1. What does rider on an insurance policy mean?
A rider on an insurance policy is used to enhance the scope of coverage, by paying a nominal additional amount on the premiums. Opting for life insurance riders enhances the scope of protection offered by the base life insurance policy by providing multiple additional benefits and more protection against risks. Rider insurance includes critical illness cover, waiver of premium, etc.
2. Why critical illness insurance is important?
A critical illness insurance policy is essential to protect you against the risks of life-threatening diseases like heart attack, cancer, kidney failure, paralysis etc. Critical illness insurance ensures that your family is not burdened with high medical expenses. Buy a critical illness insurance policy especially if your family has a history of such diseases, or your lifestyle is not particularly healthy.
3. What is covered under critical illness insurance?
A critical illness insurance typically covers you against the risk of life-threatening diseases such as cancer, heart attack, kidney failure, paralysis, coma etc. You’ll be paid a lump-sum if you’re diagnosed with any of the major illness as listed in the critical illness cover.
4. What is a term rider on life insurance?
A term rider can be added to a life insurance policy and it helps to increase the life insurance cover. In other words, life insurance riders provide extra coverage over the initial sum assured.
4. What is accidental death, disability and dismemberment rider?
In accidental death, disability and dismemberment rider 100% of the rider sum assured will be paid to the nominee in case of accidental death of the insured person, while a percentage is paid if an accident results in permanent disability or dismemberment. You can buy accidental death insurance plans to add to your new or existing life insurance policy with a nominal addition to your premium amount.