NEW DELHI: Buying health insurance riders makes the existing policy more comprehensive, boosting coverage and providing added features. It also saves on the cost of buying a new policy.
Ankit Agrawal, CEO and Co-founder, InsuranceDekho, said, “Purchasing a new health insurance policy on top of an existing one can be inconvenient. So, it is best if you consider buying an appropriate rider policy to supplement your basic health insurance plan’s coverage. The rider can save you time and money by eliminating purchasing a new regular health insurance plan. It also provides you with the best options at a reasonable price. “
Some of the riders that can be bought with a policy are critical illness rider, accidental benefit rider, hospital cash benefit, among others.
This piece looks at benefits of such riders:
Enhances coverage at low cost: Adding riders to existing health insurance policy is necessary and beneficial because it expands coverage and protects your family from unanticipated events. It broadens the scope of the existing health insurance plan’s coverage, ensuring that family members are covered equally and at a reasonable cost.
Compensation: The claim amount granted under the rider plans is a lump sum, so it can be used to compensate for lost income or to cover debts, mortgages, loans, and other liabilities that policyholders may accrue as a result of their inability to work due to illness.
“You can use the claim money from the rider to pay for a child’s education. Typically, you can use the money to pay for school, college, or future educational expenses. Policyholders can have a safe and secure future with the rider covers, “Agrawal said.
Waiver Premium: You can use the advantages of your purchased health insurance rider following accidental disability or critical disease. You can keep the policy under this premium waiver feature without paying the extra premium after using the services.
Customization flexibility: You can customize rider plans to meet specific needs. Agrawal said, “You may personalize your rider plan and add or remove features using the online premium calculator. When purchasing a rider plan, you should evaluate your medical history, pre-existing sickness, financial budget, and other factors. “