LIC PREMIUM WAIVER BENEFIT RIDER

LIC Premium Waiver Benefit Rider UIN: 512B204V03 is a Rider in which on the death of Proposer before the stipulated date of expiry of this rider, premiums payable under the Base Policy falling due on and after the date of death of Proposer till the expiry of Rider Term shall be waived.

 LIC Premium Waiver Benefit Rider shall be allowed under a policy wherein the Life Assured is minor up to age 17 years (last birthday) at the time of opting this Rider.

This Rider is allowed on the life of the eligible proposer on payment of additional premium. This rider can be opted at any time during the premium paying term of the Base Policy ie on the Policy Anniversary coinciding with or the next Policy Anniversary following the date of acceptance of the application.

The Rider premium will not be taken into account in arriving at the amount to be refunded in calculating the surrender value of the base policy.

The medical report and special report, if required, at the proposal stage or on revival, shall be at the proposer’s own expense from the LIC’s appointed Medical Examiner.

LIC Premium Waiver Benefit Rider Death Benefit:

Waiver of all future premiums for the Base plan.

• On the death of Proposer before the stipulated date of expiry of this rider, premiums payable under the Base Policy falling due on and after the date of death of Proposer till the expiry of Rider Term shall be waived.

• However, premiums in respect of any riders, if opted for, other than this rider under the Base Policy shall not be waived and continued to be paid as per respective rider conditions.

• Further, if premium paying term of the Base Policy exceeds the Rider Term, all the premiums due under the Base Policy from the date of expiry of this Premium Waiver Benefit Rider shall be payable by the Life Assured as per the terms and conditions of the Base Policy.

Maturity Benefit:

No maturity benefit is payable under this rider.

Premium Details:

• The LIC Premium Waiver Benefit Rider premium, including the applicable taxes from time to time, is payable only along with the premium for the Base Policy and cannot be paid separately.

• The premiums under the rider are payable till the stipulated date of payment of the last premium for LIC’s P.W.B Rider or earlier death of the Proposer.

• Once a claim under LIC Premium Waiver Benefit has been admitted, no subsequent premium towards this rider shall be charged.

• The additional premium paid in respect of this rider shall not be taken into account for the determination of Death Benefit of the Base Policy and in calculating the surrender value of the Base Policy.

Conditions and restrictions:

Sr.No.	Particulars	Eligibility Conditions
1	Minimum Entry Age of Life Proposer	18 years (completed)
2	Maximum Entry Age of Life Proposer	55 years (nearer birthday)
3	Addition of Rider under an in-force	Can be opted for by payment of additional premium on policy anniversary coinciding with or next policy anniversary within the premium paying term of the Base Policy.
4	Rider Term	Outstanding Premium Paying Term under Base Plan subject to minimum outstanding term of this rider is 5 years.
5	Cover Ceasing Age	70 years (nearer birthday) Not allowed if Cover Ceasing age is more than 70 years.
6	Minimum Sum Assured	Rs 10,000/-
7	Maximum Sum Assured	No Limits

 

Termination of LIC Premium Waiver Benefit Rider:

The LIC Premium Waiver Benefit Rider will terminate on the earliest of:

• On the event of the death of Proposer
• The date of expiry of the Rider
• The date on which the Base Policy to which the Rider is attached terminates or is converted into a paid-up policy.
• The date of surrender/ cancellation of rider or Base Policy
• On payment of free look cancellation amount.
• Under an in-force policy this rider can be canceled at any time by the policyholder during the Rider Term. Nothing shall be payable on the cancellation of this rider.
• The rider once canceled cannot be re-opted during the Rider Term.

Other Details of LIC Premium Waiver Benefit Rider:

• LIC Premium Waiver Benefit Rider is available to the eligible Proposer (aged between 18 years (last birthday) to 55 years (nearest birthday) as on the date on which this rider is opted) on payment of additional premium
• While this rider is available at inception, it can also be opted for under an in-force policy, at any time coinciding with the policy anniversary during the premium paying term of the Base Policy provided the minimum outstanding premium paying term of the Base Policy and Rider Term is at least 5 years. Such an option for this rider is to be exercised by the proposer on his own in writing without the need for any intimation or reminder for the same from LIC.
• The medical report and special reports, if required, at the proposal stage or on revival, shall be in accordance with the Underwriting Policy of the Corporation at the own expense of the proposer.

Other LIC Rider’s Available:

LIC’s Accident Benefit Rider LIC’s Term Assurance Rider LIC’s Critical Illness Benefit Rider LIC Linked Accidental Death Benefit Rider LIC’s Accidental Death & Disability Benefit Rider