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Life Insurance

What is Life Insurance?

It is a contract between the policyholder and the insurance company according to which the latter agrees to provide a sum assured called the death benefit in the event of an unfortunate demise of the life assured. In case of survival of the life assured throughout the policy tenure, a maturity benefit is paid to the life assured. One can also choose to get a compensation in case of a critical illness by opting for the same via a critical illness rider. There are various types of life insurance plans namely term plans, child plans, retirment plans, money-back plans, and Unit-Linked Insurance Plans (ULIPs). Besides the term plans which are pure protection plans, all other types of these plans offer an investment element to help meet the policyholder’s wealth creation requirements.

Benefits of Life Insurance

There are several benefits of having a life insurance policy. Life insurance is a financial tool which can help an individual create a financial net for their loved ones in case anything unforeseen happens to the life assured. It not only helps an individual to financially secure the future for their loved ones but also helps them save their earnings for a better future. Life insurance is one essential part of one’s financial plan. Most people use life insurance policies to ensure that the beneficiaries who may suffer financial hardships in the absence of the life assured have financial resources to fulfil their daily financial requirements and pursue their dreams.

Life Cover

A life insurance policy provides a sum assured as the death benefit in the event of an untimely demise of the policyholder, thereby providing financial security to the life assured’s family. A life insurance thus acts as a financial shield and ensures that the aspirations of the life assured’s family do not get compromised.

Tax Benefits

Life insurance premiums qualify for a tax deduction of up to Rs. 1.5 Lakh under Section 80C of the Income Tax Act. Also, the life insurance proceeds qualify for a tax exemption under Section 10(10D), if the premium is up to 10% of the sum assured or the sum assured is at least 10 times of the premium amount of the life insurance plan.

Peace of Mind

Life Insurance helps create a sense of peace of mind for an individual because it ensures a financially secured future for the loved ones of the life assured in his/her absence. Life insurance also provides financial aid at the time of medical emergencies thereby decreasing the family’s stress to arrange funds during difficult times.

Assured Income Benefit

Some life insurance plans offer an option to receive the death or maturity sum assured by way of regular income on periodic intervals as monthly, quarterly, half-yearly, or yearly instalments. This helps the life assured enjoy the benefits of the plan as an assured flow of regular income.

Financial Stability

Purchasing a life insurance policy can help one ensure the financial stability of their loved ones in the future. In case of a death of life assured, a life insurance plan pays out a death benefit to the nominee which can help the family to clear out debts or any other liabilities and maintain their standard of living.

Loan Facility

Most of the life insurance plans provide an option to avail a loan at a nominal interest rate to meet urgent financial requirements. This helps the life assured to enjoy a substantial amount of liquidity with the help of the life insurance plan. The loan facility is generally available with ULIPs, Endowment Plans and Child Plans.

Key Features of Life Insurance Policy

Apart from providing basic coverage following are the key features of a life insurance policy:

Key Features

Death Benefits

Investment Component

Tax Exemptions

Maturity Benefits

Additional Coverage

Collateral for Loan

Flexible Premium Payments

Benefits Offered

Under this policy, death benefit shall be provided to the nominee in case of an untimely death of the life assured during the policy tenure. The death benefit amount can help your financial independents to fulfil their daily financial requirements and goals in your absence. A life insurance policy helps you create financial security for your loved ones even in your absence.

It also act as an investment component if one chooses to invest in ULIPs, Money Back and Endowment plans as these plans provide dual benefits of life cover and investments, such plans provide returns on investments. Money Back and Endowment plans provide additional bonuses based on the performance of the insurer.

The benefits under this policy help the family of the life assured build a safe and secured future even in the absence of the life assured. Moreover, under Section 80C and 10(10D) of the Income Tax Act, 1961 one can avail income tax benefits by investing in a life insurance policy. Premiums paid towards this policy qualify for tax exemptions.

Some life insurance policies provide a maturity benefit at the end of the policy term in case the life assured has survived the entire policy tenure. The maturity benefit helps an individual to fulfill his/her financial goals over a period of time.

You can also choose to increase the scope of coverage of the base policy by opting for an adequate rider which are additional coverages that come in exchange for an additional premium. These additional coverages increase the coverage of the life insurance policy. Some common riders opted with a life insurance policy are Accidental Total and Permanent Disability, Accidental Death Benefit, Critical Illness Rider, Accelerated Terminal Illness Rider etc.

