How to customize your term insurance with riders | Business News,The Indian Express

Though term insurance is the simplest and purest form of insurance, there are ways to further enhance its protection.

Written by Sajja Praveen Chowdary

Life is full of surprises. While as much as we would want to hold on to good times, the reality is that we have no control over when something unpleasant may jolt us out of our happy world. The best we can do to control, however, is to stay prepared – mentally as well as financially. Therefore, one of the best ways to safeguard the future of your loved ones is by having an insurance policy.

But it’s important to stay aware and informed before making a decision as important as this. Though term insurance is the simplest and purest form of insurance, there are ways to further enhance its protection. Let’s understand more about term insurance and how to customize your policy with riders for better coverage.

A term insurance policy is an ideal plan to keep in your financial portfolio as it comes packed with its set of advantages. The most vital being it is the purest and the most affordable form of life insurance that provides monetary security for a specific period to the policyholder’s family in case of their death. In addition, it assures a pre-decided payout to the nominee, which is non-taxable. Moreover, the premium is among the lowest if purchased early, though it may vary with age and medical condition.

Every insurance plan gives an option of the riders or extra coverages, which can be added to the traditional policy, thereby strengthening the protection against additional risks. However, these need to be selected carefully by the insured as the customization comes with an extra cost, which thereby increases the premium. So, here are a few riders that should certainly be added to the term insurance to enhance the coverage of your insurance plan:

https://indianexpress.com/article/business/how-to-customize-your-term-insurance-with-riders-7959282/

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