Life Insurance Riders: An Extra Layer of Financial Protection

What is Insurance Rider?

As the name suggests, riders are additional provisions or covers that you purchase and add-on to your basic life insurance policy. This strengthens the financial value of your policy.

Let us explain this with a rider in insurance example:
When you plan a trip to a cold destination, you take a thick woollen coat to protect yourself. Now because there is a chance that it could snow there, you also pack thermal wear, a monkey cap, gloves, socks, shoes and a hot water bottle, to keep you warm.

Rider meaning in insurance is like this. The thick woollen coat is your basic life insurance policy. The additional protective items you pack for emergencies are the riders. Simple isn’t it?

Types of insurance riders

Just as you would pack different items to protect you from the cold, similarly, there are different types of insurance riders to protect you from various uncertainties of life.

1) Waiver of Premium Rider: Premiums can prove to be expensive, especially when you take a high coverage amount. This would be even more difficult to pay if you become disabled or could no longer work as a result of injury or illness. Waiver of Premium rider waives off future premiums irrespective of whether you are able to work again or not. The policy stays active and you continue to enjoy all its benefits.

2) Critical Illness Rider: This rider protects you from the exorbitant treatment costs of certain long-term or life-threatening ailments as mentioned in the policy document. It also doubles up as an income replacement to cover your household expenses, especially if the disease has caused a loss of income.

3) Accidental Death Rider: You may be wondering why you need an additional rider when your life insurance policy covers accidental death. This life insurance rider pays an additional lumpsum amount to your nominee, in the event of death by accident.

4) Permanent and Partial Disability by Accident Rider: A disability by accident could result in temporary or permanent loss of income. In such cases, the insurer pays you a certain sum for a specific period, say 5 or 10 years. The insurer will also waive off all future premium payments while letting you access the policy benefits.

5) Income Benefit Rider: Worried about your family’s future expenses in case of the demise or disability of the breadwinner? This rider offers your family a regular source of income for a certain predefined number of years.

How Do Life Insurance Riders Benefit You?

Yes, a life insurance rider comes at an additional cost. But look at how much they protect you from the things you may not have even taken into consideration.

1) Achieve your financial goals: The breadwinner’s death or disability can have a huge impact on your finances. Do you really want to compromise on your children’s higher education or your family’s long-term comforts? Riders offer you financial protection from unexpected events so that your wealth goals can continue without any disruption.

2) Get more for less: Riders allow for personalisation. Think about it, adding a rider to your existing policy makes far more financial sense than buying a whole new policy and paying more premium for extra cover. By choosing the riders you want, you can live life on your own terms.

3) Any policy, any rider: You can add a rider to policy you purchase – term, retirement, ULIP.

4) Tax saving: As the rider is an extension of your life insurance policy, you also enjoy tax benefits as per the prevailing tax rules.

It is better to be prepared for the worst than let the worst disrupt the better part of your life. Do not leave things to chance. You have seen the multiple benefits a llife insurance rider has to offer. If you need more clarity, speak to your financial advisor or insurance planner to evaluate which ones would be best suited to you and your family.

IndiaFirst Life Plan

Product Image
Product Name
Dropdown Field: Tax Saving
Product Description: A protection plan for your family that helps them stand independently! IndiaFirst Life Plan gives your family a financial cushion to fall back on in your absence.
Product Benefits: Flexibility to choose the duration
Family will receive the payout
Flexibility to choose the assured amount
Long term protection
Tax* benefits
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Radiance Smart Invest Plan

Product Image
Product Name
Dropdown Field: Investment
Product Description: Have you heard of a plan that not only gives you a life cover but also helps in wealth creation? Enjoy 2 benefits in 1 plan with IndiaFirst Life Radiance Smart Invest Plan.
Product Benefits: Zero Fund allocation charges
10 different funds to choose from
3 plan options to achieve your investment goals
100% money invested for higher returns
Life cover charges returned at the end of policy year
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Guarantee of Life Dreams Plan

Product Image
Product Name
Dropdown Field: Savings
Product Description: Wouldn't it be wonderful if we had a second source of income to support our dreams? Here is a way to make your dreams come true where you can start earning an income from the end of the 1st month itself.
Product Benefits: Choice of 3 income Options
Guaranteed Long-Term Income
Life Insurance Cover
Benefits of long-term Savings.
Protection even if you miss one premium.
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

Indiafirst Life Guaranteed Single Premium Plan

Product Image
Product Name
Dropdown Field: Guaranteed Returns
Product Description: Wondering if there is a way to get 7x return on your investments? Your search ends here! With this single payment plan, you can achieve your financial goals.
Product Benefits: Guaranteed 7x returns on investment
One-time payment (Single Pay)
Tax saving benefits
Life Cover that is 1.25 times higher
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Guaranteed Pension Plan

Product Image
Product Name
Dropdown Field: Retirement
Product Description: Make your golden years truly golden! Invest in the Guaranteed Pension Plan that is designed to guarantee an income for as long as you live.
Product Benefits: Receive income during retirement years.
Choose among 5 different annuities.
Option to extend pension benefits to loved ones.
Return of purchase price
Increasing annuity(pension) option
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

IndiaFirst Life Super Protection Plan

Product Image
Product Name
Dropdown Field: Term Plan
Product Description: Protect your family’s happiness & future with our most flexible term plan. Buy this term life insurance and give your loved ones the financial security they deserve.
Product Benefits: Option to get your money back (Return of Premium- ROP)
Flexibility to pay premiums at your convenience
Lifetime protection till age 99 years
Sum Assured as lumpsum or monthly instalments
Porduct Detail Page URL: Get Quote
Product Buy Now URL and CTA Text: Learn More

Life Insurance Riders: An Extra Layer of Financial Protection