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LIC Life Insurance Riders - Features, Benefits and Details

LIC offers six life insurance riders namely LIC Linked Accidental Death Benefit Rider, LIC Accidental Death and Disability Rider, LIC Accident Benefit Rider, LIC Premium Waiver Benefit Rider, LIC New Critical Illness Benefit Rider and LIC New Term Assurance Rider. 

The above mentioned riders can be purchased with the base policy at additional cost and they provide financial protection from the uncertainties of life. By adding these riders to your life insurance policy, you can enhance the base coverage of your policy.

Below mentioned are life insurance riders offered by LIC.

LIC Life Insurance Rider 

Following are the life insurance riders offered by LIC:

  • LIC Linked Accidental Death Benefit Rider

    LIC Linked Accidental Death Benefit Rider provides a lump sum amount along with sum assured in case of an unfortunate demise of the life assured caused in an accident, during the policy term. In case of an unfortunate demise of the life assured in an accident, if the life assured passes away within 180 days from the accident, the nominee will be provided a lump sum amount above the death benefit. 
  • LIC Accidental Death and Disability Rider

    LIC Accidental Death and Disability Rider provides a lump sum in case of an unfortunate demise of the life assured in an accident during the policy term. In case the life assured suffers a disability in an accident during the policy term, the rider benefit will be provided in equal instalments over a span of 10 years and in case the life assured passes away under the 10 year span, the remaining rider benefit will be provided as a lump sum along the sum assured. In case of total and permanent disability all future premiums will be waived off with the help of this rider.  
  • LIC Accident Benefit Rider

    LIC Accident Benefit Rider provides a lump sum along the death benefit, in case of an untimely demise of the life assured caused by an accident during the policy term.
  • LIC Premium Waiver Benefit Rider

    LIC Premium Waiver Benefit Rider waives of all future payable premiums in case the life assured passes away during the policy term. This rider ensures policy continuity.
  • LIC New Critical Illness Benefit Rider

    LIC New Critical Illness Benefit Rider provides a lump sum in case the life assured is diagnosed with 15 listed critical illnesses. These 15 critical illnesses are Cancer, Brain Tumor, Paralysis, Dementia, Organ/Bone Transplant, Multiple Sclerosis, Kidney Failure, Open Heart Replacement, Blindness, Pulmonary Hypertension, Open Chest CABG, Aortic Surgery, Third-degree Burns, Stroke and Heart Attack. This rider is to be attached to a non-linked life insurance plan and can only be purchased at the time of policy issuance.
  • LIC New Term Assurance Rider

    LIC New Term Assurance Rider provides a rider sum assured in case of an untimely demise of the life assured during the policy term. This rider can be purchased with non-linked life insurance plans only, at the time of policy issuance. 

Conclusion

Above mentioned rider can be added to your life insurance policy which will help you avail additional benefits from uncertainties of life. LIC life insurance riders can be purchased with an additional cost to enhance the base cover of your life insurance policy. You can choose a rider that best suits your requirement and fits your budget.

Also read 

All About Claim Settlement Procedure for Life Insurance Rider

How Can a Rider Make Your Term Insurance Plan More Efficient?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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