Features:
The benefits of this policy can be considered only for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Individuals engaged in dangerous pursuits will be rated against the revised tabular occupational extra rates.
Suitable For:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
Special Features:
This policy covers the risk for triple the sum assured.
Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover two times the sum assured in the event of a policy holder’s death during the term of the policy. In other words, the death claim in the case of this policy is thrice the basic sum assured.
For instance, if a person insured for Rs.1, 000 under this policy were to die before its maturity, the death claim payable would be Rs.3, 000 plus the accrued bonus on Rs.1, 000, the basic sum assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.1, 000 plus the accumulated bonus.
Go to top
Benefits:
Benefit Illustration
Maturity Benefit:
Basic Sum assured along with vested bonuses will be payable on the life assured surviving till the end of the term.
Death Benefit:
Three times the basic sum assured together with vested bonuses if any, will be payable on death of the life assured during the term of assurance.
Bonuses:
Bonus additions will be reckoned on the basic sum assured at rates applicable to endowment assurance and will be payable at the end of the selected term or at death if it occurs earlier.
Accident Benefit:
Accident Benefit equivalent to the basic sum assured would also be available as pre existing rules. This would however, be subject to overall limit of Rs.5, 00, 000 in the aggregate including existing policies and also the payment of appropriate additional premiums in that behalf at the existing rate.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Death Benefits:
If death occurs at anytime during the term of a policy (provided the policy has been kept in force by payment of all premiums that had fallen due), the basic sum assured along with the vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from this claim amount. An additional amount (depending on the duration of the policy) will also be paid on death under such a policy. The additional amounts payable, at various stages are shown in the table given below.
Policy Ist 5
policy year
6th-10th
policy year
11th-15th
policy year
16th-20th
policy year
21st-26th
policy year
106 NIL 500 1000 NIL NIL
107 NIL 500 1000 1500 NIL
108 NIL 500 1000 1500 2000
more details at licofindia.95mb.com