LIC Linked Accidental Death Benefit Rider

Complete Guide to LIC Linked Accidental Death Benefit Rider (UIN: 512A211V02)

If you reside in Bhadra (335501) and hold a market-linked life insurance plan, ensuring your family is protected from accident risks is an important priority. Standard life insurance offers a base cover, but the financial impact of an accidental death often requires an additional layer of protection. The solution for linked policyholders is an add-on designed for this situation. If you are looking for reliable LIC assistance to enhance your linked plan, understanding the official facts of the LIC Linked Accidental Death Benefit Rider (UIN: 512A211V02) is essential.

What is the LIC Linked Accidental Death Benefit Rider?

The LIC Linked Accidental Death Benefit Rider is officially defined as an Individual, Linked, Life Rider. It is an optional add-on available for linked policies only. The purpose of this rider is to provide financial support for the family of the deceased policyholder only in the event of an accident leading to death.

How This Rider Works

For this rider to trigger a payout, conditions must be met. First, the death must occur solely, directly, and independently as a result of an accident within 180 days of its occurrence. Second, the policy must be in force for the full Basic Sum Assured at the time of the accident, regardless of whether it is in force at the time of death.

Benefits Under the Rider

(A) Death Benefit

If the life assured is involved in an accident while the rider is in-force, and the injury results in death within the 180-day window, a sum equal to the Accident Benefit Sum Assured shall be payable. The corporation defines an accident as a sudden, unforeseen, and involuntary event caused by external, visible, and violent means. This benefit applies ONLY in the case of an accident.

Eligibility and Sum Assured Rules

To qualify, the minimum age at entry is 18 years (completed). The maximum age at entry is 65 years (nearest birthday). The Rider Cover Ceasing Age is 70 years (nearest birthday).

The Minimum Accident Benefit Sum Assured is Rs. 10,000, and it must be in multiples of Rs. 5,000. The maximum limit is generally Rs. 100 lakhs. For specific plans like LIC's Jeevan Shiromani, this limit extends to Rs. 200 lakhs.

Flexibility of the Rider

This rider offers flexibility. It can be opted for at the time of commencement of the base policy, or at any time during the term of the policy. Under an in-force Base Policy, the policyholder also has the option to cancel this rider at any time during the policy term. However, there is a rule: once the rider is cancelled, it cannot be re-opted during the policy term. If you need policy help in surrounding areas like Biran or Chhanibari to understand your unit deductions, carefully reviewing your fund statement before making a cancellation request is advised.

Paid-up, Surrender, and Revival Rules

• Paid-up Value: The rider shall not acquire any paid-up value.
• Surrender Value: No Surrender Value will be available under this rider.
• Revival: If the policy lapses, the rider can be revived along with the revival of the Base Policy, and not in isolation.

Termination Conditions

The cover terminates on the earliest of the following events:

• On the death of the Life Assured.
• The date of expiry of the rider.
• The date on which the Base Policy terminates, is discontinued during the lock-in period, or is converted into a paid-up policy.
• On cancellation of this Rider during the Rider Term.
• On payment of the Free Look cancellation amount for this Rider.

Detailed Exclusions

The Corporation will not be liable to pay the benefits if the death of the Life Assured shall be caused by:

• Intentional self-injury, attempted suicide, insanity, immorality, or whilst the Life Assured is under the influence or consumption of intoxicating liquor, drugs, or narcotics (unless prescribed by a doctor).
• Injuries resulting from taking part in riots, civil commotion, rebellion, war, or invasion.
• Hunting, mountaineering, steeple chasing, racing of any kind, paragliding, parachuting, or taking part in adventurous sports.
• Resulting from the Life Assured committing any criminal act with criminal intent.
• Employment in the armed forces or military service (this exclusion is not applicable if the Life Assured was not on duty or was involved in rescue operations while combating natural calamities).
• Being engaged in police duty, unless the option to cover Accidental Death Benefit while engaged in police duty has been chosen.
• Occur after 180 days from the date of the accident of the Life Assured.

Taxes

Statutory Taxes imposed by the Government of India are applicable. The amount of applicable tax is levied on the Accident Benefit Charge and will be deducted every month by cancelling a proportionate number of units out of the Policyholder's Fund Value. The amount of Tax paid shall not be considered for the calculation of benefits payable under the Rider.

Who Should Consider This Rider

Individuals with linked policies who want to maximize their additional protection against accidental events should consider this. Because it deducts from the fund value through unit cancellation rather than requiring separate out-of-pocket premium payments, it is a streamlined way to add risk coverage directly to your linked base plan.

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Conclusion

Properly structuring your linked insurance policy ensures that your coverage provides reliable protection during difficult times. Understanding the unit deductions and operational rules of the LIC Linked Accidental Death Benefit Rider ensures there are no surprises regarding your fund value. If you reside in Mahrana, Garhichhani, Bhadra, or the wider region, securing factual guidance is paramount. For detailed evaluation of your policy documents or LIC guidance during an emergency, always rely on professional advisors who understand the official guidelines. This rider does not provide any benefit unless an accident occurs.

Frequently Asked Questions (FAQ)