Among various riders in insurance, permanent disability rider is one of the most popular ones. Kotak Permanent Disability BenefitM insurance rider aims to provide financial aid to the insured and the family, in case of an unfortunate event leading to a total or permanent disability of the insured life. However, the total or permanent disability must have been caused due to an accident. Generally, insurance providers offer to pay a percentage of the rider sum assured over five years. But to be eligible for the claim, the type of disability and the event must conform to the terms of the policy.
Permanent disability insurance rider benefits can act as an income substitute for the period of disability of the insured. The sum received can be used to cover treatment costs, household expenses, loan repayments, credit card bills, children’s education, and so on. Read the rider brochure carefully for detailed coverage guidelines.