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As a trusted LIC Agent in Kolkata, I’m often asked about ways to enhance life insurance coverage. One valuable option many overlook is the LIC Linked Accidental Death Benefit Rider. This add-on can provide crucial financial protection for your loved ones in case of accidental death. Let’s dive into the details of this rider and how it could benefit you and your family.
Table of Contents
Key Takeaways
- The LIC Linked Accidental Death Benefit Rider provides financial protection in case of accidental death.
- It’s an affordable way to enhance your existing life insurance coverage.
- The rider has specific eligibility criteria and sum assured limits.
- Understand the exclusions to ensure you’re aware of when the benefit applies.
- Consider your family’s needs and your current coverage when deciding on this rider.
What is the LIC Linked Accidental Death Benefit Rider?
The LIC Linked Accidental Death Benefit Rider (UIN: 512A211V02) is a unit-linked rider that offers financial compensation if the insured person dies due to an accident. It’s designed to be an additional layer of protection on top of your basic linked insurance plan.
Key Features:
- Provides coverage specifically for accidental death
- Can be added to existing LIC linked policies
- Offers financial security to your family in case of unforeseen accidents
- Customizable sum assured to fit your needs
How Does It Work?
If you opt for this rider, here’s what you need to know:
- Accident Definition: The policy defines an accident as “a sudden, unforeseen and involuntary event caused by external, visible and violent means.”
- Claim Window: The accidental death must occur within 180 days of the accident for the benefit to be payable.
- Policy Status: Your policy must be in force at the time of the accident, regardless of its status at the time of death.
- Benefit Payout: If all conditions are met, the full Accident Benefit Sum Assured is paid out to your beneficiaries.
Eligibility and Restrictions
Before you consider adding this rider, let’s look at who can apply and what limits are in place:
| Criteria | Details |
|---|---|
| Minimum Sum Assured | Rs. 10,000 |
| Maximum Sum Assured | Varies (see below) |
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | Before policy anniversary at age 65 |
| Maximum Maturity Age | 70 years |
| Minimum Policy Term | 5 years |
Maximum Sum Assured Limits:
- For LIC’s Jeevan Shiromani (with min. Basic Sum Assured of Rs. 100 lakhs): Up to Rs. 200 lakhs total across all policies
- For all other plans: Up to Rs. 100 lakhs total across all policies
Note: The maximum individual coverage, including Jeevan Shiromani policies, is capped at Rs. 200 lakhs.
Costs and Charges
Understanding the costs associated with this rider is crucial:
- Standard Rate: Rs. 0.40 per thousand Accident Benefit Sum Assured per policy year
- Police Duty Rate: Rs. 0.80 per thousand for those in police organizations (excluding paramilitary forces)
These charges are deducted monthly by canceling units from your policy’s fund value.
Important Considerations
Before adding this rider to your policy, keep these points in mind:
- No Maturity Value: This rider doesn’t offer any maturity benefits.
- No Paid-up Value: The rider doesn’t acquire a paid-up value.
- No Surrender Value: You can’t surrender this rider for a cash value.
- Revival: If your policy lapses, you can only revive this rider along with the main policy.
Exclusions
It’s crucial to understand when the Accident Benefit won’t be paid. The rider won’t cover death due to:
- Intentional self-injury or suicide attempts
- Influence of alcohol or drugs (unless prescribed)
- Participation in riots, civil commotion, or war
- Engaging in hazardous sports or activities
- Criminal acts
- Certain military or police duties (with exceptions)
Why Consider This Rider?
- Enhanced Protection: Adds an extra layer of financial security for your family.
- Affordable: The charges are relatively low compared to the potential benefit.
- Flexibility: Can be added to existing policies or at the time of purchase.
- Peace of Mind: Knowing your loved ones have additional coverage in case of accidents.
How to Add This Rider
As your LIC Agent in Kolkata, I can help you add this rider to your existing policy or include it when you purchase a new one. The process is straightforward:
- Assess your current coverage and needs
- Choose an appropriate sum assured
- Complete the necessary paperwork
- Pay the additional premium
As your dedicated LIC Agent in Kolkata, I’m here to help you navigate the complexities of life insurance and riders like the LIC Linked Accidental Death Benefit Rider. Whether you’re considering adding this coverage or exploring other options, don’t hesitate to reach out. Your family’s financial security is my top priority.
Remember, insurance is an essential part of a solid financial plan. By understanding options like this rider, you’re taking important steps to protect your loved ones’ future. If you have any questions or want to discuss how this rider could fit into your insurance portfolio, feel free to contact me directly at 7980031260.
Stay protected, stay informed, and let’s work together to secure your family’s future!
FAQ
Can I add this rider to any LIC policy?
This rider can only be added to LIC’s unit-linked policies. It’s not available for traditional plans.
What happens if I stop paying premiums on my main policy?
If your main policy lapses, this rider will also lapse. You’ll need to revive both together to reinstate coverage.
Is the accident benefit sum assured flexible?
Yes, you can choose your sum assured in multiples of Rs. 5,000, subject to the minimum and maximum limits.
Does this rider cover accidental disability?
No, this rider only covers accidental death. It doesn’t provide benefits for disability or dismemberment.
Can I claim tax benefits on the premiums paid for this rider?
Generally, yes. However, it’s best to consult with a tax professional for the most up-to-date information on tax benefits.
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