LIC New Term Assurance Rider

LIC New Term Assurance Rider

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LIC New Term Assurance Rider Plan

LIC's New Term Assurance Rider is an add on benefit. It is a type of plan which can be attached with a basic policy to provide add on benefit at a nominal cost. LIC's New Term Assurance Rider works as a protection plan which provides cover in case of the unfortunate death of the assured during the cover period. This rider can only be attached to non- linked plans at the time of commencement of the base policy. This term assurance rider not only works as a protection plan but also provides the benefit of savings as it can be added to savings plans. If the policyholder dies during the term of the policy, then the term assurance rider is paid. If the assured survives till the end of the term, then no amount will be given to the nominees or assignees. Life Assurance is a form of insurance providing for the payment of a specified sum to a named beneficiary on the death of the life assured.

Benefits of New Term Assurance Rider

Maturity benefit

On the survival of insured, till the end of the term of the rider, nothing paid.

Death benefit

In case of unfortunate death of the life assured during the term of the Rider, an amount equal to the Term Assurance Rider Sum Assured is paid to family of the assured.

Eligibility and other restrictions

Rebate for Mode of premium payment and High Sum Assured

Grace period

Like other basic plans a grace period of one month but not less than 30 days is allowed for the payment of yearly, quarterly, half-yearly rider premium and 15 days for monthly rider premiums.

Paid-up value

This term assurance rider does not have any paid-up value.

Surrender value

No surrender value is available under this rider. However, on surrender of the basic policy to which this rider is attached, provided all the due premiums in respect of this rider have been paid, additional rider premium charged in respect of cover after PPT shall be refunded as follows:


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