Is it better to buy a double benefit life insurance policy or a life insurance policy with accident benefit rider? – Manan Khanna

The benefit offered under the double benefit insurance policy or opting for an accidental benefit rider is same. The major difference between the two is that taking an in-built benefit provides a hassle free approach towards buying an additional benefit. However, irrespective of this difference, I would suggest you should choose to consider opting for an additional benefit either through an in-built feature or buying a rider.

While buying term plan should I look at premium or riders? Which riders are required? – Shruti Paul

While buying a Term Plan, an individual should look at various factors and not restrict to the premium. I would suggest you to look for the product features that the insurer offers which provide you an option to create a wholistic solution and not restrict to covering only one event like death. Choosing a term plan is to provide you a cushion against an eventuality and that's the need. These eventualities could be natural death, death due to accident, critical illness, etc. and a good term plan should provide you an option this comprehensive coverage. Riders provide you with these additional benefits and hence it is important to consider opting for riders. Many products offer multiple riders for eg. Accidental death benefit, critical illness, Waiver of premium, etc. You may choose these riders based on your requirements. I would also like to highlight that the current term plan offerings have moved beyond the traditional riders and offer more innovative features that are in-built, eg. Covering spouses in the same plan, increasing the cover each year, premium waiver on diagnosis of critical illness, etc. You may also look at these factors while considering a term plan. Hence, I urge you to consider these factors before choosing the right plan providing you a comprehensive cover that suits your requirements.

The writer is MD & CEO, Edelweiss Tokio Life Insurance