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Optional Benefits in Term Insurance

Discover the optional add-ons in term insurance that can improve your financial protection.

Choose from a wide range of term insurance plans, starting at Rs. 15/day*

Term insurance is one of the most affordable and effective ways to secure your family’s financial future in the event of an untimely demise. While the basic policy provides life cover, optional benefits enhance its value by offering additional protection. These optional benefits, also known as riders, are tailored to meet specific needs, ensuring comprehensive financial security. From covering critical illnesses to offering premium discounts, these add-ons provide flexibility and greater peace of mind. In this article, explore the key optional benefits available with term insurance and how they can strengthen your policy.

What are the optional benefits in term insurance?

Optional benefits in term insurance, or riders, are add-ons that enhance the scope of a basic policy. They cater to unique needs, offering protection beyond death cover. Common riders include accidental death benefit, critical illness cover, and terminal illness cover, as well as premium rebates and discounts. These benefits come at an extra cost but provide much-needed financial support in challenging times.

Accidental death cover rider

An accidental death cover rider provides an additional sum assured to the nominee if the policyholder’s death occurs due to an accident. This rider is particularly useful for individuals with jobs involving travel or hazardous activities. It ensures financial support for the family, compensating for unexpected events. The rider is typically inexpensive, making it a popular choice among term insurance buyers.

For example, if a policyholder with a basic sum assured of Rs. 50 lakh opts for this rider with an additional Rs. 25 lakh, the nominee will receive Rs. 75 lakh in case of accidental death.

Critical illness rider in term insurance

A critical illness rider offers financial support upon the diagnosis of life-threatening diseases such as cancer, heart attack, or kidney failure. The insured receives a lump sum payout, which can be used for treatment, recovery, or other expenses.

This rider is beneficial in a country like India, where medical inflation is high. It protects against the economic burden of expensive treatments and ensures that the family’s financial stability remains intact. Adding this rider to your life insurance policy ensures peace of mind during medical emergencies.

Terminal illness rider in term insurance

A terminal illness rider provides a payout if the policyholder is diagnosed with a terminal illness such as advanced-stage cancer. This lump sum amount can be used for palliative care, settling debts, or securing the family’s future.

With this rider, families receive financial support when income is likely to be affected due to the policyholder’s illness. Many term insurance policies now include this rider as a built-in feature, but if not, it is worth considering as an add-on for comprehensive coverage.

Rebates and discounts on premiums

Some term insurance policies offer rebates and discounts on premiums based on factors like a high sum assured, non-smoking habits, or regular premium payments. For instance, insurers often reward non-smokers with lower premiums as they pose a reduced health risk.

Rebates for opting for longer policy terms or high coverage amounts make term insurance more affordable. Additionally, online purchases often come with discounts, ensuring better value for money. These benefits help policyholders maximise their coverage while keeping costs under control.

Conclusion

Optional benefits in term insurance enhance the policy’s scope, offering additional protection tailored to individual needs. Whether it’s safeguarding against accidents, critical illnesses, or terminal conditions, these riders provide comprehensive financial security for you and your family. While they may increase premiums slightly, the peace of mind and financial stability they ensure make them a worthy investment. By carefully selecting riders that align with your lifestyle and risks, you can build a robust term insurance policy that secures your family’s future.

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Frequently asked questions

What optional benefits are available with term insurance?

Optional benefits in term insurance include riders like accidental death cover, critical illness cover, terminal illness cover, and premium rebates or discounts. These add-ons enhance policy coverage and provide financial support for specific situations.

What is the accidental death cover rider in term insurance?

An accidental death rider pays an additional sum assured to the nominee if the policyholder’s death occurs due to an accident. It ensures extra financial protection for the family during unexpected events.

How does adding a critical illness rider improve term insurance coverage?

A critical illness rider provides a lump sum payout upon the diagnosis of severe diseases like cancer or heart attack. This benefit covers treatment costs, helping families manage financial stress during medical emergencies.

What is the terminal illness rider, and how does it benefit policyholders?

A terminal illness rider provides financial support if the policyholder is diagnosed with a terminal illness. The lump sum payout can be used for medical care, debt repayment, or securing the family’s future.

How do premium rebates and discounts work with optional benefits?

Premium rebates and discounts reward policyholders for factors like non-smoking habits, high sum assured, or opting for online purchases. These benefits make term insurance more affordable while maintaining robust coverage.

Can optional benefits be added to an existing term insurance policy?

Yes, many insurers allow policyholders to add optional benefits to an existing term insurance policy. However, eligibility and terms vary, so it is advisable to consult your insurer for specific options.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Life Insurance Corporation of India (LIC), Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Company Limited, HDFC ERGO General Insurance Company, TATA AIG General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, New India Assurance Limited, Chola MS General Insurance Company Limited, Zurich Kotak General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Care Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure & policy wordings carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also distributor of other third-party products from Assistance service providers such as CPP Assistance Services Private Limited, Bajaj Finserv Health Limited. etc. All product information such as premium, benefits, exclusions, value added services etc. are authentic and solely based on the information received from the respective Insurance company or the respective Assistance provider company.

Note- While we have made all the efforts and taken utmost care in gathering precise information about the products, features, benefits etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective products sales brochure and policy/membership wordings before concluding sales.

T&C Apply. #Above illustration is considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Offline Channel | Standard Life | Yearly Premium is Rs. 5,417. Total Premium Rs.1,62,518 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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