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Term Insurance Riders
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08 Apr, 2021
by Kulkarni Abhilash
Hi,
Is it advisable to take riders such as Critical Illness benefit or accidental disability along with term insurance or get them covered in health insurance? What are pros & Cons of getting them covered in term insurance vis-à-vis health insurance? I want these coverages but seeking guidance where it is advisable to get it covered under term insurance or health insurance.
Thank you in advance.
Regards,
Abhilash
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I recommend to take it as rider with term insurance as per reasons below :
1. Life Insureres are managing large customer base hence offers little economical rates for critical illness and personal accident . They offer these rates to increase pool of customers .
2. Life insurance is not indemnity product hence rider also fall in this category .
3. Claim settlement of life insurers are over 95% and they are more worried for their image .
4. Even scope of critical illness as well as PAB is far more .
However , in general insurance you can always buy critical illness and term as independent product . But as rider you will have to buy term insurance . Thus your overall cost become more .