LIC's Optional Benefits : Riders
LIC of India Gives you additional benefits to choose to your policy from different riders available in different policies. Below are the descriptions of Riders available in LIC
LIC’s Accidental Death and Disability Benefit Rider:
LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
LIC’s New Term Assurance Rider:
LIC's New Term Assurance Rider provides for life cover in case of unfortunate death of the insured during the cover period. It can be attached with a basic policy to provide add-on benefit at a nominal cost. This rider shall only be attached with Non-Linked plans at the inception of the base policy.
Maturity Benefit: On survival to the end of the term of the Rider, nothing shall be payable
- Benefits:
Maturity Benefit: On survival to the end of the term of the Rider, nothing shall be payable
- Eligibility Conditions and Other Restrictions:
- Minimum age at entry : 18 years (completed)
- Maximum age at entry : 60 years (nearest birthday)
- Maximum Cover ceasing age : 75 years (nearest birthday)
- Term of this rider : 5 to 35 years
- Minimum Term Assurance Rider Sum Assured : Rs. 100,000/-
- Maximum Term Assurance Rider Sum Assured : Rs. 25,00,000/-
- Mode of Premium Payment: Same as the basic policy to which the Rider is attached.
The maximum Term Assurance Rider Sum Assured shall be less than or equal to the Basic Sum Assured / Sum Assured /Sum Assured (in Health plan) under the basic policy to which it is attached, but not exceeding the overall limit of Rs.25 Lakhs taking all Term Assurance Riders under all existing policies of the life assured taken from Life Insurance Corporation of India including the new proposal under consideration.
LIC’s Premium Waiver Benefit Rider:
A benefit wherein the future premium payments by the insured are waived off under certain conditions is called premium waiver benefit.
Definition: A benefit wherein the future premium payments by the insured are waived off under certain conditions is called premium waiver benefit. This benefit can be availed usually in case of accident, disability or death of the person who was paying the premiums when the insured is incapable of paying premiums due to his loss of revenue.
Description: Usually insurance policies include the premium waiver clause, but in some cases an extra fee is charged to attain waiver of premium benefit. The premium waiver rider is beneficial in the event of any unforeseen exigency resulting in a complete or substantial loss of income to the insured. In this case, the policy will not lapse even if the premiums cease. The rider however entails some cost in the form of increased premiums.
Definition: A benefit wherein the future premium payments by the insured are waived off under certain conditions is called premium waiver benefit. This benefit can be availed usually in case of accident, disability or death of the person who was paying the premiums when the insured is incapable of paying premiums due to his loss of revenue.
Description: Usually insurance policies include the premium waiver clause, but in some cases an extra fee is charged to attain waiver of premium benefit. The premium waiver rider is beneficial in the event of any unforeseen exigency resulting in a complete or substantial loss of income to the insured. In this case, the policy will not lapse even if the premiums cease. The rider however entails some cost in the form of increased premiums.