LIC's Premium Waiver Benefit Rider

LIC's Premium Waiver Benefit Rider is non-linked, non-participating, individual rider to be attached with insurance plans with which this Rider is allowed (Base Plan). This Rider provides for waiver of future premiums payable under the Base Plan till the expiry of Rider Term, in case of unfortunate death of the Proposer of Base Plan (on whose life this Rider is taken) during the Rider Term.

This Rider can be opted for along with the Base Plan at the inception or at any time during the Premium Paying Term of the Base Plan provided the outstanding Premium Paying Term of the Base Plan and Rider is at least 5 years.

BENEFITS:
Death Benefit:
In case of death of Proposer during the Rider Term, premiums payable under the Base Policy falling due after the date of death till the expiry of Rider Term shall be waived. However, premiums in respect of any riders, if opted for, other than this rider under the Base Policy, shall not be waived and continue to be paid as per respective rider conditions.

Further, if Premium Paying Term of the Base Policy exceeds the Rider Term, all the premiums due under the Base Policy from the date of expiry of this rider shall be payable by the policyholder as per the terms and conditions of the Base policy.

Maturity Benefit:
On survival to the end of the Rider Term, nothing shall be payable.

Participation in profits:
This Rider shall not participate in the profits of the Corporation.