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News & Views

Monday, Jul 4, 2016

6 smart things you must know about insurance policy riders

   [Source : The Economic Times]
[Source: The Economic Times]

Opted for insurance policy riders. Here's a list of 6 smart things you need to know:

1. Riders are options that allow you to enhance your insurance cover, qualitatively and quantitatively. They are basically additional benefits that one may buy and add to the policy.

2. Riders are terminated once they have been used or when the main policy itself terminates.

3. They can be mixed and matched, based on one's preference, for a small additional cost.

4. As a 'one size fits all' approach does not apply to insurance, covering risks based on factors unique to each insured individual makes sense.

5. Insurance companies also find it convenient to offer a few basic policies and a number of riders that can be added as required.

6. Riders are usually taken at the time of buying an insurance policy. However, they can also be attached during the course of the policy term.

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