• Term Life
  • Investment

LIC’s New Term Assurance Rider

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.

Features of LIC New Term Assurance Rider

  • This rider cannot be taken on a stand-alone basis. It has to be taken with a base Plan.
  • It is a pure term rider which covers only Death Benefit.

Benefits of LIC New Term Assurance Rider Plan

The benefits of this rider are:

  • Death Benefit - In case of death of the policyholder during the term of the rider, an amount equal to the Term Assurance Rider Sum Assured is payable to the nominee.
  • Maturity Benefit - There is no maturity benefit payable upon death of the policyholder.

Product Specification

Note: All information has been sourced from the official website of Life Insurance Corporation of India.

CriteriaDescription
Minimum Entry Age18 years
Maximum Entry Age60 years
Maturity Age75 years
Policy Term5-35 years
Minimum sum assuredRs.1 lakh
Maximum sum assuredRs. 25 lakhs
Premium/Premium Payment Term/Premium FrequencySame as base policy

Details about Premium

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
102030
201.611.611.89
301.882.443.51
403.675.527.63
5012.61 -
Age (yrs.)Term of the Policy = 10 yearsTerm of the Policy = 20 yearsTerm of the Policy = 30 years
PPT = 5PPT = 9PPT = 10PPT = 15PPT = 10PPT = 20
202.621.612.491.883.672.30
303.231.963.872.926.764.26
406.303.838.676.5614.319.12
5015.589.5619.3014.80 - -
Age (yrs.)Term of the Policy (years)
102030
2010.8117.7726.15
3013.3627.5748.14
4025.9661.36101.34
5063.76134.05 -

Other Details

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.

Exclusions under this Rider

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.