All About Bajaj Allianz Life Insurance Riders
Table of Contents
Life insurance plans are the best way to get financial security. They help you efficiently save up your present earnings to serve you better in the future. An important feature of life insurance plans is riders. Riders are offered at a nominal or reduced price to provide added protection to the policyholder.
There are several different types of riders available with Bajaj Allianz Life Insurance plans. They serve different circumstances and are all equally important. Here you will find all about them.
More About: How Much Life Insurance Do I Need?
What are Life Insurance Riders?
Riders are add-ons that provide extra coverage and protection to policyholders. They can be added to your basic life insurance plan to enhance its protective features. There are several types of riders available and they each have a specialised purpose and intent. For example, there are riders available for critical illnesses and also that cover regular hospitalisation costs, ICU costs and more. There are other types of riders including accidental death, disabilities and more.
The policyholder is free to choose among the various options of riders present. Each life insurance policy has many rider options. On choosing a rider, the policyholder receives the benefits accordingly. They are paid out either at the time of need (like when an accident occurs or there are hospital expenses incurred) or on the death of the policyholder.
Also Read: Benefits Of Enhancing Your Life Insurance With Riders
Bajaj Allianz Life Insurance Riders
Bajaj Allianz Life Insurance provides several rider options to their customers. This offer added protection to the policyholder as per usual. Here are a few types of riders offered by Bajaj Allianz Life Insurance.
1. Accidental Death Rider
In case the policyholder dies of an accident, the accidental death rider ensures a payout of an additional rider benefit over the basic sum assured.
2. Accidental Permanent Disability (Total/Partial)
The rider pays out a sum assured in case the policyholder suffers from any total or partial permanent disability as a result of some accident. This is a very important rider especially if you are working in a risky field of work.
3. Premium Waiver Rider
A premium rider ensures you can maintain your life insurance policy no matter what the circumstances. Under this waiver, you will not have to pay any premiums in case of extraordinary circumstances like accidents, disabilities or the like. It is also useful in case of your untimely death when the onus of the policy falls on your family.
4. Critical Illness Benefit
A critical illness rider provides a lump sum benefit in case the policyholder gets diagnosed with a critical illness. It is a single time lump sum payment regardless of the actual costs incurred.
5. Family Income Benefit Rider
In case of any special circumstances (as defined in the terms and conditions of the rider), this rider provides a regular monthly payout equal to 1% of the rider sum assured. The minimum period of this payout is 10 years.
