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Are you looking to enhance your life insurance coverage? As the best LIC agent in Kolkata, I’m excited to introduce you to LIC New Term Assurance Rider. This powerful add-on can provide an extra layer of financial security for your loved ones at an affordable cost. Let’s dive into the details of this rider and explore how it can benefit you and your family.
Table of Contents
Key Takeaways
- LIC New Term Assurance Rider offers additional life cover at an affordable cost.
- It can significantly enhance your family’s financial protection.
- Available for ages 18-60, with coverage up to age 75.
- Rider sum assured ranges from Rs. 1 lakh to Rs. 25 lakhs.
- Premiums are competitive and may offer tax benefits.
- The rider must be added at the inception of a new non-linked LIC policy.
What is LIC New Term Assurance Rider?
LIC New Term Assurance Rider (UIN: 512B210V01) is a non-linked, non-participating, individual term assurance rider that can be attached to your base life insurance policy. It offers additional life cover in case of the unfortunate death of the insured during the cover period.
Think of it as a booster shot for your existing life insurance policy. For a nominal additional premium, you can significantly increase the death benefit payable to your beneficiaries.
Key Features of LIC New Term Assurance Rider
- Flexible Coverage: You can choose a rider sum assured between Rs. 1 lakh to Rs. 25 lakhs, based on your needs and budget.
- Wide Age Range: Available for individuals aged 18 to 60 years (at entry).
- Long-term Protection: Offers coverage for 5 to 35 years, with protection available up to age 75.
- Affordable Premiums: Competitive rates make it an economical way to boost your life cover.
- Tax Benefits: Premiums paid may be eligible for tax deductions under Section 80C of the Income Tax Act, 1961 (subject to changes in tax laws).
How Does the Rider Work?
Let’s say you have a base life insurance policy with a sum assured of Rs. 20 lakhs. By adding the New Term Assurance Rider with a sum assured of Rs. 15 lakhs, your total coverage becomes Rs. 35 lakhs. In the event of your untimely demise during the policy term, your beneficiaries would receive:
- Rs. 20 lakhs from the base policy
- Rs. 15 lakhs from the rider
This additional payout can make a significant difference in securing your family’s financial future.
Eligibility and Restrictions
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years (completed) |
| Maximum Entry Age | 60 years (nearest birthday) |
| Maximum Cover Ceasing Age | 75 years (nearest birthday) |
| Rider Term | 5 to 35 years |
| Minimum Rider Sum Assured | Rs. 1,00,000 |
| Maximum Rider Sum Assured | Rs. 25,00,000 (subject to conditions) |
Note: The rider sum assured cannot exceed the base policy’s sum assured.
Premium Payment Options
The premium payment mode for the rider aligns with your base policy. You can choose from:
- Regular Premium
- Limited Premium
- Single Premium
Sample Premium Rates
To give you an idea of the affordability of this rider, here are some sample annual premium rates per Rs. 1,000 of rider sum assured (exclusive of taxes):
| Age (years) | 10-year term | 20-year term | 30-year term |
|---|---|---|---|
| 20 | Rs. 1.61 | Rs. 1.61 | Rs. 1.89 |
| 30 | Rs. 1.88 | Rs. 2.44 | Rs. 3.51 |
| 40 | Rs. 3.67 | Rs. 5.52 | Rs. 7.63 |
| 50 | Rs. 9.18 | Rs. 12.61 | — |
These rates are for illustration purposes only. Actual premiums may vary.
Benefits of Adding the New Term Assurance Rider
- Enhanced Financial Protection: Boost your life cover at a fraction of the cost of a separate term policy.
- Customizable Coverage: Tailor the rider sum assured to meet your specific needs.
- Simplified Process: Easy to add to your existing or new LIC policy without extensive paperwork.
- Cost-Effective: Get additional coverage at competitive rates.
- Peace of Mind: Ensure your family’s financial security with comprehensive protection.
Important Considerations
- The rider doesn’t offer any maturity or surrender benefits.
- It can only be attached to non-linked LIC plans at the inception of the base policy.
- The rider will not acquire any paid-up value.
- Revival is possible within 5 years of the first unpaid premium, subject to terms and conditions.
Why Choose LIC New Term Assurance Rider?
As your trusted LIC agent in Kolkata, I recommend this rider for several reasons:
- Reputation: LIC is India’s largest and most trusted life insurer.
- Flexibility: Easily customize your coverage to fit your needs.
- Affordability: Get substantial additional coverage at reasonable rates.
- Simplicity: Straightforward benefits without complex terms.
“The New Term Assurance Rider is like a safety net for your existing life insurance policy. It provides that extra layer of protection your family might need in challenging times.” – Somenath Naskar, LIC Agent in Kolkata
How to Get Started
Ready to boost your life insurance coverage with the New Term Assurance Rider? Here’s what you need to do:
- Assess Your Needs: Determine how much additional coverage you require.
- Review Your Existing Policy: Check if your current LIC policy is eligible for this rider.
- Get a Quote: Contact me for a personalized premium calculation.
- Complete the Application: I’ll guide you through the simple process of adding the rider to your policy.
In today’s uncertain world, ensuring adequate life insurance coverage is crucial. LIC New Term Assurance Rider offers a smart, cost-effective way to boost your protection. As your dedicated LIC agent in Kolkata, I’m here to help you navigate your options and find the perfect solution for your needs.
Ready to secure your family’s future with enhanced protection? Don’t wait! Call me, Somenath Naskar, at 7980031260 to discuss how the New Term Assurance Rider can work for you. Let’s work together to create a robust financial safety net for your loved ones.
FAQs
Can I add this rider to my existing LIC policy?
The New Term Assurance Rider can only be attached at the inception of a new non-linked LIC policy. It cannot be added to existing policies.
What happens if I survive the rider term?
This rider doesn’t offer any maturity benefits. If you survive the rider term, no amount is payable.
Is there a medical examination required to add this rider?
Medical requirements depend on your age, sum assured, and other factors. I can provide specific details based on your situation.
Can I claim tax benefits on the rider premiums?
Yes, premiums paid for this rider are generally eligible for tax deductions under Section 80C of the Income Tax Act, 1961. However, tax laws are subject to change, and you should consult a tax advisor for the latest information.
What if I want to discontinue the rider but keep my base policy?
The rider can be discontinued at any policy anniversary by submitting a written request. However, no surrender value is payable for this rider.
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