LIC Marriage Endowment / Education Annuity Plan
LIC Marriage Endowment/ Education Annuity Plan is a child policy such that Sum Assured plus Bonus would be paid for the child’s benefit on the term’s maturity even if the Life Insured dies before. Thus, nothing is payable immediately to the nominee on death of the Life Insured, unless accidental; only the future premiums are waived and paid by the company such that the Maturity Benefit of the Sum Assured plus Bonus is duly paid.
Key Features
There are 2 in-built riders available in this policy
Premium Waiver Benefit
Accidental Death Benefit
There are 2 additional riders available in this policy
Term Rider
Critical Illness Benefit
Benefits
In case of death of the Life Insured, the nominee would not get anything immediately. The future premiums would be waived and the Sum Assured plus Bonus would be paid on the terms maturity.
However, on Accidental Death basic Sum Assured is paid in addition to the above mentioned.
On maturity, the life insured or his nominee gets the Sum Assured plus Bonus.
Tax Benefit
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
FAQs
What happens if you stop paying the premium The policy will lapse if the premium stops. However, it can be revived within a specific period.
What happens if you want to surrender the policyIf premiums for 3 years have been paid up, 30% of basic premiums paid less the 1st year's premium
What happens if you want a loan against your policyThere is loan available under this plan.
