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Unable to make payment online * Policy may be in lapsed condition. You may contact any branch of LIC for revival as per rule. * Premium entered is incorrect. Premium has to be the basic premium (without any taxes) that is mentioned on the policy document.
What is LIC rider benefit?
The LIC Term Rider Policy is an add-on benefit to the base policy that provides the beneficiary with the Sum Assured in case of the sudden demise of the insured within the policy period. If the insured individual survives the term period, nothing shall be payable.
What is rider opted in LIC?
A rider is an add-on cover to the base policy that provides additional benefits. Under this, if death of the policyholder occurs due to an accident then, apart from paying the life insurance benefit promised under the base policy, the policy will also pay an additional sum insured as specified in the rider.
Can I pay LIC premium after due date online?
The option is available in CUSTOMER PORTAL under Online Payments Tab. Policyholder can also pay it by using PAY DIRECT option after keying in relevant information like Policy number, Insurance Premium, Date of Birth, Mobile number and Email id.
Can LIC policy be opened online?
Now, you can buy LIC policies online in a few clicks and also enjoy special benefits on offer. The LIC official website explains: “For a customer who is comfortable using the internet and has some experience of having made an online purchase, buying life insurance online is an easy and a logical option.
A waiver of premium rider is an optional insurance policy clause that waives insurance premium payments if the policyholder becomes critically ill or physically impaired. To buy a waiver of premium rider, you may need to meet certain age and health requirements.
What is change of insured rider?
The Change of Insured Rider allows the policy owner to change the insured on the policy while it’s in force. This is usually used by businesses that insure a key person and may want to switch the insured when an employee is replaced.
What is a rider charge?
Riders are optional and generally are paid for by an automatic shifting of funds from principal into the rider account every year. The charge is typically about 1\% annually. Some fixed index annuities have zero annual fees for the rider. Some variable annuities have income rider fees as high as 1.5\%.
It cannot be taken completely on its own. It is considered as an add-on benefit along with the base policy. The Waiver of Premium Rider entitles waiver of future premiums to be paid by the policy holder in case of the occurrence of the specified event like death of life insured, disability, dismemberment, etc.
How to revive your LIC insurance policy?
You can easily revive your LIC insurance policy by keeping in mind the factors listed below: Revival of policy can be done and initiated only if the policy has not exceeded a specific duration of time from the lapsation of the insurance policy. The period will be determined by the LIC, which is also dependent on the type of policy.
What are the benefits of having a life insurance rider?
This rider is available at a very nominal extra cost and sometime it is inbuilt within the policy. This is a very important feature as the child’s future gets secured irrespective of the fact whether the parent survives till the end or not. It also provides the parent a peace of mind.
What is the revival of a lapsed LIC policy?
The revival of lapsed LIC policy arises when the insured is unable to make the payment of premiums on-time or within the grace period. During the same, the policyholders are not able to avail the benefits of the life insurance policy. Typically, insurance companies are required to offer a revival period of two years to reinstate insurance policies.