Term Insurance Riders and Its Benefits

22-12-2014 / admin / 0

Online Term insurance is a typical insurance form which provides death benefit to the policyholder’s family in case of insured’s death. People always hope for single insurance policy to offer them a wide range of benefits besides its core offering.
Some people may know about this insurance but refuse to buy it thinking it would not be affordable. Riders offer additional benefits which can improve a term policy by charging little extra money. This rider is an amendment to a policy which supplements the cover in the plan. Term insurance riders are mentioned below:
Critical illness
Accidental death and dismemberment
Waiver of premium
Partial and permanent disability
Accelerated sum assured
Critical Illness
Insured will receive lump sum money in case he or she is diagnosed with an illness which is mentioned and pre-specified in the plan. Generally, all major illnesses such as heart attack, stroke, and cancer, coronary artery by-pass graft surgery, and paralysis and kidney failure are part of critical illness coverage. When the critical illness is diagnosed, the plan might terminate or continue as per the insurance document.
Accidental death and dismemberment
It offers extra sum assured if the policyholder dies because of an accident. If insured don’t purchase this rider, then policyholder will still be paid the basic sum assured. Here, policyholders should know that this term insurance rider is only for the supplementary sum assured in case insured’s demise because of an accident.
Waiver of premium
It makes sure that your online term insurance plan doesn’t get permitted for surrender you falter in paying your future premium because of income loss or disability.  In such scenarios, all future premiums get waived off but your plan is still active always. If rider is not available and person is disabled and not in a position to pay the remaining premiums, then the plan would terminate and he or she will not get any death benefit at the time of his demise.
Partial and permanent disability
This rider proves very helpful if policyholder experience temporary or permanent disability because of an accident. Under such conditions, most of the plans pay insured regularly at least for next five to 10 years in a certain percentage of sum assured. Insured can depend on this type of rider for a continuous income flow. But, remember that it will come into play only if the disability occurs because of an accident. Sometimes, it is paired with accident death rider.
Accelerated sum assured
This term insurance rider is a part of some plans especially for the generation of income after the insured‘s death. In case of this rider, the insured’s family receives supplementary income every year for 5-10 years with regular sum assured.

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