HDFC Life Insurance has announced the launch of a rider called Protect Plus which protects against accidental death, cancer, and disabilities. A rider is an additional cover to the base policy that provides some additional benefits. Life Insurance companies offer a wide variety of optional riders that the customer can buy at an additional premium to suit their needs. Normally, the customer needs to choose the rider at the time of buying the policy. The most popular riders are permanent disability and accidental death riders.
The Cancer cover would cover up to 25% of the rider sum assured on diagnosis of early-stage carcinoma (CIS) or cancer. In such a situation where the customer is diagnosed with any major stage cancer, 100% of the rider sum assured is paid out (less any payout made for early-stage cancer/ CIS).
The Personal Accidental Cover protects against three sorts of accidents:
- During the death of the customer, the company is eligible to pay 100% of the rider sum assured in addition to the claim amount payable under the base policy.
- In a situation of permanent disability, 10%-75% of the rider sum assured will be paid depending on the type of disability.
The Accidental Death Coverage has to pay 100% of the rider sum assured along with the claim amount payable under the base policy in an unfortunate event of death due to accident.
Customers can choose this rider with term plans as well as investment and savings plane (unit-linked & traditional). The main aim behind it is to enhance the cover thereby providing additional financial protection as well as the family in case of an unexpected or unfortunate event.
Buyers can opt for this rider with some of the flagship products including Click 2 Protect Plus, Click 2 Protect 3D Plus, HDFC Life Click 2 Invest, HDFC Life Sanchay Par Advantage, HDFC Life Click 2 Wealth, HDFC Life ProGrowth Plus, HDFC Life Sanchay, HDFC Life Sanchay Par Advantage, etc. Srinivasan Parthasarathy (Chief & appointed actuary, HDFC Life) said that Protect Plus is a rider pack designed by understanding the fact that the customer needs to address the dreaded disease- cancer, in addition to disability and death.
