LIC Accidental Death & Disability Benefit Rider Calculator
Premium Details
Total Accidental Coverage:
โน0
Important Information:
โข Minimum Accident Benefit Sum Assured: โน10,000โข Premium depends on sum assured & policy term
โข Police duty cases attract higher premium rates
โข Disability benefit paid in 120 monthly installments over 10 years
โข Premium rates are approximate LIC illustration values
The LIC Accidental Death & Disability Benefit Rider is a valuable optional add-on that offers extra financial security to policyholders and their families in the event of accidental death or permanent disability. Introduced on April 18, 2025, this rider is designed to strengthen the protection provided by your basic life insurance policy.
What is the LIC Accidental Death and Disability Benefit Rider?
The LIC Accidental Death and Disability Benefit Rider is a non-linked individual rider that provides financial assistance if the insured person experiences an accident that results in death or permanent disability within 180 days from the date of the accident. This optional rider can be attached to selected LIC policies to enhance overall insurance coverage and provide added financial protection.
Important Highlights of the LIC Rider
Meaning of an Accident
Under this rider, an accident refers to an unexpected event caused by external, visible, and violent circumstances that leads to death or permanent disability.
Duration of Coverage
The rider remains active during the policy term or until the policy anniversary nearest to the insured reaching 70 years of age, whichever comes earlier.
Claim Settlement Structure
In the event of accidental death or disability, the rider provides an additional sum assured. For disability claims, the payout is generally distributed in installments over 10 years.
How Does the LIC Accidental Rider Function?
The rider mainly offers two major protections to policyholders and their families.
Accidental Death Protection
If the policyholder passes away due to an accident within 180 days from the date of the accident, the nominee receives an extra payout in addition to the base policy benefit.
Permanent Disability Support
If the insured suffers permanent total disability because of an accident, LIC pays the rider sum assured through monthly installments over a period of 10 years.
Rider Eligibility Requirements
- Minimum accident benefit cover starts from โน10,000.
- The maximum rider amount depends on the base policy and selected LIC plan.
- This rider can be added to eligible LIC plans, including plans like LIC Jeevan Shiromani, subject to specified limits.
Eligibility Details
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years completed | 65 years (nearest birthday) |
| Rider Coverage End Age | โ | 70 years (nearest birthday) |
| Minimum Accident Benefit Cover | โน10,000 | โ |
| Policy Term | Same as base policy or 70 minus entry age, whichever is earlier | Same condition applies |
| Availability | Available with eligible regular, single, and limited premium policies | โ |
How Can You Use the LIC Rider Calculator?
LIC offers an accident benefit rider calculator that helps policyholders estimate premiums and possible benefits based on factors such as age, policy type, and chosen sum assured.
Advantages of Using the Calculator
- Instant estimation of premiums and benefits.
- Better understanding of additional accident coverage.
- Helps compare options and make informed insurance decisions.
Why is This Rider Worth Considering?
Accidents can occur unexpectedly, and this rider acts as an additional financial safeguard for your family.
Main Benefits
- Additional lump sum payout on accidental death.
- Financial support in case of permanent disability.
- Affordable premium with flexible coverage options.
Sample Rider Benefit Illustration
For example, if a policyholder has a base policy sum assured of โน5 lakh and adds an accidental rider of โน1 lakh, the nominee may receive a total benefit of โน6 lakh in case of accidental death.
How to Estimate Rider Benefits Yourself
Although online calculators make calculations easier, you can also manually estimate rider benefits.
Simple Calculation Process
- Decide the accident benefit sum assured.
- Verify the maximum limits allowed under your LIC plan.
- Calculate the premium based on age, policy term, and LIC premium rates.
- Estimate the payout amount for accidental death or disability according to policy rules.
Example Calculation
Assume the rider cover is โน50,000 and the policyholder is 30 years old. If the premium rate is approximately โน2.16 per โน1,000 for a 20-year term, the premium calculation would be:
โน50,000 รท 1,000 ร โน2.16 = โน108
This example is only for illustration purposes, and actual premium rates may vary according to LICโs latest pricing.
Common Questions About the LIC Rider
What does the LIC Accidental Death and Disability Benefit Rider offer?
It is an optional add-on that provides extra financial protection if the insured dies or becomes permanently disabled due to an accident.
Who is eligible to purchase this rider?
Any eligible LIC policyholder within the prescribed age limits can add this rider to their base insurance plan.
Which types of accidents are covered?
The rider covers accidents caused by external, violent, and visible events that result in death or permanent disability within 180 days of the accident.
What is the minimum rider sum assured?
The minimum accidental benefit cover starts from โน10,000, depending on the attached base policy.
How is the disability claim amount paid?
In case of permanent total disability, the rider benefit is paid through equal monthly installments over 10 years.
Conclusion
The LIC Accidental Death and Disability Benefit Rider is a useful addition for policyholders looking for stronger financial protection against unforeseen accidents. Introduced on April 18, 2025, this rider helps provide financial stability and peace of mind to families during difficult situations.
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