LIC's Premium Waiver Benefit Rider Calculator
Rider UIN: 512B204V04 - (An Individual, Non-Linked, Life Rider)
Rider Premium Options
Click on a premium option to see its details.
GST: Rider Premiums shown are inclusive of 18% GST (assumed rate). Base rider premiums are exclusive of GST. Actual GST is as per prevailing rates.
Premium Calculation Note: Rider premiums are estimated by interpolating sample rates (to waive Rs. 100 of base premium) from the brochure. Modal premiums include assumed standard loadings if base plan has them. Actual premiums may vary.
Rider Premium Details
Rider Benefit (On Proposer's Death)
In case of death of Proposer during the Rider Term, future premiums payable under the Base Policy, falling due after the date of Proposer's death till the expiry of Rider Term, shall be waived.
Premiums for other riders (if any) attached to the Base Policy will NOT be waived.
No Maturity Benefit is payable under this Rider. This Rider does not acquire any paid-up value or surrender value.
Plan Summary
▼Eligibility & Terms:
- For Proposer of a Base Plan.
- Minimum Proposer Entry Age: 18 years (completed).
- Maximum Proposer Entry Age: 55 years (nearest birthday).
- Maximum Proposer Maturity Age for Rider: 70 years (nearest birthday).
- Rider Term: Lower of [Outstanding Base PPT] or [(25 - Minor's Age, if applicable, else Base PPT is considered)]. Min 5 years. Rider Term is also capped such that (Proposer's Age at entry + Rider Term) does not exceed 70 years.
- Rider "Sum Assured": Sum total of future Base Policy premiums to be waived till Rider Term expiry.
- Outstanding PPT of Base Plan & Rider must be at least 5 years.
Rider Premium:
- Calculated based on Proposer's Age, Rider Term, and amount of Base Policy annual premium to be waived.
- Payable with Base Policy premium, with same mode and modal loadings/rebates as Base Plan.
- Payable till end of Rider PPT or earlier death of Proposer.
Other Points:
- No High Sum Assured Rebate for this rider.
- Suicide clause: If Proposer commits suicide within 12 months, rider is void, 80% of rider premiums paid are refunded (Base Policy premiums are not waived).
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