Question

What are examples of add-ons or riders in Group Term Insurance schemes?

a.

Graded covers for different categories of members.

b.

Cover for outstanding housing loans or vehicle advances.

c.

Annual renewal options.

d.

Uniform cover for all members of the group.

Posted under IC 89 Management Accounting

Answer: (b).Cover for outstanding housing loans or vehicle advances. Explanation:Group Term Insurance schemes may have add-ons or riders like Double Accident Benefit, Critical Illness Benefit, Disability benefit, etc. One of the examples given is cover for outstanding housing loans or vehicle advances.

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