Some life insurance policies offer loans against the policy feature which can help an individual to fulfill urgent financial requirements such as treatment for medical emergencies or help an individual to fulfil financial obligations which cannot be avoided.

Under this policy premium can be paid on a monthly, quarterly, half-yearly or yearly basis. Life assured is given the flexibility to choose the premium payment mode and frequency.

How Does Life Insurance Work?

Life insurance is a common option considered by many people for financial planning to secure their future. This policy can help you ensure financial protection of your family in case of your unforeseen demise. At the time of purchasing a policy it is essential for you to understand how this policy works and how your nominees/beneficiary can receive the proceeds of your life insurance policy.

It is basically a contract between the policyholder and the insurance provider wherein the insurance provider promises to provide life cover to the life assured in exchange of regular premium payments. The life assured is the person who is insured under this policy and the policyholder may or may not be the life assured but can be the person who purchases the policy. The policyholder/life assured can choose to pay premiums on an annual, semi-annual, quarterly or monthly basis.

In case of an unforeseen demise of the life assured during the policy tenure, given that the life insurance policy is active, a death benefit shall be provided to the nominee/beneficiary which can help them fulfill their financial requirements and goals in the absence of life assured. If the life assured survives the entire policy tenure, surviving benefits known as maturity benefit shall be provided to the life assured at the end of the policy tenure.

Life insurance is not very complicated to understand, in exchange for regular premiums the insurance companies provide life cover to an individual. The policyholder can choose to add a rider to this policy to increase the power of coverage of the base policy. Riders are additional coverage that comes in exchange for additional premium. One can also use this insurance plan to avail tax exemptions.

Types of Life Insurance Plans

As already stated, life insurance plans are broadly categorised into two types, term insurance plans, and investment plans. Let’s understand these types in detail in the section below:

Term Insurance

A term insurance is one of the most affordable type of plan that provides protection to the nominees in case the policyholder meets an unfortunate death. The financial coverage is given on the basis of the premium that the policyholder pays during the policy term.

Further a term insurance plan is also classified into the following:

  • Return of Premium Term Insurance: This is a type of term insurance plan that provides a survival benefit in case the policyholder outlives the policy term. Moreover, the entire premium that is paid is also paid back to the policyholder if the policyholder survives.

  • Whole Life Insurance: Whole life insurance plan provides term insurance coverage to the policyholder till the age of 100 years. So, if you want a longer coverage for your family, then this plan is the best-suited for you.

  • Zero Cost Term Insurance: Under this type of term insurance plan, a policyholder can make an exit from their term insurance plan at any point of the policy term and still get all the premiums back.

  • Increasing Term Insurance: Increasing Term Insurance is one where the term insurance coverage increases over the policy term at a specific rate.

  • Decreasing Term Insurance: On the other hand, in decreasing term insurance, the coverage decreases at a specific rate over the policy term.

Investment

An investment plan is one where you pay a specific amount during the policy term to get guaranteed returns over the long run. Some of the different types of investment plans that you can consider buying are as follows:

  • ULIP: ULIP or Unit Linked Insurance Plan which provides dual benefits of both insurance and investment. It is a market-linked investment plan and thus you must keep the risk appetite in mind before investing in ULIP.

  • Endowment Plans: This type of investment plan provides both survival and death benefits. A maturity benefit is paid out to the policyholder after a specific duration, while life insurance benefit is given in case the policyholder meets an unfortunate demise.

  • Retirement Plans: If you are looking for an investment plan that will be helpful in creating a corpus for your retirement, then you must invest in a retirement plan. There are a number of companies that offer retirement or pension plans at affordable rates.

  • Child Plans: As the name suggests, this type of plan is suitable to meet the financial needs of your child such as funding their education. A child plan remains active even if the policyholder passes away and the balance premium is later paid back by the insurer.

Why Buy Life Insurance Online?

Purchasing life insurance online can be a very easy task but some people may have doubts when they are buying it online for the first time. To help you out, we have enlisted some reasons why you should purchase it online instead of the traditional method of buying it offline:

  • Convenient: You can purchase a life insurance policy online at your convenience i.e. you can purchase it anytime, anywhere. You can do so from the comfort of your home without having to visit the branch office of the insurance company. Purchasing it online is very convenient as it is hassle-free, completely digital, time-saving and payment can be made through different payment gateways.

