COSTS VARY: DO COST-BENEFIT ANALYSIS BEFORE BUYING RIDER

Tata AIG General Insurance recently introduced five new riders that can be purchased with its health insurance policies and provide more than 60 benefits to customers.

- SANJAY KUMAR SINGH & KARTHIK JEROME

Health and general insurers alike are increasingly expanding their suite of riders.

"By purchasing a rider, a customer can get additional features and benefits that are not part of the main policy. Riders complement the base policy and make the entire health insurance proposition more comprehensive," says Parthanil Ghosh, director & chief business officer, HDFC Ergo General Insurance.

Enhance base policy As medical technologies and customer needs evolve, riders can help a base policy remain relevant. "A customer's base policy purchased a few years ago may lack coverage for treatments that have since become important (like robotic surgery). These gaps can be addressed by adding a rider," says Santosh Puri, senior vice-president, health product & process, Tata AIG General Insurance. Some base policies have restrictions, such as co-payment or room rent sub-limit. A rider can overcome them.