- About Coverfox
LIC’s New Term Assurance Rider is an additional coverage which can be linked to LIC’s New Term Assurance Plan. The rider comes with the benefit of a lump sum payout to the nominee of the insured person in case of untimely death of the policyholder.
What is a Rider?
A Rider is a type of Optional add-on which can be attached to an existing policy. The purpose of the rider is to enhance the features of a policy or offer a completely new feature at a nominal extra cost.
The benefits of this rider are:
Note: All information has been sourced from the official website of Life Insurance Corporation of India.
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Maturity Age||75 years|
|Policy Term||5-35 years|
|Minimum sum assured||Rs.1 lakh|
|Maximum sum assured||Rs. 25 lakhs|
|Premium/Premium Payment Term/Premium Frequency||Same as base policy|
Following are some of the sample premium rates per Rs. 1000 Term Assurance Rider Sum Assured, exclusive of Service Tax. Annualized limited premium (in Rs.)
|Age (yrs.)||Term of the Policy|
|Age (yrs.)||Term of the Policy = 10 years||Term of the Policy = 20 years||Term of the Policy = 30 years|
|PPT = 5||PPT = 9||PPT = 10||PPT = 15||PPT = 10||PPT = 20|
|Age (yrs.)||Term of the Policy (years)|
Grace Period - Same as base plan, but not less than 30 days for payment of yearly, half-yearly or quarterly Rider premiums and 15 days for monthly Rider premiums.
Suicide: This rider cannot be issued on stand-alone basis and must be attached with basic plan. Suicide claim provision, as mentioned in the Basic Policy with regard to rider, would apply.