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Are you looking for a way to secure your family’s financial future, even if the unexpected happens? As the best LIC agent in Kolkata, I’m here to introduce you to a powerful tool that can provide peace of mind: the LIC Premium Waiver Benefit Rider.
Table of Contents
Key Takeaways
- The LIC Premium Waiver Benefit Rider protects your family by waiving future premiums if you pass away.
- It’s flexible, affordable, and can be added to eligible LIC policies.
- The rider term matches your base policy’s remaining premium-paying period.
- Premiums are generally reasonable, especially considering the protection provided.
- As your LIC agent in Kolkata, I’m here to help you navigate this and other insurance options.
What is the LIC Premium Waiver Benefit Rider?
The LIC Premium Waiver Benefit Rider is a non-linked, non-participating, individual life assurance rider that can be attached to eligible LIC insurance plans. This rider offers a unique benefit: if the proposer (the person paying the premiums) passes away during the rider term, all future premiums for the base policy are waived until the rider term expires.
Think of it as a safety net for your loved ones. If something happens to you, they won’t have to worry about keeping the policy active – LIC takes care of the premiums for them.
Key Features of the LIC Premium Waiver Benefit Rider
Let’s break down some of the most important aspects of this rider:
- Flexibility: You can add this rider when you purchase your base policy or at any time during the premium-paying term (as long as at least 5 years remain).
- Age Range: It’s available for proposers between 18 and 55 years old.
- Rider Term: The term matches the remaining premium-paying period of your base policy (up to 25 years minus the age of the minor, if applicable).
- Sum Assured: It covers the total of future premiums payable under the base policy until the rider term ends.
- No Maturity Benefit: This rider focuses solely on premium protection, so there’s no payout at the end of the term.
Why Consider the LIC Premium Waiver Benefit Rider?
As your trusted LIC agent in Kolkata, I’ve seen firsthand how this rider can make a difference. Here are some compelling reasons to consider it:
- Financial Security: It ensures your family’s insurance coverage continues even if you’re not there to pay the premiums.
- Peace of Mind: You can rest easy knowing your loved ones won’t face financial strain to keep the policy active.
- Affordable Protection: The premiums for this rider are generally quite reasonable, especially considering the level of protection it provides.
- Customizable: You can tailor the rider term to match your specific needs and base policy duration.
How Does It Work? A Real-Life Example
Let’s say Rajesh, a 35-year-old father, takes out a 20-year LIC policy for his 5-year-old daughter’s future education. He adds the Premium Waiver Benefit Rider to the policy.
Unfortunately, Rajesh passes away after 8 years. Without the rider, his family would need to continue paying premiums for the remaining 12 years to keep the policy active. But with the rider in place, LIC waives all future premiums. Rajesh’s daughter’s policy remains in force, ensuring her educational fund is secure.
This real-world scenario demonstrates the powerful protection this rider can provide.
Premium Rates: What Can You Expect?
While exact premiums vary based on several factors, here’s a general idea of annual premium rates per ₹100 of waived premium:
| Rider Term | Age 25 or less | Age 26-30 | Age 31-35 | Age 36-40 | Age 41-45 |
|---|---|---|---|---|---|
| 5 years | ₹1.45 | ₹1.45 | ₹1.55 | ₹1.75 | ₹2.05 |
| 10 years | ₹1.85 | ₹1.90 | ₹2.15 | ₹2.65 | ₹3.60 |
| 15 years | ₹2.20 | ₹2.35 | ₹2.85 | ₹3.80 | ₹5.45 |
| 20 years | ₹2.55 | ₹2.90 | ₹3.70 | ₹5.15 | ₹7.60 |
Remember, these are just sample rates. As your LIC agent in Kolkata, I can provide you with a personalized quote based on your specific circumstances.
Important Considerations
While the LIC Premium Waiver Benefit Rider offers valuable protection, there are a few things to keep in mind:
- The rider doesn’t cover premiums for other riders you might have on your base policy.
- There’s no surrender value or loan facility available with this rider.
- A 12-month suicide exclusion applies from the start date or revival of the rider.
How to Get Started
Interested in adding this rider to your LIC policy? As the best LIC agent in Kolkata, I’m here to help! Here’s what you can do:
- Evaluate Your Needs: Consider your family’s financial situation and long-term goals.
- Review Your Existing Policy: Check if your current LIC policy is eligible for this rider.
- Get in Touch: Call me at 7980031260 for personalized advice and a quote.
- Ask Questions: Don’t hesitate to seek clarification on any aspect of the rider.
- Make an Informed Decision: Together, we’ll determine if this rider is the right fit for your insurance portfolio.
Remember, life insurance is a crucial part of your financial planning. As your dedicated LIC agent in Kolkata, I’m here to help you make informed decisions that protect your family’s future. Don’t hesitate to reach out at 7980031260 to discuss the LIC Premium Waiver Benefit Rider or any other insurance needs you may have.
Together, we can build a secure financial foundation for you and your loved ones. After all, that’s what truly matters, isn’t it?
Frequently Asked Questions
Can I add this rider to any LIC policy?
Not all policies are eligible. It’s best to consult with me, your LIC agent in Kolkata, to check if your specific policy qualifies.
What happens if I outlive the rider term?
If you survive the rider term, there’s no maturity benefit. The rider simply expires, having provided protection during its term.
Can I surrender this rider for a cash value?
No, this rider doesn’t accumulate a surrender value. Its primary purpose is protection, not investment.
Are there any tax benefits associated with this rider?
Premiums paid for this rider may be eligible for tax deductions under Section 80C of the Income Tax Act. However, tax laws can change, so it’s best to consult a tax professional for the most up-to-date information.
How does the free look period work for this rider?
You have 15 days (30 days for online purchases) from receiving the rider document to review its terms. If you’re not satisfied, you can return it for a refund of premiums paid, minus any applicable charges.
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