Lic of India Plans

It is an Endowment assurance plan specially designed for the handicapped persons.

Features
• The basic sum assured can be paid to beneficiary on the date of maturity or death, whichever is earlier.
• Premiums are payable yearly, half-yearly, quarterly, monthly.
• The premium can also be paid in one lump sum.
• Premium paying terms are Between 10 to 25 yrs
• Payment of benefits will be on the basis of 20% as a lump sum and balance 80% to secure an annuity.
Handicapped dependent predeceases the life assured
• In the event of the handicapped dependent pre-deceasing the life assured, the life assured has the option to:
o Surrender the policy or continue it by paying premium.
o Life assured also has option to receive full sum assured in lump sum or on a 20% to 80% basis.

Benefits

Benefits on maturity or earlier death

This plan is specially designed to assure a handicapped dependent to have a Secured life. It provides life insurance cover through out the lifetime of purchaser.

Features
• Beneficiary can only avail benefits on the death of life assured.
• The benefits are payable partly in lump sum and partly in the form of an annuity to the handicapped through a nominee or trusty.
• Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions.
• Premium paying terms are 10, 15, 20, 25, 30 and 35 years.
• The premium can also be paid in one lump sum(single premium)
• The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.