LIC Whole Life Policy Single Payment

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LIC The Whole Life Policy- Single Payment Plan

 

The Whole Life Policy- Single Payment from LIC of India is a whole life plan where the premium is paid in a lumpsum.

 
In this plan, the premium is paid in a lumpsum. The Life Insured can choose to withdraw the Sum Assured + accrued Bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided the life insured has attained a minimum age of 80 years. However, if the Life Insured dies, then his nominee would be given the Sum Assured + accrued Bonuses and the policy would be terminated.

 

 

 

Key Features of The Whole Life Policy- Single Payment from LIC

 

§  This plan is a whole life plan with single premium

§  Death Benefit is Sum Assured + accrued Bonus

§  After the Life Insured attains 80 years of age and completes 40 policy years, he may choose to withdraw the Sum Assured + accrued Bonuses.

§  Simple Reversionary Bonus is payable on maturity or earlier death.

§  An additional Accidental Death Benefit rider can be opted for.

 

 

Benefits you get from The Whole Life Policy- Single Payment from LIC

 

Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured + accrued Bonus.

 

Maturity Benefit – This being a whole of life plan has no specific maturity date. However, there is an option to withdraw the Sum Assured + accrued bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided the life insured has attained a minimum age of 80 years.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 

Eligibility conditions The Whole Life Policy- Single Payment from LIC

 

 

Minimum

Maximum

Sum Assured (in Rs.)

30,000

No Limit

Policy Term (in years)

Wholelife

Premium Payment Term (in years)

Single

Entry Age of Policyholder

12

60

Age at Maturity

80

Whole Life

Payment modes

Single

 

 

Sample illustration of premium of The Whole Life Policy- Single Payment from LIC

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000

LIC Whole Life Policy Single Payment Sample Premium Values

 

Additional Features & Benefits of The Whole Life Policy- Single Payment from LIC

 

Riders – There 1 additional Rider available:

·         Accidental Death Benefit Rider

 

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would not be eligible to participate in the bonuses declared thereafter. The bonuses already declared would be payable if the premiums have been paid at least for 5 years.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is available under this policy

 

 

Alternate endowment plans from Other insurance companies

 

1.     HDFC Single Premium Whole of Life Insurance

2.     ICICI Prudential Whole Life Plan

3.     Kotak Eternal Life Classic Shield

 

 

Other whole life plans from Life Insurance Corporation of India

 

1.     The Whole Life Policy

2.     The Whole Life Policy- Limited Payment

3.     Jeevan Anand

4.     Jeevan Tarang

  

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Whole Life Policy Single Payment brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Whole Life Policy Single Payment Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

im shailesh jadhav i want LIC Whole Life Policy Single Payment
Sum Assured (in Rs.) 100,000
Policy Term (in years) 20 years
Age 29years
Premium (in Rs.)
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS
please send me complete detail about LIC Whole Life Policy Single Payment.

By Shailesh on Dec 01, 2011 Reply

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