| Minimum age at entry | 20 years | | Maximum age at entry | 65 years | | Minimum term | 10 years | | Maximum term | 40 years | | Minimum sum assured | Rs 50,000 | - A special plan for the benefit of handicapped persons. Unlike Jeevan Aadhar, which is a Whole Life Plan, this is an Endowment Assurance plan with benefits payable either on date of maturity or on death, whichever is earlier.
- The plan has been designed to assure a handicapped dependant to have a secured life.
- Payment of benefits will be on the basis of 20% as a lump sum and balance 80% to secure an annuity.
- Basic sum assured payable either on survival to the term or on death happening within the term.
- Guaranteed additions are given at a fixed rate of Rs. 60 per Rs 1,000 sum assured.
- Loyalty additions are payable for each completed policy year.
- Premium paying terms are between 10 to 25 years.
On the date of maturity or earlier death during the term (of life assured) - Basic sum assured + guaranteed additions of Rs 60 per Rs 1,000 sum assured + loyalty addition on the basis of performance of the LIC.
- Once the claim is admitted, there are three options available:
- Regular income for life.
- Regular income certain for 5, or 10 or 15 years and life thereafter.
- Regular income for life with return of notional purchase price i.e. 80% of basic sum assured + 80% of guaranteed additions and loyalty additions.
Handicapped dependant pre-deceasing the life assured - In the event of the handicapped dependant pre-deceasing the life assured, the life assured has the option to:
- Surrender the policy or continue it by paying premium.
- Life assured also has option to receive full sum assured in lump sum or on a 20% to 80% basis.
Accident benefit
Accident benefit can be allowed only under annual premium policies, subject to underwriting restrictions. The accident and disability benefits will be paid as per the usual LIC rules. These benefits can not be split up into 80% and 20% as mentioned above.
|
|
