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.

Criteria	Description
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

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
Age (yrs.)	10	20	30
20	1.61	1.61	1.89
30	1.88	2.44	3.51
40	3.67	5.52	7.63
50		12.61	-

Age (yrs.)	Term of the Policy = 10 years		Term of the Policy = 20 years		Term of the Policy = 30 years
Age (yrs.)	PPT = 5	PPT = 9	PPT = 10	PPT = 15	PPT = 10	PPT = 20
20	2.62	1.61	2.49	1.88	3.67	2.30
30	3.23	1.96	3.87	2.92	6.76	4.26
40	6.30	3.83	8.67	6.56	14.31	9.12
50	15.58	9.56	19.30	14.80	-	-

Age (yrs.)	Term of the Policy (years)
Age (yrs.)	10	20	30
20	10.81	17.77	26.15
30	13.36	27.57	48.14
40	25.96	61.36	101.34
50	63.76	134.05	-

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.