Page 21 - Life Insurance Today February 2018

the policy has completed five policy years and atleast c) LIC’s New Term Assurance Rider (UIN:
5 full years’ premium have been paid In case of 512B210V01)
surrender of policy, Loyalty Addition shall be payable This rider is available at inception of the policy
for the completed policy year for which the policy was only. The benefit cover under this rider shall
inforce. be available during the policy term. If this
rider is opted for, an additional amount equal
4. Optional Benefit:
to Term Assurance Rider Sum Assured shall be
I. Rider Benefits:
The following four optional riders are available payable on death of the Life Assured during
under this plan by payment of additional the policy term.
premium. However, the policyholder can opt d) LIC’s New Critical Illness Benefit Rider (UIN:
between either of the LIC’s Accidental Death and 512A212V01)
Disability Benefit Rider or LIC’s Accident Benefit This rider is available at the inception of the
Rider. Therefore, a maximum of three riders can policy only. The cover under this rider shall be
be availed under a policy. available during the policy term. If this rider
is opted for, on first diagnosis of any one of
a) LIC’s Accidental Death and Disability Benefit
Rider (UIN: 512B209V02). the specified 15 Critical Illnesses covered
This rider can be opted for at any time within under this rider, the Critical Illness Sum
the premium paying term of the Base plan Assured shall be payable.
provided the outstanding premium paying The premium for LIC’s Accident Benefit Rider or
term is atleast 5 years. The benefit cover LIC’s Accidental Death and Disability Benefit Rider
under this rider shall be available during the and LIC’s New Critical Illness Benefit Rider shall not
policy term. If this rider is opted for, in case exceed 100% of premium under the base plan and
of accidental death, the Accident Benefit the premiums under all other life insurance riders
Rider Sum Assured will be payable as put together shall not exceed 30% of premiums
lumpsum along with the death benefit under under the base plan.
the base plan. In case of accidental disability Each of above Rider sum assured cannot exceed
arising due to accident (within 180 days from the Basic Sum Assured.
the date of accident), an amount equal to the
Accident Benefit Sum Assured will be paid in For more details on the above riders, refer to the
monthly instalments spread over 10 years and rider brochure or contact LIC’s nearest Branch
future premiums for Accident Benefit Sum Office.
Assured as well as premiums for the portion II. Option to defer the Survival Benefit(s):
of Basic Sum Assured which is equal to The policyholder shall have an option to defer the
Accident Benefit Sum Assured under the Survival Benefit(s) and take the increased Survival
policy, shall be waived. Benefits (i.e. deferred original Survival Benefit(s)
along with interest) at any time on or after its due
b) LIC’s Accident Benefit Rider (UIN:
512B203V03) date but during the currency of the policy. If the
This rider can be opted for at any time within increased survival benefit(s) are not taken by the
the premium paying term of the Base plan policyholder during the currency of the policy the
same shall be payable along with benefit payable
provided the outstanding premium paying
at the time of termination of the policy in the form
term is atleast 5 years. The benefit cover of death or maturity or surrender. This option can
under this rider shall be available during the be availed under an inforce as well as paid-up
premium paying term. If this rider is opted for, policy.
in case of accidental death, the Accident
Benefit Rider Sum Assured will be payable as The annual compound interest rate payable on
lumpsum along with the death benefit under each deferred Survival Benefit shall be equal to
the base plan. the Yield corresponding to 5 year G-Sec Rate

“If opportunity doesn’t knock, build a door”

Life Insurance Today February 2018 21

Sashi Publications Pvt Ltd Call 8443808873/ 8232083010