What are Riders in Insurance?
Riders are add-ons or additional benefits which you can opt for along with your current life insurance policy at affordable rates. Riders are the valuable tools that help you in expanding your life insurance coverage.
Benefits of riders
Riders are an excellent solution to increase your insurance coverage without buying the new policy. Here are some of the key benefits of riders:
- Extra coverage: By attaching a rider to the main insurance policy, you can enjoy a comprehensive coverage. For instance, a critical illness rider pays a lump sum amount which can be used to deal with household expenses, loan EMIs and for other financial liabilities apart from medical expenses.
- Affordability: Buying a rider is much more affordable than buying a separate insurance policy. Further, there are various types of riders which one can choose as per their needs. In this way, it becomes easy to cover oneself at an affordable cost.
- Flexibility: You can add a rider to any of your insurance policy— term, ULIP, endowment, whole life— and customize your policy as per your needs.
- Tax benefits: Like main life insurance policies, riders also enjoy tax benefits as per the prevailing tax rules.
To know about the add-on benefits of our term plan ICICI Pru iProtect Smart, click here