What are Riders in an Insurance Policy?
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What are Riders in an Insurance Policy?
In Insurance terms Riders are additional but optional benefits that can be included to your basic policy to enhance your policy depending on your choice. There is an extra cost that one needs to pay for rider.
One more important thing - Riders are always attached to the basic policy and they cannot be purchased separately.Quote:
Originally Posted by Tejas
Source - ICICIPrulife.comQuote:
Riders - Additional or supplementary benefits that are bought together with a main life policy on the same life and are combined for the purposes of collecting one premium. They ride on and are considered as part of the main policy. They could be added, amended or deleted from the main policy, any time, subject to risk assessment.
Source - BajajAllianzlife.co.inQuote:
An add-on benefit available at the option of the policyholders against payment of additional premium that may alter certain features of a policy.