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Life Insurance Riders in India

Life insurance riders are additional benefits that can be added to your policy to provide extra coverage and flexibility.

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Life Insurance Riders

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What are Riders in Insurance?
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In simple terms, riders are optional add-ons or features you can add to your life insurance policy; it could be your existing term insurance, whole life insurance, endowment plan, etc. They are highly affordable, meaning you pay a small amount to upgrade your base life insurance coverage. 

Let’s understand that your life insurance policy covers death benefit, maturity benefit or both. But riders enhance the scope of your coverage; they offer extra financial protection against risks like coverage for critical illnesses, accidental death benefits, and even income support in case of permanent disability. 

What are the Different Types of Life Insurance Riders?
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In India, there are various types of riders you can choose from. Here are some of the most common ones.

Waiver of Premium Rider
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This valuable tool, Waiver of Premium Rider, ensures that if the policyholder can't pay premiums due to income loss or disability, it will waive all future insurance premiums. Not only that, it ensures the policy remains in force throughout its term. On the other hand, disability or non-payment premiums may lead to the nominees not receiving death or maturity benefits. 

Critical Illness Rider
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The Critical Illness Rider provides coverage if the policyholder is diagnosed with a critical illness. This rider typically covers illnesses such as cancer, heart attack, and stroke and provides a lump sum payment to the policyholder in the event of a covered illness.

ACKO Critical Illness Benefit Rider covers 21 critical illnesses, including life-threatening common illnesses among women, such as breast cancer, cervical cancer, fallopian cancer and ovarian cancer.

List of Covered Critical Illnesses
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Cancer of Specified Severity

Benign Brain Tumor

Myocardial Infarction (First Heart Attack Of Specific Severity)

Blindness

Open Chest CABG

Deafness

Open Heart Replacement Or Repair Of Heart Valves

End Stage Lung Failure

Coma Of Specified Severity

End Stage Liver Failure

Kidney Failure Requiring Regular Dialysis

Loss Of Speech

Stroke Resulting In Permanent Symptoms

Loss Of Limbs

Major Organ /Bone Marrow Transplant

Major Head Trauma

Permanent Paralysis Of Limbs

Primary (Idiopathic) Pulmonary Hypertension

Motor Neuron Disease With Permanent Symptoms

Third Degree Burns

Multiple Sclerosis With Persisting Symptoms

 

Flexibility For You: ACKO Critical Illness Benefit Rider
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The ACKO Critical Illness Benefit Rider offers remarkable flexibility, giving you complete control over your insurance coverage.

Accidental Death Benefit Rider
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It is one of the most affordable riders, purely designed to protect your family with an additional amount in case of accidental death. This Accidental Death Benefit Rider provides a lump sum payment to your beneficiaries/nominees in addition to the death benefit (sum assured) covered by the basic life insurance policy. ACKO Accidental Death Benefit Rider provides comprehensive coverage at an affordable premium that easily fits anyone’s budget.

Permanent and Partial Disability Rider
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The Permanent and Disability Rider provides coverage if the policyholder becomes disabled and unable to work. It ensures a regular income to the policyholder, covering the cost of medical treatment and rehabilitation.

ACKO Accidental Total Permanent Disability Rider is designed to protect your financial well-being in case a major accident leaves you permanently unable to work or care for yourself. It offers an extra amount to cover your daily expenses. Additionally, we will waive off all future premiums of your ACKO Life Flexi Term Plan.

Income Benefit Rider
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The Income Benefit Rider provides additional income if the policyholder becomes disabled and unable to work. This rider can provide a regular income to the policyholder for a set period to maintain the standard of living.

Long-term Care Rider
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The Long-term Care Rider is an additional benefit that provides coverage for long-term care services such as home health care, nursing home care, or assisted living. This rider is helpful for individuals who anticipate needing long-term care services.

Guaranteed Insurability Rider
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Guaranteed Insurability Rider is an additional benefit that allows the policyholder to purchase additional coverage later without needing a medical exam or underwriting. This rider is helpful for individuals who may anticipate a change in their health status or financial situation.

Benefits of Life Insurance Riders
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Riders make the lives of millions of policyholders in India easier. Opting for these add-ons helps them fulfill their coverage requirements without buying a new policy. That's why they're considered valuable tools. 
Here are some of the critical benefits of riders:

Highly Affordable
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Riders are a cost-effective way to enhance your life insurance coverage without having to buy an additional policy.

Highly Flexible
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Riders can be customised to suit your specific requirements. You can add a rider to your insurance policies; endowment, whole life, term plan, etc., or remove it based on your changing needs.

Additional Coverage
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With riders, enjoy comprehensive coverage and peace of mind. 

Tax Benefits
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The premium paid for life insurance riders is eligible for tax deductions under Section 80C of the Income Tax Act.

4 Most Common Life Insurance Riders
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Riders in insurance play a crucial role in addressing your changing financial security needs and ensuring peace of mind. Some of the most common riders in India include:

Accidental Death Benefit Rider
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Extra financial protection to your beneficiaries in case of accidental death.

Waiver of Premium Rider
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Waives future premiums if disabled, keeping your policy active.

Critical Illness Rider
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Coverage for serious illnesses, providing a lump sum payment.

Income Benefit Rider
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An Income Benefit Rider provides additional income to the policyholder in the event that they become disabled and are unable to work. This rider can provide a regular income to the policyholder for a set period of time, allowing them to maintain their standard of living.

Frequently Asked Questions (FAQs)
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Here are some common questions and answers about Life Insurance Riders in India.

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What are some common Life Insurance Riders in India?

Some common Life Insurance Riders in India include accidental death and disability benefit rider, Critical Illness Rider, waiver of premium rider, and Term Rider.

Do I need to purchase a rider with my life insurance policy in India?

It is not necessary to purchase a rider with a life insurance policy in India, but it can provide additional protection and peace of mind for the policyholder and their family. It is important to consider the individual needs and circumstances of the policyholder when deciding whether to add a rider to their policy.

Are there any restrictions on the types of riders that can be added to a life insurance policy in India?

Yes, there may be some restrictions on the types of riders that can be added to a life insurance policy in India. For example, some riders may only be available for certain types of policies, such as Term or Whole Life Policies. Additionally, policyholders may need to meet certain age or health requirements to be eligible for certain riders.

How much does it cost to add a rider to a life insurance policy in India?

The cost of adding a rider to a life insurance policy in India can vary depending on the type of rider and the insurance provider. Riders typically require an additional premium payment, which can increase the overall cost of the policy. It is important to review the terms and conditions of the rider and understand the cost implications before adding it to a policy.

Can a rider be removed from a life insurance policy in India?

Yes, a rider can be removed from a life insurance policy in India if the policyholder no longer needs or wants the additional coverage. However, it is important to review the terms and conditions of the policy and the rider to understand any penalties or fees that may apply for removing the rider.

Are riders included in the death benefit payout of a life insurance policy in India?

Yes, riders are included in the death benefit payout of a life insurance policy in India. If the policyholder dies while the rider is in effect, the beneficiaries will receive the additional coverage provided by the rider in addition to the base death benefit.

Can riders be added to a Group Life Insurance Policy in India?

Yes, riders can be added to a Group Life Insurance Policy in India. Group policies may offer different types of riders than individual policies, so it is important to review the options and consider the needs of the group members before adding a rider to the policy.

The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes.