 |
|
|
|
WHOLE LIFE
PLANS
As individuals it is inherent to differ.
Each individual's insurance needs and requirements are different
from that of the others. LIC's Insurance Plans are policies
that talk to you individually and give you the most suitable
options that can fit your requirement.
Features
Introduction:
This is a with-profits whole of life plan which provides
for annual survival benefit at a rate of 5½ % of the Sum
Assured after the chosen Accumulation Period. The vested
bonuses in a lump sum are payable on survival to the end
of the Accumulation Period or on earlier death. Further,
the Sum Assured, along with Loyalty Additions, if any, is
payable on survival to age 100 years or on earlier death.
Accumulation Period :
The plan offers three Accumulation periods ’ 10, 15 and
20 years. A proposer may choose any of them.
Payment of Premium:
Premiums can be paid regularly at yearly, half-yearly, quarterly
or monthly intervals or through salary deductions over the
Accumulation Period. Alternatively, a Single Premium can
be paid on commencement of a policy.
Sample Premium Rates:
The tables below provide tabular premiums for various age-term
combinations for Rs. 1000/- Sum Assured.
Regular
premiums |
Accumulation
period |
Age |
10
years |
15
years |
20
years |
Up to 40 years |
109.10
|
71.40
|
51.50 |
41 to 45 years |
109.10
|
71.40
|
53.40 |
46 to 50 years |
109.10
|
73.80
|
56.60 |
51 to 55 years |
111.80
|
77.90 |
- |
56 to 60 years |
116.60 |
- |
- |
Single
premiums |
Accumulation
period |
Age |
10
years |
15
years |
20
years |
Up to 46 years
|
756.00
|
644.00
|
548.00
|
47 years
|
756.00
|
644.00
|
549.00
|
48 years
|
756.00
|
644.00
|
552.00
|
49 years
|
756.00
|
644.00 |
555.20
|
50 years
|
756.00 |
644.00 |
558.90 |
51 to 55 years
|
756.00 |
644.00 |
- |
56 to 60 years |
756.00 |
- |
- |
Participation in Profits:
Policies under this plan shall participate in profits of
the Corporation. During the accumulation period policies
shall be entitled to receive simple reversionary bonuses
which will be payable on survival to the end of the accumulation
period or on earlier death. After the accumulation period,
policies will be entitled to receive a Loyalty Addition
payable on maturity or earlier death. The amount of simple
reversionary bonus and Loyalty Addition will depend on the
experience of the Corporation.
Benefits
Survival Benefits:
- On survival to the end of the selected accumulation
period: Vested reversionary bonuses in a lump sum
will be payable.
- On survival to the end of each year after the
accumulation period: 5½% of the Sum Assured will
be payable. The first survival benefit will be payable
on survival to one year after the end of the accumulation
period.
Maturity Benefit:
On survival to the policy anniversary coinciding with
or immediately following the completion of age 100
years, the Sum Assured along with Loyalty Addition,
if any, will be payable.
Death Benefit:
- In case of death of the Life Assured during the
Accumulation Period, the Sum Assured along with
vested reversionary bonuses is payable.
- In case of death of the Life Assured any time
after the Accumulation Period, the Sum Assured along
with Loyalty Addition, if any is payable.
OPTIONAL RIDERS AVAILABLE DURING THE ACCUMULATION
PERIOD:
Accident Benefit Rider Option (Allowed for Regular
Premium policies only):
Accident Benefit Option will be available under the
plan by the payment of additional premium. Accident
Benefit Rider shall be available for an amount not
exceeding the Sum Assured under the basic plan subject
to overall limit of Rs.50 lakh taking all existing
policies of the life assured under individual as well
as group schemes taken with Life Insurance Corporation
of India and other insurance companies and the Accident
Benefit Rider Sum Assured under the new proposal into
consideration.
This benefit is available under Regular Premium policies
only and it is not available under single premium
policies.
In case of accidental death, the Accident benefit
sum assured will be payable as lumpsum along with
the death benefit under the basic plan. In case of
accidental disability arising due to accident (within
180 days from the date of accident), an amount equal
to the Accident Benefit sum assured will be paid in
monthly instalments spread over 10 years or upto death
or maturity, if earlier, and all future premiums under
the policy will be waived.
The disability due to accident should be total and
such that the life assured is unable to carry out
any work to earn the living. Following disabilities
due to accidents are covered:
i) irrevocable loss of the entire
sight of both eyes or
ii) amputation of both hands at or
above the wrists or
iii) amputation of both feet at or
above ankles or
iv) amputation of one hand at or
above the wrist and one foot at or above the ankle.
