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  • LIC New Term Assurance Rider Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the LIC's New Term Assurance Rider Plan for?

    In order to be eligible for the LIC's New Term Assurance Rider Plan, customers need to meet certain age criteria.

    Parameters Details
    Minimum Entry Age 18 years
    Maximum Entry Age 60 years
    Maturity Age 75 years
    Policy Term 5-35 years

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

    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.

    Parameters Details
    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

    Plan Coverage - What the LIC's New Term Assurance Rider Plan covers?

    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.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    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.

    Tax Benefits – How you can save with the LIC’s New Term Assurance Rider Plan

    In accordance with the Income Tax Act 1961, policyholders of the LIC’s New Term Assurance Rider Plan can avail tax benefits under:

    • Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death benefits.

    Other Benefits – How you can save with the New Term Assurance Rider Plan?

    • Customers can make use of the online customer portal at the LIC Insurance website to access their insurance details.
    • The website also enables policyholders to pay for the LIC’s New Term Assurance Rider Plan online.
    • Payments for LIC’s New Term Assurance Rider Plan can be made through the following channels:
      • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
      • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
      • Bill Junction - Customers can login to Bill Junction and make premium payments.
      • Netbanking - Customers can pay premiums through the net banking facility offered by their banks.
      • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Airtel Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money
    • The LIC also gives customers the comfort of requesting for a callback.

    Why you should buy the LIC’s New Term Assurance Rider Plan from LIC?

    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.