LIC’s New Critical Illness Benefit Rider


Eligibility Condition And Other Restrictions

The eligibility conditions of base plan with which this rider is attached shall apply subject to the following limits:

(a) Minimum age at entry: 18 years (completed)
(b) Maximum age at entry: 65 years (last Birthday)
(c) Minimum Sum Assured: Rs.100,000
(d) Maximum Sum Assured: An amount equal to the Sum Assured on Death under the base plan subject to the maximum as fixed in the base plan but not exceeding an overall limit of Rs. 25,00,000 Critical Illness Sum Assured taking all existing policies of the Life Assured under this rider and the Critical Illness Sum Assured under the new proposal into consideration.
(e) Premium Paying Term: Same as under the base Plan subject to the following limits-
Regular Premium Policies: 5 to 35 years
(f) Limited Premium Policies: 5 to (Policy Term -1) years
(g) Policy Term: Same as under the base Plan subject to the following limits-
Regular Premium Policies: 5 to 35 years
Limited Premium Policies: 10 to 35 years
(h) Maximum cover ceasing age: 75 years
(i) Premium payment mode: Same as base Plan

The Critical Illness rider premium rates are guaranteed for a period of first 5 years from the date of commencement of the policy. The Premium rates for future years will be subject to revision based on the Corporation’s experience under this rider.
Mode Rebate: Same as under the base plan
High Sum Assured Rebate: Nil

Same as under the base 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.

Revival of this rider will only be considered along with the revival of the base policy. All terms and conditions applicable under the base policy shall be applicable to this rider.

This rider shall not acquire any paid-up value

No surrender value shall be available under this rider.
However, on surrender of an inforce base policy to which this rider is attached, provided all the due premium in respect of this rider & the base plan have been paid, the additional rider premium charged in respect of cover after premium paying term shall be refunded as follows:

Under regular premium policies: Nothing shall be refunded.
Limited premium paying policies:
i. Refund shall only be payable if full premiums have been paid for at least:
- 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

Satutory Taxes, if any, imposed on such insurance riders by the Govt. of India or any other constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on premiums payable under the rider, which shall be collected separately over and above in addition to the premiums payable by the policyholder.

If the policyholder is not satisfied with the “Terms and Conditions” of the Rider, he/she may return the Rider to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons 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 for Critical Illness Benefits till the date of receipt of returned policy document, charges for medical examination, special reports, if any, on account of rider inclusion and charges for stamp duty.

The Corporation shall not be liable to pay any of the benefit covered under this rider, if the critical illness has occurred directly or indirectly as a result of any of the following:
• Any of the listed critical illness conditions where death occurs within 30 days from the date of diagnosis
• Any sickness condition related to the illnesses covered under this rider manifesting itself within 90 days of the commencement of risk or revival of risk cover, whichever is later.
• Intentionally self-inflicted injury or attempted suicide, irrespective of mental condition.
• Alcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner*.
• War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
• Taking part in any act of a criminal nature
• Any Pre-existing medical condition i.e. any condition, ailment or injury or related condition (s) for which the policyholder had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the date of commencement/ revival of the policy.
• Failure to seek medical or follow medical advice (i.e. failure to undergo tests or treatments that a prudent person would normally undergo as recommended by a Medical Practitioner*.
• Radioactive contamination due to nuclear accident.

*Note: A Medical practitioner is a person who holds a valid registration from the medical council of any state or Medical Council of India or Council for Indian Medicine or for Homeopathy set up by the Government of India or a State Government and is thereby entitled to practice medicine within its jurisdiction; and is acting within the scope and jurisdiction of license but excluding the Practitioner who is:

• Insured/Policyholder himself or an agent of the Insured
• Insurance Agent, business partner(s) or employer/employee of the Insured or
• A member of Insured’s immediate family.

Disclaimer: The above information is general information of policy. Policy will governed by terms and condition issued by LIC OF INDIA