Life Insurance Riders

A Waiver of Premium Rider will waive all future premiums if the policyholder is unable to pay due to loss of income or disability. And it will keep the policy in force for the entire term. However, disability or nonpayment of premiums will mean the nominees will not get death or maturity benefits.

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. 

As per the IRDAI, the premium rates for the Critical Illness Rider are set at a fixed amount and will not be subject to change or review throughout the policy term.

List of Covered Critical Illnesses 

• Cancer of Specified Severity
• Myocardial Infarction (First Heart Attack Of Specific Severity)
• Open Chest CABG
• Open Heart Replacement Or Repair Of Heart Valves
• Coma Of Specified Severity
• Kidney Failure Requiring Regular Dialysis
• Stroke Resulting In Permanent Symptoms
• Major Organ /Bone Marrow Transplant
• Permanent Paralysis Of Limbs
• Motor Neuron Disease With Permanent Symptoms
• Multiple Sclerosis With Persisting Symptoms
• Benign Brain Tumor
• Blindness
• Deafness
• End Stage Lung Failure
• End Stage Liver Failure
• Loss Of Speech
• Loss Of Limbs
• Major Head Trauma
• Primary (Idiopathic) Pulmonary Hypertension
• Third Degree Burn

Flexibility For You: ACKO Critical Illness Benefit Rider 

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

• Change your premium frequency to align with the base policy's premium frequency
• Add or delete the rider as needed

It is one of the most affordable riders, and its sole aim is to shield your family from unforeseen in the event of an accidental death. This accidental death benefit rider pays a lump sum to your beneficiaries or nominees, known as the death benefit. As per the IRDAI, you can purchase an Accidental Death Benefit Rider with coverage up to three times (3x) the base sum assured of your life insurance policy. 

Explore ACKO Accidental Death Benefit Rider, a useful add-on from ACKO that provides comprehensive coverage at a reasonably affordable premium. 

If the policyholder falls ill, unable to work due to disability, this useful rider offers an ongoing stream of income to fund medical treatments. The ACKO Accidental Total Permanent Disability Rider secures your financial future if an accident is serious enough to leave you permanently unable to either work or perform day-to-day activities. It will give you a little extra cash, making it easier to get by. In addition, all your future ACKO Life Flexi Term Plan premiums will be waived.

An extra benefit called the Long-term Care Rider covers long-term care services, including assisted living, home health care, and nursing facility care. This rider is helpful for those who anticipate needing long-term care services.
 

Guaranteed Insurability Rider, also known as GI, is available on specific life policies. It enables the policyholder to purchase additional insurance or coverage at specific dates in the future without undergoing a medical exam or underwriting (subject to minimums and maximums). 
 

Riders in life insurance provide additional benefits. Among them are accidental death benefit riders, disability riders, long-term care riders, and many others. Attaching them will increase the base coverage of the life insurance products. However, these plans have additional features that require an extra cost.
 

There are various riders, such as the Waiver of Premium Rider, Permanent and Partial Disability Rider, and Critical Illness Rider, which pay a lump sum if one is diagnosed with critical illness
 

Riders are not mandatory. Depending on your needs, you can decide whether to add to your policy. However, it is crucial to explore them since they perform different roles and can boost the basic overlay.

Some of the best-known life insurance riders include accidental death, disability, critical illness, waiver of premium and income benefit riders.

Adding riders’ costs may be unique to providers and the type of riders involved. Remember this: whenever you get a rider, you’ll have to pay an extra amount as a premium. Choose it carefully, making sure that it meets your needs. 
 

You have the freedom to cancel a rider. However, you should study the policy(s) to ascertain whether any fees or penalties are involved.

When the rider is implemented based on a condition, and if the policyholder dies while it is active, your nominees will receive both the rider and base plan benefits.

Yes, you can select a rider. However, Group Life Insurance policies in India might differ from Individual policies. You must explore every possibility before adding one to the policy.