What are riders with insurance policies? All you need to know

1.Riders are options that enable a person to enhance the cover both qualitatively and quantitatively.
2.Riders are essentially additional benefits that one can purchase and add to an existing policy.
3.Riders are terminated either when they are utilised or when the main policy ends. They can be mixed and matched based on preferences for a small additional cost.
4.Riders are typically added while purchasing an insurance policy, though they can also be attached during the policy term.
5.Commonly taken riders include accident and disability benefits, critical illness, hospital cash benefits, and waiver of premium.


Content courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.