  • Freedom to Choose a Desired Life Insurance Plan: Many times agents can influence your purchasing decision when you are buying it from the branch office. However, when you choose to purchase a life insurance policy online you have the freedom to choose an insurance plan according to your budget, requirements, and preferences without anybody else influencing your decision.

  • Quick Comparisons: You can use an online life insurance premium calculator to calculate its premium and compare several life insurance plans according to your needs and budget. You can make quick comparisons as the premium calculator tool displays life insurance plans according to the information you enter. You can easily compare the different plans at once.

  • Secure Payments: Many times people think that providing their bank details or card details online on a website may lead to misuse of the information but payment gateways are always encrypted to ensure full security for customers. The payment for it is safe and completely encrypted.

Reasons To Invest in Life Insurance

Nobody has an idea which way their life will go. Life is very uncertain, nobody can predict the event of their life. To stay financially secured from the uncertainties of life one should consider purchasing life insurance. If you are not sure about whether life insurance is a good choice for you, below mentioned are some reasons why investing in this policy will help you ensure financial security for your loved ones:

Helps In Saving Taxes: One major advantage of purchasing this policy is that you avail tax deductions on the premiums you pay. Under the Section 80C and 10(10D) of the Income Tax Act, 1961 one can avail tax benefits for the premiums paid towards life insurance policy.

Helps In Planning For Retirement: Not every type of life insurance policy can help you create a corpus for retirement. Some insurance providers have retirement plans that can help you build a corpus for retirement while providing life cover. The earlier you choose to purchase a retirement plan the more money you will have to fulfil your financial requirements post-retirement.

Will Help You Loved Ones Pay Off Your Debts: In case of your untimely demise of the life assured during the policy, a death benefit amount is provided to the nominee/family of the life assured. In case of your untimely demise your loved ones may have to deal with your debts, the death benefit amount can help your loved ones to pay off your debts.

Provides a Financial Safety Net: In case you are the sole breadwinner of the family your untimely demise will not only emotionally affect your family member but also financially. Under such circumstances this policy can help you provide a financial safety net for your loved ones even in your absence.

Provides Mental Peace: The biggest advantage of purchasing a life insurance policy is that it provides peace of mind. When you purchase it you ensure financial security of your family and you ensure you’ve done whatever you could to secure the future of your family in case you are not around.

Can Act as an Savings Tool: A life insurance policy encourages disciplined savings habits in an individual. Apart from encouraging disciplined savings habits some of these policies offer loans against the policy facility which can help you at times when you require immediate funds.

Can be Customised: Depending on different insurers one can customise their life insurance policy by adding riders which are additional coverage that come in exchange of additional premium. Riders help you customise your plan according to your requirements.

Who is most likely to buy Life Insurance?

The most important question while purchasing a life insurance policy is whether you have financial dependents or not. Below mentioned are some types of people who are most likely to purchase it:

Young Adults: It is always advised to purchase it as soon as you start making a living. As soon as you start earning a living for yourself and your family you should consider purchasing a life insurance policy because it can not only help you avail tax benefits but also help you attain financial security from the uncertainties of life. It is said that this plan should be purchased when a person is young because premiums for physically fit people are less and it also helps in early tax savings.

 

Parents: Many adults start considering purchasing a life insurance policy as soon as they become parents because they want to ensure a financially secured future for their child. As parents would always want to provide the best for their children, and this plan can help you create a financial plan to secure your child’s future. You will require coverage that can help take care of household expenses and potential expenses that arise from raising a child. This policy provides a death benefit in case of an unforeseen demise of the life assured during the coverage period, with the help of a life insurance you can ensure financial security of their child in case an unforeseen event takes place.

Married People: People who are married who have spouses that fully depend on the income of their partner often purchase life insurance policies to ensure financial security of their spouse in the absence of the life assured. As the sole breadwinner between two married people one should consider purchasing life insurance. The death benefit provided under it can help your wife/husband to fulfill their financial requirement and maintain a healthy standard of living even in your absence.

