Accidental Death Benefit Rider
In case of your unfortunate demise due to an accident while your insurance policy is active, this rider gives your family some extra money. But here's the trick - you might want to think about this only if you can't buy enough regular term insurance for your family because of certain rules. When you do the numbers, you might notice that the cost isn't much different between getting this rider or just getting a regular term insurance policy with the same cover amount. So, it's all about what makes the most sense for you and your family!
Accidental Disability Rider
If you have an accident that leaves you disabled, this rider gives you an additional sum of money. Accidental disabilities can mess with your ability to work and live a regular life. And guess what? At times, a disability can impose greater financial burdens on your family compared to a loss of life. That's because there's an absence of income and extra expenses, like changes in your home, special vehicles, etc.
So, this rider is like a shield against the financial trouble that can come with a disability. But here's the thing to keep in mind: not all types of disabilities are covered by this rider. It might only cover you if you are diagnosed with permanent and total disability.
Critical Illness Rider
The critical illness rider addition, gives you a fixed amount of money if you're diagnosed with a serious illness listed in the policy. This cash can help with extra costs for you and your family due to the illness. This money can act as an income replacement if you have to take a break from work for treatment.
Here's the trick: when getting a policy, be really careful about the type of critical illness rider. Some come with accelerated riders, and some have comprehensive ones. It's good to know which one you're getting!
It gives you some money upfront from your total cover amount if you use it for a specific illness. But, here's the catch – if you use the rider, your base cover goes down by that same amount.
This one's different. It won't touch your base cover amount. If you get sick with one of the listed illnesses, it offers a payout . And if you pass away during the policy tenure, your family gets the full amount you signed up for in the term insurance policy.
Hospital Care Rider
If you end up in the hospital for a necessary treatment due to an illness or injury, this rider steps in to pay a set amount of money each day you're in the hospital. But there's a catch – you need to stay in the hospital for at least 48 hours to get this benefit.
Surgical Care Rider
If you end up in the hospital for at least 24 hours because you need a surgery that's medically necessary, this rider comes into play. It gives you a chunk of money – a fixed sum on a daily basis to help you out. The amount you get depends on whether the surgery is a 'major surgery' or an 'other surgery,' as mentioned in the policy document.
Waiver Of Premium Rider
Here are the two types of premium waiver riders available under a term insurance policy -