The pandemic has changed the way we look at various aspects of life, especially wealth management. It has opened our eyes to the significance of one of the most critical aspects of financial planning – life insurance. Regardless of age, safeguarding your family’s future with insurance is crucial, especially when health crises and chronic diseases are on the rise.

Term insurance is an affordable instrument that keeps your family financially secure in case of your unfortunate demise during the policy period. It focuses purely on protection and also features attractive riders to preserve your family’s financial stability.

What are riders?

Riders are add-ons to your base insurance plan, enabling you to enhance your policy coverage. Some riders are a part of the plan, while others need some extra payment. Nonetheless, these additional benefits strengthen your existing plan, facilitating protection against unforeseen events that might derail your finances.

If you are new to buying insurance, you can compare the offerings from different insurance providers online.

For example, Edelweiss Tokio Life’s Zindagi Plus term plan offers protection against unforeseen circumstances, including pandemics, and also presents several rider options.

Various factors such as age, medical history, lifestyle, and more play a role in selecting a suitable rider. However, you can consider the options listed below, which prove useful in most scenarios. These are the term insurance riders available with Edelweiss Tokio Life’s term plans.

Accidental Death Benefit Rider

An unexpected death due to an accident, be it road, aeroplane, industrial, or workplace-related, can lead to financial challenges for your loved ones.

This rider provides extra payouts if an unfortunate demise results from an accident. For instance, if you have a term plan for ₹50 lakhs with an accidental death benefit rider for ₹25 lakhs, your loved ones will receive ₹75 lakhs if death occurs due to an accident. Note that the maximum sum assured payable might be capped. Edelweiss Tokio Life offers a minimum sum assured of 10 thousand rupees under this rider. There is no maximum limit but is subject to reinsurance capacity.

Accidental Total and Permanent Disability Rider

Accidents do not necessarily cause death. It can also leave a lasting impact in the form of permanent disability. Such a condition can limit your capacity to provide for your dependents. As a result, it leaves your loved ones in financial constraint, especially if you are the sole breadwinner in your family.

An accidental total and permanent disability rider can be a saviour in such circumstances. It acts as an alternative source of income as it pays out an amount, either as a lump sum or as a regular income. Edelweiss Tokio Life’s Zindagi Plus term plan comes with this rider option, under which you can receive 1 lakh as a minimum sum assured. While there is no cap on the maximum sum assured, it cannot exceed the value of the sum assured in the base term plan. 

Critical Illness Rider

Being diagnosed with a critical illness is distressing emotionally as well as financially. Diseases like cancer, paralysis, stroke, and the like often require extended treatments and follow-up therapies. The rising costs of medical care associated with such health conditions can burn a hole in your pocket. It can lead to financial shortfalls for your dependents as well.

A critical illness rider can rescue you from the hefty medical expenses if you are diagnosed with any such illness specified in the plan. Most major diseases are covered under this rider. Edelweiss Tokio Life critical illness rider provides for cancer, heart attack, open heart replacement, open chest CABG, kidney failure, third-degree burns, organ or bone marrow transplant, stroke leading to permanent symptoms, organ or bone marrow transplant, and permanent paralysis of limbs, to name a few.

Today, chronic diseases such as cancer, diabetes, and cardiovascular conditions are becoming increasingly common in India. Therefore, this rider can prove beneficial in the future.

Hospital Cash Benefit Rider

These days, a single day at the hospital can cost thousands. Depending on your reason for admission, this amount can run into lakhs, not to forget the recovery and rehabilitation costs. Healthcare costs, including hospitalization, can thus deplete your savings.

A hospital cash benefit rider provides a daily cash benefit covering the medical expenses for the duration you are hospitalized. Moreover, it pays out a certain percentage of the sum assured for ICU and recovery costs. With Edelweiss Tokio’s hospital cash benefit rider, you get 1% of the sum assured for the days spent in ICU. A lump sum equal to 4% of the sum assured is paid after you get discharged. Thus, this rider serves as a safety net against unplanned healthcare costs. 

While we cannot predict events such as pandemics, accidents, or severe diseases, we can plan for the related financial demands. Check out Edelweiss Tokio Life Zindagi Plus with riders to protect your family’s financial wellbeing in such unwanted circumstances.