 

Sole Breadwinner of the Family: Usually the sole breadwinner of the family is most likely to purchase a life insurance policy to ensure that his/her family members are financially unbothered in case of an unfortunate demise of the life assured during the policy tenure. In case the primary income source of the family passes away, this policy can help the family member of the life assured to maintain a decent standard of living and fulfill daily financial obligations until they are able to arrange funds or start earning themselves. It can also help an individual create a financial cushion for his/her family members in case an unforeseen event takes place.

 

Retirement Age Adults: People who don’t have a large savings amount such as people who wish to retire or have retired may also wish to purchase a life insurance policy. Some life insurance policies offer whole life coverage which can help an individual who is retiring ensure a financially secure future for their dependents such as child, husband/wife etc. In case of an unforeseen demise of the life assured, the death benefit amount paid under a life insurance policy can help the family of the life assured to fulfil immediate expenses.

Business Owners: If you own a business you must worry about what will happen to your dependents and employees in case of your unforeseen demise during the policy tenure. In case of an unforeseen demise of the life assured, the financial dependents of the life assured can use the death benefit amount to pay to creditors, manage payments, pay off life assured’s dues and maintain a decent standard of living in the absence of the life assured.

How Much Life Insurance Cover Do I Need?


The main objective of purchasing this type of policy is to ensure that your family has financial support to maintain a healthy lifestyle if you were to meet an untimely demise during the policy tenure. However a valid question to ask here is, ‘How much life insurance cover do I need?’ A specific sum assured for this coverage may not be suitable for many people. Hence, one needs to look at several factors such as income, expenses, number of financial dependents and liabilities (if any at the time of purchasing a insurance policy) while deciding your coverage amount.

Although, it is advised that the sum assured of a life insurance policy should be 10-15 times the income of the life assured. A sum assured equivalent to 10-15 times the income of the life assured can help the family of the life assured to fulfil immediate expenses, daily financial requirements and fulfil their goals in case of an untimely demise of the life assured during the policy tenure. It is advised to choose a sum assured amount which can help your family to fulfill financial requirements in the absence of the life assured. Some factors that you can consider before deciding your sum assured are your income, current financial liabilities, estimated working years, estimate of future expenses etc.

Moreover, here are some tips that you need to keep in mind to get an estimate of the sum assured you need:

  • First and foremost, identify your financial goals and objectives. You need to check your future financial expectations such as your child’s education, marriage, and other commitments.

  • You also need to consider your current income and loans before you choose any type of life insurance policy. This will help you in assessing the right sum assured for you and your loved ones.

  • You also need to check your health condition, based on which the right sum assured will be determined. If you have any pre-existing medical conditions, then it is suggested to buy life insurance with a higher coverage.

Tax Benefits of Life Insurance

Life insurance policy is a financial tool which is essential for an individual who wants to ensure a financially secured future for their loved ones. The benefits that come under it help family of the life assured build a safe and secured future even in the absence of the life assured. Moreover, under Section 80C and 10(10D) of the Income Tax Act, 1961 one can avail income tax benefits by investing in this policy. Under Section 80C, premiums paid towards the life insurance policy qualify for tax exemptions for upto Rs. 1.5 Lakh and under Section 10(10D) provides tax exemptions on income on maturity if the premium is not more than 10% of the sum assured.

In case the sum assured is less than 10 times of the premium you can avail tax exemptions on the premium up to 10% of the sum assured. In case of untimely demise of the life assured, the sum assured paid to the nominee also qualifies for tax exemptions.

Under Section 80C in case the policyholder voluntarily surrenders his/her insurance policy or in case it is terminated before 2 since the date the policy was issued then the life assured shall not receive any benefits on the premiums paid.

 

Under Section 10(10D) of the Income Tax Act, the sum assured amount plus bonus (if any) paid in case of death of the life assured or at the time of maturity will be entirely tax-free for the receiver.

Factors Affecting Life Insurance Premium

Before buying this plan, you need to consider the different factors that affect life insurance premiums. Scroll through the section below to know more about these factors:

  • Age: Your age is one of the most important factors that affects its premium. The premium for individuals who are younger is lower as compared to those who are elder. This is because the life expectancy of elder individuals is low, thus the life insurance premium in such case will be higher. So, make sure to buy it when you are young.

  • Lifestyle: It also depends on your lifestyle. For instance, if you are involved in smoking and drinking, then the premium in such a case will be higher. This is because such individuals are at a higher risk of getting affected with health problems. On the other hand, individuals who lead a healthy lifestyle are likely to pay lesser premiums.

