Purchasing a child insurance plan in India is a crucial financial decision that helps you ensure your child’s well-being and protection against life’s uncertainties, even in your absence. Child insurance plans empower you to maximize your savings through systematic investments into different market-linked fund options over a period. Simultaneously, these plans offer various riders, which provide additional contingency protection over and above your base policy benefits. Child insurance plan riders are especially useful against specific eventualities such as diagnosis of a critical illness, temporary or permanent disability due to an accident, and loss of income.
The critical illness rider cover protects against different life-threatening ailments such as cancer or cardiovascular issues. On the other hand, the accidental death and dismemberment rider protection become imperative in cases wherein you need additional financial help to take care of your treatment expenses after an accident, or an ample sum of money for your family your unfortunate demise due to a mishap. Then there is the waiver of premium rider, either offered as an in-built feature or as a separate rider with child insurance plans.
The primary benefit of including riders into your child insurance plan is providing an additional financial cover over your primary policy benefits. Even if you have drawn on a specific rider (in case of an emergency), the life cover under your policy remains intact, i.e., your family remains eligible to receive the insurance death benefit if your unfortunate demise occurs within the policy coverage period.
Child insurance plans from Canara HSBC Oriental Bank of Commerce Life Insurance offer the following rider benefits –
1. Accidental Death Rider
The rising number of accidents in India makes it imperative to have the protection of the accidental death rider along with the primary child insurance policy so that your child’s dreams remain secure even in your absence. While the basic child insurance plan offers the death benefit to your family, the accidental death rider will help provide additional financial coverage over and above the death benefit to your family after your demise.
2. Critical Illness Rider
In today’s day and age, our ever-changing lifestyle and food habits contribute to the increasing instances of health issues such as diabetes, stroke, cardiovascular diseases, and cancer. The medical treatment for these critical illnesses is not only time-intensive but also expensive, meaning that the treatment can drain out a significant portion of your savings. Having a critical illness rider in place enables you to avail of financial relief as the rider doles out a predetermined amount to you upon diagnosis of any such life-threatening ailment.
3. Total And Permanent Disability Rider
In case you meet with an accident, which physically disables you permanently, this rider will act as a much-needed financial cushion for the future needs of your loved ones and yourself. The Total and Permanent Disability Rider provides financial relief against a predefined set of disabilities, including loss of eyesight or limb use.
4. Child Support Benefit
To safeguard your child’s future, the Child Support Benefit will provide an additional sum of money. This sum of money will be provided over and above the sum assured under the child insurance plan and help you take care of your child’s life goals.