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First, you need to determine the item(s) you want to cover. Start by taking a home inventory of your valuables from time to time, even if you think your property is well covered. You may be surprised to find valuable belongings that are not covered or may have a sublimit, but could be covered with an insurance rider. If you don’t know the value of an item you'll need to get it appraised. Once you know the value, you'll need to notify your insurance company and start the process of adding the item to your policy. Adding a rider often involves an appraisal or detailed description of the item(s) you want to cover. Coverage details and requirements vary by insurer. Adding, or "scheduling," items will raise the cost of your policy, but it's worthwhile because you'll usually only pay a little extra to cover an item of much greater value. What are the benefits of adding an insurance rider?
The price varies based on the item, appraised value, and the insurance company. In general, riders are affordable. Jewelry can typically be scheduled for about $1.50 to $2 per $100 in value (or 1.5% to 2%). If you own a piece valued at $5,000, expect to pay around $75 to $100 for the rider. Collectibles are less expensive to insure. For example, you can schedule a stamp collection for 80 cents for every $100 in value (or 0.8%). If your collection is worth $5,000, your rider will cost around $40. How to add an insurance riderCurrent Progressive customersCall 1-866-749-7436 and explain your valuable item(s) to a representative. New Progressive customersWhen you get a home insurance quote, we'll ask about certain high-value items. If you have other items we don't mention, let us know you want to insure them. With Progressive Home, an affliated Progressive carrier and part of our network of companies, any item valued at $5,000 or more requires an appraisal and a clear photo of the item. For items less than $5,000, you'll be asked to provide a detailed description of the item. Unaffiliated home insurance carriers in Progressive's network may have different requirements. For example: to add a diamond engagement ring, you will be asked to provide details on type of metal, number of diamonds, the cut, color, clarity, and carat size of each diamond. Related articles Please note: The above is meant as general information to help you understand the different aspects of insurance. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features on this page are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page.
Riders are add-ons or additional benefits which you can opt for along with your current life insurance policy at affordable rates. Riders are valuable tools that help you in expanding your life insurance coverage.
Riders are an excellent solution to increase your insurance coverage without buying a new policy. Here are some of the key benefits of riders:
To know about the add-on benefits of our term plan ICICI Pru iProtect Smart, click here.(UIN: 105N151V06) W/II/1147/2016-17 People like you also read ...
Benefits of Life Insurance Features of Life Insurance
The riders mentioned above are offered under our product ICICI Pru iProtect Smart. Please note that Life Insurance riders are not the same across the industry. * Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All in One option. This benefit is payable, on the first occurrence of any of the 34 critical illnesses covered. Medical documents confirming the diagnosis of critical illness need to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed critical illness. The ACI Benefit is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in detail about ACI Benefit, terms & conditions governing it, kindly refer to the sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever is lower. + Accidental Death benefit is up to ₹ 2 Crore. Accidental Death Benefit is available in Life Plus and All in One option under ICICI Pru iProtect Smart. In case of death due to an accident, Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit is only available for the policy term or till the age of 80 years, whichever is lower. ++ On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived. To know more about definitions, terms & conditions applicable for permanent disability due to accident, kindly refer to the sales brochure of ICICI Pru iProtect Smart. # Tax benefits under the policy are subject to conditions under Sections 80C, 10(10D),115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on the above. To know about the add-on benefits of our term plan ICICI Pru iProtect Smart, click here.(UIN: 105N151V06) |