LIC - Whole Life Assurance - With Profits
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
This is a whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured.
Product Description
- This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.
- The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later.
- In the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.
COMPARE & BUY SIMILAR PLANS
Unique Features
Sum assured plus accrued bonuses and the terminal bonuses, if any, on the policyholder attaining age 80 years or on expiry of term of 40 years from the date of commencement of the policy whichever is later
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum Entry Age | 15 years(last birthday) | ||||
| Maximum Entry Age | 60 years(last birthday) | ||||
| Maximum Age of Maturity | 80 years | ||||
| Policy Term | 80-Entry Age | ||||
| Minimum Sum Assured | Rs. 50,000 | ||||
| Maximum Sum Assured | No Limit | ||||
| Mode | Yearly, Half-yearly, Quarterly, Monthly and SSS | ||||
| Notes: Grace Period(for regular premium) of 30 days is allowed for all Premium frequencies | |||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age.
- Death Benefit:
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus | This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. | |||||
| The plan participates in LIC's reversionary bonuses are declared per thousand Sum Assured annually at the end of each financial year. | ||||||
| A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period. | ||||||
| Premium Stoppage | If payment of premiums ceases after at least THREE years' premiums have been paid , a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured | |||||
| Surrender | Guaranteed Surrender Value = 30% of all premiums paid – 1st year’ s premium | |||||
Add-ons
- Accidental Death Benefit Rider:
In case of death due to an accidentof the Life Assured, the Rider Sum Assured chosen will be paid to the nominee.
- Term Assurance Rider Option:
A term rider acts like a Term Insurance plan which gives an extra life cover to the Life Assured at a very low cost and in the event of death, the nominee is paid base Sum Assured plus the Term Rider Sum Assured.
- Critical Illness Rider:
The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit.
Exclusions
Exclusion in LIC Whole Life Assurance - with Profits:- If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961.
Claim Process
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
