Thank god for add-ons! Now just imagine if a simple dash of some extra ingredients can enhance your coffee-drinking experience so richly, how well can some additional offers boost your life insurance plan? We all like to get more out of the products we purchase, whether it is a beverage or an insurance policy.

So why would you settle for just the basic when some very attractive add-ons are easily available? Riders available with life insurance policies make the policies more effective and help you get more benefits at every step.

What are riders?

Riders are optional benefits that can be clubbed with a Life Insurance Plan. These are additional and need to be purchased separately. Riders are linked to the base plans and cannot be purchased individually. A policyholder can choose from a number of riders. Riders are used to personalize insurance policies so that they cater to the exact needs of the policyholder.

What are the common riders available with life insurance?

There are a number of riders available along with life insurance. You can select one or more, depending on your requirements. Some of the most popular riders of life insurance are the accidental death benefit rider, the critical illness rider, the disability income rider and the premium waver rider.

Let's take a detailed look at each of these:

1. Accidental death benefit rider - With the help of this rider, the nominee of the policyholder will get almost double the amount of the sum assured if the latter dies in an accident, within the tenure of the policy. So by paying just a few hundred rupees extra every month, you are able to build up a healthy fund for your family which they can use in your sudden absence.

2. Critical illness rider - If the policyholder suffers from a critical illness like stroke, kidney failure, cancer or heart attack, he/she will be entitled to a lump sum amount of money from the insurer. Since such illnesses require very expensive treatments, having this rider proves to be a real blessing.

3. Disability income rider - If the policyholder, due to any reason, becomes unable to earn an income, he/she will be entitled to a sum of money from the insurance company. This new income substitute will continue for as long as the person remains unable to work. (Read the documents carefully as at times, there is a cap on the maximum amount of time for which the inflow of money will continue).

4. Premium waver rider - If the policyholder is declared completely disabled and cannot work again, the premiums for the remaining period of the policy is waved off, but the policy remains in action.

Different individuals have different needs and requirements. As a result, insurance companies have devised a variety of riders so that you can customize your life insurance policy to help you accurately.

So take a look at all the riders available, speak to your insurance counselor and then purchase the rider that would assist you the most. The perfect rider would indeed add a lot of life to your existing insurance policy!

The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal