LICs New Term Assurance Rider Plan

LIC New Term Assurance Rider is an additional benefit clause which when added to the base policy provides a double death benefit. The Rider is available at very minimal rates. It comes with the benefit of a lump sum pay out to the policyholder’s nominee in case of his/her untimely demise. The main purpose of the rider is to enhance the coverage of a policy or offer new features at a minimum additional cost.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical
checkup required
Save more with
upto 10% discount**
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount**
Covers COVID-19
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

Features of LIC New Term Assurance Rider Plan

  • It is a pure term rider with Death Benefit only
  • This can be opted along with a plan and cannot be taken stand alone
  • This rider can be added to a life insurance plan by paying a nominal extra cost
  • The premium required to be paid is low and pocket-friendly. 
  • The rider sum assured is paid in case of the insured’s death during the policy term. 

Benefits of New Term Assurance 

  • Premium payments – The premium payment of the rider is done along with the payment of the standard policy. The Premium payment term (PPT) is the same as that of the base plan. 
  • Death Benefit: In case of the policyholder’s demise during the policy term, an amount equivalent to the sum assured of the term assurance rider is payable to the nominee. The nominee gets the Rider Sum Assured on the death of the policyholder.
  • Maturity Benefit: No maturity benefit is payable upon the demise of the policyholder. 
  • Tax Benefit: Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
  • Paid-Up Value- No paid-up value is applicable under the policy. In case of non-payment of premium, the rider benefits would cease. 

Product Specification:




Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)


75 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Same as that of the base policy

Premium Paying Frequency

Same as in the base policy

Yearly Premium

Depends on age, Sum Assured, term, and PPT

Sum Assured



Details About Premium

Annual premium in Rupees for a Sum Assured of 2 lakhs

Age / Term (in years)




















*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply. 

Policy Details

  • Grace Period: 15 days grace period is allowed for payment of premium in monthly modes and 30 days in other modes.
  • Policy Termination or Surrender Benefit: The rider does not have any Surrender Value but the rider premium is refunded to a certain extent only in case of Single and Limited pay options where the policy can be surrendered from the 2nd year or after 2 / 3 years respectively.
    Surrender Value for Single Pay plans – Single premium for rider * 90% * (remaining term / total term)
    Surrender Value for Limited Pay plans – 75% of the applicable Surrender Value
  • Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of cancelling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
  • Loan – Provision of loan is not applicable under the plan
  • Revival of rider – In case of non-payment of premium in the grace period, the policy lapses. The arrears are required to be paid for the revival of the rider and policy along with interest. Always keep in mind that the amount should be paid within two years of the date of 1st unpaid premium. The rider can only be revived along with the current policy, but not independently. 


This being a rider only, there are no specific exclusions under this plan. The applicable exclusions would be as applicable in the base LIC term insurance plan.

Documents Required

The documents required will be for the base policy. No additional documents are required for the Rider.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Sign up for newsletter
Sign up our newsletter and get email about term plans.

Term insurance articles

Recent Articles
Popular Articles
What is Group Term Life Insurance?

29 Nov 2021

For individuals with financial responsibilities, term insurance...
Read more
Who Can Be Nominees in a Term plan?

29 Nov 2021

The main reason for buying a term plan is to make sure your...
Read more
Which Term Plan Does Not Require a Medical Exam?

29 Nov 2021

Term insurance is understood as the easiest form of life...
Read more
What Is the Procedure to Choose a Nominee In Term Insurance Policy?

29 Nov 2021

In the event of sudden death of the policyholder, a life...
Read more
What is a Term to Age Policy?

26 Nov 2021

Popular for its low-risk investment, term insurance is steadily...
Read more
LIC Term Insurance 1 Crore
If you have a LIC term insurance 1 Crore handy, you can cherish all your happy moments as you have made a fine...
Read more
Types of Deaths Covered & Not Covered by Term Life Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Read more
10 Questions You Should Ask Before Buying Term Insurance
10 Questions You Should Ask Before Buying Term Insurance There are various doubts faced by customers when it comes...
Read more
Term Insurance for NRI in India
Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner...
Read more
Do You have a Home Loan? Here’s Why Term Insurance is Right for You
One of our biggest financial dreams is to have a home of our own. However, it takes a lot of discipline and...
Read more
Download the Policybazaar app
to manage all your insurance needs.