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Make sure that you add a rider to your plan

Make sure that you add a rider to your plan

make sure that you add a rider to your plan

Life is highly uncertain. A term insurance plan acts as a cushion and ensures the financial security of your family in the event of an unfortunate incident taking place. A term plan is a highly cost-effective way of providing a financial safety net to your family. It offers a high amount of coverage at competitive rates.

However, if you have selected the best term plan for yourself, your work isn’t done yet. You must also consider policy add-ons, called riders, along with it. While term insurance, primarily, is one of the most important aspects of your financial planning, it is wiser that you back it up with riders to get the most out of the policy.

What is a rider?

Riders are an additional benefit or an extension on your term insurance plan, is over and above the basic cover. They enhance the coverage of your original policy and offer extra features and flexibility, apart from the core benefits. They help the life insured in customizing the policy according to his needs and those of their family’s. Riders are either in-built into your insurance plan or are optional. However, you’ll have to pay an additional amount at nominal rates to get the benefit of a rider.

Why are riders beneficial?

Opting for a separate insurance policy, in addition to your current one, that provides coverage under specific circumstances can be heavy on the wallet. A rider, on the other hand, helps you attain that same coverage at competitive rates and saves you the trouble of purchasing a whole other policy. Availing of a rider is a hassle-free process and eliminates the paperwork and administrative processes you would need to endure when opting for a separate insurance policy.

Important Riders That You Must Consider And Their Benefits

1: Accidental Death Rider: Every year, around 1.35 million people die due to road accidents across the globe. In India alone, the number of those who lost their lives on roads touched 1.5 lakh in 2018. With these alarming figures, it becomes necessary for you to opt for the accidental death rider along with the main policy. While the basic term plan offers the death benefit, the accidental death rider will help boost coverage. If you include an accidental death rider with your life insurance plan, an additional amount will be paid to your nominee along with the death benefit.

2: Critical Illness Rider: With our ever-changing lifestyle and food habits, critical illnesses like diabetes, stroke, heart diseases, and cancer have become more common in the recent past. They account for more than 50 % of total deaths in India. The treatment for critical illnesses is expensive and can drain out a significant portion of one’s savings. In such a condition, a critical illness rider provides patients and their loved ones with financial relief. The rider will dole out a predetermined amount to the life insured upon diagnosis of a heart attack, cancer, or any other critical illness.

3: Total And Permanent Disability Rider: According to the ministry of road transport and highways, around 4.6 lakh people were injured in road accidents in 2018. The figure keeps increasing every year. If an insured person meets with an accident and is physically handicapped due to permanent and total disability, this rider acts as a much-needed financial cushion for their future needs. The Total and Permanent Disability Rider covers a predefined set of disabilities such as loss of eyesight or loss of limb use.

4: Child Support Benefit: In order to safeguard the future of your child, you can opt for a Child Support Benefit. A Child Support Benefit provides an additional sum of money, over and above the usual sum assured, to tend to the financial needs and goals of your child.

The main purpose of a rider is to provide an extra layer of protection to the insured for instances during which the scope of the main policy is limited. Make sure that you add a rider to your plan to boost your basic coverage plan, thereby taking care of your loved ones even when you’re not with them. The list of riders available with a term plan may vary from one insurer to another. The iSelect Star Term Plan from Canara HSBC Oriental Bank of Commerce offers an Accidental Death Benefit Rider, Accidental Total & Permanent Disability - Premium Protection Rider, Accidental Total & Permanent Disability - Premium Protection Plus Rider and a Child Support Benefit (CSB) Rider. Apart from these riders, it also provides highly customizable features to suit the needs of your family.

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Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance plan doesn't offer any payout after maturity or expiration date

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance plan riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term insurance plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while Buying the Best Term Insurance Plan?

  1. 1. Are you buying a term plan with return of premium?
  2. 2. Amount of premium you have to pay based on your age, habits, education, and monthly income
  3. 3. The total number of benefits covered in the term insurance plan. Do they include benefits that you care about the most?
  4. 4. How to save money on tax if you pay for the term life insurance plan?
  5. 5. Do they offer regular income options?
  6. 6. Can you change the coverage and premium in the future?
  7. 7. Does the claim consider valid if death occurs outside India?
  8. 8. Which kind of death is not covered by a term insurance plan?
  9. 9. Can NRIs take a term insurance plan? If yes, what are the conditions?
  10. 10. Does the term insurance plan have a cash value if you decide to cancel the term insurance policy?
  11. 11. Under what circumstances can a term insurance plan be cancelled?
  12. 12. Can I pay the premiums online or make electronic payments?
  13. 13. What will happen to the term life insurance plan if the life assured starts smoking after purchasing the policy?
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