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Life is unpredictable, and accidents can happen when we least expect them. As your trusted LIC agent in Kolkata, I’m here to guide you through one of LIC’s most valuable offerings – the Accident Benefit Rider. This add-on can provide crucial financial protection for your loved ones in case the unthinkable happens. Let’s dive into the details of this important rider and how it can benefit you and your family.
Table of Contents
Key Takeaways
- LIC Accident Benefit Rider provides additional financial protection in case of accidental death
- It’s an affordable add-on with a flat premium rate of Rs. 0.50 per thousand sum assured
- Coverage is available up to age 70, with sum assured options ranging from Rs. 20,000 to Rs. 100 lakhs (or more in special cases)
- The rider has some important exclusions, so it’s crucial to understand the terms and conditions
- Adding this rider can provide enhanced peace of mind and financial security for your loved ones
What is LIC Accident Benefit Rider?
LIC Accident Benefit Rider (UIN: 512B203V03) is a non-linked, non-participating regular premium rider that provides financial compensation in the unfortunate event of accidental death. It’s designed to be an add-on to your existing LIC policy, enhancing your overall coverage.
Key Features:
- Provides additional financial security in case of accidental death
- Can be added to most LIC base plans
- Affordable premiums
- Coverage up to age 70
How Does the Accident Benefit Rider Work?
The rider kicks in if the life assured passes away due to an accident within 180 days of the incident. It’s important to note that the policy must be in force at the time of the accident, regardless of whether it’s active at the time of death.
LIC defines an accident as “a sudden, unforeseen and involuntary event caused by external, visible and violent means.” This broad definition covers a wide range of scenarios, providing comprehensive protection for policyholders.
Eligibility and Coverage Details
Let’s break down the key eligibility criteria and coverage details:
| Criteria | Details |
|---|---|
| Minimum Sum Assured | Rs. 20,000 |
| Maximum Sum Assured | Up to Rs. 100 lakhs (with some exceptions) |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 65 years (nearest birthday) |
| Maximum Maturity Age | 70 years (nearest birthday) |
| Policy Term | Matches premium-paying term of base plan or (70 – entry age), whichever is earlier |
| Premium Payment Mode | Same as base plan |
Special Note on Maximum Coverage
For most plans, the maximum aggregate Accident Benefit Sum Assured across all LIC policies (individual and group) is Rs. 100 lakhs. However, for LIC’s Jeevan Shiromani plan with a minimum Basic Sum Assured of Rs. 100 lakhs, this limit increases to Rs. 200 lakhs.
Premium Rates and Payment
One of the most attractive aspects of this rider is its affordability. The premium rate is a flat Rs. 0.50 per thousand of Accident Benefit Sum Assured, regardless of age.
Special consideration for police personnel: If the life assured is engaged in police duty in any military, naval, or police organization, the premium doubles to Rs. 1.00 per thousand of Accident Benefit Sum Assured.
Important Exclusions
While the Accident Benefit Rider offers broad coverage, there are some situations where the benefit won’t be payable. It’s crucial to be aware of these exclusions:
- Intentional self-injury or suicide attempts
- Death under the influence of intoxicating substances
- Accidents during aviation activities (with some exceptions for passengers)
- Injuries from riots, war, or certain high-risk sports
- Deaths resulting from criminal activities
- Certain exclusions related to military service (with some exceptions)
- Death occurring more than 180 days after the accident
Why Consider Adding the Accident Benefit Rider?
As your LIC agent in Kolkata, I often recommend this rider to my clients for several reasons:
- Enhanced Financial Protection: It provides an additional layer of security for your family.
- Affordable Coverage: The low premium makes it an accessible option for most policyholders.
- Peace of Mind: Knowing you’re covered in case of accidents can provide invaluable peace of mind.
- Customizable: You can choose a sum assured that fits your needs and budget.
- Long-term Coverage: The rider can provide protection up to age 70, covering you through most of your working life.
How to Add the Accident Benefit Rider to Your Policy
If you’re interested in adding this rider to your existing LIC policy or including it in a new policy, the process is straightforward. As your LIC agent in Kolkata, I can guide you through the following steps:
- Review your current coverage and assess your needs
- Choose an appropriate Accident Benefit Sum Assured
- Complete the necessary paperwork
- Pay the additional premium
Remember, it’s always best to consult with a professional before making changes to your insurance coverage. As an experienced LIC agent in Kolkata, I’m here to answer your questions and help you make informed decisions about your financial protection.
As your dedicated LIC agent in Kolkata, I’m here to help you navigate the complexities of life insurance and find the right coverage for your needs. The Accident Benefit Rider is just one of many options available to enhance your financial protection.
Remember, every individual’s situation is unique, and what works for one person may not be the best fit for another. That’s why it’s crucial to work with a knowledgeable professional who can provide personalized advice.
If you have any questions about LIC’s Accident Benefit Rider or any other LIC products, don’t hesitate to reach out. You can contact me, Somenath Naskar, at 7980031260. Let’s work together to secure your family’s financial future!
Frequently Asked Questions
Can I add the Accident Benefit Rider to any LIC policy?
While the rider can be added to most LIC policies, there may be some restrictions. It’s best to consult with your LIC agent to determine if it’s compatible with your specific policy.
Is the premium for the Accident Benefit Rider tax-deductible?
Yes, the premiums paid for this rider are eligible for tax deduction under Section 80C of the Income Tax Act, subject to the overall limits prescribed.
Can I increase or decrease the Accident Benefit Sum Assured later?
Generally, the sum assured is fixed at the time of adding the rider. However, some policies may allow changes at specific intervals. Consult your policy documents or speak with your agent for details.
What happens to the Accident Benefit Rider if I surrender my base policy?
The Accident Benefit Rider is tied to the base policy. If you surrender the base policy, the rider will also terminate.
Is there a waiting period before the Accident Benefit Rider coverage begins?
No, there’s typically no waiting period. The coverage begins as soon as the rider is added and the premium is paid, subject to the policy being in force.
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