LIC rider plans are insurance policies that can be attached to a life insurance policy. There are various riders available, each with their own features and benefits. In this blog post, we will explore the different LIC rider plans available, their features and benefits, and how to choose the right one for you. We will also provide a list of the most popular LIC rider plans so that you can make an informed decision.
What is the LIC Rider Plan?
The LIC Rider Plan is a life insurance policy that offers riders, or coverage, for an additional cost. Riders can be added to both term and permanent life insurance policies and can provide benefits such as death benefit protection, living benefits, and no-lapse guarantees.
Most life insurance policies have the option to add riders at the time of purchase or after the policy has been in force for a certain period of time. Some companies may require evidence of insurability for certain riders.
Riders can be very beneficial, but they also come with a price tag. It’s important to understand what each rider does and how it will affect your premiums before adding one to your policy.
death benefit rider: This rider provides an additional death benefit if the insured dies while the rider is in force. The death benefit rider can be used to help cover final expenses or provide financial support for loved ones.
living benefit rider: This rider provides cash value that can be accessed while the insured is still alive. The cash value can be used for long-term care expenses, retirement income, or other financial needs.
no-lapse guarantee rider: This rider ensures that the life insurance policy will not lapse as long as the premiums are paid on time. The no-lapse guarantee rider is often used to keep a policy in force during periods of financial hardship.
Features and benefits of the LIC Rider Plan
The LIC Rider Plan is a great way to get life insurance coverage for your loved ones. Here are some of the features and benefits of the plan:
– Coverage for your spouse and children: The rider plan provides coverage for your spouse and children, so you can rest assured that they will be taken care of financially if something happens to you.
– Affordable premiums: The rider plan has very affordable premiums, so you can easily make the payments without any financial strain.
– Flexibility: You can choose the term of the policy and the sum assured as per your needs and budget. This flexibility makes it easy to tailor the policy to your specific requirements.
– Tax benefits: The premiums paid towards the rider plan are eligible for tax deductions, which can help you save money on your taxes.
Types of Active LIC’s riders Plan
1.LIC Linked Accidental Death Benefit Rider Plan
Most people are not aware of the many different types of insurance riders that are available to them. Riders are additional coverage that can be added to an insurance policy for an additional cost. Some riders, like the LIC Linked Accidental Death Benefit Rider Plan, provide coverage in the event of death due to an accident. This rider can be purchased for an additional cost and will pay out a benefit in the event of the policyholder’s death due to an accident.
The LIC Linked Accidental Death Benefit Rider Plan is a great way to get extra coverage in case of an accidental death. This rider provides coverage for death due to an accident, regardless of whether it is caused by a natural disaster or something else. The benefit amount is paid out to the beneficiary named on the policy in the event of the policyholder’s death.
This rider is a great way to get extra protection at an affordable price. If you are looking for ways to add extra coverage to your insurance policy, this rider is a great option.
2.LIC’s Accidental Death and Disability Benefit Rider Plan
The LIC’s Accidental Death and Disability Benefit Rider Plan is a rider that can be added to a life insurance policy. It provides additional coverage in the event of death or disability due to an accident.
The rider pays a benefit if the policyholder dies or becomes disabled as a result of an accident. The benefit is paid in addition to the death benefit of the life insurance policy. If the policyholder dies as a result of an accident, the rider pays out a lump sum benefit. If the policyholder becomes disabled as a result of an accident, the rider pays a monthly income benefit.
The rider can be purchased by anyone who owns a life insurance policy with LIC. It is available for both new and existing policies. There is no medical exam required to purchase the rider.
The rider provides valuable protection for accidental deaths and disabilities. It can help to financially protect your family in the event of your death or disability due to an accident.
3.LIC’s Accident Benefit Rider Plan
LIC’s Accident Benefit Rider Plan is a great way to get financial protection in the event of an accident. The plan provides a lump sum benefit of up to Rs. 5 lakh in the event of death or permanent total disability due to an accident. There is also a monthly income benefit of up to Rs. 10,000 for temporary total disability due to an accident.
The plan has some great features that make it a valuable addition to your life insurance policy. Some of these features include:
– Affordability: The premiums for this rider are very affordable and can be easily added to your existing life insurance policy.
– Flexibility: You can choose the sum assured and the tenure of the rider as per your requirements and budget.
