applicable
There are three Riders that are applicable to Edelweiss Tokio Life Total Secure+. Let us understand all of them in detail and try to make out which are the ones favourable to you.
Waiver Of Premium Rider
Edelweiss Tokio Life -Waiver of Premium Rider provides you the option to not pay premiums if you have been diagnosed with a critical illness. The critical illness may rob you of your ability to earn income, which may lead to inability to pay premiums. Keeping this in mind, this Rider provides that in case you are beset with a critical illness, the policy benefits would continue even without you having to pay the premium. This Rider is redundant if you are buying Edelweiss Tokio Life Total Secure+ with the Basic or Comprehensive Health Cover.
Accidental Death Benefit Rider(Adb)
Edelweiss Tokio Life – Accidental Death Benefit Rider provides for an additional payout in case death occurs due to an accident. This additional benefit or Rider Sum Assured is paid in lump sum. This Rider can be used to cover the expenses of fighting a litigation in case the accident results in it. This Rider is useful in a limited way as you already have covered yourself for an untimely demise with the Base Sum Assured.
Accidental Total And Permanent Disability Rider(Atpd)
The benefit of Edelweiss Tokio Life – Accidental Total and Permanent Disability Rider can be availed on the occurrence or non-occurrence of a particular event. Accidental Total and Permanent Disability(ATPD) Rider provides you with a lump sum to cater to your immediate expenses in case your income earning capacity is hindered due to an accidental disability (total & permanent). For instance, you meet with an accident one day while driving back from work and the injury requires amputation of both of your legs, thus rendering you incapacitated. In the case of a stand-alone Life Insurance plan, nothing is payable as there is no claim of death. However, if you avail of the ATPD Rider, you can submit a claim under the same and receive the Rider Sum Assured in lumpsum. Using this amount, you can still keep on paying your EMI’s and utility payments and see to it that life continues without disruption. A very useful Rider as an accident may not directly result in an illness that may be covered by the accelerated critical illness benefit in the policy.
Hospital Cash Benefit Rider
Edelweiss Tokio Life -Hospital Cash Benefit Rider provides for daily allowance as well as post hospitalization benefits, in case of hospitalization of the policyholder. This Rider is very useful in case of illnesses like dengue, malaria that do not come under the list of critical illnesses. Even if you have mediclaim, this Rider gives you an additional option in case your mediclaim policy is not sufficient to cover your expenses.
So, the next time you buy a life insurance policy, do not forget to add Riders to it. It would give you complete peace of mind.