As it is important to plan for the retirement for you and your spouse, an ideal retirement plan should also offer you the option of
purchasing additional life cover.
In addition to Life Cover amount, you also
get additional life cover of an equivalent amount in case of an unforeseen event due to an accident.
On birth or legal adoption of first child,
additional life cover equal to 25 % of the original life cover is paid, subject to a maximum of INR 25,00,000
Well, because of 2 reasons — Getting more units without having to compensate the high allocation charges (40 % of the regular premium, 1 - 2 % of the top - up)
Additional life cover Top - up can't be made in the first year and the last five years of the policy term.
Therefore, if you want to invest more than the usual amount in a ULIP, you have to bear mortality charges for
additional life cover too.
Comprehensive life insurance coverage — Get coverage of 10 times the annualised premium (for Limited and Regular Pay options) of base policy and
get additional life cover, equal to sum of all future premiums payable under the policy till the age of 60 years, with Partner Care Rider.
An additional point to note: in case you surrender your policy or make the policy paid up, you must compensate for the reduction in total life cover by purchasing
an additional life cover.
Bonuses: For an example a customer is paying Rs. 2672 / - per month in Exide life secured Income Insurance Plan for 20 years for a sum assured of Rs. 5 Lakh and by paying extra Rs. 135 / - per month for rider cover and he get
an additional life cover of Rs. 5 Lakh and he get a double protection.
In the event of demise, the total life cover chosen under the classic variant plus
the additional life cover is paid to your family.
Offers
an additional life cover which is same as equal to the sum assured in case of accidental death
Along with the amount of life cover,
an additional life cover of an equivalent amount is also given to you, for the unforeseen events due to accidents.
On birth or legal adoption of second child,
additional life cover equal to 25 % of the original life cover is paid, subject to a maximum of INR 25,00,000
Comprehensive Life Insurance Coverage — The customer may get coverage of 10 times the annualized premium (for Limited and Regular Pay options) of base policy and get
additional life cover, equal to sum of all future premiums payable under the policy till the age of 60 years, with Partner Care Rider.
This an additional life cover to the base cover.
If the insured dies during the policy term, the sum assured under classic option along with
the additional life cover will be paid to the nominee.
In this case, you can take
an additional life cover through a term plan equal to the amount of home loan.
Additionally, the insured can opt for an additional higher life cover to the base sum assured by paying a nominal additional annual premium.In case of insured's death during the policy term, the total life cover chosen under the classic variant plus
the additional life cover is paid to the nominees.
Therefore, there will be a purchase of additional Sum Assured i.e. you have to purchase
additional life cover.
You can maximize protection for your spouse through
an additional life cover, with Max Life Partner Care Rider.
Additional features: Now a days there are many term insurance plans are coming with various additional features like additional riders, monthly income option,
additional life cover, term insurance plan with return of premium etc. now you can explore them and choose the one as per you need and also you think it will benefit you.