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What Are Term Insurance Riders & How Can It Benefit You?

Term Insurance Rider

When financially planning for the future, it is possible to take a number of life goals and changing priorities into account. However, what always remain unaccountable are the uncertainties of life. Medical emergencies, loss of employment and other such mishappenings can disrupt our future plans and seriously affect our financial health.

That is why life insurance should be an essential component of every person and family’s investment portfolio. In particular, term plans are increasingly emerging as a popular investment option. However, in order to truly prepare for life’s uncertainties, even your term plan can use a few upgrades in coverage to help you stay secure for years to come. These upgrades to your term plan are known as term insurance riders and can help greatly enhance your coverage. Here is a closer, more detailed look at the topic:

What is Term Insurance?

Let us begin by reviewing how term insurance is understood and why term plans are overall beneficial. Term plans are a type of life insurance product, whereby financial coverage is offered to the policyholder for a fixed period of time i.e. ‘Term’. In case the insured passes away during this term, his or her beneficiaries are eligible to receive a death benefit.

One of the greatest benefits offered by term plans is that they are much more economical than most traditional life insurance policies. As insurance products, they also offer far more flexibility and freedom to the policyholder. Much of this flexibility can be achieved by incorporating one or more of the various riders offered by the insurer into your term plan.

Riders under iSelect+ Term Plan

The purpose of a term plan is to provide financial coverage to your beneficiaries in the unfortunate event of your demise. In its simplest form, term plans achieve this by giving out a death benefit to the nominees of the insured. However, these benefits can be further enhanced if the policyholder opts for certain attachments or amendments to his/her term plan. Such attachments are known as term insurance riders.

Riders allow you to customise your term plan according to your needs as well as those of your family. Some of the most commonly added riders to term plans are Accidental Death Rider, Child Support Benefit Rider, Critical Illness Rider and Accidental Total and Permanent Disability Rider.

Also Read - What is Term Insurance?

Benefits of Term Insurance Riders

Here are the many ways in which term insurance riders can be beneficial for you as a policyholder:

  • In the increasingly uncertain times we live in today, unfortunate circumstances can arise in a number of different ways. Term plan riders can help you cover for such circumstances and ensure that your term plan can offer an additional financial cushion, when your family needs it most.
  • If you wish to enhance or increase your coverage due to changing circumstances, you might wonder if you need to buy an additional separate insurance policy. With term plan riders, this hassle can be entirely avoided. You can simply opt for riders offered with your current term plan and achieve a similar result.
  • By eliminating the need for you to invest in a separate term plan, riders also allow you to opt for a more affordable route. This is because when compared to the cost of purchasing an entirely new life insurance policy, availing riders on an existing policy is cost-effective and far less expensive.
  • As with your payments towards a term plan, riders also allow you to avail tax benefits. Not only do they help make your term plan more secure, but also allow you to enjoy a tax-saving component.


The importance of life insurance, especially when it comes to securing the financial future of your loved ones, cannot be overstated. Which is why one of the most economical and flexible forms of life insurance, a term plan, is one of the best investment options you can avail. Moreover, the additional financial coverage offered by term insurance riders can help you rest assured and enhance your term plan as per your requirements.

If you are on the lookout for a term plan that can offer riders and various other benefits, consider investing in the iSelect Smart360 Term Plan by Canara HSBC Oriental Bank of Commerce. The term plan comes with additional inbuilt riders such as Accidental Death Rider and Child Support Benefit Rider as well as various attractive features such as return of premium and tax benefits on premiums paid.

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