  • Profession: Your profession is another factor that will affect the premium. Individuals who are involved in high-risk jobs like mining or those who work in a geographical location that is at risk of wars may end up paying higher life insurance premiums.

  • Gender: According to different reports, it is found out that women in India have a higher life expectancy as compared to men. Owing to this reason, there are a number of life insurance companies that offer discounts to female policyholders on life insurance premiums.

  • Type of Life Insurance: There are a number of life insurance plans available such as term insurance, ULIP, endowment, money-back plans, and more. So, depending on the type of life insurance plan you are buying, its premium will accordingly vary. The premium for a term insurance plan is generally lower as compared to high-risk investment plans such as ULIP, endowment, and many more.

  • Policy Tenure: There are several insurance companies that offer discounts if you are buying it with a longer policy duration.

 

Tips to Save on Life Insurance Premiums

Tired of paying hefty life insurance premiums? If so, then do not worry as there are a number of ways in which you can save on premiums. Listed below are some useful tips that will help you in saving premiums:

  • Analyse Your Needs: There are different types of life insurance policies, such as term life, whole life term insurance, ULIP, money-back, and many more. Term life insurance is usually more affordable than other types of plan, so consider your needs and choose the policy type that best suits you. Determine the appropriate coverage amount based on your needs. Do not buy a plan with a greater sum insured as higher coverage amounts come with higher premiums.

  • Compare Life Insurance Plans: It is very important that you compare the different plans available before buying one. With so many life insurance plans available, it often becomes difficult to choose the right life insurance plan. So, it makes sense to first, compare the different plans available and only then buy one. This way you will be able to understand the inclusions and exclusions of the different plans available.

  • Buy Life Insurance Early: Life insurance premiums are typically lower when you are younger. This is because when you are young, you are healthier, thus reducing the risk of health insurance companies. Buying a policy early is very helpful in buying insurance plans at affordable premiums.

  • Follow a Healthy Lifestyle: Your current health is a significant factor in determining your premium. Leading a healthy lifestyle, maintaining a healthy weight, and managing any chronic conditions will ultimately help you in paying lower premiums. Some insurers also offer discounts for regular health check-ups and moreover, there are discounts if you lead a healthy lifestyle.

  • Buy Long-term Life Insurance Policy: If you are planning to buy life insurance, choosing a longer term may result in lower premiums. However, make sure the term aligns with your financial goals and needs. Do not end up buying long-term insurance policies if you do not need it.

  • Choose Add-ons Wisely: Riders are additional features you can add to your life insurance policy. While some riders can enhance your coverage, they can also increase your premium. Only opt for riders that align with your needs. Some of the riders that you can include in your plan are accidental death benefit rider, maternity rider, hospital cash rider, and many more.

Documents Required for Purchasing a Life Insurance Policy

Following is the list of documents required at the time of application for a life insurance policy:

Income Proof

  • Salary slips of last 6 months

  • Bank statements of last 6 months with entries of 3 months of salary credited continuously

  • Income Tax Returns (ITR) of last 2 years

  • Certificate issued by CA in case the individual is self employed

  • Form 16 (Latest)

Age Proof

  • Birth Certificate

  • Aadhaar Card

  • Voter ID Card

  • PAN Card

  • Passport

  • Driving Licence

  • Marriage Certificate

  • Ration Card

Identity Proof

  • Aadhaar Card

  • Passport

  • PAN Card

  • Voter ID Card

  • Address Proof

  • Passport

  • Aadhaar Card

  • Voter ID Card

  • Ration Card

  • Driving License

  • Passbook with 6 months of latest entries

  • Bank statement of savings account

  • Latest 3 months of utility bills

Other Documents

  • Apart from KYC documents there are few other documents required at the time of application of life insurance policy. Following is the list of other documents required at the time of policy application:

  • Application/Proposal Form

  • Policy Declaration in case the proposal form had not been filled by the life insured

  • Final Declaration stating that the information provided is true and in case anything is found to be incorrect the insurance provider has the right to reject the application

How to Choose the Best Life Insurance Policy?

