Nowadays, getting insured has become simpler than it used to be. In fact, several plans have come up that you can opt from. However, for those of you who’d like to stick to your budget, getting a traditional term plan with rider benefits can be a great option. At the same time, this may strike a row of thoughts in your mind about the coverage offered, additional expenses, etc.
Well, out of many new options, term insurance with rider add-ons has gained quite a traction for such reasons. In fact, top insurance companies offer various rider benefits that you can also leverage. So, let’s understand how clubbing rider benefits with term plans offer you complete protection.
Do You Know What is Term Insurance?
The most basic insurance you can imagine is the term plan. You make periodic investments in a policy for a fixed term that accumulates over time. It is basically a safety net being prepared for any unfortunate event that may occur. After all, the most basic purpose of any insurance plan is to provide coverage for life’s unexpectedness.
It’s a great financial product to invest in to ensure peace of mind. Nevertheless, there are several add-ons that you can top them up with to avoid losing out on the premiums paid over the policy’s term.
Rider Benefits to Add to Your Term Insurance Plan
Additional coverage options that you may add to your basic term plan are called riders. Each rider add-on has a unique benefit. Here are some of them given below:
- Accidental Death Benefit Rider
In case of an accidental death, this rider also works as a financial cover for those who depend on you. It gives your loved ones an extra amount over and above the basic sum assured. This payout can potentially save your family from any financial liability by covering the immediate expenses, outstanding debt or any future financial requirement.
- Critical Illness Rider
Certain things happen unexpectedly in life, and a critical illness diagnosis from this list can bring several changes into your life. However, having it added to your term insurance plan can cover you financially. Upon the diagnosis of any of the critical illnesses listed in your policy, you’re entitled to receive an assured sum. It gives you the peace of mind that your family will be financially backed up.
- Waiver of Premium Rider
This rider prevents your term insurance policy from lapsing due to certain unexpected events. It will waive future premium payments of the base plan in case of disability or critical illness as per policy. This will essentially keep your life insurance effective, securing it to provide for the financial future of those you love.
- Income Benefit Rider
This rider gives constant income to your beneficiaries for the defined years in case of an untimely demise. This may be especially helpful to families who depend on the policyholder’s income for their daily living and financial health. This is to facilitate a smooth transition for dependents and fill in the financial void.
- Accidental Disability Rider
Every accident has a price. The money will aid in paying medical expenses and allow for wages lost due to an inability to work. During this difficult period, it acts as a safety net. It makes your family accessible financially because an accident may put you in a condition not to pursue any financial goals.
Get Complete Protection with the Best Term Insurance Plan Today!
While most debate that term plans are supposed to be just for a death benefit, well, there’s more to them. Insurance also has rider add-on options that can get you complete protection from life’s uncertainties. If you have the right insurance provider to assist you in the process, you’ll be able to choose the most suitable rider benefit and avail it.
Canara HSBC Life Insurance here, steps in as a convenient partner that takes away the hassle of visiting an insurance company’s office. They are one of the best insurance providers in the industry with a user-friendly website that has all the information available. If you’re also looking for a flexible and tailored term insurance plan, visit their official website to get insured today!
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