ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
1. Minimum entry age : 90 days (completed)
2. Maximum entry age : 65 years (nearest birthday)
3. Maximum maturity age: : 75 years (nearest birthday)
4. Minimum policy term : 10 years
5. Minimum age at maturity : 18 years (completed)
6. Maximum policy term : 25 years
7. Minimum Sum Assured : Rs.50,000
8. Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /- only.
Premium payment mode : Single Premium only
Date of Commencement of risk:
In case the age of Life Assured at entry is less than 8 years, risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
REBATE FOR HIGH SUM ASSURED :
High Sum Assured Rebates:
|Sum Assured (S.A)||Rebate (Rs.)|
|50,000 to 95,000||Nil|
|1, 00,000 to 1, 95,000||18%o S.A.|
|2, 00,000 to 2, 95,000||25%o S.A.|
|3, 00,000 and above||30%o S.A.|
Loan can be availed under this plan any time after completion of first policy year and subject to terms and conditions as the company may specify from time to time.
Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract. The Guaranteed Surrender Value allowable shall be as under:
70% of the Single premium excluding service tax and extra premium, if any
90% of the Single premium excluding service tax and extra premium, if any.
In addition, the surrender value of vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered
The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.
Disclaimer: The above information is general information of policy. Policy will governed by terms and condition issued by LIC OF INDIA