MANAGEMENT

Detailed explanation-1: -An insurance rider-also referred to as a floater or an endorsement-is an optional add-on to an insurance policy. A homeowners insurance rider amends a basic policy.

Detailed explanation-2: -A rider is an optional coverage or feature you can add to your life insurance policy, often for an additional cost. Riders can help cover life events that your standard policy does not. Riders can provide benefits for critical illness and more during your lifetime.

Detailed explanation-3: -In simple terms, a rider is an additional benefit that can be included to your basic health insurance plan. By adding riders, your insurance coverage can be expanded as per your requirement and at a lower cost. The insurance regulator IRDAI has capped premium on riders at 30% of the basic insurance plan.

Detailed explanation-4: -Term insurance riders are amendments or attachments made to a term insurance plan, giving the policyholder additional coverage, thereby enhancing the policy’s utility. Riders provide several additional benefit apart from the death benefit offered by the term insurance policy.

Detailed explanation-5: -Guaranteed Insurability The guaranteed insurability rider gives you the option to buy a stated amount of additional insurance at specified intervals up to a maximum age, usually 40, without presenting evidence of insurability.