What is DAB and How to Claim Double Accident Benefit (DAB) with LIC?

Insurance is a safety net that safeguards against uncertainties in life. One significant aspect of insurance is the rider facility available with the basic policies. Double Accident Benefit or DAB is one such rider that can be attached to an insurance plan to enhance its layer of protection. 

LIC has a range of policies that are available for the growing base of customers of the insurer, such as pension plans, term insurance policies, whole-life policies, endowment plans, money-back policies, and ULIPs, among others. Besides the plans, LIC also offers its customers rider benefits, which can be added to a base plan to enhance the coverage under the policy. These riders are available at nominal prices. One such significant rider is the DAB or Double Accident Benefit rider. In this post, we will discuss the various details related to this rider, including DAB meaning.

What is the Meaning of DAB in LIC?

DAB in LIC means double accident benefit. A LIC policyholder can avail of this benefit as a rider attached to the base policy by paying an extra cost. The feature of DAB in LIC would cover death caused by an accident. And in return, the life assured is expected to pay an additional premium amount at a rate of INR 1/1000 SI or the sum insured.

Key Features of LIC Double Accident Benefit (DAB) 

As suggested by the name, the LIC DAB or double accident benefit offers the nominee of the policy a sum of money equal to double the sum insured (of the base policy) in case of accidental death of the policyholder. So, the beneficiary of the policy can claim a DAB amount in case of the demise of the life assured due to an accident, depending on the policy terms and conditions.

Below are the key aspects of the double accident benefit rider in LIC:

• If the life assured dies due to an accident, the nominee of the policy can claim twice the sum assured amount
• To avail the rider, the insured is required to pay an additional premium at the rate of INR 1/INR 1000 sum assured
• If the demise of the life assured occurs within 90-180 days of the accident, the nominee becomes eligible for the double accident benefit.
• Also, the nominee will not receive any benefit if the demise of the life assured takes place due to natural causes or due to any PED or pre-existing diseases
• Further, if the life assured dies due to an accident after the end of the policy term, the nominee will not receive any benefit

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Eligibility Criteria to Avail DAB or Double Accident Benefit with LIC Policies

How to Claim DAB or Double Accident Benefit under LIC?

Here are the steps to follow:

• Intimate the insurer (LIC) about the accidental death within 120 days of the demise of the policyholder
• The beneficiary has to submit proof of death along with related documents (duly attested)
• The insurer verifies the documents and approves the claim after it is cleared by the SDM
• Once approved, the insurer transfers the benefit amount to the account of the beneficiary

Documents Required to File a Death Claim Under DAB

To claim the benefit of DAB under LIC, the beneficiary has to offer evidence to the insurer that the accident took place as per the requirement of the policy conditions. Here are the papers that you may be asked to submit:

• Copy of FIR (first information report)
• Post-mortem report
• Report of the police investigation
• Spot Panchnama
• Statement of eye-witness

Exclusions under Double Accident Benefit (DAB)

If the demise of the life assured takes place under the following conditions, double accident benefit (DAB) shall not be payable to the nominee of the life assured:

• If the death occurred due to attempted suicide, self-injury, etc.
• If the life assured is under the influence of drugs or alcohol at the time of the accident/death
• If the accident/death took place due to participating in war, riots, etc.
• If the death of the life assured took place due to participation in adventure sports, the claim will not be entertained
• If the death took place due to involvement of the life assured in any criminal activity

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To Sum Up

Double accident benefit in a life insurance policy allows the family of the life assured, the option to claim twice the amount of sum insured under the policy (in case of accidental death of the life assured). The life assured can avail of this benefit by paying a nominal amount. LIC also offers several other riders benefits for their customers to enhance their policy coverage further.

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