What are Add-on Benefits with Term Insurance?
Imagine you are purchasing a new smartphone, which comes with its basic features and functionalities. However, the manufacturer also offers a range of optional add-ons that you can choose to enhance your smartphone experience. These add-ons may include a high-quality camera attachment, extended battery life, waterproof casing, and a protective screen cover.
Similarly, a term insurance plan serves as the basic coverage for your life, providing financial protection to your beneficiaries in the event of your death. However, insurance companies such as Max Life Insurance Co. offer add-on benefits or riders that you can opt for to enhance the coverage according to your specific needs. These add-on benefits act as extensions to your basic policy, offering additional features like critical illness coverage, accidental death benefits, disability protection, and more.
Just as the add-ons for a smartphone provide extra functionalities and protection beyond its basic features, the add-on benefits for a term insurance plan offer supplementary coverage beyond the regular death benefit. They provide you with additional financial security and peace of mind by addressing specific risks or scenarios that may not be covered by the base policy alone.
Once you have selected the term insurance policy and determined the appropriate sum assured that meets your requirements, the next consideration is to explore the available add-ons or riders. These riders are optional benefits that can be purchased alongside your insurance policy by paying an additional premium amount.
Various riders are offered with Max Life Smart Secure Plus Plan, but the specific types of riders may differ from company to company and policy to policy. Here are the addon riders offered with Max Life Smart Secure Plus Plan:
CIDR (Protection against Critical Illnesses)
Key Benefits and USPs:
- Comprehensive Coverage of up to 64 Critical Illnesses – Highest in the market, up to 5 Minor Illnesses including Angioplasty and 59 Major Illnesses
- Total Permanent Disability (TPD) cover due to all causes – Physical Impairment or disability caused due to an accident, sickness or disease
- Flexible payment option – Limited pay option available to attach the Rider till the Policy term of the base plan
- Premium rate guarantee of 10 years – Highest in the market, no change in premium rates for 10 years
- Compliments a Mediclaim policy – Lump sum payout on diagnosis to cover additional medical expenses or loss of income
- No medicals required – Rider Sum assured is not added to the base plan and non-medical limits available up to 30 Lacs
- MAX Fit Program with discounted renewal premium – Wellness Benefit with the objective of maintaining customer’s good health and improving it
| Variant | Minor Illness | Major Illness | TPD |
| Gold | 1 | 21 | X |
| Gold+ | 1 | 21 | ✓ |
| Platinum | 5 | 59 | X |
| Platinum+ | 5 | 59 | ✓ |
| TPD | X | X | ✓ |
Accidental Cover Option
This rider provides an additional payout in case of dismemberment or death due to an accident. This amount is in addition to the base life cover.
WOP (Waiver of future premiums)
- Critical Illness; or
- Dismemberment; or
- Death – When Life Insured and Policyholder are different
Premium Break
The premium break features of term life insurance allow policyholders to take premium breaks twice during the policy period at an interval of 10 years. With such innovative term insurance features, you get:
- Continuous financial security for your loved ones
- Less stress to fulfil premium payment obligations
- A helping hand in times of financial difficulties
- Peace of mind
When considering any riders, it’s essential to carefully review the policy documents, understand the coverage details, and assess your specific needs before making a decision. Additionally, the cost of these riders may increase the overall premium amount of your term insurance plan.
Get The Right Addon Benefits: Enhance Your Term Insurance with Guidance from The Insurance Advisor
If you’re feeling overwhelmed by the thought of buying term insurance with the right Addon benefits, fear not!
The Insurance Advisor is here to save the day. Our insurance advisors will guide you in buying the best term insurance with the right add-on benefits. Contact us today!