Need For Riders With Life Insurance Policies
The uncertainty of life demands that we equip ourselves with the best resources possible to tackle any contingency. Unfortunate events such as accidental death, disability, and critical illnesses are some of the major drivers of financial ruin today. Insurance helps you mitigate some of these financial risks and offers a safe passage to your loved ones to survive in your absence. Couple that to riders and you can enhance your life insurance policy to offer extra protection against unforseen circumstances.
LIC riders can be availed at low and affordable premium rates either at policy inception or later. The combined benefits from the base policy and the riders helps to replace the lost income in the case of an eventuality and financially secures the family of the life assured.
List Of LIC Riders
LIC offers a total of 6 riders that you can add to enhance the coverage of your base life insurance policy. The table below describes these riders.
LIC Rider |
Eligibility Criteria |
Entry Age |
Max Maturity Age |
Rider Term |
Sum Assured |
Premium Paying Term |
LIC's Linked Accidental Death Benefit Rider |
18 - 65 years |
70 years |
Min - 5 years |
Less than or equal to the base sum assured |
As per the base plan |
LIC's Accidental Death and Disability Benefit Rider |
18 - 70 years |
70 years |
Same as base plan or 70 minus entry age |
Min - Rs. 10,000 Max - Rs. 2 Crores |
As per the base plan |
LIC's Accident Benefit Rider |
18 - 65 years |
70 years |
Earlier of the premium paying term of the base policy, or 70 minus entry age |
Min - Rs. 2 Lakhs Max - Rs. 2 Crores |
As per the base plan |
LIC's Premium Waiver Benefit Rider |
18 - 55 years |
70 years |
Remainder of the PPT of the base policy, or 25 minus the age of the minor (whichever is lower) |
Sum of the future premiums payable till the end of the rider term |
As per the base plan
|
LIC’s New Critical Illness Benefit Rider |
18 - 60 years |
75 years |
As per the base plan |
Min - Rs. 1 Lakh Max - Rs. 25 Lakhs |
As per the base plan |
LIC's New Term Assurance Rider |
18 - 60 years |
75 years |
5 - 35 years |
Min - Rs. 1 Lakh Max - Rs. 25 Lakhs |
As per the base plan |
LIC's Premium Waiver Benefit Rider (With Auto Cover) |
18 - 55 years |
70 years |
As per the base plan |
Min - Rs. 25,000 Max - Rs. 1 Crore |
As per the base plan |