Accident Benefit Rider
Accident Benefit Rider in respect of Plans 2F, 5F, 14F, 28F, 74F, 75F & 93F (all now withdrawn) and 612, 613, 614, 628, 674, 675, 693 (new plans): Accident Benefit (AB) is an optional benefit which is available on payment of additional premiums @$1.00 per thousand sum assured. The AB rider is in fact a package of three benefits which the LICI policyholders (of all Whole Life, Endowment and Money Back Plans) can enjoy at such an affordable rate. The only way one can appreciate this benefit is by comparing it the rates and benefits offered by the competitors. The package consists of the following three benefits:

Accidental Death Benefit: An additional sum assured becomes payable if the life assured dies as a result of an accident. The maximum limit for the accidental death benefit that is payable under all the LICI policies of the life assured put together is $200,000.

Total & Permanent Disability (TPD) Benefit: This benefit become payable when the life assured survives an accident but becomes totally and permanently disabled and as result that he cannot undertake any employment or any economic activity for his livelihood. This benefit is also available when the TPD occurs due to a sickness. This benefit is payable to the life assured in the form of an amount equal to the basic sum assured in 120 monthly instalments.

Premiums Waiver: This benefit is available along with the TPD Benefit. Where a TPD is granted, all the future premiums falling due (from the following policy anniversary) under the policy are waived by LICI. However, the normal risk cover on the life assured continues till the date of maturity; in case of his or her death before the maturity date the basic sum assured + vested bonuses and all the unpaid instalments of TPD, if any also are payable. On survival of the life assured until the maturity date, the normal maturity value (sum assured + vested bonuses) becomes payable.

The maximum limit for the TPD Benefit and Waiver Benefit under all the LICI policies of the life assured put together is $200,000.
Accident Benefit Rider for Target Limited Payment & Single Premium Plans (Table 48F - now withdrawn and Table 648 - new plan):
The premiums for the entire policy term is paid in fewer years – limited to the premium payment term (including the single premium option). The accident benefit rider premiums are also collected along with the basic premiums – within the premium paying term. However, the accident benefit is available during the entire policy term.

Accidental Death Benefit in respect of Smart Life 2 Plan (Table 135F - now withdrawn and Table 635 - new plan):
The rider premiums for the entire 10 year policy term are collected upfront along with the single premium. However, this benefit is different from the general accidental benefit available under other plans; it only covers accidental death and not total and permanent disability.

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