Lic Launches Riders On Schemes

The Life Insurance Corporation (LIC) has introduced term assurance riders under select life insurance policies including whole life, endowment and money-back covers. This new facility would offer extra risk benefit to new policyholders taking these policies.

This extra risk cover would be offered to the extent of double the existing risk cover under the plan, subject to an overall limit of Rs 25 lakh. The extra benefit would be at an additional charge (premium), depending on the age of the policyholder. The term rider will be available to policyholders between the age of 18 and 50 years, where the minimum extra risk cover will be Rs 1 lakh. It will be offered for a term period ranging between 10-35 years, in accordance to the term of the policy taken.

 

LIC has more than 50 products, most of which come with add-on facilities called riders. Some of the existing ones are double accident benefit, the physical disability benefit, and the premium waiver benefit.

Initially, the cover will be made available for new policies, but could be extended to existing policies at a later date, said LIC chairman G N Bajpai.