Keeping in financial need of a family in case of an eventuality, LIC has rolled out the LIC's New Term Assurance Rider Plan. The LIC's New Term Assurance Rider Plan comes with the benefit of a lump sum payout to the nominee of the insured person in case of untimely death of the policyholder. The rider has to be linked to LIC’s New Term Assurance Plan.
In order to be eligible for the LIC's New Term Assurance Rider Plan, customers need to meet certain age criteria.
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Maturity Age||75 years|
|Policy Term||5-35 years|
Sum Assured: The minimum sum assured for the LIC's New Term Assurance Rider Plan is Rs.1 lakh and the maximum sum assured is Rs.25 lakh.
Premium: The premium is same as the base policy. The premium mode as well as the premium paying term is same as the base policy.
|Minimum sum assured||Rs.1 lakh|
|Maximum sum assured||Rs.25 lakh|
|Premium||Same as base policy|
|Premium paying term||Same as base policy|
|Premium Frequency||Same as base policy|
The LIC's New Term Assurance Rider Plan comes with death benefits.
|Death benefit||In case of untimely death of the insured, the nominee is entitled to the sum assured. Depending on premium paid and the policy term, the sum assured ranges between Rs.1 lakh to Rs.25 lakh.|
The LIC’s New Term Assurance Rider Plan comes with key features such as free-look-period, surrender benefit and grace period.
|Free-look period||Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she disagrees with the policy terms and conditions, they can return the plan.|
|Surrender benefit||If the policyholder surrenders the policy after three years since its inception, he/she is entitled to 90% of the premium paid for the Single Pay Plans and 75% of the premium paid for the Limited Pay Plans.|
|Grace period||Policyholders are granted a grace period of 30 days for the annual, half-yearly and quarterly premium paying modes and 15 days for the monthly premium paying mode to pay their premiums. Death benefits are applicable during the grace period.|
In accordance with the Income Tax Act 1961, policyholders of the LIC’s New Term Assurance Rider Plan can avail tax benefits under:
The LIC’s New Term Assurance Rider Plan offers policyholders the benefit of life coverage that would help cover the liabilities in case of their absence. All the LIC group plan products offer a lump sum coverage to the nominee of policyholder in case of untimely or unfortunate death, giving them financial security when they need it the most. The LIC’s New Term Assurance Rider Plan comes with the benefit of affordable premiums.
A state-owned insurance group, LIC is currently the largest insurer in the country with an asset value of $240 billion. Adding to their reputation in the country, in the financial year of 2016-2017, LIC recorded a claim settlement ratio of 98. 19% - the highest till date by a margin. LIC sets themselves apart from other insurers by having a dedicated customer support team that works round-the-clock and holds customer satisfaction as their priority.