Top 3 Riders In Endowment Insurance Plans

Riders are added to the core of the endowment plan to boost the performance and extend even further protection to the policyholder in case of specific events.

In most plans, policyholders can select riders to meet their specific needs.

Rider options differ from one insurer to the next. Although some policies include riders, others require the policyholder to purchase a rider separately.

In this article, we have listed the top three riders you can add to your endowment plan to secure your future in case of unfortunate contingencies.

Top 3 Riders In Endowment Plans

Giver below are the Top three riders offered under an endowment plan:

Accidental Death Benefit Rider

The Accidental Death Rider is a lump-sum benefit paid in addition to the Death Benefit under the base plan in the event of the life insured's death due to an accident.

With the Accidental Death Rider, you can personalise your basic policy. For example,In endowment plans offered by Reliance, the accidental Death Benefit is payable if death occurs directly as a result of an accident and is intimated within 180 days of the occurrence.

However, any act or attempted act of self-injury and participation in any criminal activities or violation of law and death under the influence of narcotics are among many exclusions of this additional rider.

Accidental Total And Permanent Disability Benefit Rider

If the Life Assured becomes totally and permanently crippled as a result of an accident, the Total and Permanent Disablement Benefit is payable. These are payments made once a claim is accepted for a life insured becoming incapacitated as a result of an accident. The permanence of the condition is only determined after 6 months from the date of the incident.

Critical Illness Benefit Rider

In cases of critical illness relating to the policyholder surface, the optional critical conditions rider can help provide financial relief. The sum assured is payable on admission of a claim on a critical illness by the policyholder.The critical illness rider also does not cover certain diseases, as mentioned by the insurer beforehand.

Take Away

Endowment plans combine insurance and savings benefits to ensure the investor's financial security in the future. Riders serve as an extension of the protection provided in the event of a mishap. It is critical to choose your riders carefully in order to get the benefits and protection when the time comes.