– Comprehensive coverage: The rider covers all types of accidents, including those caused by natural calamities, making it a comprehensive protection plan.
– Tax benefits: The premiums paid towards this rider are eligible for tax deductions under Section 80C of the Income Tax Act.
4.LIC’s Premium Waiver Benefit Rider Plan
LIC’s Premium Waiver Benefit Rider is a rider policy that provides for the waiver of future premiums in the event of the policyholder’s death. The rider is available with all LIC policies except those that are single premium or have a term of less than 5 years.
The rider ensures that in the event of the policyholder’s death, their family will not have to bear the burden of paying any further premiums on the policy. This gives peace of mind to both the policyholder and their loved ones, knowing that should something happen to them, their financial commitments will be taken care of.
The rider is an affordable way to give yourself and your family financial security in the event of your death. It is a worthwhile investment to make, and one that could potentially save your loved ones a lot of money and stress in the future.
5.LIC’s New Critical Illness Benefit Rider Plan
LIC’s new critical illness benefit rider plan is a great way to provide financial protection for yourself and your family in the event that you are diagnosed with a critical illness. The rider provides a lump sum benefit payment that can be used to cover medical expenses, income replacement, or any other expenses that may arise as a result of your diagnosis.
The rider is available to anyone who purchases a life insurance policy from LIC, and can be added on to an existing policy for an additional premium. The rider provides coverage for 22 different critical illnesses, including cancer, heart attack, stroke, organ transplant, and more. The benefit amount is determined at the time of purchase and ranges from Rs. 50,000 to Rs. 10 lakhs.
If you are diagnosed with a covered critical illness, you will receive the benefit amount immediately – there is no waiting period or need to satisfy any other conditions before receiving the money. This can give you the financial security and peace of mind you need to focus on your treatment and recovery.
So if you’re looking for an affordable way to financially protect yourself and your family in the event of a critical illness, be sure to check out LIC’s new critical illness benefit rider plan!
6.LIC’s NEW TERM ASSURANCE RIDER Policy
LIC’s NEW TERM ASSURANCE RIDER offers protection for policyholders in the event of their untimely death. The rider pays out a lump sum benefit to the named beneficiaries, which can be used to cover final expenses or any other financial obligations.
This rider is available on all new LIC policies, and can be added to existing policies for an additional premium. It is important to note that the coverage provided by this rider is in addition to any death benefit provided by the underlying life insurance policy.
If you are looking for an affordable way to provide your loved ones with financial security in the event of your death, consider adding the LIC NEW TERM ASSURANCE RIDER to your life insurance policy.
7.LIC’s Premium Waiver Benefit Rider (With Auto Cover)
LIC offers a Premium Waiver Benefit Rider (With Auto Cover) that helps policyholders in the event that they are unable to pay their life insurance premiums. This rider provides coverage for the policyholder in the event of death, disability, or involuntary unemployment.
The Premium Waiver Benefit Rider is available for an additional premium and can be added to most LIC policies. This rider can help provide peace of mind to policyholders who are worried about being able to keep up with their life insurance payments.
How to choose the right LIC Rider Plan for you
When it comes to choosing the right LIC Rider Plan for you, there are a few things you need to take into account. First, what is your budget? There are a variety of rider plans available, so you’ll want to make sure you choose one that fits your financial needs. Second, what are your coverage needs? Some riders offer more coverage than others, so be sure to evaluate your needs before making a decision. Finally, what is your overall health situation? Some riders may not be available to individuals with certain health conditions.
Once you’ve taken these factors into consideration, you can start looking at the different rider plans available from LIC. To help you narrow down your options, we’ve put together a list of some of the most popular riders:
– The Accidental Death and Dismemberment Rider offers coverage in the event of an accidental death or dismemberment.
– The Critical Illness Rider provides benefits in the event that you’re diagnosed with a covered critical illness.
– The Hospital Cash Rider gives you a daily cash benefit if you’re hospitalized for a covered reason.
– The Permanent Disability Rider pays benefits if you become permanently disabled due to an accident or illness.
– The Term Rider provides coverage for a specific period of time (e.g., 10 years), after which it expires.
To learn more about each of these riders and compare them side-by-side, check out our LIC Rider Plan comparison tool.
LIC’s rider plans are a great way to get additional coverage at an affordable price. There are many different rider plans available, so you can choose the one that best fits your needs. Be sure to compare the features and benefits of each plan before making your final decision.