Which of the following riders added to a life insurance policy can pay part of the death benefit to the insured to cover expenses?

The riders mentioned above are offered under our product ICICI Pru iProtect Smart. Please note that Life Insurance riders are not the same across the industry.

* Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All in One option. This benefit is payable, on the first occurrence of any of the 34 critical illnesses covered. Medical documents confirming the diagnosis of critical illness need to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed critical illness. The ACI Benefit is accelerated and not an additional benefit, which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about the ACI Benefit and terms & conditions governing it, kindly refer to the sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower.

+ Accidental Death benefit is up to ₹ 2 Crore. Accidental Death Benefit is available in Life Plus and All in One option under ICICI Pru iProtect Smart. In case of death due to an accident, Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit is only available for the policy term or till the age of 80 years, whichever is lower.

++ On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived. To know more about the definitions and terms & conditions applicable for permanent disability due to accident, kindly refer to the sales brochure of ICICI Pru iProtect Smart.

# Tax benefits under the policy are subject to conditions under Sections 80C, 10(10D),115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on the above.

To know about the add-on benefits of our term plan ICICI Pru iProtect Smart, click here.(UIN: 105N151V06)

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You can customize your life insurance policy by adding riders or special endorsements to enhance the policy to fit your specific needs. This article discusses a few common policy riders. Please note, Protective may not offer some of these riders.

Life insurance policies can contain additional features that allow you to customize your coverage. Commonly referred to as policy riders or special endorsements, these features can be attached to a basic policy contract to enhance the flexibility and fit of the policy to meet your specific needs.

To help you understand more, we've put together a short list of common life insurance policy riders, along with the definition and key benefits they can provide. It's important to note that this is only a partial list of common riders and that not all insurance companies offer the same type of benefits. In addition, riders are subject to underwriting and may not be available with certain health conditions or occupations.

Types of policy riders

Accidental death benefit rider

An accident death benefit rider pays out an additional death benefit to the beneficiary (that's above the current benefit limit of the policy) if you should die as a result of an accident. If you're concerned about accidental death or you work in a potentially hazardous occupation and can't afford to buy sufficient life insurance coverage, adding this rider may be a more affordable option.

Accelerated death benefit rider

An accelerated death benefit rider allows you, as the policyholder, to use all or a portion of the policy death benefit for various expenses in the event you are diagnosed with a chronic, critical, or terminal illness. If you've been diagnosed with a certain disease or are suffering from an illness that significantly affects the quality of your life and need cash, the insurer will pay out the benefit prior to your death. It's important to note that the insurance company will place restrictions regarding the health conditions that qualify for payment under an accelerated death benefit.

Waiver of premium rider

If you become totally disabled, unable to work and can't afford to pay your life insurance premiums, a waiver of premium rider allows you to stop paying premiums and still continue your policy until you are able to return to work full-time. Your life insurance policy remains in force - just as if you were making premium payments yourself. However, you will be required to prove you are totally disabled as defined by your policy rider.

Disability income rider

The disability income rider provides a supplementary income benefit if you were to become totally disabled, as defined under the policy rider. Typically, the disability income benefit is specified as a percentage of the face amount, and is payable monthly. For example, if the face amount of your policy is $50,000 and the disability income benefit is set at one percent, the rider would pay you $500 per month.

Additional purchase option (guaranteed insurability rider)

If you are unable to afford the amount of life insurance you need today, adding this rider allows you to purchase additional life insurance at a later date without having to prove your insurability. However, purchase options can be made only at specified times or for certain life events such as a marriage or the birth or adoption of a child. Because you never know how your health could change, and if you think you might want to purchase more insurance later, this may be a good option.

Term insurance rider

Added to a Whole Life or Universal Life policy, a term insurance rider can provide a fixed amount of term insurance for a specified period of time. If you have a temporary need for additional life insurance above the current face value of your existing policy and want an affordable way to have coverage, considering a term rider might be a solution for you.

Children's term rider

A children's term rider allows you to add term life insurance coverage on all children - natural, adopted and stepchildren. You may find this to be an affordable way to extend the benefits of your policy to your children. Coverage is typically available for children 15 days of age to 18-25 years of age, depending on carrier. 

Some of these common riders and endorsements come standard and may be automatically included with your policy at no additional charge, while others require you to pay an additional premium. There are also specific riders that can only be added at the time the contract is written and can't be endorsed onto the policy once it has been issued. Because life insurance products and companies differ, not all riders and endorsements presented here are offered under every life insurance policy contract or offered by every insurer.

Getting the life insurance coverage you need … today

As you age, it gets more expensive to buy life insurance. Moreover, certain health conditions can make premiums increase - or worse, make it difficult to qualify for life insurance coverage at all.

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