While buying a term policy, should I go for a pure term plan or the one with a comprehensive set of riders?
-Alok Kumar Basu
There is no one size that fits all here. While a basic term cover is a must for anyone with financial dependents, whether or not to add any riders depends upon your specific needs. Insurance companies offer several of them such as critical illness, accidental death and dismemberment, accelerated sum assured, partial and permanent disability, and they come at a cost. One need not buy all the riders but only the ones that make sense for him, if any. For instance, someone whose nature of the job involves travelling long distances frequently can be more prone to the risk of accidents, and therefore, may want to add the accidental death rider to his policy.
Different insurance companies may have different terms and conditions concerning similar riders. Therefore, make sure you fully understand the costs, the rider benefits and the conditions upon which a rider is triggered, before you make a decision.