Riders: There are some benefits which can be added in the selected Plans as additional Benefits. These are available on extra premium and these are available with some conditions. These are
Accident Benefit (AB) is an optional benefit which is available on payment of additional premiums @$1.00 per thousand sum assured. When you opt for AB and if it is accepted by LICI, you get Total Permanent Disability (TPD) Benefit and Premium Waiver, completely FREE. The AB rider is, in fact, a package of three benefits which the LICI policyholders can enjoy at such an affordable rate. The package consists of the following three benefits:
Accidental Death Benefit: An additional sum assured becomes payable if the life assured dies as a result of an accident. The maximum limit for the accidental death benefit that is payable under all the LICI policies of the life assured put together is $200,000.
Total & Permanent Disability (TPD) Benefit: This benefit becomes payable when the life assured survives an accident but becomes totally and permanently disabled and as a result that he cannot undertake any employment or any economic activity for his livelihood. This benefit is also available when the TPD occurs due to a sickness. This benefit is payable to the life assured in the form of an amount equal to the basic sum assured in 120 monthly instalments.
Premiums Waiver: This benefit is available along with the TPD Benefit. Where a TPD is granted, all the future premiums falling due (from the following policy anniversary) under the policy are waived by LICI. However, the normal risk cover on the life assured continues till the date of maturity; in case of his or her death before the maturity date, the basic sum assured + vested bonuses and all the unpaid instalments of TPD, if any also are payable. On survival of the life assured until the maturity date, the normal maturity value (sum assured + vested bonuses) becomes payable.
The maximum limit for the Accident Benefit, TPD Benefit and Waiver Benefit under all the LICI policies of the life assured put together is $200,000.
Accident Benefit Rider for Target Limited Payment & Single Premium Plans (Table 648): The premiums for the entire policy term is paid in fewer years – limited to the premium payment term (including the single premium option). The accident benefit rider premiums are also collected along with the basic premiums – within the premium paying term. However, the accident benefit is available during the entire policy term.
Term Rider gives you an extra insurance coverage against a small additional amount of premium. Term Rider benefit is available only under the policies where the term rider option has been exercised by the policyholder and accepted by LICI. The extra premium meant for term assurance rider must have been received (up-to-date) by LICI. Term Rider is available for selected plans only. For more information, please contact nearest LICI agent or LICI office.
Critical illness rider gives you an option of prior maturity benefit payment, in the event of happening of any of 15 critical illnesses (List of these critical illness can be asked, while signing the proposal).
Critical Illness Rider benefit is available only under the endowment and money-back policies where critical illness rider option has been exercised by the policyholder and accepted by LICI. The extra premium meant for Critical illness rider must have been received (up-to-date) by LICI.
The Benefit: The basic sum assured under the main policy along with the vested bonuses is payable as a lump sum on the happening of any of the 15 critical illnesses covered during the term of the policy while the Critical Illness Rider is in force. The policy is terminated as soon as the critical illness rider benefit is paid.