Choosing the right insurance policy that is best suited for your and your family’s needs can be a tricky task. The right insurance policy can make it easy for you and your loved ones to sail through exigencies without everyone’s future getting completely derailed. 

To make the most of your life insurance policy, it is important to customize it as per your lifestyle and needs. This is where riders come into the picture. 

What are riders?

Riders act as supplements to a life insurance policy that provides additional coverage and maximizes the policy benefits. Riders allow you to customize a policy and they offer potent coverage for specific circumstances. They provide a lot of flexibility and you can purchase this with your base policy at an additional premium. With riders, you can expand the safety net of your family members so that they have adequate coverage in a wide variety of situations. Here is a simple breakdown of the different kinds of riders commonly provided by insurers :

• Premium waiver benefit rider: This rider allows the subscriber to get future premiums waived off in the event of the insured becoming permanently disabled or injured and is unable to pay the premiums. The policyholder is exempted from future premium payments after the date of such an incident and the benefits under the policy remain the same for the insured. This rider can be beneficial in cases when the premium on the policy is high.
• Accidental death benefit rider: If the insured succumbs to an accident and there is an accidental death benefit rider in place, then the family of the insured can avail an additional payout over and above the basic sum assured. For instance, if a person has a life cover of Rs 50 lakh and an accidental death cover of Rs 20 lakh, then in the case of accidental death, the family will get a total sum of Rs 70 lakh.
• Critical illness rider: A critical illness can not only create a dent in your financial health but it can also derail your professional life and the future of your loved ones. A critical illness rider helps the insured avail a lumpsum amount and on the diagnosis of a critical illness which can be used to meet medical expenditures or as a replacement for lost income. Critical illness riders can provide comprehensive financial protection against major life-threatening diseases such as cancer, heart attack, tumor, kidney disorders, coma.

If you are on the lookout for an insurance policy that provides robust coverage as per your needs then the HDFC Life Click 2 Protect Life plan can be the appropriate choice. With HDFC Life Click 2 Protect Life, you can customize your term plan by choosing one of the three options  – Life Protect Option, Life and CI Rebalance Option and the Income Plus Option with the advantage of choosing riders for accidental disability, critical illness. With the Life Protect option, a lumpsum amount can be availed in case of death during policy term, the Life and CI Rebalance option ensures you are covered against critical illnesses – Critical Illness cover increases at each policy anniversary with corresponding reduction in Life Cover and in the instance of the diagnosis of a critical illness, the premiums are waived off. The Income Plus Option gives the Life Assured coverage for the entire policy term and a lumpsum payout can be availed on maturity along with regular income from the age of 60. 

Also, under the Income Plus Option, you will receive a return of 100% of the Total Premiums paid as Lumpsum, upon survival till maturity. With a 98.01% Claim Settlement Ratio, you can be assured that your future is in the right hands.

Why should you buy riders?

• The biggest advantage of having riders is that it can safeguard your family from more than one hazard. Yes, the death of the breadwinner is the most devastating tragedies but disabilities, life-threatening illnesses or loss of income can be extremely harrowing experiences too. Adding riders to your life insurance plan can bolster your safety net and help protect your family better.
• Buying riders is a cheaper option than buying multiple insurance policies. Instead of having to pay premiums for multiple policies, choosing riders based on your needs is a more cost-effective way to provide adequate coverage for your loved ones. You will also be spared the hassle of managing multiple policies. 
• You can avail tax benefits with riders towards the amount paid on your chosen insurance plan. For instance, you can avail tax deductions under Section 80C of the Income Tax Act, 1961 on the amount paid towards an Accidental Death Rider and Section 80D of the Income Tax Act entitles you to benefits on the amount paid for critical illness rider.