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Standalone policies give wider coverage than riders.

While buying an insurance policy, you are often told about the availability of additional cover along with the basic policy. For example, one of the popular riders is the critical illness rider, which offers additional coverage for heart attack, cancer, diabetes, kidney failure, organ transplant or paralysis. You can avail these riders in addition to the existing health insurance policy.

The riders help in giving comprehensive coverage. Many insurance companies also cover maternity expenses. You can add multiple riders to your insurance policy as per your requirement. Most of the riders are also available as standalone policies, often people wonder how to go about them. Here are a few things you should keep in mind before choosing a rider or a standalone policy.

Management is easy

Sometimes, it is easier to buy a basic policy attached with riders for the financial protection of your family. This saves you the hassle of additional paperwork and paying premiums for each plan separately. One plan can meet your comprehensive insurance needs.

Procedure to claim

The claim procedure varies depending on the type of riders. For example, some riders get triggered by a death claim like accidental death rider while some riders like waiver of premium rider gets activated in case of disability.

You will also have to submit separate documents for different claims. For critical illness riders, you need to submit medical documents like the first diagnosis report, medical report, etc. For Accidental Disability Rider, the policyholder needs to submit an FIR copy, disability certificate, along with a few other documents.

Premium

Compare the premium you have to pay for the rider with the premium for a standalone policy. Comparison of premium with the coverage offered will help you make the right decision
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Coverage

Standalone policies give wider coverage than riders. Before choosing an add-on cover, one should make sure that they give the same coverage as the standalone plan.