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Term insurance provides life coverage for a set period, ensuring financial protection for your family in case of your untimely death. Accidents can add unexpected financial strain, which is why HDFC Life offers the Accidental Death Benefit Rider.
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This rider gives an additional payout in case of accidental death, offering extra security. Let us take a look at how it works, its benefits, its eligibility, and why it’s a valuable add-on to your term insurance.
Term Plans
The Accidental Death Benefit Rider is an additional cover that can be attached to your base term insurance plan. If the policyholder dies due to an accident during the policy term, the rider provides an extra sum assured to the beneficiaries on top of the base term insurance amount.
For instance, if you have a term insurance plan with a coverage of ₹50 lakhs and you add an Accidental Death Benefit Rider worth ₹20 lakhs, in case of death due to an accident, your family will receive a total of ₹70 lakhs (₹50 lakhs from the term insurance and ₹20 lakhs from the rider).
Adding the Rider: While buying an HDFC Life term insurance policy, you can choose to add the Accidental Death Benefit Rider for an extra premium. The rider sum assured can be chosen based on your needs.
Premium Payment: The premium for the rider is paid along with the base term insurance policy premium. It increases the overall premium slightly but provides substantial additional coverage in case of accidental death.
Accidental Death Claim: If the policyholder dies due to an accident during the policy period, the family will receive:
The base sum assured from the term insurance.
The sum assured from the Accidental Death Benefit Rider.
No Benefit for Non-Accidental Death: If the death occurs due to natural causes or illness, the rider does not pay out. Only the base term insurance amount is given.
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Enhanced Coverage: This term insurance rider ensures an additional payout on top of your base sum assured in case of accidental death, providing extra financial protection for your family.
Affordable Premiums: The premium for the Accidental Death Benefit Rider is generally affordable, making it a cost-effective way to enhance your life cover.
Flexible Sum Assured: You can choose the rider sum assured based on your financial requirements and lifestyle. Typically, the rider sum assured ranges between ₹10 lakhs to ₹1 crore or more.
Tax Benefits: The premiums paid towards this rider are eligible for term insurance tax benefits under Section 80C of the Income Tax Act, while the payout is tax-free under Section 10(10D).
Comprehensive Protection: It provides your family with additional financial support in case of accidental death, covering costs related to medical bills, loans, and day-to-day expenses.
Higher Risk of Accidents: Accidental deaths are unfortunately common in India, with road accidents being a significant contributor. For individuals who frequently travel or work in high-risk environments, the Accidental Death Benefit Rider can offer critical protection.
Affordable Way to Boost Coverage: This rider is a cost-effective way to increase the overall death benefit of your policy. Instead of purchasing a higher term insurance cover, adding this rider provides an affordable solution to extend your coverage.
Ensures Complete Financial Security: While base term or life insurance offers coverage in case of any kind of death, the Accidental Death Benefit Rider ensures that your family gets extra support if the death is sudden and due to an accident. The additional sum can help cover unexpected costs, like medical bills or loan repayments, that may arise after an accident.
| Criteria | Details |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 65 years |
| Minimum Policy Term | 5 years |
| Maximum Policy Term | 40 years |
| Maximum Maturity Age | 70 years |
| Sum Assured | Flexible; typically ₹10 lakhs to ₹1 crore or more |
| Premium Payment Mode | Annual, Semi-Annual, Quarterly, Monthly |
| Medical Examination | May be required based on sum assured and health condition |
You can use the term insurance premium calculator to check the premiums you need to pay for the desired life cover.
Like all insurance products, the Accidental Cover in term insurance has certain exclusions. The rider will not pay out in cases such as:
Death due to self-inflicted injuries or suicide.
Death caused by participation in illegal activities or dangerous sports.
Death while under the influence of alcohol or drugs.
Death due to war or acts of terrorism.
These exclusions ensure that the rider is used only in genuine cases of accidental death, making it a reliable add-on for policyholders.
Adding the Accidental Death Benefit Rider to your HDFC Life insurance policy is simple:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in the required information like your name, gender, and date of birth
Step 3: Answer questions about your smoking habits, occupation type, educational qualifications, and annual income
Step 4: Select the best term insurance plan from HDFC life insurance for yourself
Step 5: Add the accidental death benefit rider to the base plan and proceed to pay
The HDFC Life Accidental Death Benefit Rider enhances your term insurance by offering extra financial protection in case of accidental death. With affordable premiums and flexible sum assured options, it ensures your family’s security during unexpected events. Whether you travel frequently or want to safeguard your family’s future, this rider provides comprehensive coverage for medical expenses, loans, and daily costs in the event of an accident.
†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
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