A Quick Guide Edelweiss Tokio Life Insurance Riders

Riders are add-ons to a standard insurance policy that come at an additional fee. Riders allow an individual to optimise the advantages of their basic policy while also customising it to an individual’s specific requirements. Riders are flexible and may be added to any insurance policy. Riders allow an individual to expand their policy's insurance coverage without having to purchase a new policy.

Furthermore, riders provide tax benefits to individuals, and adding a rider is less expensive than purchasing a new insurance policy any day. Riders come in a variety of shapes and sizes, demonstrating their versatility. When an individual purchases their basic insurance, they always have the option of adding a rider. To find out more on the advantage of having a rider, read on.

Types Of Edelweiss Tokio Life Insurance Riders

Following are the types of Edelweiss Tokio Life Insurance Riders -

• Edelweiss Tokio Life Accidental Total And Permanent Disability Rider

Accidental death is covered by all life insurance plans, but what about total and permanent disability? That is not covered by most insurance policies. When an individual adds this rider to their existing respective policy, the insurance company will pay the respective individuals the money if they become disabled. Thus, this money will replace their salary and guarantee that an individual does not have to face financial hardship while they recover.

• Edelweiss Tokio Life Waiver Of Premium Rider

In any event during which an individual is unable to pay the premium due to death or incapacity, the waiver of premium rider allows the respective individual to keep all of their policy benefits. In the case of child insurance plans, it provides for a premium waiver in the event of the death of a parent (who is covered under the policy).

• Edelweiss Tokio Life Accidental Death Benefit Rider

Why should an individual pay extra money to add the accidental death rider to their life insurance policy since all life insurance plans cover accidental death? It's simple, if an individual adds the accidental death rider to their insurance policy, their beneficiaries will get twice the amount assured if they die in an accident.

• Edelweiss Tokio Hospital Cash Benefit Rider

An individual gains extra money if they add the hospital cash benefit rider to their existing respective insurance and are diagnosed with any of the illnesses covered by the policy. This extra cash may be utilised to pay for medical expenditures as well as home needs. The diseases covered by this rider differ from one insurer to the next and are defined when an individual buys it.

• Edelweiss Tokio Life Income Benefit Rider

This rider's tenure can run anywhere from 5 to 52 years, with an entrance age ranging from 18 to 65 years. The mature age ranges from 23 to 70 years old. This rider's minimum premium is Rs. 101, and the maximum premium is determined by age, gender, policy term, premium payment period, and Sum Assured. Keep in mind that this sum cannot exceed 30% of the premium for an individual’s base plan. To acquire this rider, an individual can pick from a variety of payment choices, including Single Pay, Regular Pay, and Limited Pay, but the frequency will be determined by their respective base plan selection. This optional benefit will provide an individual with a minimum Sum Assured of Rs. 75,000. The maximum Sum Assured value has no upper limit. When the life assured dies, their respective family will receive a monthly death benefit equal to 1% of the money promised for the next 150 months.

Endnotes

Riders are useful in a variety of scenarios and offer distinct benefits. Critical illness riders give rider benefits if the policyholder is diagnosed with a critical illness. It is only paid out once throughout the policy year to cover costs incurred as a result of the serious sickness.

Also read: Top Life Insurance Riders You Must Consider

How Can Waiver Of Premium Rider Be Beneficial?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.