LIC’s Accidental Death and Disability Benefit Rider
LIC’s Accidental Death and Disability Benefit Rider is a non-linked rider which provides for financial compensation in case of unfortunate event of an accident leading to permanent disability or death of the insured. This rider shall be available under regular premium, single premium and limited premium payment plans with which this rider is allowed. The cover shall be available during the policy term or till the policy anniversary on which the age nearest birthday is 70 years, whichever is earlier.
This rider will be offered as an add-on benefit to the basic 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 either permanent and total disability or death and such incident shall occur within 180 days from the date of accident, the Corporation shall pay:
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In case of Disability to the Life Assured: (i) Accident Benefit Sum Assured in equal monthly instalments spread over 10 years. If the policy becomes a claim either by way of maturity or death before all due instalments are paid out, the remaining disability benefit instalments which have not fallen due will be paid along with the claim and (ii) the future premiums, if any, are waived under the policy (including the premium under basic plan) to the extent of Accident Benefit Sum Assured. However, the premium for any other Rider, if opted for, shall continue to be paid.
The disability above referred to must be disability which is the result of an accident and must be total and permanent. Accidental injuries which independently of all other causes and within 180 days from the happening of such accident result in such disability due to which life assured is unable to perform at least 4 of the following Activities of Daily Living (defined below) permanently without any external help/support including the use of mechanical equipment, special devices or other aids, then such disability shall be treated as Total and Permanent. Medical Examiner authorized by the Corporation shall examine the life assured to certify the disability as Total and Permanent.
The Activities of Daily Living are:
Dressing - the ability to put on and take off all necessary garments, artificial limbs or other surgical appliances that are medically necessary
Washing - the ability to wash to maintain an adequate level of cleanliness and personal hygiene
Feeding - the ability to transfer food from a plate or bowl to the mouth once food has been prepared and made available
Toileting - the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene
Mobility - the ability to move indoors from room to room on level surfaces at the normal place of residence
Transferring - the ability to move from a bed to an upright chair or wheel chair and vice versa
Not with standing what is mentioned above, Accidental injuries which independently of all other causes and within 180 days from the happening of such accident, result in the irrecoverable loss of the entire sight of both eyes or in the amputation of both hands at or above the wrists or in the amputation of both feet at or above ankles, or in the amputation of one hand at or above the wrist and one foot at or above the ankle, shall also be deemed to constitute such disability.
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In case of death of the Life Assured: Accident Benefit Sum Assured
2. Eligibility Conditions and Other Restriction:
| Minimum Sum Assured | : ₹10,000/- |
|---|---|
| Minimum age at entry | : 18 years (completed) |
| Maximum age at entry | : The cover can be opted for at any time during the premium paying term but before the policy anniversary on which the age nearest birthday of the Life Assured is 70 years. |
| Maximum maturity age | : 70 years (nearest birthday) |
| Policy term | : The policy term shall be same as under the basic plan or (70 - age at entry) years, whichever is earlier. |
| Premium paying term | : Same as Base Plan |
| 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.
3. Premium Rate:
Flat premium rates shall be applicable irrespective of age.
For Regular Premium policies:
₹1.00 per annum per thousand Accident Benefit Sum Assured. However, if the Life Assured is engaged in police duty in any police organizations and opts for this cover while engaged in police duty, the premium rate shall be ₹1.50 per annum per thousand Accident Benefit Sum Assured.
For Single Premium policies:
The sample single premium rates per thousand Accident Benefit Sum Assured are as under:
| Policy Term | Premium (For lives excluding those mentioned in column 3) | Premium (if accident cover is opted for while engaged in police duty) |
|---|---|---|
| 10 | 8.00 | 11.95 |
| 20 | 12.65 | 18.95 |
| 30 | 15.35 | 23.00 |
For Limited Premium Policies:
The premium shall depend on the policy term and premium paying term. The sample premium rate per thousand Accident Benefit Sum Assured for the policy term 20 year and premium paying term 15 years is ₹1.20 per annum. 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 police duty, the premium rate per thousand Accident Benefit Sum Assured for the policy term 20 year and premium paying term 15 years is ₹1.80 per annum.
4. Paid-up Value:
This rider shall not acquire any paid-up value.
5. Surrender Value:
No Surrender Value will be available under this rider. However, on surrender of an inforce basic policy (which has acquired surrender value) to which this rider is attached, in case of single premium policy or limited premium policy, a proportion of additional rider premium charged in respect of cover after premium paying term shall be refunded.
6. Taxes:
Taxes including Service Tax, 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 including service 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 shall not be liable to pay the Accident Benefit sum assured, if the disability or 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, narcotic or drug (unless prescribed by doctor as a part of treatment); 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 criminal act with criminal intent; or
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arise from employment of the Life Assured in the armed forces or military service. 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 (which excludes administrative assignments) in any police organization other than paramilitary forces. This exclusion is not applicable where the option to cover Accidental Death and Disability Benefit arising on accident while engaged in police duty, has been chosen; or
occur after 180 days from the date of accident of the Life Assured.
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