Expert advice

Dec 03, 2013,16.53 IST

What is an insurance rider?

A rider is an add-on benefit which you can opt for taking along with an insurance plan. What are these riders? You have an accident rider. You have an income benefit rider. You have a major surgical assistance rider. You have a critical benefit rider. You have all kinds of rider which you may not necessarily take, but these are very good add-ons to the basic policy. Let us take the case of an accident rider, what does this rider do? Depending on the sum assured in the eventuality of an accident the basic policy pays a sum assured to the next of kin, apart from that if it were an accidental death, the accident rider will also give the sum assured associated with that particular rider. The rider may also have additional benefits, like if a person is disabled it may provide a certain sum of money as an assistance for a person who is partially or totally disabled. So riders are actually good add-on benefits which you can take along with the basic life insurance product.

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