Insurance help customise the life cover as per the policyholder’s needs. Let’s say a policyholder, the sole breadwinner in the family, meets with an accident resulting in temporary disability. If it forces her to stay away from work during the period of recovery, the life cover will not make good the loss of income. This is where a personal accident rider covering temporary disability could come to the family’s rescue. In such cases, the insurance company undertakes to provide monetary compensation to the insured, subject to the terms and conditions mentioned in the insurance contract.
Similarly, for a policyholder diagnosed with a critical or terminal illness, the life insurance cover can provide little relief as it is not capable of preventing the drain on finances during the treatment. A critical illness rider could come in handy in such times. The illnesses generally covered under the include cancer, kidney failure, paralysis, bypass surgery, major organ transplant and so on. The sum assured under the rider is paid upfront as a lump-sum to the policyholder.
Therefore, even if you have a health insurance policy in place, this amount can help meet other expenses or act as succour if the insured is unable to resume work during the period.
Moderation Team
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