Best Term Life Insurance 2022 – Forbes Advisor INDIA

Here are the different types of endorsements that can be included in your insurance policy:

Accidental Death Benefit Rider: If you choose to choose this rider with your term plan, you will receive additional coverage other than your basic term plan, in the event that you experience personal accidental death. With this endorsement, the beneficiaries of the insured receive the additional coverage as well as the basic coverage, if the policyholder dies due to an unfortunate accident.

Critical Illness Rider: This endorsement allows the policyholder to receive the lump sum payment if they have been diagnosed with one of the listed critical illnesses covered by the plan, such as heart attack, cancer, stroke, etc. However, once the policyholder receives payment based on the critical illness rider, the insurer may need to either continue with lower coverage or terminate the policy, depending on the terms and conditions of the policy. specific font.

Permanent Disability Rider: This endorsement provides a benefit to the policyholder, if he becomes permanently disabled following an accident. For extended coverage, the policyholder can combine this rider with the accidental death benefit rider.

However, when one has opted for a permanent disability rider with his pure term plan, the insurance company has to pay a periodic amount to the policyholder, in case he becomes disabled due to accidental injuries. This payment is for a certain period of time which provides income assurance to the policyholder when he is unable to work due to such accidental disability.

Income Benefit Rider: If the policyholder is the only earning member of the family, this rider can be chosen with the basic term plan. With this endorsement, beneficiaries receive additional income each year for a predefined period, in the event of the unfortunate death of the insured. Note that the income benefit is in addition to the regular benefits available under your basic insurance plan.

Premium Rider Waiver: Here, the policyholder’s future premium payments are canceled by the insurer, if the policyholder is unable to pay the premium amount, due to loss of income or accidental disability. However, your failure to pay the premium will not impact your coverage and benefits, these will remain the same and untouched as per the policy.

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