Life Insurance Riders & their Benefits
Life Insurance is a vast subject and it is very important to understand every aspect of it. It’s a complex financial product and in reality the base product is not enough to cover and the complexity in Life Insurance plan, hence Life Insurance Rider and their benefits and required.
Riders are the additional coverage to your basic Life Insurance Policy, understanding the rider and attaching it to your basic plan as per life insurance coverage needs helps one to secure families from all eventualities. These supplementary benefits come at very nominal cost.
1). Waiver of Premium Benefit Rider
We very well understand that a dreaded disease or accidental disability or even death can rob us of regular earnings for ourselves or our family. Such dreadful situations can take a toll on our long term financial goals due to want of funds. An life insurance plan in place would definitely take care of the immediate crisis. But, how do we provide for our long term goals?
We at Bajaj Allianz Life Insurance understand the need-come what may! Bajaj Allianz Life Insurance Waiver of Premium Benefit Rider (WOP) provides you the benefit of waiver of all future premiums payable under the policy on the earlier occurrence of untimely death, accidental permanent total disability or critical illness.
2). Accidental Death and Total/ Partial Disability Benefit Rider
In case of death due to accident, rider sum assured and basic sum assured will be given the nominee of Life Insurance Policy holder. Accidents are unfortunate and can happen with anyone leaving the loved ones affecting family economically and emotionally. Thus this rider is very crucial. It may happen that the insured would be disabled for life then he is entitled to get survival benefit which will be calculated as a percentage of the rider sum assured in line to the severity of the disability.
3). Family Income Benefit Rider
We work hard and earn to fulfill all our family’s needs. We are, to a large extent, dependent on our income to financially secure our families. But, what if an unfortunate event like death, accidental disability or critical illness hampers our income flow?
We understand this concern and present – Bajaj Allianz Life Insurance Family Income Benefit Rider (FIB) which guarantees security of income to your family in case of such unfortunate events. Making sure your family is financially protected always for a worry free life.
4). Return of Premium Rider
Return of Premium rider is a valuable add-on to a term life insurance policy. A conventional term plan pays out nothing in case the insured outlives the policy term. However, with ROP rider, the insured gets entitled to receive a survival benefit. The sum of all the premiums paid over the term is paid back to the insured.
5). Critical Illness Benefit Rider
Our life’s objectives and future plans get impacted when an unfortunate event like a critical illness strikes. Such emergencies require lump-sum money to overcome the financial trauma.
We understand this concern, and present Bajaj Allianz Life Insurance Critical Illness Benefit Rider (CI), which protects you financially in case of occurrence of a critical illness; so that money is available to you when you need it the most.
The information being provided under this section ‘Investor Education’ is for the sole purpose of creating awareness about Life Insurance and for their understanding, in general. The views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. Many of the statements and assertions contained in this section merely reflect the views, opinions & belief of the individual writers and therefore BALIC does not in any manner guarantee the completeness, efficacy, accuracy or authenticity of such information. This information is not intended to be an offer or solicitation for the purchase or sale of any financial product or instrument. Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment decision.
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