Features
LIC's Single Premium Endowment Plan is a
participating non-linked savings cum protection plan, where premium is paid in
lump sum at the outset of the policy. This combination provides financial
protection against death during the policy term with the provision of payment
of lumpsum at the end of the selected policy term in case of his/her survival.
This plan also takes care of liquidity needs through its loan facility.
Death
Benefit
a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.
b) On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Maturity Benefit:
a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.
b) On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Maturity Benefit:
Sum Assured,
along with vested Simple Reversionary Bonuses and Final Additional Bonus, if
any, shall be payable.
Participation in profits:
Participation in profits:
The
policy shall participate in profits of the Corporation and shall be entitled to
receive Simple Reversionary Bonuses declared as per the experience of the
Corporation.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
- Minimum entry
age
: 90 days (completed)
- Maximum entry
age
: 65 years (nearest
birthday)
- Maximum maturity
age: :
75 years (nearest birthday)
- Minimum policy
term
: 10 years
- Minimum age at maturity
: 18 years (completed)
- Maximum policy
term
: 25 years
- Minimum Sum
Assured
: Rs.50,000
- 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.
SAMPLE PREMIUM RATES:
The sample premium rates (exclusive of taxes) are as under: -
Single
Premium per 1000 Sum Assured
|
|||
Age
(Nearest birthday)
|
Term
|
||
10
|
15
|
25
|
|
10
|
756.90
|
640.30
|
463.10
|
20
|
757.60
|
641.55
|
465.85
|
30
|
757.95
|
642.60
|
470.90
|
40
|
759.75
|
647.65.
|
488.35
|
50
|
766.05
|
662.25
|
527.35
|
60
|
777.50
|
688.60
|
-
|
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.
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.
SURRENDER VALUE:
SURRENDER VALUE:
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:
- First year: 70% of the
Single premium excluding service tax and extra premium, if any
- Thereafter: 90% of the Single
premium excluding service tax and extra premium, if any.
Taxes, if any,
shall be as per the Tax laws and the rate of tax as applicable from time to
time.
The amount of
tax payable as per the prevailing rates shall be payable by the policyholder on
premiums including extra premiums, if any. The amount of Tax paid shall not be
considered for the calculation of benefits payable under the plan.
COOLING-OFF PERIOD:
If the
policyholder is not satisfied with the “Terms and Conditions” of the policy,
the policy may be returned to the Corporation within 15 days from the date of
receipt of the policy stating the reason of objections. On receipt of the same
the Corporation shall cancel the policy and return the amount of single premium
deposited after deducting the proportionate risk premium for the period on
cover, charges for medical examination, special reports, if any, and stamp
duty.
3. EXCLUSIONS:
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.
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