There are different plans offered by different insurance companies in India and at times it can get difficult to choose a good plan from several options. Below mentioned are some key points that you can consider while purchasing it:

  • Identify the Type of Policy you Need: There are several types of life insurance plans that have different purposes. Different types of plans are Term Insurance, Unit Linked Insurance Plans, Whole Life, Endowment, Money Back, Retirement/Pension and Child Life Insurance plans. Term insurance is the basic insurance plan as it is pure risk that other insurance plans provide an investment component. It is very important to identify the type of plan according to your requirements.

  • Sum Assured Amount: Before purchasing it, you should determine the sum assured which is the coverage amount. You should consider a sum assured which is 10-15 times their income. To choose the right sum assured for your policy you must consider your current lifestyle, expenses, liabilities, goals, and number of financial dependents, etc. Ideally, the sum assured of this policy should be enough to let your loved one maintain a decent lifestyle in your absence.

  • Claim Settlement Ratio: The claim settlement ratio of the insurance provider is one important factor that one must consider before purchasing a life insurance policy. It is basically the ratio between the number of claims raised to the number of claims settled in a given year. You should choose an insurer with a high claim settlement ratio because a high claim settlement ratio depicts the number of claims settled by the insurance provider against the number of claims received. You must consider an insurance provider with a high claim settlement ratio so that they are able to rely on the insurance provider fully.

  • Compare Several Plans: Comparing several plans based on your requirements and budget is one important thing to choose the right plan. On comparing different insurance policies offered by different insurance providers you will be able to analyse which policy best suits your requirements and this way you will be able to make an informed decision.

  • Check the Customer Reviews: You must also check the customer reviews before actually buying one. Doing so will help you in analysing whether the customer service is satisfactory or not. You should ideally choose a company that offers 24*7 customer service and is available throughout to answer all your queries.

  • Analyse the Add-ons Available: The benefits of a life insurance plan can be enhanced by including a number of add-ons such as critical illness rider, premium waiver rider, and so many more. So, if you are planning to buy a life insurance plan with enhanced benefits, then consider including add-ons to your plans. You can check with your insurer regarding the number of add-ons available with your plan.

Things You Must Know About Life Insurance

Life insurance policy is a well known financial tool which helps an individual to financially safeguard their loved ones in case an unforeseen event takes place such as an unpredictable demise of the life assured during the policy tenure. Before you purchase a life insurance policy you should know some things about life insurance policy:

 

Life insurance policy does not put a monetary value on an individual: People often think that life insurance policy puts a monetary value on an individual which is however not true. Life insurance policy provides life cover to an individual in exchange for the life assured pay the premium for the life cover. In case of an unforeseen demise of the life assured a sum assured known as death benefit is provided to the nominee. At the time of purchasing a life insurance the applicant/life assured decides the sum assured according to their budget and coverage requirements.

There are several types of life insurance plans to choose from: There are several types of life insurance policies available in India such as Term Life, ULIPs, Endowment, Retirement, Money Back, Child and Whole Life insurance plans. One can choose from the different types of life insurance policies according to their coverage requirements and budget. Different life insurance plans have different features and benefits which serve different purposes. Some life insurance plans provide investment components and some provide basic risk coverage.

Life insurance premium depends on certain factors: The premium payable for the life insurance policy depends on various factors such as one’s age, occupation, medical condition, type of life insurance policy, sum assured, policy tenure, personal habits like consumption of alcohol/tobacco etc. Age plays an important role in determining the premium of a life insurance policy, elder people are prone to life threatening diseases so the premium of life insurance policy increases as elderly people require more coverage. Thus, it is advised to purchase a life insurance policy at a young age.

Life insurance can also act as an investment instrument: Some life insurance policies provide an investment component under which part of the premiums paid are used for life cover and the remaining are utilised for the life cover. These life insurance plans let the life assured invest part of the premiums paid in different market linked fund options and the returns are purely based on the performance of the market linked fund.

Premiums paid for life insurance qualify for tax exemption: Life insurance policies can help an individual to save taxes as premium paid towards a life insurance policy qualify for tax exemptions under Section 80C and 10(10D) of the Income Tax Act. One can save upto Rs. 1.5 Lakhs for the premiums paid towards a life insurance policy.

 

You can customize your life insurance with riders: Life insurance can be customized with the help of life insurance riders. Riders are additional coverage that one can purchase along a life insurance policy in exchange of additional premium. These riders can help in increasing the coverage of the base life insurance policy.

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