LICs New Term Assurance Rider Plan

LIC New Term Assurance Rider is an additional benefit clause which when added to the base policy provides double death benefit. The Rider is available at very minimal rates.

Feature 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

Benefits of New Term Assurance 

  • The nominee gets the Rider Sum Assured on death of the policyholder.
  • 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.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

5

35

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

100,000

25,00,000

Details About Premium

Annual premium in Rupees for a Sum Assured of 2 lakhs

Age / Term (in years)

10

20

30

20

322

322

378

30

376

488

702

40

734

1104

1526

50

1836

2522

-

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 form 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 canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Exclusions

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

More Useful Resources

LIC Online Services

LIC Term Plans

LIC Other Plans

Check LIC Policy Details Online

LIC Amulya Jeevan II

LIC Investment Plans

LIC Online Premium Payment Process 

LIC Anmol Jeevan II Plan

LIC Retirement Plans

LIC Online Registration

LIC eTerm Plan

LIC ULIP Plans

LIC of India Login Process

LIC Child Policies

LIC Calculator

LIC One Time Investment Plan

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
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LICs New Term Assurance Rider Plan Reviews & Ratings

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Parul
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Amrita
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Pratap
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Anurag
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Kashish
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Komal
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Harisha
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
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