How to Add a Rider to Your Existing LIC Policy

LIC riders are add-on benefits that significantly enhance your base policy's coverage at a modest extra premium. Many policyholders don't know they can add riders at certain points during the policy term.

## Available LIC Riders

**1. Accidental Death and Disability Benefit Rider (ADDB)** If the policyholder dies due to an accident: the base sum assured + an equal rider sum assured is paid to the nominee. If the policyholder becomes totally and permanently disabled due to accident: future premiums are waived and a monthly benefit is paid. - Cost: Approximately Rs 1,000-2,000 per year per Rs 10 lakh rider SA

**2. Accident Benefit Rider (AB)** Simpler than ADDB — pays additional sum assured on accidental death only (no disability benefit). Cheaper.

**3. New Term Assurance Rider** Adds extra life cover on top of the base policy sum assured. Useful if your base plan has a low SA.

**4. New Critical Illness Benefit Rider (NCI)** Pays a lump sum on first diagnosis of any of 15 specified critical illnesses. Covers: heart attack, cancer (major stage), kidney failure, stroke, major organ transplant, and 10 more. - Cost: Approximately Rs 3,000-5,000 per year per Rs 10 lakh rider SA

**5. Premium Waiver Benefit Rider** If the proposer (parent in a child plan) passes away, future premiums are waived and the policy continues. Essential for child plans.

## When Can You Add a Rider?

Riders can typically be added: - **At policy inception:** Most riders are easiest and cheapest to add when the base policy is issued - **At annual renewal:** Some riders can be added on the policy anniversary - **During revival:** If reviving a lapsed policy, you may have the option to add/restore riders

Once the policy is in force, you **cannot** add most riders mid-term. The best time is at inception.

## How to Add a Rider to an Existing Policy (At Renewal)

1. Contact your LIC branch or agent before the next premium due date 2. Request "Rider Addition" form (specific to the rider type) 3. Fill in the form and submit with premium payment 4. LIC may require a brief health declaration or medical exam for critical illness rider

## Rider Sum Assured Limits

Rider SA cannot exceed the base policy's sum assured. If your base policy has Rs 5 lakh SA, your rider SA can be maximum Rs 5 lakh.

## My Recommendation

At minimum, add the **Accidental Death and Disability Benefit Rider** to every policy. Accidents are unpredictable, and this rider costs very little relative to the benefit. For critical illness protection, consider adding the NCI rider as well.

Call Ajay Kumar Poddar at 9415313434 to review your current policies and identify which riders can still be added.