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In term insurance, a rider is an additional benefit that you can add to your basic policy for enhanced protection. These term insurance riders come with their own rider terms, including a policy term and a premium payment term, which define how long the rider will last and how you will pay for it. Understanding the rider term is important to make sure you get the right coverage that suits your financial needs and goals.
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A rider is like an add-on feature that gives you extra coverage beyond your basic term insurance plan. For example, while your basic term insurance might cover only death, you can add term insurance riders for things like accidental death, terminal illness, or accidental total permanent disability. Riders allow you to customize your term insurance to suit your needs and give you more comprehensive protection at an additional premium.
Term Plans
The policy term of a rider refers to the duration for which the rider is active and offers coverage. The policy term for riders is generally aligned with the policy term of the base term insurance plan. For instance, if your term insurance policy has a term of 20 years, your rider will typically also have a term of 20 years.
If you buy a term insurance policy with a 20-year term and add a terminal illness rider, the rider will also provide coverage for 20 years. If you are diagnosed with a terminal illness within this 20-year period, the rider benefit will be paid out.
However, it’s important to note that some riders may have a shorter policy term than the base policy. For example, a waiver of premium rider may end when you turn 65, even if your term insurance continues until age 75.
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The premium payment term refers to how long you need to pay premiums for the rider. Like the policy term, the premium payment term for a rider is usually linked to the base term insurance plan. This means that if you pay premiums for your term insurance annually or monthly, you will typically pay for the rider using the same frequency.
However, in some cases, the premium payment term for a rider may be shorter than the base policy. For example, you might only need to pay the rider premium for a limited number of years, even though the coverage lasts for the entire policy term.
If your term insurance policy has a 15-year premium payment term but a 20-year policy term, you might only pay for the rider for 15 years, but the rider will continue offering protection for the full 20 years.
Accidental Death Benefit Rider: This accident cover rider pays an additional amount if the policyholder dies in an accident. The policy term and premium payment term of this rider generally match the base policy.
Waiver of Premium Rider: This rider ensures that future premiums are waived if the policyholder becomes disabled or critically ill. The coverage for this rider may end earlier than the base policy term, such as at age 65.
Disability Income Rider: This rider offers a monthly income if the policyholder becomes disabled and is unable to work. The policy term is similar to the base term insurance policy, and the premium payment term can be aligned as well.
Critical Illness Rider: This rider provides a lump sum payment if the policyholder is diagnosed with a critical illness like cancer, heart attack, or kidney failure. The policy term and premium payment term are usually linked to the base policy, but some insurers may limit the critical illness coverage up to a certain age, like 65 years.
Income Replacement Rider: This rider provides regular monthly income to the family in addition to the death benefit. The rider term generally follows the base policy term.
Aligning with Financial Goals: Make sure the rider term aligns with your long-term financial goals. For example, if you want to protect yourself against terminal illness until you retire, ensure that the rider offers coverage until that age.
Affordability: Riders come with an additional cost on top of the regular premium, so ensure that the premium payment term is affordable within your budget. It’s important to remember that the longer the rider term and rider premium payment term, the higher the total cost.
Limited vs. Regular Payment Terms: Some term insurance riders may offer a limited payment option, meaning you pay premiums for a shorter time but enjoy coverage for the entire policy term. This is a good option if you prefer to complete payments early.
Age Limitations: Some riders, especially terminal illness and disability riders, may have an age limit. Check if the rider’s coverage term ends earlier than the base policy.
Understanding the rider term in term insurance is essential for ensuring that you get the right additional coverage at the right price. The policy term of the rider defines how long the rider provides protection, while the premium payment term determines how long you need to pay for it. By choosing the appropriate riders and aligning their terms with your base policy and financial needs, you can enhance your term insurance plan and provide more comprehensive financial security for yourself and your loved ones. Always review the terms and conditions of the riders carefully and consult with your insurer to find the best fit for your situation.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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