LIC Accident Benefit Rider

The LIC Accident Benefit Rider is an add-on coverage that policyholders can opt for with their base LIC insurance policy. It is designed to provide financial protection to the policyholder and their beneficiaries in accidents resulting in death.

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What Is The LIC's Accident Benefit Rider?

The LIC Accidental Death Benefit Rider offered by LIC is designed to mitigate the financial aspect of accidental death, ensuring that the grieving family is well-taken care of despite the loss. It is an added benefit that offers extra financial compensation for the death of the life assured due to an accident. 

LIC defines an accident as a sudden, unforeseen, and involuntary event caused by external, visible, and violent means. Nominees of the deceased policyholder can claim the death benefit under the base insurance policy along with the rider sum assured under this accidental death benefit add-on if: 

  • The policyholder has an insurance policy in force to which this rider is attached, and 

  • Death due to the accident must have occurred within 180 days from the date of the accident. 

Key Features of LIC Accident Benefit Rider

Understanding the features of the LIC Accident Benefit Rider is essential before deciding to add it to your life insurance policy. Here are some key characteristics of this rider:

  • Accidental Death Benefit: The primary feature of this rider is to provide an additional sum assured in case of the policyholder's accidental death. This extra payout ensures the family receives an increased financial cushion to cope with the sudden loss.

  • Affordable Premiums: The premiums for the Accident Benefit Rider are usually quite affordable, making it an accessible option for policyholders looking to enhance their coverage without a significant increase in their overall insurance costs.

  • Flexible Payout Options: Policyholders can choose how the rider's benefits are paid out. The payout can be in a lump sum, in instalments, or a combination of both, depending on the terms and conditions of the rider and the base policy.

Benefits of the LIC Accident Benefit Rider

Adding the LIC Accident Benefit Rider to your life insurance policy offers several advantages:

  • Comprehensive Protection: Accidents can lead to unforeseen and immediate financial burdens. This rider ensures you and your family have comprehensive protection against such contingencies.

  • Additional Financial Security: In the unfortunate event of an accident leading to your untimely demise, the rider provides an extra financial cushion to cover medical expenses, rehabilitation, and the family's ongoing financial needs.

  • Peace of Mind: Knowing you have protection against accidents can provide you and your loved ones peace of mind.

  • Tax Benefits: The premiums paid for the Accident Benefit Rider may be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. However, tax rules may change, so it's advisable to consult with a tax expert or LIC for the most up-to-date information.

LIC’s Accident Benefit Rider - Additional Eligibility Criteria 

Criteria Minimum Maximum
Entry Age 18 years 65 years
Maximum Maturity Age 70 years
Rider Term Earlier of the premium paying term of the base policy, or 70 minus entry age

Coverage Under LIC's Accident Benefit Rider

LIC’s accident benefit rider 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 sum assured under this rider is subject to a minimum and a maximum limit. 

  1. LIC’s Accident Benefit Rider - Sum Assured Criteria 

    Minimum Sum Assured Rs. 2 Lakhs
    Maximum Sum Assured For LIC’s Jeevan Shiromani Rs. 2 Crores
    For plans except for Jeevan Shiromani Rs. 1 Crore

    Note that the rider sum assured cannot exceed the basic sum assured under the insurance policy with which the rider is attached. 

  2. LIC’s Accident Benefit Rider - Premium Rate

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

Exclusions Under LIC's Accident Benefit Rider

  • The rider sum assured shall not be paid to the policyholders if death occurs as a result of self-injury, attempted suicide, insanity, or under the influence of liquor, drug, or narcotics, 

  • taking part in riots, civil commotion, rebellion, war, adventure sports, etc., 

  • death occurring after 180 days from the date of the accident

Summing Up!

The LIC Accident Benefit Rider is a valuable add-on that enhances your life insurance policy by providing additional protection against accidents, including accidental death and disability. It offers peace of mind, financial security, and cost-effective coverage, making it a wise choice for those looking to safeguard their family's future.With the affordable premiums and the comprehensive coverage offered by these riders, you have the potential to secure enough funds for your family to survive in your absence.

*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:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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