Standalone Health Insurance vs Riders in Life Insurance: Which Is Better? and What Special Riders Life Insurance Companies Provide? · Content Duplication Tool

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FAQs

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Wrapping Up

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Did You Know?

Premiums paid for certain health-related riders, like critical illness riders, are eligible for tax deductions under Section 80D of the Income Tax Act. Source: ClearTax

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Why Should Your Life Insurance Policy Have Riders?

Tax Benefits: Like your life insurance policy, the riders you choose to add on are also eligible for tax savings. They are also available for deduction u/s 80C. The sum assured that you receive from a rider is also tax-exempt u/s 10(10)D of the Income Tax Act. Specifically: Life-related riders (such as accidental death benefit or waiver of premium) qualify under Section 80C , up to the ₹1.5 lakh cap. Health-related riders, such as critical illness coverage, can be claimed under Section 80D, subject to limits of ₹25,000 (₹50,000 for senior citizens)

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Glossary

Premium: The amount paid periodically (annually, monthly) by the policyholder to maintain an insurance policy. Critical Illness Cover: A health rider benefit that provides a lumpsum payout on diagnosis of a life-threatening illness.

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Types of Riders Available in a Life Insurance Plan

Critical Illness Rider: This rider pays you a pre-determined sum if you get diagnosed with a critical illness. Any disease or condition that can have fatal consequences and requires immediate and major treatment can be counted as a critical disease. Diseases such as cancer, stroke, heart disease, organ transplant, and others listed by the company can all be categorised as critical or terminal diseases. These diseases require constant medical care and involve huge costs. If you have opted for a critical illness rider and get diagnosed with any of the diseases listed in the policy, you will get immediate payment.

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What are Health Riders in Life Insurance?

A health rider is an add-on or a supplement to your existing life insurance policy. It provides you with health coverage benefits but in a more integrated and cost-effective way. Rather than taking out a separate health insurance policy, a health rider lets you access health benefits while still maintaining your life insurance.

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Key Takeaways

Riders are add-ons to enhance your life or health insurance policy without buying a new one. Critical illness, disability, and waiver of premium are some of the most useful riders.

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