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
Sum Assured together with the Guaranteed Additions( Rs 60 per thousand sum assured) and Loyalty Additions, if any, become payable. 20% of such benefit amount shall be paid in a lump sum and the balance amount shall be utilized to provide an annuity on the life of handicapped dependent.
A number of annuity options are available under the plan.
1. Regular income for life.
2. Regular income certain for 5, or 10 or 15 years and life thereafter.
3. Regular income for life with return of notional purchase price i.e. 80% of basic sum assured + 80% of guaranteed additions and loyalty additions.

Extra Benefits (optional)
Extra benefits can be avail by paying an additional premium

Surrender value
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.

Eligibility
• Min entry age: 20 yrs
• Max entry age: 65 yrs
• Min sum assured: 50,000
• Min Premium payable: Rs 800/annum
• Min Term: 10 Yrs
• Max Term: 40 Yrs