Plan Type: Limited Premium Endowment Plan

Key Features:

• Non-Linked: Not linked to market performance.
• Participating: Shares in the profits of the Corporation.
• Individual: Designed for individual coverage.
• Savings: Offers both protection and savings benefits.
• Limited Premium: Premiums are payable for a shorter term than the policy term.

Benefits:

• Death Benefit: Payable if the insured dies during the policy term. The amount is the higher of the Basic Sum Assured or 7 times the annualized premium, but not less than 105% of total premiums paid.
• Maturity Benefit: Payable if the insured survives to the end of the policy term. The amount is equal to the Basic Sum Assured plus any accrued bonuses.
• Participation in Profits: The policyholder is entitled to receive bonuses declared by LIC.

Eligibility:

• Minimum Basic Sum Assured: Rs. 2,00,000
• Maximum Basic Sum Assured: No Limit
• Policy Term/Premium Paying Term: 16/10, 21/15, or 25/16 years
• Minimum Age at Entry: 8 years (completed)
• Maximum Age at Entry: Varies based on the policy term (50, 54, or 59 years)
• Maximum Maturity Age: 75 years

Options:

• Rider Benefits:
  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s Accident Benefit Rider
  • LIC’s New Term Assurance Rider
  • LIC’s New Critical Illness Benefit Rider
  • LIC’s Premium Waiver Benefit Rider
• Settlement Option for Maturity Benefit: Receive the maturity benefit in installments over 5, 10, or 15 years.
• Option to take Death Benefit in installments: Receive the death benefit in installments over 5, 10, or 15 years.

Other Important Points:

• Premium Payment: Yearly, half-yearly, quarterly, or monthly.
• Grace Period: 30 days for yearly, half-yearly, and quarterly modes; 15 days for the monthly mode.
• Revival: A lapsed policy can be revived within 5 years.
• Paid-up Policy: If premiums are not paid after two years, the policy becomes paid-up with reduced benefits.
• Surrender: The policy can be surrendered after two years for its surrender value.
• Policy Loan: Available after two years, subject to conditions.
• Free-Look Period: 15 days to return the policy if not satisfied.
• Exclusion: Suicide within 12 months of commencement or revival.