Selecting add-on benefits (“Riders”)

Riders are like toppings that make your pizza yummier.

Adding the right riders to your term life plan helps you to:
Customise it to your needs at a lower additional cost
Opt for extra protection without buying separate plans

Below are a few “pizza toppings” you can choose from

You’re excused from paying all future premiums in case of a disability or illness till you turn 65 years old.

Expense range:: ₹ ₹ ₹ ₹

Waiver of premium

Recommended

If your policy duration is 10 years, and you meet with an accident in year 4, you don’t have to pay premiums for the next 6 years. If you pass away within your policy duration, your family will still get the full life cover.

To ensure your policy doesn’t get discontinued if you lose your income and can’t pay the premiums.

This rider makes a lot of sense. Buy it if you don’t want your family to pay premiums due to your illness or disability.

PRO-TIP

Some insurers include this option in the basic term life plan, or with other riders like Critical Illness, or Permanent Disability. Keep an eye out for such automatic inclusions.

Still not sure? Check out some examples

You get an advance from your life cover on diagnosis of a listed critical illness, like cancer, heart disease, or organ transplant. Illnesses already existing at the time of buying the term plan are not covered.

Expense range:: ₹ ₹ ₹ ₹

Critical Illness

Recommended

With a life cover of ₹ 1 crore and critical illness rider of ₹ 20 lakhs, you get ₹ 20 lakhs on a diagnosis of the illness and your family will get ₹ 80 lakhs if you pass away.

Get this rider if:

PRO-TIP

Check the list of illnesses covered by the insurer and the age till which the rider covers you before buying.

Still not sure? Check out some examples

You get an additional payout on death due to an accident.

Expense range:: ₹ ₹ ₹ ₹

Accidental Death Benefit

With a life cover of ₹ 1 crore and an accidental death rider of ₹ 50 lakhs, your family will get ₹ 1.5 crore if you lose your life in an accident and ₹ 1 crore if you pass away due to any other cause.

To provide an extra lumpsum amount over your life cover at a cheaper price than buying a separate term plan with additional cover.

Get this rider if:

PRO-TIP

You may double your life cover with this rider - and it’s not too expensive either. (Of course, this is subject to the limits set by your insurer)

Still not sure? Check out some examples

You get an additional payout if an accident leaves you disabled. Future premiums for the term life plan are generally waived off by insurers.

Expense range:: ₹ ₹ ₹ ₹

Permanent Disability

With a life cover of ₹ 1 crore and permanent disability rider of ₹ 50 lakhs, you get ₹ 50 lakhs if an accident disables you and your family will get ₹ 1 crore if you pass away.

To replace the income that you are unable to earn due to your disability

Get this rider if you want to protect your family from:

PRO-TIP

If you decide to buy the Permanent Disability and Critical Illness riders, and your insurer waives off all future premiums under these riders, you can skip the Waiver of Premium rider.

Still not sure? Check out some examples

You receive partial, or full, life cover on diagnosis of any terminal illness, like advanced stages of cancer, dementia, or neurological illnesses.

Expense range:: ₹ ₹ ₹ ₹

Terminal Illness

With a life cover of ₹ 1 crore and terminal illness rider, you get ₹ 1 crore on the diagnosis of a life-threatening illness. This rider ensures you get the payout before you die.

To replace the income you lose due to the illness
To cover costs of treatment or palliative care

Most insurers already have this benefit included in the base plan. You may not have an option to choose otherwise! It will help your family take care of you worry-free through your illness. You can also help your family plan the use of the sum assured well.

PRO-TIP

If you need palliative care or if you don’t have health insurance covering your illness, this rider could help your family take care of your treatment costs.

Still not sure? Check out some examples

You get a refund of total premiums paid if you outlive the duration of the policy.

Expense range:: ₹ ₹ ₹ ₹

Return of Premium

For a life cover of ₹1 crore, if your annual premium is ₹10,000 for 10 years, with this rider, you get ₹ 1 lakh back if you outlive the policy term of 10 years.

To receive a “survival benefit”, i.e., receive the entire money paid for term life insurance back.

Many of us like to ‘get back something’ when we pay for it. If you come with this firm mindset, then buy this rider. But remember, it comes at a relatively higher cost, and the money is paid back without any returns. If you invest the additional higher premium elsewhere, you may stand to gain more.

PRO-TIP

Don’t forget that the value of money reduces over time. The premiums you pay over the next few years will have much less value at the end of the policy term. So, you’re not really getting your “full money back”.

Still not sure? Check out some examples

You get a lumpsum, or daily cash benefit, for the period for which you are hospitalised, with extra benefits for ICU and surgery care.

Expense range:: ₹ ₹ ₹ ₹

Hospital Care Benefit

With this rider cover of, say ₹ 15 lakhs, you’ll get a fixed amount, say ₹ 3,000, per day for every day that you are hospitalised, up to a maximum of 30 days. Or, you may receive a lumpsum benefit on being hospitalized. You‘ll receive a higher amount for ICU or surgery care. This will be payable till the total benefit paid reaches ₹ 15 lakhs.

To ensure your family’s daily needs are met when you are hospitalised
To help you pay hospital bills and additional expenses

Get this rider if:

PRO-TIP

If you have chosen the Critical Illness cover, or have a separate health insurance, this rider may not be of high value to you.

Still not sure? Check out some examples

Not all riders are available with all term life plans or insurers. Carefully check for alternatives or automatic rider inclusions before buying.

Disclaimer: HDFC Life Insurance Company Limited (“HDFC Life”) CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011.
ARN: INT/ST/01/24/8131

HDFC Life | Privacy policy | Terms & conditions

The tools and calculators available on this website, like the Term Guide, Underinsurance Checker, and Premium Comparer, (the “Tools”) are indicative tools and are meant to provide a general estimate for your life insurance planning. The results are based on limited facts provided by you, hence HDFC Life Insurance Co. Ltd. (“HDFC Life”) cannot guarantee the accuracy, adequacy, reliability or completeness of any information, computation or recommendation provided by the Tools. By using these tools you provide your consent to HDFC Life to store, process, analyse, or use the data collected from you and you waive your rights you may have in this regard. HDFC Life shall not be liable or responsible for any errors, inaccuracies or omissions or for any loss or damages suffered by any person in connection with the use of or reliance on the Tools. The Tools do not and are not intended to provide any investment, legal, tax or accounting advice. Results from the Tools are not an indication that the product and/or service will automatically be offered by HDFC Life and we reserve the right to offer our product or change information or features of the product and/or service listed at any time without notice. The Tools are the property of HDFC Life and are protected by applicable intellectual property laws. No reproduction, sale, publication, modification, dissemination or commercial exploitation of the Tools or information provided by the Tools is permitted.

Selecting add-on benefits (“Riders”)

Waiver of Premium Recommended

Waiver of premium

PRO-TIP

Critical Illness Recommended

Critical Illness

PRO-TIP

Accidental Death

Accidental Death Benefit

PRO-TIP

Permanent Disability

Permanent Disability

PRO-TIP

Terminal Illness

Terminal Illness

PRO-TIP

Return of Premium

Return of Premium

PRO-TIP

Hospital Care

Hospital Care Benefit

PRO-TIP

Oops!!! Something went wrong

Disclaimer

Save your progress

Saved !!!