Beyond life coverage, insurance protects the policyholder’s family in hard times. LIC India offers the Premium Waiver Benefit Rider for complete protection. This rider reduces premiums if the policyholder dies or is severely handicapped in an accident. It protects dependents by keeping life insurance coverage alive if the insured can’t pay.
What Is LIC’s Premium Waiver Benefit Rider?
Life insurance contracts might include the LIC Premium Waiver Benefit Rider. This rider protects life insurance policies from terminating due to non-payment if the insured dies or becomes disabled. If the rider conditions are satisfied, subsequent premium payments are waived and the policyholder or their dependents are covered for the term.
In difficult times, this rider enables clients maintain their life insurance without paying premiums. The policyholder’s family is protected against losing their primary income and paying insurance.
Important Premium Waiver Benefit Rider Features
Future premium waiver: LIC Premium Waiver Benefit Rider waives life insurance premiums for accidental death or permanent incapacity. The insurance protects coverage benefits even if the policyholder cannot pay.
Apply the rider to term, endowment, and child insurance policies. With this flexibility, policyholders may customize their basic policy and cover crucial scenarios.
Entry Age and Eligibility: 18–65s may use the LIC Premium Waiver Benefit Rider. This coverage may persist until policy maturity. The rider is suitable for young professionals, middle-aged earners, and retirees.
Insurance rates and cost efficiency: The Premium Waiver Benefit Rider adds value for a premium. Additional premiums depend on amount covered, policyholder age, and policy term. Many consider the little premium increase worth long-term financial security.
Rider Functions of LIC Premium Waiver
The LIC Premium Waiver Benefit Rider protects life insurance policies if the policyholder dies or becomes incapacitated. The surgery is described here:
The Premium Waiver If the policyholder is permanently incapacitated in an accident, Rider activates. Such policyholders are free from base and rider payments. Permanent complete disability is the irreversible loss of earning capacity due to limb or sight loss.
Death Coverage: The rider ensures life insurance coverage without extra payments if the insured dies suddenly. This enables the family receive life insurance benefits without premiums.
Endowment and child plans include riders that protect dependents till maturity if the premium-paying parent dies or cannot pay. For policies that promote children’s education or marriage, this ensures policy goals are met.