No benefit will be paid if accidental death or disability
arises due to accident in case of:
i)intentional self-injury, attempted
suicide, insanity or immorality of the life assured
is under the influence of intoxicating liquor, drug
or narcotic
ii)engagement in aviation or aeronautics
other than that of a passenger in any aircraft
iii)injuries resulting from riots,
civil commotion, rebellion, war, invasion, hunting,
mountaineering, steeple chasing or racing of any kind.
iv)accident resulting from committing
any breach of law
v)accident arising from employment
in armed forces or military services or police organisation.
Other riders available under this plan are:
"Term Assurance Rider Option
"Critical Illness Rider Option
All three optional rider benefits mentioned above
shall be available during accumulation period only.
PAID-UP VALUE:
If after at least three full years' premiums have
been paid and any subsequent premium be not duly paid,
this policy shall not be wholly void, but shall subsist
as a paid-up policy for an amount equal to the paid-up
value. The paid-up value as shall bear the same ratio
to the full Sum Assured as the number of premiums
actually paid shall bear to the total number of premiums
originally stipulated in the policy. The policy so
reduced shall thereafter be free from all liabilities
for payment of the within mentioned premium, but shall
not be entitled to the future bonuses. The existing
vested reversionary bonuses, if any, shall remain
attached to a paid-up policy. This paid up value along
with the vested reversionary bonuses shall be payable
on the survival of the Life Assured to the end of
the Accumulation Period or on his/her prior death.
No survival benefit shall be payable under paid up
policies.
These provisions do not apply to the Accident Benefit,
Term Assurance and Critical Illness rider options,
as these riders do not acquire any paid-up value.
GUARANTEED SURRENDER VALUE:
" During Accumulation Period:
For Single Premium policies ’ After completion of
at least one policy year, 90% of the Single Premium
received, excluding premiums for optional riders and
extras, if any, will be payable.
The cash value of any vested reversionary bonuses,
if any, will also be payable
This is irrespective of the age of the Life Assured.
For Regular Premium policies ’ After completion of
at least three policy years and at least three full
years premiums have been paid, 30% of the total amount
of premiums paid excluding the premiums for the first
year and all premiums in respect of optional benefits
and extras will be payable. However, if the age at
entry of the Life Assured is less than or equal to
12 years, the guaranteed surrender value will be equal
to
" Before commencement of risk: 90% of the total amount
of premiums (excluding premiums paid for the first
year and any extras) paid.
" After commencement of risk: 90% of the total premiums
(excluding premium for the first year and any extras)
paid before commencement of risk and 30% of premiums
paid (excluding any extras) after the commencement
of risk.
Premiums for Accident Benefit rider cover, Term Assurance
rider cover and Critical Illness rider cover will
be excluded.
The cash value of any vested reversionary bonuses,
if any, will also be payable.
"After Accumulation Period: This will be 85% of the
Basic Sum Assured.
OTHER BENEFITS:
" Loan: Loan facility is available under this plan.
However, the rate of interest would be determined
from time to time by the Corporation. Presently the
rate of interest is 9 % pa payable half-yearly.
" Grace period: A grace period of one month but not
less than 30 days will be allowed for payment of yearly,
half-yearly or quarterly premiums and 15 days for
monthly premiums.
" Cooling-off period: If you are not satisfied with
the terms and conditions of the policy, you may return
the policy to us within 15 days.
" Revival: Subject to satisfactory evidence of continued
insurability, a lapsed policy can be revived during
the lifetime of the Life Assured but before the expiry
of the Accumulation Period within a period of five
years from the due date of first unpaid premium by
paying arrears of premium together with interest.
The rate of interest applicable will be as fixed by
the Corporation from time to time.
ELIGIBILITY CONDITIONS FOR THIS PLAN:
Ages at entry: 0 to 60 years nearest birthday
Accumulation periods available: 10, 15 and 20 years
Maximum age at which premium payment ceases: 70 years
nearest birthday
Age up to which life cover available: 100 years
Minimum age at end of Accumulation Period: 18 years
last birthday
Premium paying terms: Single Premium and, in case
of regular premiums, equal to the accumulation period,
i.e. 10, 15 and 20 years
Modes of premium payment: Yearly, Half Yearly, Quarterly,
Monthly, SSS and Single Premium
Sum Assured: Rs.1 lakh and over in multiples of Rs.5,000/-.
