LIC Whole Life Policy
The Whole Life Policy from LIC is a simple regular payment whole life plan along with a Bonus facility.
In this plan, the premium is paid for 35 years or till the life insured is 80 years old. 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.
In case of death of the Life Insured, the nominee would get the Sum Assured + accrued Bonus.
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.
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)
here 1 additional Rider available - Accidental Death Benefit Rider
|Sum Assured (in Rs.)||50,000||No Limit|
|Policy Term (in years)||Whole Life|
|Premium Payment Term (in years)||80 years – Age of entry|
|Entry Age of Policyholder||15||60|
|Age at Maturity||80||Whole Life|
|Payment modes||Yearly, Half-yearly, Quarterly, Monthly and SSS|
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.
There is a Guaranteed Surrender Value after 3 policy years. Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
A loan facility is available under this policy