LIC’s Premium Waiver Benefit Rider is a non-linked, non-participating, individual rider that can be added to a base insurance plan. It provides for the waiver of future premiums payable under the Base Plan till the expiry of the Rider Term, in case of the unfortunate death of the Proposer of the Base Plan (on whose life this Rider is taken) during the Rider Term.

Key features:

• Benefit:

  • In case of death of the Proposer during the Rider Term, premiums payable under the Base Policy falling due after the date of death till the expiry¹ of the Rider Term shall be waived.

• Eligibility:

  • Minimum age at entry: 18 years

  • Maximum age at entry: 55 years

  • Maximum age at maturity: 70 years

  • Rider Term: Outstanding Premium Paying Term of the base plan as on the date of opting this rider or (25 minus age of the minor as on the date of opting this rider), whichever is lower, subject to the minimum outstanding rider term of 5 years.

  • Minimum/Maximum Sum Assured: Sum total of the future premiums payable under the Base Policy till the expiry of the Rider Term.

• Premium Payment: The LIC’s 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.²

• Grace Period: As in the Base Policy.

• Revival: As in the Base Policy.

• Paid-up value: This rider will not acquire any paid-up value.

• Surrender Value: No surrender value shall be available under this Rider.

• Policy Loan: No loan shall be granted under this Rider.

• Free Look Period: If the policyholder is not satisfied with the “Terms and Conditions” of the Rider, the Rider may be returned to the Corporation within 15 days³ (30 days if the policy is purchased online) from the date of receipt of the policy stating the⁴ reason for objections.

• Exclusions: This Rider will be void if the Proposer (whether sane or insane) commits suicide anytime within 12 months from the date of commencement of this rider or within 12 months from the date of revival.⁵