What are riders? How do I decide if I need to buy a rider?

Riders are typically additional benefits that you can ‘add-on’ to your basic life insurance policies for a small additional cost. Riders usually provide an additional cover or benefit associated with specific events or contingencies such as Accidental Death, Critical Illnesses, and Surgeries etc. The benefits associated with these riders could vary from an enhanced Sum Assured or risk cover to a Waiver of Premium in some cases.

Whether or not you need a specific rider is largely dependent on the need you are trying to fulfil and the cost of the rider. Different insurance companies have different terms and conditions for benefit payouts, inclusions and exclusions and it is important for you to review these to ensure you opt for the rider that best meets your requirements and is cost effective.

The needs of every individual vary – adding appropriate riders to your base insurance policies can ensure adequate coverage for you and your family at fairly affordable prices.

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