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List of Major Term Insurance Riders and Their Benefits

  12/30/21 9:41 AM

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Term insurance has become an important aspect of a financial plan in recent years. There have been many rising cases of chronic illnesses, which are now the leading causes of death and disability in India. Moreover, the Covid-19 pandemic has led to a ripple of panic across the world, opening eyes to the term insurance benefits that safeguard you and your family from unforeseen events.

With the advent of private sector insurance companies, term plans have evolved to more than pure protection plans. And these days, you can buy several variants of these plans to suit your individual insurance needs.

Moreover, a term insurance policy can offer you offer affordable premiums and flexible payment options, making it a lucrative choice for most buyers. Another attractive aspect of a term plan is the option to add riders to the policy at a nominal cost.

This article talks about the various riders in term insurance plans and how they can benefit you.

Riders in Term Insurance Plan

Term insurance remains one of the simplest forms of life insurance. It provides your loved ones with financial security in case of an unfortunate event. The product offers the policyholder financial coverage for a specific period of time. If the policyholder dies within the time frame, the family’s financial needs are taken care of under the term plan.

These plans also offer additional term insurance benefits, like affordable premiums and customization options in the form of additional riders. These term insurance riders strengthen your policy. You can think of them as add-ons that provide supplementary coverage to you and your loved ones. This enables you to enjoy extra benefits along with your basic policy. Riders are also available as stand-alone policies. For instance, you can avail of a critical illness policy, or you can avail it as a rider on your term insurance plan.

When you buy a term plan, most policies come with the option of riders. However, the types of riders and costs vary from insurer to insurer, depending on your plan, the sum assured, the age of the policyholder, the premium amount, etc.

Edelweiss Term Insurance Riders

Now that you have an understanding of riders, here’s a list of riders that you can add to the Edelweiss Tokio Life term insurance policy – Edelweiss Tokio Life Zindagi Plus Plan.

Accidental Death Benefit

An accident or a mishap can occur without warning, rendering your loved ones in a financial crisis. The Accidental Death Rider provides the needed financial security in case of an unforeseen accident.

Accidental death is defined as death caused solely by accident, which is independent of any other causes, and reported and proved to the insurer within 90 days of such a traumatic event. In case of the unfortunate event of death due to an accident during the policy term, the rider offers an additional sum assured to the nominee. In some cases, the rider might come with a cap on the maximum amount of sum assured that can be paid to your loved ones.

Features of the Edelweiss Tokio Life Accidental Death Benefit rider:

● The entry age is between 18 and 65 years.

● The policy term ranges from 5 to 52 years.

● The maturity age is between 23 and 70 years.

● The minimum sum assured received is ₹10,000. There is no maximum cap.

Accidental Total and Permanent Disability Benefit

The rider comes into the picture if an accident renders you permanently or partially disabled. The rider benefits include providing security for your loved ones when you are unable to provide for them due to a permanent or total disability.

Features of the Edelweiss Tokio Accidental Total and Permanent Disability rider:

● The policy comes into force after 180 days of you presenting your condition.

● The entry age is between 18 and 65 years.

● The policy term ranges from 5 to 52 years.

● The maturity age is between 23 and 70 years.

● The total amount of rider premium should not exceed 30% of your term plan premium.

● The minimum sum assured is ₹1,00,000. There’s no maximum limit.

Critical Illness Benefit

This rider relieves you of the financial burden that occurs with the diagnosis of a critical illness like cancer, paralysis, heart conditions, kidney failure, etc. The rider benefit can be used to cover various costs related to a critical illness, such as hospitalization, ambulance, room rent, etc.

Features of the Edelweiss Tokio Critical Illness rider:

● The entry age is between 18 and 65.

● The policy term ranges from 5 to 52 years with the maturity age between 23 and 70 years.

● The maximum sum assured that can be claimed is ₹50,00,000, payable only once during the policy term.  

● The cover ceases once the amount under the rider is paid.

Hospital Cash Benefit

Getting admitted to a hospital is a costly affair. This rider takes care of your hospitalization costs in case you are admitted for any treatment for illness or injury. You get a daily allowance and also post-hospitalization benefits under this rider.  

Features of Edelweiss Tokio hospital cash rider:

● The entry age ranges from 18 to 65 years.

● The maturity age is between 23 and 70 years.

● You can avail of a minimum of ₹1000 and a maximum of ₹6000 under daily cash benefit.

● For those in ICU, 1% of the sum assured is provided under the rider.

● There is a waiting period of 60 days before the rider is activated.

Conclusion

Knowing the various riders in term insurance can help you make a smart choice when buying a term insurance plan. Riders also extend the coverage of your policy. So, make sure to get the ideal term insurance with riders from Edelweiss Tokio Life Insurance to insure yourself and your loved ones’ future. 

 

Swati Tumar - Travel & Finance Writer

Swati is a Writer in the day and an illustrator at night. Among her interests, she is quite fond of art and all things creative. She often indulges herself in creating doodles, illustrations, and other forms of content. She identifies herself as an avid traveler and shameless foodie.

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