LIC’s Accident Benefit Rider is a non-linked, non-participating, regular premium rider that provides financial compensation in case of an accident leading to the death of the insured. This rider is offered as an add-on benefit to a base life insurance plan.

Key features:

• Benefit:

  • Pays the Accident Benefit Sum Assured if the insured dies within 180 days of an accident.

  • Accident is defined as a sudden, unforeseen, and involuntary event caused by external, visible, and violent means.

• Eligibility:

  • Minimum Accident Benefit Sum Assured: ₹20,000

  • Maximum Accident Benefit Sum Assured: Varies based on the base plan.

  • The maximum aggregate limit of Accident Benefit Sum Assured under all policies with LIC is ₹200 lakhs, including a minimum of ₹100 lakhs under LIC’s Jeevan Shiromani.

  • Minimum entry age: 18 years

  • Maximum entry age: 65 years

  • Maximum maturity age: 70 years

  • Policy term: The policy term is the premium paying term of the base plan or (70 – age at entry) years, whichever is earlier.

• Premium Rate: ₹0.50 per thousand Accident Benefit Sum Assured, irrespective of age. ₹1.00 per thousand Accident Benefit Sum Assured if the Life Assured is engaged in police duty and opts for this cover while engaged in policy duty.

• Paid-up Value: The policy does not acquire any paid-up value.

• Surrender Value: No surrender value is available.

• Exclusions:

  • Intentional self-injury, suicide, insanity, or death under the influence of alcohol or drugs.

  • Aviation accidents, except as a fare-paying passenger.

  • Riots, civil commotion, war, hunting, mountaineering, racing, and adventurous sports.

  • Breach of law with criminal intent.

  • Death occurring after 180 days from the date of the accident.