Life is a beautiful journey, but it’s rarely predictable. Imagine going on a mountain trip and forgetting your trek shoes. Well, life insurance works similarly. It provides a solid foundation of financial security for you and your family, but what about unforeseen circumstances that could expose them?
This is where rider benefits come in, acting like reinforcements for your life insurance plan. They offer targeted protection against specific life events. Whether it’s a critical illness, an accident, or a disability, these valuable add-ons provide an extra layer of support. Let’s learn more about them to add value to your existing insurance plan.
Rider Benefits to Add to Your Insurance Plan
By strategically adding relevant rider benefits, you can create India’s best life insurance plans. It will allow you to effectively address your unique needs and offer optimal protection for you and your loved ones.
Here are some of the rider benefits worth adding to your existing plan:
Critical Illness Rider
One essential rider benefit to consider adding to your life insurance plan is critical illness. It ensures a lump sum payout in case a specific critical illness is diagnosed. It may include cancer, heart attack, or stroke.
This additional benefit can help you cover medical expenses and ongoing treatment costs. It is so beneficial that you may even take time off work to focus on your recovery without worrying about financial strain.
Accidental Death and Disability Rider
This rider offers an additional payout to the beneficiaries in case of an unfortunate demise. It doubles the level of financial support to the nominees.
It also offers a payout for permanent disabilities, aiding you in managing related challenges. By adding this rider, you can significantly enhance your life insurance plan.
Waiver of Premium Rider
The waiver of premium rider is another valuable addition to your insurance plan. In an unfortunate event of total and permanent disability, this rider waives off future premium payments, ensuring that the life insurance coverage remains intact without any financial burden on you or the family.
It provides peace of mind knowing that your best life insurance plan will continue to provide protection.
Income Benefit Rider
Protecting your family’s financial future is crucial, especially if you’re the primary breadwinner. Here, the income benefit helps ensure that the nominees receive a regular income stream along with the lump sum payout in case of an unfortunate demise.
This rider provides monthly or annual income payments to your beneficiaries. Moreover, it helps cover day-to-day expenses and maintain the standard of living without any disruption.
Term Rider
If you’re looking for temporary additional coverage, the term rider is an excellent option to consider. This rider benefit allows you to increase your life insurance plan’s coverage for a specific period, such as 5, 10, or 20 years, without permanently altering your base policy.
It’s ideal for situations where you anticipate needing more coverage for a limited duration, such as paying off a loan or funding your children’s education.
Child Term Rider
As a parent, you want to ensure that your children are always protected, no matter what the future holds.
Here, you can leverage the child term rider benefits to provide life insurance coverage for your children. It will offer financial security and protection against unforeseen circumstances.
Return of Premium Rider
Lastly, the return of premium riders offers a unique benefit that many policyholders find appealing. With this rider, upon the completion of the term of your life insurance plan, you’re entitled to receive a full refund of all the premiums paid.
It’s like getting your insurance coverage for free if you don’t end up using it, providing an added incentive and peace of mind.
Securing Your Tomorrow, Today
Investing in the best life insurance plans in India is a decision that needs to be wise, and adding strategic rider benefits elevates its benefits.
These powerful add-ons address specific vulnerabilities, ensuring your loved ones remain protected even when life takes unexpected turns. Moreover, the payouts of rider benefits are further covered through exemptions u/s 10 (10) D of the Income Tax Act 1961.
Therefore, choosing an insurance provider like Canara HSBC Life Insurance is crucial as it helps you add riders hassle-free and plan your unique needs and budget. You can buy your life insurance plan from their official website. Along with offline options, you can also buy an insurance plan online.
So, what’s the wait for? Explore Canara HSBC Life Insurance’s range of life insurance and buy yours today!
