LIC’s Accident Benefit Rider: Accidents may ruin the best-laid intentions. In acknowledgment of this, Life Insurance Corporation (LIC) of India offers the Accident Benefit Rider, a life insurance add-on that provides financial protection in the case of accidental death or disability.
This rider covers unexpected accident expenses for the policyholder and family. The rider offers total assistance in difficult situations with its lump-sum accidental death and permanent disability payouts.
What is the LIC Accident Benefit Rider?
LIC Accident Benefit Riders add life insurance coverage for a fee. Additional payments for accidental death or disability improve conventional life protection. It adds monetary support to life insurance policies in the case of death or catastrophic injury. Adding protection to high-risk vocations or lifestyles helps with life’s uncertainties.
Important LIC Accident Benefit Rider Features
Accidental permanent total disability is covered by the rider. Amount insured is paid in phases, generally over 10 years, to help policyholder with daily expenses and medical needs. During disability, basic insurance and accident rider premiums may be waived.
Eligibility and Flexibility: LIC term, endowment, and savings life insurance policies may include the Accident Benefit Rider. It is available to 18–65-year-olds. The rider’s maximum maturity age is normally 70, spanning crucial financial years.
Affordable Premiums for Maximum Security: The Accident Benefit Rider adds nothing to life insurance premiums despite widespread coverage. It’s inexpensive for clients who want more insurance coverage without paying more.
How the Rider Works: A Detailed Analysis
The LIC Accident Benefit Riders cover accidental death and permanent disability in life insurance plans. Watch how the rider works:
The Accident Benefit If a policyholder dies in an accident during the policy’s term, the rider pays the insured amount plus the basic policy’s death benefit. One, violent, and evident injury generally causes accidental death. To get the accidental death benefit, the insured must die within 180 days after the accident.
Permanent Disability Benefit: The Accident Benefit Rider provides policyholders who survive an accident but are permanently disabled the sum provided in equal installments over 10 years. Damage, such as limb or eye loss, causes permanent disability and economic loss. This element is crucial since it covers long-term medical care and provides income throughout recovery.
Comparing the LIC Accident Benefit Rider with Similar Add-Ons
Many insurers provide accident benefit riders, but LIC’s low prices, freedom to attach the rider to many policies, and brand trust set it apart. The LIC Accident Benefit Rider is cheaper with a life insurance plan, making it an excellent choice for comprehensive coverage.
LIC’s rider’s waiver of premium protects handicapped policyholders’ life insurance. Its extensive help distinguishes it from accident riders.