Increase Your Coverage with Term Insurance Riders

How term insurance riders give your coverage a boost

PNB MetLife 29-09-2016 10:43:27 AM
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Riders are an integral part of a term insurance policy. To provide an additional cover, a policy rider enables modification in an existing insurance policy. Also, in most scenarios it is noted that riders offer additional risk protection.  A carefully chosen rider can add an amazing amount of value to your life cover.

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So what really is a rider? A rider is an additional benefit which can be opted for along with your existing base policy for greater benefits.  Available at an extra cost, riders permit individuals to customize a term life insurance to meet your requirements. Various kinds of insurance riders include personal accident riders, permanent disability riders and critical illness riders.

How are riders beneficial?

Riders are cheaper than your basic policy. It is wiser to choose a rider at the start of your insurance term plan. Also, there is no restriction on the number of riders that an individual can choose for his/her insurance term plan. However, as per the rules of the Insurance Regulator, the premium which a person pays on a rider cannot exceed a certain proportion of the premium for your base insurance policy.

People often get confused choosing between a term insurance policy and a rider. But it is evident that a rider is less expensive than a term insurance policy, which also covers a specific protection you are looking for, covering a limited duration of time.

Your needs can determine the type of rider you would choose. Decide a rider best suited for your lifestyle, job and necessities and consider consulting an insurance expert before buying one.