Most term insurance plans offer the benefit of riders. However, the riders, their conditions and their costs vary.
Here are a few things you should keep in mind before choosing a rider or a standalone policy.
Before buying a rider, always check the premium difference and the coverage offered compared with a standalone policy.
Insurance companies increase the sum assured based on the health of the policyholder while buying the policy.
Riders are meant to elevate the level of protection coverage for the policyholder, thus making the term insurance plan more comprehensive in nature.
In majority of the term insurance plans, the maximum entry age is up to 65 years. These can provide coverage of up to 80 years.
If an individual knows which factors can increase the premium of the policy, he or she can easily bring down the premium outgo without compromising on