How Can You Customise A Term Insurance Plan?

How Can You Customise A Term Insurance Plan?

Term insurance policy is the preferred choice among the population today to secure their loved ones and family after them. Now we have several options in choosing any online term plan, either with riders or with no riders. However, one can always customise and buy term insurance as per one’s requirements.

They can add multiple riders with general term insurance policy or increase the coverage there in between the policy duration. Here we have mentioned the complete guide on customising the term insurance policy. Read and follow the article further for a better understanding.

Types of Riders to Choose for Customising Your Term Plan

It is essential to note that riders can be added at a modest fee to any life insurance policy and can provide you with several additional term plan benefits. You can consult with your family to determine which riders are most suitable for your present and future needs.

  • Accidental Death Benefit Rider

It provides the beneficiaries of the deceased the death benefit sum insured, which is provided to them as the initial cover if the policyholder dies tragically during the policy period due to an accident. Since it is one of the best riders for a term insurance policy, most policyholders use it to enhance the value of their coverage.

  • Accident Disability Benefit Rider

This rider allows a claim on the term insurance policy even in the event of disability. However, accidents are unexpected and might not always render the insured incapable. All insurers have different conditions for this type of rider, including interim and irreversible disability allowances and the possibility of a premium waiver.

  • Guaranteed Insurability Option Rider

With Guaranteed Insurability Option Rider, certain insurers provide policyholders with the opportunity to increase their life insurance when they reach significant life milestones like marriage, parenthood, retirement, etc. The rider essentially protects you from undergoing medical tests at various times during your life to extend your coverage of the term insurance policy.

  • Term Assurance Rider

Adding a term assurance rider to your current policy will improve your coverage at a lower cost. Similar to an online term plan, this rider frequently includes a cap on the sum guaranteed, which varies from insurance provider to insurance provider.

  • Income Benefit Rider

Policyholders generally buy a term insurance plan to financially secure the future of their loved ones in case of their absence. Thus, by adding an Income Benefit Rider, one can avail of this benefit in their term insurance policy. In this, an annual income will be received by the family members in addition to the death benefit. Thus, with an easy customization feature in hand, one can easily modify their term insurance plan and ensure to get their financial needs are addressed.

  • Critical Illness Rider

With age, the possibility of developing critical illnesses such as cancer, stroke, cardiovascular diseases and diabetes increases. This heavily impacts the financial situation of an individual. In such a case, if one gets a critical illness rider added to their term insurance plan then meeting these medical crises won’t be a  problem. Everything will be taken care of by the term plan.


You can choose any term insurance policy like Tata AIA Policy or any other policy and customise it in your own way per the family’s current and future needs. You can add multiple riders like the ones mentioned above with the purchased policy to make the most out of the term plan benefits.

Saving tax on your yearly income is another significant benefit the ideal term plan may provide. You may deduct your annual premium under section 80C of the Income Tax Act as long as it doesn’t exceed 10% of the sum guaranteed specified in your policy. Make sure you calculate all the costs beforehand to customise the term insurance policy.