Know All About LIC’s New Term Assurance Rider

As a sole breadwinner of your family you must always be worried about financially securing your family's future so that your family is able to maintain a healthy life and pursue their dreams in your absence. You must worry how your family will manage their daily financial requirements in your absence. LIC’s New Term Assurance rider is an effective solution for your worries.

LIC's New Term Assurance Rider provides a lump sum amount in case of an unfortunate demise of the life assured during the policy term. It can be purchased with a basic policy to provide additional coverage and benefits at a nominal cost. This rider can only be added to Non-Linked plans at the time of policy issuance.

Features of LIC New Term Assurance Rider

Below mentioned are some features of LIC New Term Assurance rider:

• This rider offers Death Benefit
• Premium for this rider is affordable.
• Rider sum assured is equal to base plan’s sum assured
• This rider can only be added to non-linked life insurance plans

Eligibility Criteria for LIC New Term Assurance Rider

Below mentioned is the eligibility criteria for LIC New Term Assurance rider:

Benefits of LIC New Term Assurance Rider

Below mentioned are the benefits that you can avail under LIC New Term Assurance rider:

• Affordable: LIC New Term Assurance rider can be added to the base policy at additional cost. The premium for LIC New Term Assurance rider is quite affordable. This rider provides for life cover in case the life assured passes away during the policy term at a reasonable cost.

• Death Benefit: In case of an unforeseen demise of the life assured during the policy tenure, the beneficiary will receive a death benefit. 

• Financial Assistance: This rider provides financial assistance to your family in the event of your unfortunate demise during the policy term. This rider offers financial assistance to your family in difficult times. 

• Tax Benefits: Premium paid towards LIC New Term Assurance riders qualify for tax exemptions under Section 80C AND 10(10D) of the Income Tax Act, 1961.

Conclusion

LIC New Term Assurance Rider is affordable and provides death benefit in case of an unforeseen demise of the life assured during the policy tenure. You can purchase this rider to ensure financial security of your family that will help them meet their daily financial requirement and pursue their dreams even in your absence.

Also read 

Top 3 Riders In Endowment Insurance Plans

Different Types of Term Insurance Riders

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.