Is it a good idea to opt for an income benefit rider in a term plan?
The income benefit rider offers benefits to the insurance holder’s family in case of their demise. The aim of this rider is to act as a regular income source for the family of the deceased policyholder. Payment is generally made as some percentage of the total sum assured and this acts as supplementary income for dependents. The percentage varies from one insurer to another. Check with your insurer to understand the terms and conditions of this rider.
Riders are a great financial tool to help you plan wisely for unforeseen events. These events may not necessarily occur in every individual’s life but nonetheless, planning for them is the best strategy to keep oneself and one’s family protected at all times and under all circumstances.
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