Insurance

LIC Accident Benefit Rider: Insurance Accident Benefits

Posted By: Admin
December 15, 2022 |

Accidental death rider life insurance: Premium, Coverage, Eligibility, Exclusions

LIC Accident Benefit Ride: To cover financial aspects of loss due to accidental death, the Life Insurance Corporation Accident Benefit Rider is one of the first choice of policyholders. This LIC rider maximises the financial benefits of life insurance policy. The sum assured of LIC policy is enhanced from Rs. 2 Lakhs to Rs. 2 crore, which depends on the LIC plan you have.

Most of the LIC agents suggest their customers to opt for this rider additionally to the existing policy. The rider is applicable to many LIC policies which we will discuss in this article below.

Table of content –

What is LIC’s Accident Benefit Rider?
LIC Accident Benefit Rider – Eligibility Criteria
LIC Accident Benefit applicability and availability
LIC’s Accident Benefit Rider coverage and benefits
LIC’s Accident Benefit Rider Premium Rate
LIC Accident Rider Exclusions

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What Is LIC’s Accident Benefit Rider?

LIC Accident Benefit Rider is an additional benefit which offers extra financial compensation for the death of a policy holder due to an accident.

As per LIC terms an accident is a sudden, unforeseen, and involuntary event caused by external, visible, and violent means.

There is no need to claim benefit of this LIC Policy Rider separately while making LIC death claim. A nominee of the deceased policyholder can claim the death benefit along with the base LIC Policy. However, there are some terms and condition to claim this rider, which are as under –

The base LIC policy should be in force while claiming LIC rider benefits.
Policyholder’s Death due to the accident must have occurred within 180 days from the date of the accident.

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LIC Accident Benefit Rider Eligibility Criteria

There are few eligibility conditions which a policyholder needs to fulfil to avail this LIC accident benefit rider. Which are –

The minimum entry age is 18 years and maximum entry age is 65 years.
The maximum maturity age is 70 years for this LIC’s Accident benefit rider.
LIC Rider term will be earlier of the premium paying term of the base policy or 70 minus the entry age.

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LIC Accident Benefit applicability and availability

Not all LIC policyholders can opt for this LIC rider. There are selected policies to which this LIC accident rider is applicable. You can see the list of such policies below –

LIC SIIP
LIC Jeevan Labh
LIC New Jeevan Anand
LIC Jeevan Umang
LIC Pension Plus

LIC’s Accident Benefit Rider coverage and benefits

The LIC rider coverage and benefits depend on the base policy features. The LIC rider sum assured may vary from Rs. 2 Lakhs to Rs. 2 Crores. LIC Jeevan Shiromani Plan is the policy which has maximum sum assured benefit of this LIC rider.

Although, there is a limit of the LIC accident benefit rider sum assured which is up to the base policy sum assured limit.

LIC’s Accident Benefit Rider Premium Rate

This LIC rider is available at a very affordable premium rate. The premium rate of the LIC’s accident benefit rider is Rs. 0.5 per Rs. 1,000 of the rider sum assured. However, the rate is higher by Rs. 0.5 for people who are engaged in politics, military, and naval duty given the nature of their jobs and the risks involved therewith.

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LIC Accident Rider Exclusions

There are some restriction to fetch the benefit of this LIC policy rider which are listed below –

LIC Accident Rider death benefit is not available on self-injury, attempted suicide, insanity, or under the influence of liquor, drug, or narcotics.
This accident rider LIC benefits are also not available in case of death of a policyholder during taking part in riots, civil commotion, rebellion, war, adventure sports, etc.
The LIC Policy nominee will not get this rider’s sum assured if death is occurring after 180 days from the date of the accident.

Conclusion –

By paying a very nominal premium in addition to the base policy premium, a policyholder can maximize the sum assured by availing this LIC Accident Rider benefits. LIC has an alternative to this rider which is LIC’s Accidental Death and Disability Benefit Rider. Continue reading our other articles to get full information about LIC policies and plans.

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