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Know All About the Accidental Death Benefit Rider

The Benefit rider is eligible for tax benefits under Section 80C of the Income Tax Act and it can be attached to any policy, be it term plan or unit-linked plans

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Representational Image. Image source: www.lifeinsurancepolicyusa.com
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It was just another Monday morning. As the clock struck 8, I kissed my one-year-old daughter, waved goodbye to my wife and set out to drive to work. Luckily for me, there wasn’t much traffic today. But as soon as I reached the highway, another car zoomed past me. The driver probably had to get to work early for a meeting with his boss. There was a “Baby-on-board” sticker at the back of the car which brought a smile to my face as thoughts went back to my daughter and the first time she called me “da-da.”

However, my thoughts were interrupted with loud horns and screeching of tires. The truck on the 2nd lane had suddenly swerved right and would have hit the car if the driver had not applied the brakes at the right time. Seeing what unfolded in front of my eyes in a matter of seconds shocked me. Soon a series of questions popped up in my mind – the answers to which were not so pleasant. Questions like – What if the driver of the car had not slammed the breaks which would have otherwise led to an accident? What about his baby? Even worse, what if it was me a little ahead who had met with the accident? Would my wife be able to take care of our one-year-old daughter on her own?

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In every four minutes, one person dies in a road accident in India, according to the NGO “Indians for Road Safety”. As per the data released by the Ministry of Road Transport and Highways, more than 1.45 lakh people lost their lives on Indian roads in 2015. Incidences of careless driving and uncertain terrains have made roads risky for a common man. Of course, under any such circumstances, the death of a loved one is a harrowing experience but with deep sorrow, the family will also need to deal with a financial crisis.

Here, the accidental death benefit rider proves beneficial for the family. A certain sum of money is paid over and above of basic sum assured to the nominee if the policyholder dies in an accident. For instance, Raj has bought a term insurance of Rs 50 lakhs and an additional accidental death benefit rider of the same amount. Now if Raj dies a natural death within the policy tenure, his nominee would be entitled to get Rs 50 lakhs. But if Raj dies in an accident, the nominee would get total Rs 1 crore.

Risks (Representational Image) Image source: livemint.com
Risks (Representational Image) Image source: livemint.com

Let’s understand what it entails.

Why should you buy the accidental death benefit rider?

How often do we see a family suffers financially because the breadwinner met with an accident? The jeopardy of permanent loss of income is devastating for the family. Therefore, it is highly recommended to buy an accidental death benefit rider so that in an event of death, the nominee gets an additional amount apart from the basic sum assured.

Further, this rider offers extra protection at a nominal premium rate. For instance, a 26-years old needs to pay Rs 7191 to get a life cover of Rs 1 crore under ICICI Pru iProtect Smart Plan. By paying an extra amount of Rs 472/month, he can enjoy triple benefits— terminal illness benefit + waiver of premium on disability + accidental death benefit.  In this way, he can give triple protection to his family.

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Moreover, this rider is eligible for tax benefits under Section 80C of the Income Tax Act and it can be attached to any policy, be it term plan or unit-linked plans.

Key Features of the Accidental Death Benefit Rider

Most of the insurers offer accidental death benefit riders with the following features:

  • Flexibility to choose premium mode as per own convenience—Single, Limited, and Regular Pay
  • Comprehensive protection till the end of the term of the main policy
  • Option to choose the rider either at inception or policy anniversary

What does it include?

For the purpose of payout, any accidental death caused by an external, unforeseen and violent force is covered under this rider. Also, such injury shall cause the death of the policyholder, generally within 90-180 days of the occurrence of the accident.

Exclusions

There are certain events which are not covered by accidental death benefit rider, and these are:

  • Attempted suicide or self-inflicted injuries
  • Engaging in aerial flights
  • Death of the life assured with criminal intent
  • Death due to participation in war or engaging in hazardous sports

Conclusion

The only thing certain about life is its uncertainty. We don’t know where life will take us, who will cross our way, and which direction we will be heading. But still, it doesn’t mean we should sit idle and let our destiny decide the next course of action.

Accidents bring along dire consequences and prove to be fatal for a family. It is true that we can’t control the uncertainty of life, but nothing can stand in the way of someone who is prepared to fight against all odds. So let’s become the master of our destiny and protect our family against any hurdles and surprises which this journey, called life, has in store for us.

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A Family In Delhi Commits Suicide To Thank God: Police Reports

Every step taken on the night the family died was written almost a week back.

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A Family In Delhi Commits Suicide To Thank God: Police Reports
A Family In Delhi Commits Suicide To Thank God: Police Reports. VOA

The death mystery of Bhatia family in Delhi is getting shocking as the investigation reports are coming out. According to latest report, Delhi Police Crime Branch rules out the possibility of murder in the mysterious case. The initial investigation has shown possibility of a spiritual angel, and now it seems like it is confirmed. According to Times Now sources, the family was supposed to perform some other pooja however, they died while performing it.

As per the latest reports, every step taken on the night the family died was written almost a week back. Also, the ‘pooja’ began the same day when dairy-entry was made. The aim of the ‘pooja’ was to thank god for his blessings bestowed upon the Bhatia family.

suicide
suicide. Pixabay

The sources in the police team probing the deaths told Times Now that younger son of Narayani Devi, Lalit was performing these poojas for the betterment of the family since eleven years. He started the rituals after his father’s death. During these years, the man managed to convince the Bhatia family that because of their father’s soul the family was becoming financially strong. After the death of their father, family’s business expanded. Initially, they had one shop but ‘because of the positive soul of their father’ they managed to own three more shops.

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However, CCTV footage gained by police shows a woman of the family bringing in the five stools used in the mass hangings – exactly at 10 pm. This followed a script in one of the diaries found in the house after the deaths. The footage shows that the family voluntarily took steps for mass suicide. (IANS)