LIC’s Premium Waiver Benefit Rider (with Auto Cover) is designed to ensure that a life insurance policy for a minor continues even if the proposer (usually a parent) dies during the premium paying term. This rider waives all future premiums on the base policy, keeping the policy active and ensuring the child’s financial protection.

Key features:

• Benefit:

  • Waives all future premiums on the base policy if the proposer dies during the premium paying term.

  • Auto Cover: If at least two full years’ premiums have been paid and a subsequent premium is not paid, the policy and rider remain in force for two years from the due date of the first unpaid premium.

• Eligibility:

  • Minimum entry age: 18 years

  • Maximum entry age: 55 years

  • Maximum age at the end of the premium paying term: 70 years

  • Premium paying term: Same as the base plan.

  • Minimum Sum Assured under the base plan: ₹25,000

  • Maximum Sum Assured under the base plan: ₹100,00,000

• Premium Rates: Vary based on the proposer’s age and the premium paying term.

• Important Points:

  • This rider does not participate in the profits of LIC.

  • It does not have any paid-up value, surrender value, or maturity value.

  • The policy can be revived within five years if it lapses.

  • There is a 15-day cooling-off period.

  • Exclusions include suicide of the proposer within the first year and misrepresentation of information.