LIC Linked Accidental Death Benefit Rider Calculator: Plan 904 Premium Quote

1. Introduction

The LIC linked accidental death benefit rider calculator stands as a specialized online tool for policyholders of Unit Linked Insurance Plans, or ULIPs. It helps you estimate the additional premium needed to add a vital safety net to your market linked investment.

Life stays unpredictable, and while your ULIP centers on wealth creation, this rider delivers an extra lump sum payout to your family in the event of an accidental death. You use this calculator to understand how a small premium rise boosts your financial protection.

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2. About the Rider - Key Details

Rider Overview: You attach this unit linked health insurance rider, UIN 512A211V02, to your LIC ULIP like SIIP, Nivesh Plus, or Index Plus.

Eligibility Criteria: You enter at age 18 completed and go up to 65 on your nearest birthday. Your coverage lasts until maturity at age 70.

Sum Assured Limits: You select a minimum Sum Assured of ₹10,000. The maximum equals your base plan's Sum Assured, but stays under ₹50 Lakhs total across your LIC policies.

Policy Term: Your rider term matches the base policy, which runs from 5 to 30 years depending on your ULIP choice.

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3. Key Features & Benefits

Lump Sum Benefit: A one-time payment of the full Accident Benefit Sum Assured (excluding the base plan's death benefit) will be made to your nominee in case of death resulting from an accident.

Cost-Effective: The additional rider premium you pay will be lower than that of a standalone accident policy; thus, you can have more coverage without the high costs.

Continuous Protection: The rider acts as a protective cover for the auto-cover period of your base ULIP, so, in that time, if you are not able to make the payment, you will still be covered.

Tax Benefits: The premiums paid towards the rider can be claimed by you as a deduction from your taxable income, and the accidental death benefit is free of tax according to Section 10(10D) of the Income Tax Act.

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4. How to Use the Calculator

Step 1: Enter Date of Birth

When you input your date of birth, the LIC linked accidental death benefit rider calculator verifies the age 18-65 years.

Step 2: Enter Rider Sum Assured

You key in the amount of cover that you need, which should not be greater than the Sum Assured of your base ULIP.

Step 3: Select Policy Term

You pick the term that aligns with your ULIP, such as 10, 15, or 20 years.

Step 4: Calculate

You click the button and receive your additional premium quote right away.