ELIGIBILITY CONDITIONS FOR ACCIDENT BENEFIT
RIDER (Allowed under Regular Premium policies only):
Ages at entry:18 to 60 years nearest birthday
Maximum age at which premium payment ceases: 70 years
nearest birthday
Age up to which life cover available: 70 years
Minimum age at end of Accumulation Period: 18 years
last birthday
Premium paying terms: Equal to the accumulation period,
i.e. 10, 15 and 20 years
Modes of premium payment: Yearly, Half Yearly, Quarterly,
Monthly, SSS and Single Premium
Sum Assured: Rs.25,000 to Rs.50 lakh, considering
all Accident Benefit Sums Assured under individual
and group policies and Accident Benefit Rider Sum
Assured under new proposals into consideration. The
Sum Assured can be in multiples of Rs.5,000/-.
Availability of Rider: During the chosen Accumulation
Period.
REBATES/EXTRA FOR MODE OF PREMIUM PAYMENT
AND HIGH SUM ASSURED:
" Mode Rebate:
Yearly mode: 2% of tabular Premium
Half-yearly mode: 1% of the tabular premium
Quarterly: NIL
In case of monthly mode other than SSS, an additional
amount of 5% of tabular premium will be charged.
" High Sum Assured Rebates:
For Annual premium
Rs.1.25%o Sum Assured for Sum Assured Rs 2 lakh and
over;
Rs. 2.25%o Sum Assured for Sum Assured Rs 5 lakh and
over.
For Single premium
Rs.7.50%o Sum Assured for Sum Assured Rs 2 lakh and
over;
Rs.12.50%o Sum Assured for Sum Assured Rs 5 lakh and
over.
EXCLUSIONS:
This policy shall be void if the Life Assured commits
suicide (whether sane or insane at the time) at any
time on or after the date on which the risk under
the policy has commenced but before the expiry of
one year from the date of commencement of risk under
the policy and the Corporation will not entertain
any claim by virtue of this Policy except to the extent
of a third party's bonafide beneficial interest acquired
in the policy for valuable consideration of which
notice has been given in writing to the office to
which premiums under this policy were paid last, at
least one calendar month prior to death. |
|
|
|
|
We have Services in:Health insurance advisor,general insurance advisor,travel insurance,
lic agent Andheri west,lic agent Borivali east,lic home loan,lic agent,c india,ic agent in evershine kandivali,lic agent in siddhart nagar borivali,lic agent in nancy colony,lic agent in orlem malad,lic agent in four bunglows,lic agent in andheri west,lic agent in andheri east ,lic agent in oshiwara,lic agent in aarey colony,lic agent in bandra,lic agent in kandivali,lic agent in charni road,lic agent in poisar,lic agent in borivali rajendra nagar, lic agent in goregaon,lic agent in khar,lic agent in bandra,lic agent in mumbai,lic agent in dader,lic agent in dahisar,lic agent in miraroad,Dadar,Ghatkopar,Goregaon
east,Goregaonwest,lic agent Jogeshwari east,Jogeshwari west, Kandivali
east,kandivali west,Khar,lic agent Mumbai,Malad east,Malad west,mtunga,
Mulund,Mumbai,JVPD juhu,juhu scheme,vazira naka,kandivali big ,lic agent in andheri west,
bazar,lic agent samata nagar kandivali,lic agent kuluwadi,Mira bhayander,lic agent,lic agent kankia
kandivali,kankia miraroad,lic agent gokul aanand hotel,lic agent grant road,lic agent lower
parel west,lic agent lower parel east,khar east, Khar west,Versova,Fort,
Central,Parel,lic agent Juhu tara road,lic agent kandivali charkop,aakurli road,Lokhandwala
township,chakala,mahim,bandra east,Bandra west,malad sv road,mind
space Malad,samarpan ,marve road,colaba,mantralaya,lic of india,
lic agent Thakur complex,lic agent worli,lic agent Bandra,juhu,miraroad,bhyandar, worli,malbarhill,fort,gorai,dahisar,SantaCruz
east,Santacruz west,mahalaxmi,Worli,dahisar east ,Dahisar west,
(Mumbai), Sion, Mumbai,lic agent thakur village,Thane, Vile Parle east,
lic agent Vile Parle West,lic agent lokhandwala kandivali. malad west,malad east,gokuldham,
andheri,lic agent vileparle,lic agent ashokvan,lic agent national park,mahindra kandivali
|
|
|
|
|