Term Assurance Rider
Term Rider benefit is available only under the policies where the term rider option has been exercised by the policyholder and accepted by LICI. The extra premium meant for term assurance rider must have been received (up-to-date) by LICI. Benefits vary with the type of plan as under:

Endowment Assurance and Money Back Plans. An additional sum assured (Term Rider sum assured) equivalent to the Basic sum assured under the main policy is payable on the death of the life assured during the term of the policy while the Term Rider benefit is in force. In case of Limited Payment plan (Table 48F), the Term Rider premiums are collected for the entire policy term along with the basic premiums during the premium payment term itself.

Aspire Children’s Plans. In Aspire plans, an optional term rider benefit is available for the proposer (usually the parent of the child assured under the policy). An amount equivalent to 20% of the basic sum assured under the plan is paid to the beneficiaries in the event of unfortunate death of the proposer during the term of the policy.

Smart Life-2 Single Premium Plan. The term rider premium for the entire policy term of 10 years is payable along with the basic (single) premium itself. An additional sum assured (Term Rider sum assured) equivalent to the Basic sum assured under the main policy is payable on the death of the life assured during the term of the policy.


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