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    How to Modify Your Life Insurance with Riders

    Last Updated On 29-10-2020

    When it comes to financial protection for your near and dear ones, life insurance scores brownie points over other forms of insurance products. Moreover, as life insurance provides for comprehensive coverage for the family members in case of death of the policyholder, most aspects of financial protection are getting covered under this. Nevertheless, there are additional requirements that the customers seek in their respective insurance policy, such as an accident or critical illness cover. This is where the option of riders for life insurance comes into the picture, thereby increasing the ambit of the basic life insurance policy.

    In order to modify your life insurance, you need to buy each of these life insurance riders at the time of purchasing the base policy. So, it is important you are aware of each of these riders before you go for a life insurance policy.

    Different Types of Riders Available in the Insurance Market

    Here we will be discussing the various types of insurance riders along with their benefits.

    • Critical illness rider: This rider may covers the medical expenditure of certain dangerous/critical diseases – diseases that may put a heavy financial burden. Some common diseases that are covered in it are cancer, heart attack, kidney failure, organ transplant etc. Every rider has a predetermined list of such illnesses that would financially be covered under this policy. So, before going for a rider, you need to thoroughly check if the specific disease is mentioned the policy inclusions.
    • Accidental Death benefit: As this case is specific to an accident and not just normal death, the beneficiary of this rider policy will be entitled to get an additional amount over and above the sum assured. This is applicable in case of accidental injuries, handicap and death.
    • Waiver of premium: Here, the rider policy is designed to nullify the due premium payments of the beneficiary or even the insured person. This can be arranged at the occurrence of any pre-defined eventuality or circumstances, such as accidents leading to disability, loss of income, etc. Nevertheless, the waiver in insurance premium would in no way impact the insurance cover at all.
    • Accidental disability rider: This rider also includes the occurrence of an accident, but the difference is that it covers only the disability. Here the nominee of the policyholder would be provided with an additional sum as mandated in the policy document based on the nature of the disability – temporary or permanent, to cover financial burden that has befallen due to the eventuality.
    • Income rider: This insurance rider is devised to benefit the nominee with regular income at the event of the demise of a policyholder during the term period of the policy. It ensures that the financial burden is replaced by this regular income, rather than giving out all the money at once.

    All these options not only modify your insurance plan but also make it all-encompassing to cover most of the aspects that an uncertain event may cause. In addition, there are several other flexibility factors in general, such as flexible premium payments and term alterations that make life insurance a lucrative option. However, apart from the flexibility and rider options, there are other determinants that drive individuals to choose an insurance plan.

    How to Choose an Insurance Plan?

    Choosing an insurance policy is quite easy if you are aware of the basic factors that drive your insurance plan. The flexibility and rider options have already been discussed at length, so the remaining points are:

    • Premium payments: The premium payment is the most basic factor because it is directly linked to your ability to save from the income and pay for the premium on a regular basis.
    • Claim settlement ratio: The ability of the customers to get their money by filing to claim provides an important parameter. For credible insurance companies, these numbers are above 95%.

    So, with all the information available, it would be convenient for you to choose a desirable policy. However, in case of any doubts, you can call the customer support or get a quote online.

    Visit PNB MetLife to know more about life insuranceTerm Insurance & Term Plan

    *Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.


    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969.. Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203


    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.


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    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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