A term life insurance provides basic insurance coverage and pays out in case the policyholder dies during the term of the policy. Riders provide additional benefits to the term life insurance. They help in covering more unforeseen life situations such as accidents, critical illnesses, and others.

What is Accidental Death Benefit# Rider

An accidental death benefit# rider(optional) is one of the most important riders. The major benefit of an accidental death benefit rider is that it gives an extra payout in case of death due to an accident. Accidental deaths are often accompanied by additional financial burdens and stress to your loved ones. It can be very useful useful for people who travel regularly by transport such as bikes where the safety factor is lesser than that of cars or buses. It is also one of the most affordable rider benefits to have. An accidental death benefit rider covers fatal accidents, wrongful death, homicides, airplane crashes, falls and fire-related injuries.

How does Accidental Death Benefit Rider work?

Any bodily injury that the policyholder sustains solely and directly from the accident, independent of other causes, that results in the death of the person within 180 days is deemed as a case of accidental death.

Let’s look at an example of how the accidental death benefit rider works. Mr. Sharma is a 35-year-old man with a spouse and a child. He has a life insurance policy of ₹ 50 lakh. He has added an Accidental Death Benefit Rider of ₹ 20 lakh to his insurance policy. Mr. Sharma faces a situation of accidental death. In this circumstance, when the family claims the death benefit, the amount would be ₹ 70 lakh. Without the rider, they would have received only ₹ 50 lakh.

Exclusions of Accidental Death Benefit Rider

There are a few cases that are excluded from accidental death benefit# claims. Death due to an accident should not be caused by the following:

  • Attempted suicide or self-inflicted injuries while sane or insane, or whilst the Life Assured is under the influence of any narcotic substance or drug or intoxicating liquor except under the direction of a medical practitioner; or
  • Engaging in aerial flights (including parachuting and skydiving) other than as a fare-paying passenger or crew on a licensed passenger-carrying commercial aircraft operating on a regular scheduled route; or
  • The Life Assured with criminal intent, committing any breach of a law; or
  • Due to war, whether declared or not or civil commotion; or
  • Engaging in hazardous sports or pastimes, e.g. taking part in (or practising for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off-piste skiing, pot holing, powerboat racing, underwater diving, yacht racing or any race, trial or timed motorsport.

Conclusion

With ICICI Pru iProtect Smart Term Insurance plan, you can get a life cover` with a sum assured of up to ₹ 1 crore. You also have the option to increase the life cover` at important milestones of your life. Adding an accidental death benefit rider# (optional) can enhance the value of the term insurance policy. For instance, your family can get up to ₹ 2 crore in case of an unfortunate demise due to an accident#. This can help your family get through tough times of emotional and financial loss.

 

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# Accidental Death benefit (ADB) is up to ₹ 2 crores (subjected to underwriting guidelines). ADB is available in Life Plus and All in One options. In case of death due to an accident Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.

` Life cover is the benefit payable on the death of the Life Assured during the policy term.

ICICI Pru iProtect Smart UIN 105N151V06 ( A Non-Linked Non-Par Life Individual pure risk premium product)

W/II/0094/2022-23

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