back arrow Back

Can we add or remove the riders after purchasing the term insurance?

reply Share
17 Mar, 2021 by  Aman Jain

I am planning to purchase the TATA AIA term insurance, but I am unsure of buying the critical illness rider so can I add the rider after purchasing or can I remove the rider if I purchase along with the term insurance?

like like
0
Term Life Insurance

4 Answer

Post
18 Mar, 2021
Ronak

Hi Aman if you want to add a rider with a term plan you will have to add now only currently they don't have the feature to add a critical rider once you purchase a term plan but once the rider is added you have the option to drop riders on renewals, one more point you need to consider is critical rider premium is guaranteed for 3 years only after that they can change the premium this is mentioned in policy bond, currently I am executive life planner with TATA AIA you can connect with me for more details

like like
0
icon-comment 1 Comments
icon-reply Reply
18 Mar, 2021
Aman Jain
Suppose I have purchased the rider along with term insurance, later can I increase the sum assured of rider, as the cost of treatment of critical illnesses will increase with time
like like
0
18 Mar, 2021
Ronak

you will have to select critical rider sum assured now only as underwriting is done based on your current health and income declaration,

like like
0
icon-comment 0 Comments
icon-reply Reply
18 Mar, 2021

Hi Aman,

It is advisable to buy a pure term plan and not to opt for a critical illness rider, but to have a separate critical illness policy. If budget is a concern you can opt to the rider.

To the best of my knowledge you will have to opt for the rider at proposal stage itself as the insurers carry out the risk assessment based on Sum Assured including riders like permanent disability or critical illness cover. Insurers usually do not allow increase of rider sum assured post issuance of policy

like like
0
icon-comment 1 Comments
icon-reply Reply
28 Mar, 2021
mehul
Do we have critical illness Policy instead of Buying with Term Plan ?? Please suggest some separate Critical Illness Policies.
like like
0
28 Mar, 2021

Yes, most health and general insurers have standalone critical illness policies. You will have to check the illnesses covered before taking a critical illness policy

like like
0
icon-comment 0 Comments
icon-reply Reply
Discover the best tips for insurance every week!
beshak logo

Beshak is your source for clear, research-backed information & analysis of insurance plans. Our sole focus is to help you make well-informed decisions on insurance. We don't sell or advertise insurance plans or companies.

facebook icontwitter iconlinkedin icon

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business. © Copyright 2021 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