Life Insurance Riders

A Waiver of Premium Rider will waive all future premiums if the policyholder is unable to pay due to loss of income or disability. And it will keep the policy in force for the entire term. However, disability or nonpayment of premiums will mean the nominees will not get death or maturity benefits.

Simply put, having a Premium Waiver Rider ensures your policy stays active even if you can’t pay premiums due to severe illness or total disability. It takes the burden of premiums off your shoulders, so you and your family don’t have to worry about losing coverage during difficult times. This helps you focus on recovery while keeping your loved ones financially secure.

The Critical Illness Rider provides coverage if the policyholder is diagnosed with a critical illness. This rider typically covers illnesses such as cancer, heart attack, and stroke and provides a lump sum payment to the policyholder. The ACKO Critical Illness Benefit Rider covers 21 illnesses, including:

• Cancer of Specified Severity
• Myocardial Infarction (First Heart Attack Of Specific Severity)
• Open Chest CABG
• Open Heart Replacement Or Repair Of Heart Valves
• Coma Of Specified Severity
• Kidney Failure Requiring Regular Dialysis
• Stroke Resulting In Permanent Symptoms
• Major Organ /Bone Marrow Transplant
• Permanent Paralysis Of Limbs
• Motor Neuron Disease With Permanent Symptoms
• Multiple Sclerosis With Persisting Symptoms
• Benign Brain Tumor
• Blindness
• Deafness
• End Stage Lung Failure
• End Stage Liver Failure
• Loss Of Speech
• Loss Of Limbs
• Major Head Trauma
• Primary (Idiopathic) Pulmonary Hypertension
• Third Degree Burn

An Accidental Death Benefit Rider is an optional add-on to a life insurance policy that provides additional coverage in the event of an insured’s untimely death caused by an accident. It is one of the most affordable riders available. ACKO’s Accidental Death Benefit Rider provides comprehensive coverage at a reasonably affordable premium. 

Benefits

Sum Assured (Min): ₹10 Lakh and in increments of ₹5 Lakh. The amount is paid on the policyholder’s death

• Caused by bodily injury due to an accident and
• The bodily injury is sole, direct and independent of any other causes
• The death occurs within 180 days of the accident but before the cover expires.

If the policyholder falls ill or is unable  to work due to disability, this useful rider offers an ongoing stream of income to fund medical treatments. The ACKO Accidental Total Permanent Disability Rider secures your financial future if an accident is serious enough to leave you permanently unable to either work or perform day-to-day activities. It will give you a little extra cash, making it easier to get by. In addition, all your future ACKO Life Flexi Term Plan premiums will be waived.

A long-term care rider on a life insurance policy can help cover various long-term care services, such as nursing home costs, assisted living, and in-home care, by allowing the policyholder to access a portion of their death benefit while still alive. This rider is particularly beneficial for individuals who anticipate needing long-term care. 

Guaranteed Insurability Rider, or GI, is available on specific life policies. The policyholder can purchase additional insurance or coverage at specific dates without undergoing a medical exam or underwriting (subject to minimums and maximums).  

Riders in Life Insurance provide additional benefits. Among them are accidental death benefit riders, disability riders, long-term care riders, and many others. Attaching them will increase the base coverage of the Life Insurance products. However, these plans have additional features that require an extra cost.
 

There are various riders, such as the Waiver of Premium Rider, Permanent and Partial Disability Rider, and Critical Illness Rider, which pay a lump sum if one is diagnosed with a critical illness.

There are various riders, such as the Waiver of Premium Rider, Permanent and Partial Disability Rider, and Critical Illness Rider, which pay a lump sum if one is diagnosed with a critical illness.

Riders are not mandatory. You can decide whether to add to your policy depending on your needs. However, it is crucial to explore them since they perform different roles and can boost the basic overlay.

Some of the best-known Life Insurance Riders include accidental death, disability, critical illness, waiver of premium and income benefit riders. 

Adding riders’ costs may be unique to providers and the type of riders involved. Remember this: whenever you get a rider, you’ll have to pay an extra premium. Choose it carefully, making sure that it meets your needs. 

You have the freedom to cancel a rider. However, you should study the policy(s) to ascertain whether any fees or penalties are involved.

When the rider is implemented based on a condition, and if the policyholder dies while it is active, your nominees will receive both the rider and base plan benefits.

Yes, you can select a rider. However, Group Life Insurance policies in India might differ from Individual policies. You must explore every possibility before adding one to the policy.