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Are you looking for a way to enhance your life insurance coverage? As the best LIC agent in Kolkata, I’m here to introduce you to a valuable addition to your policy – the LIC Accidental Death and Disability Benefit Rider. This rider can provide crucial financial protection for you and your loved ones in case of unforeseen accidents. Let’s dive into the details of this important coverage option.
Table of Contents
Key Takeaways
- The LIC Accidental Death and Disability Benefit Rider provides extra financial protection in case of accidental death or disability.
- It’s available for a wide age range and can be added to various LIC policies.
- Premiums are affordable, starting from just Rs. 1 per thousand sum assured per year.
- The rider covers total and permanent disability, including the inability to perform daily activities.
- There are some exclusions, so it’s important to understand the terms and conditions.
What is the LIC Accidental Death and Disability Benefit Rider?
The LIC Accidental Death and Disability Benefit Rider (UIN: 512B209V02) is a non-linked rider that offers financial compensation in the unfortunate event of an accident leading to permanent disability or death of the insured person. It’s designed to complement your existing life insurance policy, providing an extra layer of security for you and your family.
Key Features of the Rider
- Flexibility: Available with regular premium, single premium, and limited premium payment plans
- Duration: Covers you during the policy term or until the policy anniversary when you turn 70, whichever comes first
- Minimum Sum Assured: Rs. 10,000
- Maximum Sum Assured: Up to Rs. 200 lakhs, depending on the policy type
Benefits of the Rider
In Case of Permanent Disability
If you suffer a permanent and total disability due to an accident within 180 days of the incident, LIC will provide:
- The Accident Benefit Sum Assured in equal monthly installments over 10 years
- Waiver of future premiums for the base policy up to the Accident Benefit Sum Assured
In Case of Death
If an accident leads to your death within 180 days, your beneficiaries will receive the full Accident Benefit Sum Assured.
Understanding Total and Permanent Disability
LIC considers a disability to be total and permanent if it prevents you from performing at least 4 of the following Activities of Daily Living without external help:
- Dressing
- Washing
- Feeding
- Toileting
- Mobility
- Transferring (e.g., moving from bed to chair)
Additionally, the loss of sight in both eyes or the amputation of both hands or both feet (or one of each) is also considered a total and permanent disability.
Eligibility and Restrictions
- Minimum Entry Age: 18 years (completed)
- Maximum Entry Age: Before the policy anniversary when you turn 70
- Maximum Maturity Age: 70 years
- Policy Term: Same as the base plan or until age 70, whichever is earlier
- Premium Payment Term: Same as the base plan
Premium Rates
The premium rates for this rider are quite reasonable. Here’s a breakdown:
Regular Premium Policies
- Standard rate: Rs. 1.00 per annum per thousand Accident Benefit Sum Assured
- For police personnel: Rs. 1.50 per annum per thousand Accident Benefit Sum Assured
Single Premium Policies
| Policy Term | Standard Premium | Premium for Police Personnel |
|---|---|---|
| 10 years | Rs. 8.00 | Rs. 11.95 |
| 20 years | Rs. 12.65 | Rs. 18.95 |
| 30 years | Rs. 15.35 | Rs. 23.00 |
Note: Premiums are per thousand Accident Benefit Sum Assured
Limited Premium Policies
The premium depends on the policy term and premium paying term. For example, for a 20-year policy term with a 15-year premium paying term:
- Standard rate: Rs. 1.20 per annum per thousand Accident Benefit Sum Assured
- For police personnel: Rs. 1.80 per annum per thousand Accident Benefit Sum Assured
Important Considerations
- No Paid-up Value: This rider doesn’t acquire any paid-up value.
- Surrender Value: While there’s no surrender value for this rider, a portion of the premium may be refunded if the base policy is surrendered (for single or limited premium policies).
- Taxes: Service tax and other applicable taxes will be charged as per current rates.
- Cooling-off Period: Same as the base plan.
Exclusions
It’s crucial to understand that LIC won’t pay the Accident Benefit Sum Assured if the disability or death is caused by:
- Intentional self-injury or suicide attempt
- Influence of alcohol or drugs (unless prescribed by a doctor)
- Participation in riots, civil commotion, war, or adventurous sports
- Criminal acts
- Employment in armed forces or military service (with some exceptions)
- Accidents occurring while on police duty (unless specifically opted for)
- Any incident occurring more than 180 days after the accident
Why Consider This Rider?
- Enhanced Protection: It provides an additional safety net beyond your basic life insurance.
- Affordable Premium: The cost is relatively low compared to the potential benefit.
- Financial Security: It ensures your family’s financial stability even if you’re unable to work due to an accident.
- Waiver of Premiums: In case of disability, you don’t have to worry about paying premiums.
How to Add This Rider to Your Policy
As your dedicated LIC agent in Kolkata, I can help you add this rider to your existing policy or include it when you’re purchasing a new one. It’s a simple process, and I’ll guide you through every step. Just give me a call at 7980031260, and we can discuss how this rider fits into your overall insurance strategy.
Remember, life is unpredictable, but your financial security doesn’t have to be. The LIC Accidental Death and Disability Benefit Rider can provide that extra layer of protection you and your family deserve. As your trusted LIC agent in Kolkata, I’m here to help you make the best choice for your insurance needs. Don’t hesitate to reach out at 7980031260 for personalized advice or to add this valuable rider to your policy.
Stay safe, stay insured!
FAQs
Can I add this rider to my existing LIC policy?
Yes, you can add this rider to your existing policy, provided it’s allowed with your plan and you’re within the eligible age range.
Is the premium for this rider tax-deductible?
Yes, the premium paid for this rider is eligible for tax deduction under Section 80C of the Income Tax Act, along with your base policy premium.
What happens if I stop paying premiums for this rider?
If you stop paying premiums, the rider coverage will lapse. It doesn’t acquire any paid-up value.
Can I claim the benefit if I meet with an accident abroad?
Yes, the coverage is worldwide. However, all claims will be settled in Indian Rupees in India.
Is medical underwriting required for this rider?
Generally, no additional medical underwriting is required if you’re already eligible for the base policy. However, LIC may ask for additional information in some cases.
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