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What does a Rider Mean?

Riders are extra benefits that are tagged on to the basic insurance policy, for additional premium

Are there any term plans with health riders? What does a health rider actually mean? Is it good to go with term plans with health rider or is it better to take mediclaim policies separately? Which term plan do you suggest with a health rider?
- Krunal

Riders are extra benefits that are tagged on to the basic insurance policy, for additional premium. There are term plans which have accident and other health riders included. Some policies offer a waiver of premium on critical illness, which means that you can skip premiums if you contract any critical illness. In some policies, an optional critical conditions cover provides financial relief in the case of major illnesses. An accident death rider will usually pay a sum assured in case of death due to an accident.

Riders offer good value as they are usually inexpensive as compared to the base policy. There are various kinds of riders available but you need to understand and evaluate your needs before buying one.

Some of the term plans that offer such riders are Aegon Religare iTerm, Bajaj Allianz iSecure, Bajaj Allianz iSecure More and Bajaj Allianz Term Care and Bajaj Allianz Risk Care II.

You can also consider separating your term cover from health plan. Suppose you have a health insurance policy which covers your medical expenses as well as critical illness, it does not make sense to buy a rider on a term plan.

You can refer to the following two links which can help you in choosing a term plan and a health insurance policy for your needs: How to Really Buy Insurance and How to Buy Health Insurance.

Pure term plans can be selected based on premiums and the claims ratio of the insurer. Based on these factors, HDFC Click2Protect +, AVIVA i-life, SBI Life e-shield, Bharti AXA Life eProtect are among the recommended plans. So, you can decide on the policy based on your needs and the benefits desired by you.

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