Everything About LIC Riders

Riders are optional or in-built extra protection that one can attach to their base policies for more comprehensive coverage. LIC offers a range of riders that cater to the unique needs of its customers. These range from protection against accidental death, disability, critical illnesses to premium waivers. These riders can be availed at an additional premium on top of that for the base policy.

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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


Key Features Of LIC Riders

  1. LIC's Linked Accidental Death Benefit Rider

    • Rider benefit is paid out as a lump sum amount along with the base sum assured on the death of the life assured as a result of an accident. 

    • The life assured must have succumbed to death within 180 days from the date of the accident. 

    • Premiums are levied at a rate of Rs. 0.40 per Rs. 1000 of the rider sum assured. 

  2. LIC's Accidental Death and Disability Benefit Rider

    • It offers financial compensation in the case of permanent disability or the death of the life assured due to an accident. 

    • The accident benefit sum assured is paid out in equal monthly installments over a period of 10 years. 

  3. LIC's Accident Benefit Rider

    • It is an added benefit that offers extra financial compensation for the death of the life assured due to an accident. 

    • It pays out the rider sum assured along with the sum assured on death if the death of the life assured occurs due to an accident. 

    • The premium rate is applicable at a rate of Rs. 0.5 per Rs. 1,000 of the rider sum assured. 

  4. LIC's Premium Waiver Benefit Rider

    • It waives off future premiums due on or after the death of the life assured till the end of the rider term. 

    • The base policy benefits continue despite the premiums being waived off. 

    • A minimum of 5 years in the premium paying term should be outstanding under the rider as well as the base plan.

  5. LIC’s New Critical Illness Benefit Rider

    • Insurance policies with attached Critical Illness Benefit cover expenses resulting from both pre- and post-hospitalization. 

    • The rider can only be added to non-linked policies and at the time of policy inception. 

    • It offers protection against 15 critical illnesses. 

  6. LIC's New Term Assurance Rider

    • It offers financial respite on the death of the life assured within the rider term in addition to the death benefit of the base policy. 

    • This rider can be attached only to non-linked plans and at the time of policy inception. 

    • If the life assured survives the rider term, no benefit is payable. 

  7. LIC's Premium Waiver Benefit Rider (With Auto Cover)

    • It can be attached to insurance policies with auto cover for children or minors. 

    • Auto cover is the period for which the cover continues despite the non-payment of premiums for a period of 2 years. 

    • Auto cover benefit is only applicable if two full years’ premiums have been duly paid.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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