No-lapse Guaranteed Benefit Rider
The Dictionary of Insurance Terms and Definitions
Because there is no required payment schedule in universal life insurance policies, it is easier to lose track of how much money is required to keep them in force, and they risk lapsing. The no-lapse guaranteed benefit rider imposes a payment schedule onto a basic universal life policy so that certain payments are required, and those payments will prevent the policy from lapsing.
In effect, the universal policy becomes a whole life policy with no endowment.
