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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.
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.
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:
|
Features |
Minimum |
Maximum |
|
Age of entry |
18 years |
65 years |
|
Age of maturity |
NA |
70 years |
|
Policy term |
Premium paying term, or 70 minus Entry Age |
|
|
Premium payment mode |
Equal to the base plan | |
|
Sum assured |
INR 2 lakh | INR 100 lakh |
Here are the steps to follow:
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:
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:
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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LIC full form is Life Insurance Corporation (LIC) of India.
In LIC, DAB full form is a Double Accident Benefit.
No, only if the death of the life assured occurs within 180 days of the accident, the nominee is eligible for the claim.
Yes, policyholders can add more than one rider to their base plan, depending on the policy chosen.
LIC holds the right to reject your double accident benefits claim under certain exclusions of the rider, as mentioned in the post above. Some of them include;
~ Attempted suicide, self-injury
~ Influence of drugs or alcohol
~ Participating in war, riots,
~ Participation in adventure sports
~ Involvement in any criminal activity, etc.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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