LIC’s New Critical Illness Benefit Rider

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

LIC’s New Critical Illness Benefit Rider is a non-linked rider that can be attached to non-linked base policies offered by Life Corporation of India. This rider can be attached at the time of policy inception. Under this plan, you can get the following benefits:

• Critical Illness Benefit payable upon first diagnosis of any of the 15 covered critical illnesses.
• Tax deductions on premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.

Eligibility – Who is the LIC New Critical Illness Benefit Rider for?

Listed below are the eligibility factors you must meet to purchase LIC’s New Critical Illness Benefit Rider:

Sum Assured and Premium Range - What you get and how much it costs?

The premium amount, Policy Term, PPT, and Sum Assured for LIC’s New Critical Illness Benefit Rider are as follows:

Premium rates are guaranteed for the first 5 years and revisable thereafter depending on the critical illness experience.

Plan Coverage - What the LIC New Critical Illness Benefit Rider covers?

Under LIC’s New Critical Illness Benefit Rider, you get the following benefits:

• The 15 critical illnesses covered by LIC's New Critical Illness Benefit Rider are cancer, benign brain tumour, open heart replacement, third degree burns, blindness, Alzheimer's disease, primary pulmonary hypertension, aortic surgery, multiple sclerosis with persisting symptoms, permanent paralysis of limbs, stroke, major organ or bone transplant, kidney failure, myocardial infarction, and open chest CABG.
• Critical Illness Benefit: Once you are diagnosed with any of the covered critical illnesses, the Corporation will pay Critical Illness Sum Assured, provided the base policy and rider are active. The maximum Critical Illness Sum Assured shall not exceed Rs.25 lakhs. Critical Illness Benefit Rider is payable only once during policy term. The Rider ceases to apply when Critical Illness Sum Assured becomes payable.

Exclusions – What the LIC New Critical Illness Benefit Rider does not include?

LIC’s New Critical Illness Benefit Rider doesn’t cover any of the 15 critical illnesses if it is caused directly or indirectly by the following events:

• Death occurs within 30 days of diagnosis of critical illness.
• Diagnosis of critical illness within waiting period of 90 days.
• Existence of AIDS/HIV.
• Failure to seek medical advice or delay in treatment.
• Self-inflicted injuries, suicide attempts, insanity or criminal acts.
• Drug or alcohol abuse.
• War, terrorist attacks, riot, civil unrest, rebellion, revolution and the like.
• A congenital condition present from birth or pre-existing medical conditions.
• Nuclear explosion, nuclear waste or radiation exposure.

Other Key Features of LIC New Critical Illness Benefit Rider:

Listed below are the key features of LIC’s New Critical Illness Benefit Rider:

• Free-look period: From the date of receipt of the policy document, you have 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy and get refund of the rider premiums paid minus risk premium for critical illness benefit, medical examination charge, and stamp duty charges.
• Grace period: Same as base policy. If you fail to pay premium within the due date, you are given a grace period of 30 days for yearly, half-yearly, and quarterly premium payment mode, and 15 days for monthly mode to pay the premium without interest. If the premium is not paid within the grace period, then the policy will lapse.
• Policy revival: Revival of rider is based on the revival of base policy. You can revive the policy within 2 years from the date of first unpaid premium. You must submit a written request for policy revival and pay all the premiums due till the revival date. The Corporation will expect proof of insurability and health certificate.
• Waiting and Survival Period: The critical illness benefit can be claimed only if the illness is diagnosed after a waiting period of 90 days which starts from the date of policy commencement or reinstatement, whichever is later. In addition, the life assured has to survive the illness for a survival period of 30 days starting from the date of diagnosis.
• Surrender: This rider doesn’t acquire surrender value. If the base policy is surrendered, for limited premium policies, you may get the following refund if the full premium has been paid for the first consecutive 2 years for PPT 10 years and first 3 consecutive years for PPT 10 years or more.
• Termination: Critical Illness Benefit Rider will terminate at the earliest on:
  • Date on which the claim is paid.
  • Rider expiry date.
  • Base policy terminated or converted to paid-up policy.
  • Diagnosis of critical illness within waiting period.
• Claim process: Following documents must be submitted to the Corporation for processing your critical illness benefit claim:
  • Duly-filled claim form along with NEFT mandate (for direct credit to your bank account).
  • Original policy document
  • Medical certificate issued by treating doctor
  • Hospital certificate or discharge summary
  • Investigation Report on clinical, histological, radiological, and laboratory evidence.
  • Confirmation of critical illness diagnosis by a medical professional appointed by LIC.
  • FIR report in the case of critical illness occurring as a result of an accident.

Tax Benefits – How you can save with the LIC’s New Critical Illness Benefit Rider?

Under LIC’s New Critical Illness Benefit Rider, you can get tax benefits on premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.

Other Benefits - How you can save with the LIC’s New Critical Illness Benefit Rider?

There are several other benefits of purchasing group insurance plans from Life Insurance Corporation of India such as:

• Premium calculator: The online premium calculator available on LIC website can be used to easily calculate how much premium you need to pay for your base policy and rider.
• Insurance Selector: This online feature on LIC website will help you choose the right insurance plan for you depending on your age, income, occupation, and insurance needs. You can also determine how much life cover you require and what policy term is best suited for you.
• Customer care: For any life insurance related queries, you can call LIC helpline at 1860-266-9966, visit LIC website or SMS 'LICHELP' to 9222492224 or 56767877. For policy related information, SMS 'ASKLIC' PREMIUM/REVIVAL/LOAN/NOMINATION/BONUS to 9222492224.
• Policy status: You can check policy status online through LIC website. You must complete a registration form and enroll your policy online to get updates on your policy status.
• Premium payment: You can make premium payments via online payment, netbanking, phone banking, and cash, DD or cheque deposit at any LIC Branch Office.
• Grievance redressal: LIC has a dedicated grievance redressal cell to acknowledge and resolve grievances at the earliest.
• Online application: You apply and purchase insurance online through LIC website.

Why should you buy LIC’s New Critical Illness Benefit Rider from Life Insurance Corporation of India?

Following are the reasons why you should buy LIC’s New Critical Illness Benefit Rider from Life Insurance Corporation of India:

• LIC has been successfully operating for almost 6 decades in the insurance industry.
• It caters to over 250 million customers across the country.
• It has more than 11 lakh agents working out of over 2000 branch offices across India.
• LIC was featured in the World's Greatest Brands 2015 Asia & GCC.
• It also won India's Most Trusted Brand 2015 and the Indian Insurance Award 2015.