LIC’s Premium Waiver Benefit Rider (latest UIN 512B204V04) is a non‑linked, non‑participating life rider that waives all future premiums of the base policy if the proposer dies during the rider term.

What this rider does

• If the proposer (on whose life the rider is taken) dies during the rider term, all future premiums of the base plan are waived till the end of the rider term.
• The base policy continues as if premiums are being paid, so all benefits (death, maturity, bonuses/guaranteed additions) remain intact for the child/life assured.

Where it is used

• Attachable only to eligible child/juvenile plans and a few other plans where LIC has specifically allowed it (e.g., New Children’s Money Back, some education/marriage plans).
• Rider is taken on the life of the proposer (usually parent/guardian), not on the child’s life.

Eligibility (typical current grid)

From LIC rider brochure and independent summaries (always cross‑check exact numbers from current UIN brochure before quoting):

• Minimum age at entry (proposer): 18 years (completed).
• Maximum age at entry (proposer): 55 years (nearer birthday).
• Maximum age at rider expiry: 70 years (nearer birthday).
• Rider Term:
  • = min(
    • Outstanding PPT of base plan at date of opting rider, or
    • 25 − age of minor life assured at rider start
      ), subject to minimum 5 years outstanding rider term.
• Sum Assured under rider: Sum total of all future premiums (including base + rider premiums if so defined) payable under the base policy till the end of rider term.
• When can you add it: At inception or later during PPT, provided at least 5 years of PPT remain.

Benefit mechanics

• On proposer’s death during rider term:
  • Future premiums of base policy (and attached riders as per wording) are waived from next due date till rider term end.
  • Base policy continues; benefits are payable to child/life assured/nominee as per original terms.
• If proposer survives rider term: No amount is payable from this rider; it simply expires at the end of rider term.

Exclusions (high‑level)

• Suicide/intentional self‑injury and other standard life‑insurance exclusions on the proposer’s life apply; if death is in an excluded category, premiums are not waived and rider benefit is not triggered.