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FAQs

All that you need to know...

FAQs

faqs

Frequently Asked Questions

What Are Term Insurance Riders?

Riders under term insurance are defined as additional benefits that help extend the protection of your term insurance protection. Riders are essentially any attachment, endorsement or amendment that you may select while purchasing a term insurance policy. There are times when these riders are offered in-built into your term plan, while others must be purchased separately by paying an additional amount of premium.

By opting for riders, you can avail of multiple additional benefits including supplementary financial coverage, over and above the death benefit provided under the term plan. The conditions and costs of each rider may vary based on the opted term plan, the premium payable and the insurance company.

Benefits of Term Insurance Riders

Term insurance riders provide the following benefits –

  • Enhanced coverage over and above your original policy
  • Additional features and flexibility, along with the core benefits
  • Policy customization as per your financial needs

Instead of buying a separate insurance policy to protect under specific circumstances, you can opt for term insurance riders to avail that same coverage, but at a nominal additional premium payable. Canara HSBC OBC Life Insurance offers the following term life insurance riders under its iSelect+ Term Plan –

1. Accidental Death Benefit (ADB)

The Accidental Death Benefit or ADB rider is an additional benefit with the iSelect Star Term Plan, which will provide an additional Sum Assured on the demise of the policyholder due to an accident. This amount will be payable, apart from that payable on diagnosis of any Terminal Illness or death.

2. Accidental Total & Permanent Disability (ATPD) – Premium Protection

The Accidental Total & Permanent Disability (ATPD) rider available under the Premium Protection variant of the iSelect+ Term Plan offers to waive off all future premium payments for the respective term insurance policy, in case the life insured suffers a total and permanent disability due to an accident. Besides waiver of premium, the rider will also ensure that the term insurance policy continues to provide the intended coverage protection.

3. Accidental Total & Permanent Disability (ATPD) – Premium Protection Plus

Similar to the Accidental Total & Permanent Disability (ATPD) rider for Premium Protection variant, this rider offers to waive off all future premium payments towards the respective life insurance policy, in case the life insured suffers a total and permanent disability due to an accident. Besides waiver of premium, the rider will also ensure that the term insurance policy continues to provide the intended coverage protection.

4. Child Support Benefit (CSB)

The Child Support Benefit available under the iSelect+ Term Plan helps you safeguard your child’s future. The rider offers to provide an additional CSB Sum Assured, over and above the amount payable in case you are diagnosed with a Terminal Illness or your untimely demise within the policy period. Thus, you can utilize the CSB benefit to take care of your child’s goals.

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