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Eligibility Conditions And Other Restrictions

 

Eligibility Conditions and Other Restrictions:

 

Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum Cover ceasing age : 75 years (nearest birthday)
Term of this rider : 5 to 35
Minimum Term Assurance Rider Sum Assured : Rs. 100,000/-
Maximum Term Assurance Rider Sum Assured : Rs. 25,00,000/-

The maximum Term Assurance Rider Sum Assured shall be less than or equal to the Basic Sum Assured / Sum Assured /Sum Assured (in Health plan) under the basic policy to which it is attached, but not exceeding the overall limit of Rs.25 Lakhs taking all Term Assurance Riders under all existing policies of the life assured taken from Life Insurance Corporation of India including the new proposal under consideration.

Mode of Premium Payment: Same as the basic policy to which the Rider is attached.

Sample Premium Rates: Following are some of the sample premium rates per Rs. 1000/- Term Assurance Rider Sum Assured exclusive of Service Tax:

Annualized Regular Premium (in Rs.):


Age
(yrs.)

Term of the Policy (years)

10

20

30

20

1.61

1.61

1.89

30

1.88

2.44

3.51

40

3.67

5.52

7.63

50

9.18

12.61

--

Annualized limited premium (in Rs.):


Age
(yrs.)

Term of the Policy= 10years

Term of the Policy= 20years

Term of the Policy= 30years

PPT=5

PPT=9

PPT=10

PPT=15

PPT=10

PPT=20

20

2.62

1.61

2.49

1.88

3.67

2.30

30

3.23

1.96

3.87

2.92

6.76

4.26

40

6.30

3.83

8.67

6.56

14.31

9.12

50

15.58

9.56

19.30

14.80

--

--

Single Premium (in Rs.):


  Age
 (yrs.)

Term of the Policy (years)

10

20

30

   20

10.81

17.77

26.15

   30

13.36

27.57

48.14

   40

25.96

61.36

101.34

   50

63.76

134.05

--

Rebate for Mode of premium payment and High Sum Assured:
» Mode rebate : Same as the basic plan
» High Sum assured rebate : Nil

Grace Period: Same as basic plan i.e A grace period of one-month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly Rider premiums and 15 days for monthly Rider premiums.

Paid-up Value: The Term assurance rider will not acquire any paid-up value.
Surrender Value: No surrender value will be available under this rider. However, on surrender of the basic policy to which this rider is attached, provided all the due premiums in respect of this rider have been paid, additional rider premium charged in respect of cover after PPT shall be refunded as follows:

Regular premium policies: Nothing shall be refunded.

Limited premium paying policies:
Refund shall only be payable if full premiums have been paid for atleast first two consecutive years in case of premium paying term less than 10 years first three consecutive years in case of premium paying term of 10 years or more The amount to be refunded shall be 75% of a value calculated based on duration elapsed in completed years as on date of surrender as well as on the Sum Assured, Premium Paying Term and Term of the Rider.

Single Premium policies:
The amount to be refunded shall be 90% of single premium for the Rider multiplied by ratio of outstanding term to original term of the rider.

Revival:
Subject to production of satisfactory evidence of continued insurability, a lapsed Rider can be revived along with basic policy by paying arrears of premium together with interest within a period of two years from the date of first unpaid premium but before cover ceasing age under the rider. The rider can only be revived along with the basic policy and not in isolation. The rate of interest applicable will be as fixed by the Corporation from time to time.

Taxes:
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the policyholder on the premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the rider.

Cooling-off 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 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the Rider and return the amount of premium deposited for this rider after deducting the proportionate risk premium till the date of receipt of returned policy document, charges for medical examination, special reports, if any on account of rider inclusion and stamp duty charges.

Exclusions:
Suicide: This rider can not be issued on stand alone basis and shall be attached with basic plan. Suicide claim provision as mentioned in the Basic Policy with regard to rider would apply.

Section 45 of the Insurance Act, 1938: No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of the Insurance Act, 1938:
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bonafide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / -

Note : “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

“Insurance is the subject matter of solicitation”

Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai - 400021. Website: www.licindia.in
Registration Number : 512

Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
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