How do you increase the life insurance element in a bundled plan? You can do that by buying a term life rider. A rider is an add-on cover to the base policy that provides additional benefits. Life insurance companies offer a range of optional riders that you can buy at an additional premium to suit your needs. Read for more details on riders.
A rider is an optional add-on to a policy, which is explained in the product brochure. So you can buy a rider as long as the product offers you that option. Typically, you need to choose the rider at the time of buying the policy. There are a host of riders that life insurance companies offer. The most popular ones are accidental death and permanent disability riders. Under this, if death of the policyholder occurs due to an accident then, apart from paying the life insurance benefit promised under the base policy, the policy will also pay an additional sum insured as specified in the rider. In case an accident leaves the policyholder permanently disabled, the rider will pay the specified sum insured.