LIC’s Accident Benefit Rider

LIC’s Accident Benefit Rider

LIC’s Accident Benefit Rider is a non-linked non-participating regular premium rider which provides for financial compensation in case of unfortunate event of an accident leading to death of the insured.

This rider will be offered as an add-on benefit to the base plan.

1. Benefits:

If the Life assured is involved in an accident, which is defined as “a sudden, unforeseen and involuntary event caused by external, visible and violent means”, leading to death and such incident shall occur within 180 days from the date of accident then the Accident Benefit Sum Assured shall be payable. However, the policy shall have to be in force at the time of accident irrespective of whether or not it is in force at the time of death.

2. Eligibility Conditions and Other Restriction:

Minimum Sum Assured	: ₹20000/-
Minimum age at entry	: 18 years (completed)
Maximum age at entry	: 65 years (nearest birthday)
Maximum maturity age	: 70 years (nearest birthday)
Policy term	: The policy term shall be premium paying term of the base plan or (70-age at entry) years, whichever is earlier.
Premium payment mode	: Same as Base Plan.

Maximum Sum Assured :

The maximum aggregate limit of Accident Benefit cover shall be as under:

• For LIC’s Jeevan Shiromani with minimum Basic Sum Assured of ₹100 lakhs: The maximum aggregate limit of assurance under all policies including policies with in-built Accident Benefit taken with Life Insurance Corporation of India under individual policies as well as group policies on the same life to which following benefits apply shall not in any event exceed ₹200 lakhs of Accident Benefit Sum Assured (including LIC’s Jeevan Shiromani). If there be more policies than one and if the total Accident Benefit Sum Assured exceeds ₹200 lakhs (including a minimum of 100 lakhs under LIC’s Jeevan Shiromani) the benefits shall apply to the first ₹200 lakhs Accident Benefit Sum Assured in order of date of policies issued.

• For all other plans (excluding LIC’s Jeevan Shiromani): The maximum aggregate limit of assurance under all policies including policies with in-built Accident Benefit taken with Life Insurance Corporation of India under individual policies as well as group policies on the same life to which following benefits apply shall not in any event exceed ₹100 lakhs of Accident Benefit Sum Assured. If there be more policies than one and if the total Accident Benefit Sum Assured exceeds ₹100 lakhs, the benefits shall apply to the first ₹100 lakhs Accident Benefit Sum Assured in order of date of policies issued.

  In any case, the maximum Accident Benefit cover offered to an individual including the policies taken under (A) above, will not exceed ₹200 lakhs.

  (The Sum Assured shall be in multiples of ₹5000/-)

3. Premium Rate:

₹0.50 per thousand Accident Benefit Sum Assured irrespective of age. ₹1.00 per thousand Accident Benefit Sum Assured, if the Life Assured is engaged in police duty either in any military, naval, or police organization and opts for this cover while engaged in policy duty.

4. Paid-up Value:

The policy shall not acquire any paid-up value.

5. Surrender Value:

No Surrender Value will be available under this plan.

6. Taxes:

Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on the instalment premiums.

7. Cooling-off period:

Same as base plan.

8. Exclusion:

The Corporation will not be liable to pay the Accident Benefit sum assured, if the death of the Life Assured shall:

• be caused by intentional self injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence or consumption of intoxicating liquor, drug or narcotic; or

• take place as a result of accident while the Life Assured is engaged in aviation or aeronautics in any capacity other than that of a fare paying, part-paying or non-paying passenger in any air-craft which is authorized by the relevant regulations to carry such passengers and flying between established aerodromes. The Life Assured flying as a passenger in such capacity should have at that time no duties on board the aircraft or require descent therefrom; or

• be caused by injuries resulting from taking any part in riots, civil commotion, rebellion, war (whether war be declared or not), invasion, hunting, mountaineering, steeple chasing, racing of any kind, paragliding or parachuting, taking part in adventurous sports; or

• result from the Life Assured committing any breach of law with criminal intent; or

• • arise from employment of the Life Assured in the armed forces or military service of any country at war (whether war be declared or not). This exclusion is not applicable if the Life Assured was involved in an accident when he is not on duty or was involved in any rescue operations while combating natural calamities in our country
  • arise from being engaged in police duty in any military, naval or police organization. This exclusion is not applicable where the option to cover Accident Benefit arising on accident while engaged in policy duty, has been chosen; or

• occur after 180 days from the date of accident of the Life Assured.