LIC’s Premium Waiver Benefit Rider (With Auto Cover)

LIC’s Premium Waiver Benefit Rider (With Auto Cover)

1. Introduction:

This rider provides for waiver of future premiums payable under the Basic Plan in case of unfortunate death of the proposer during the premium paying period.

2. Payment of Premiums:

You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy.

3. Sample Premium Rates:

The specimen annual premiums to secure the benefit of cessation of ₹100/- Premium under the basic plan are given below:

Duration	Proposer’s Age (yrs)
	Upto 25	26-30	31-35	36-40	41-45	46-50	51-56
6	1.65	1.70	1.85	2.25	2.85	4.05	5.75
10	2.00	2.10	2.50	3.15	4.40	6.55	9.65
15	2.40	2.65	3.30	4.50	6.55	9.95	15.10
20	2.80	3.25	4.25	6.05	9.00	13.80	-

4. Eligibility Conditions and Other Restrictions:

Minimum age at entry	: 18 years (completed)
Maximum age at entry	: 55 years (nearer birthday)
Maximum age at the end of premium paying term	: 70 years (nearer birthday)
Premium paying term	: same as under the basic plan
Minimum Sum Assured under the Basic Plan	: ₹25,000/-
Maximum Sum Assured under the Basic Plan	: ₹100,00,000/-

5. Auto Cover:

If after at least two full year’s premiums have been paid and any subsequent premium be not duly paid, the policy shall be treated in force and the premium waiver benefit cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP). During this Auto Cover Period, one or more instalments of premiums with interest can be paid without submission of evidence of health. On payment of one or more of the arrears of instalment premiums with interest, the Auto Cover Period of 2 years shall be extended from the due date of new FUP.

Premium Waiver Benefit shall remain in force during the Auto cover period. Any premiums fallen due and not paid during the Auto Cover period shall also be waived.

6. Participation in Profits of the Corporation:

This rider shall not participate in profits of the Corporation.

7. Paid-up Value / Surrender Value / Maturity Value:

If the policy is in lapsed/ paid-up condition, Premium Waiver Benefit shall cease to apply after the Auto Cover period, if any, is over. This rider will not acquire any paidup value nor have any surrender or maturity value.

8. Grace Period:

Same as under the Basic plan.

9. Revival:

You can revive the policy at any time within the period of 5 years from the due date of first unpaid premium or before the date of expiry of policy term, whichever is earlier subject to the requirements of continued insurability of the proposer. The revival of cover shall be allowed only if the main policy is revived.

10. Cooling-off Period:

This is an optional rider to be attached with the Basic plan, if you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.

11. Exclusions:

This Rider will be void if the proposer commits suicide (whether sane or insane) during the first year of the policy.

Also, if the proposer's age, personal declaration of health and other requirements are found untrue or any incorrect statement is contained therein or any material information is withheld, all claims to the benefit shall cease and determine.