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As the best LIC Agent in Kolkata, I’m excited to share with you the ins and outs of LIC’s Premium Waiver Benefit Rider. This powerful addition to your life insurance policy can make a world of difference for your loved ones. Let’s dive in and explore how this rider can provide peace of mind and financial security for your family.
Table of Contents
Key Takeaways
- LIC’s Premium Waiver Benefit Rider ensures policy continuation even if the policyholder passes away.
- It’s an affordable way to add an extra layer of protection to your life insurance policy.
- The Auto Cover feature provides a safety net for missed premium payments.
- The rider is customizable and can be tailored to your specific needs and budget.
- Adding this rider to your policy is a simple process that can be done with the help of an LIC Agent.
What is LIC’s Premium Waiver Benefit Rider?
LIC’s Premium Waiver Benefit Rider is an optional add-on to your life insurance policy that ensures your family’s financial protection continues even if you’re no longer around to pay the premiums. In simple terms, if the policyholder passes away during the premium-paying term, this rider waives all future premiums, keeping the policy active and safeguarding your family’s future.
Why Consider the Premium Waiver Benefit Rider?
- Uninterrupted Coverage: Your policy remains in force even if you’re not there to pay premiums.
- Financial Security: Your family doesn’t have to worry about finding funds to keep the policy active.
- Peace of Mind: You can rest easy knowing your loved ones will receive the full benefits of your policy.
- Affordable Protection: The rider is often more cost-effective than increasing your base policy coverage.
Key Features of LIC’s Premium Waiver Benefit Rider
Let’s break down the essential aspects of this rider:
Eligibility Criteria
- Minimum Entry Age: 18 years (completed)
- Maximum Entry Age: 55 years (nearer birthday)
- Maximum Age at End of Premium Paying Term: 70 years (nearer birthday)
- Premium Paying Term: Same as the basic plan
- Minimum Sum Assured under Basic Plan: Rs. 25,000
- Maximum Sum Assured under Basic Plan: Rs. 1,00,00,000
Premium Payment Options
Flexibility is key when it comes to paying your premiums. You can choose from:
- Yearly
- Half-yearly
- Quarterly
- Salary deductions
Auto Cover Feature
This is a standout feature of the Premium Waiver Benefit Rider. Here’s how it works:
- After paying premiums for at least two full years, if you miss a premium payment, your policy enters an “Auto Cover Period.”
- This period lasts for two years from the due date of the first unpaid premium.
- During this time, you can pay one or more installments of premiums with interest without providing new health evidence.
- The Auto Cover Period extends by two years from the due date of the new first unpaid premium upon payment of arrears.
- The Premium Waiver Benefit remains active during the Auto Cover Period.
- Any premiums due but unpaid during this period are also waived if the benefit is triggered.
Sample Premium Rates
To give you an idea of the cost, here’s a table showing annual premiums to secure a waiver of Rs. 100 premium under the basic plan:
| Duration (years) | Up to 25 | 26-30 | 31-35 | 36-40 | 41-45 | 46-50 | 51-56 |
|---|---|---|---|---|---|---|---|
| 1 | 1.65 | 1.70 | 1.85 | 2.25 | 2.85 | 4.05 | 5.75 |
| 10 | 2.00 | 2.10 | 2.50 | 3.15 | 4.40 | 6.55 | 9.65 |
| 15 | 2.40 | 2.65 | 3.30 | 4.50 | 6.55 | 9.95 | 15.10 |
| 20 | 2.80 | 3.25 | 4.25 | 6.05 | 9.00 | 13.80 | – |
Note: Premiums may vary based on individual factors and policy terms.
The Benefits of Choosing LIC’s Premium Waiver Benefit Rider
- Customizable Protection: Tailor the rider to your specific needs and budget.
- Long-Term Security: Ensure your family’s financial stability for years to come.
- Affordable Premiums: Get comprehensive coverage at reasonable rates.
- Flexible Payment Options: Choose the premium payment frequency that suits you best.
- Auto Cover Advantage: Enjoy extended protection even if you miss a premium payment.
How to Add the Premium Waiver Benefit Rider to Your Policy
Adding this rider to your LIC policy is a straightforward process:
- Consult with an LIC Agent (like myself) to understand how the rider fits your needs.
- Choose the coverage amount that aligns with your financial goals.
- Complete the necessary paperwork and health declarations.
- Pay the additional premium for the rider.
- Receive your updated policy document with the rider included.
Important Considerations
While the Premium Waiver Benefit Rider offers excellent protection, there are a few things to keep in mind:
- No Profit Participation: This rider doesn’t participate in LIC’s profits.
- No Paid-up Value: The rider doesn’t acquire any paid-up, surrender, or maturity value.
- Revival Period: You can revive a lapsed policy within 5 years from the first unpaid premium or before the policy term expires, whichever is earlier.
- Exclusions: The rider is void if the proposer commits suicide within the first year of the policy.
“The Premium Waiver Benefit Rider is like a safety net for your family’s financial future. It ensures that your loved ones remain protected, no matter what life throws your way.” – Somenath Naskar, LIC Agent in Kolkata
Real-Life Scenario: The Power of Premium Waiver
Let’s consider a hypothetical situation to illustrate the impact of this rider:
Rahul, a 35-year-old software engineer, purchases a 20-year LIC policy with a sum assured of Rs. 50,00,000 for his 5-year-old daughter’s future. He adds the Premium Waiver Benefit Rider to his policy. Unfortunately, Rahul passes away after 7 years. Thanks to the rider, all future premiums are waived, and the policy continues to its full term, ensuring his daughter receives the full sum assured when she turns 25.
This scenario demonstrates how the rider can make a significant difference in securing a child’s future, even in the face of unexpected tragedy.
In conclusion, LIC’s Premium Waiver Benefit Rider is a powerful tool to ensure your family’s financial security. As your trusted LIC Agent in Kolkata, I’m here to help you navigate the intricacies of this rider and find the perfect fit for your needs. Don’t leave your family’s future to chance – consider adding this valuable protection to your policy today.
Ready to secure your family’s future with LIC’s Premium Waiver Benefit Rider? Give me a call at 7980031260, and let’s discuss how we can tailor this protection to your unique needs. Your family’s peace of mind is just a phone call away!
Frequently Asked Questions
Can I add the Premium Waiver Benefit Rider to an existing LIC policy?
Generally, riders are added at the time of policy purchase. However, in some cases, you may be able to add it to an existing policy. Consult with your LIC Agent for specific options.
Is the Premium Waiver Benefit Rider available for all LIC policies?
This rider is typically available for plans offered to minors. Check with your LIC Agent to determine if it’s suitable for your specific policy.
What happens if I survive the policy term?
If you survive the policy term, the rider doesn’t provide any maturity benefit. Its primary purpose is to waive premiums in case of your untimely demise.
Can I claim tax benefits on the premiums paid for this rider?
Yes, premiums paid for the Premium Waiver Benefit Rider are generally eligible for tax benefits under Section 80C of the Income Tax Act, subject to prevailing tax laws.
Is medical underwriting required for adding this rider?
Some basic health declarations are typically required. The extent of medical underwriting may vary based on the sum assured and your age. Your LIC Agent can guide you through the process.
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