It is a limited premium payment conventional life insurance plan which offers guaranteed returns in the form of Guaranteed Sum Assured and vested reversionary bonuses with Final Additional Bonus in case of survival at the end of term. In case of sudden demise, an annual income benefit will be payable every year till policy term and future premium will be waived with an assurance of maturity amount to meet future demand of child. Policy can be availed with duration of 13 years to 25 years and can be taken any person between the ages of 18 years to 50 years.
Limited Premium Conventional Plan
It is endowment plan with guaranteed amount – Lump sum amount received on maturity and be reinvested to buy pension or can be used to take care of any financial need.
Annual Income Benefit with PWB
In case of sudden demise of policyholder, an annual income benefit equal to 10 % of basic sum assured payable every year and future premium will be waived. Also after the end of policy term, maturity benefit in the form 110% of Basic Sum Assured with Bonuses will be payable.
Profit Sharing as per Valuation
Every year, LIC declares valuation results.
As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.
Advantages
- Avail Tax benefit on premium paid
- Tax Free Maturity Amount
- Tension Free Claim Settlement
For Basic Plan
| |
Minimum |
Maximum |
| Entry Age |
18 Years (last birthday) |
50 Years (nearer birthday) |
| Term |
13 Years |
25 Years |
| PPT |
(Policy Term - 3) Years |
| Maturity age |
65 Years (nearer birthday) |
| Sum Assured |
₹ 1,00,000/- |
No Limit |
| The Basic Sum Assured shall be in multiples of ₹ 10,000/- only. |
Accidental Death and Disability Benefit Rider
Minimum Entry Age: 18 Years (last birthday)
Maximum Entry Age: 60 Years
Maximum cover ceasing Age: 65 Years (nearer birthday)
Minimum Accident Benefit Sum Assured: ₹ 10,000/-
New Term Assurance Rider
| |
Minimum |
Maximum |
| Entry Age |
18 Years (last birthday) |
50 Years (nearer birthday) |
| Term |
Same as Basic Plan |
| PPT |
Same as Basic Plan |
| Maturity age |
65 Years (nearer birthday) |
| Sum Assured |
₹ 1,00,000/- |
₹ 25,00,000 |
| The Term Assurance Rider Sum Assured can be taken in multiples of ₹ 10,000/- only. |
