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LIC Whole Life Policy Limited Payment

The Whole Life Policy- Limited Payment from LIC of India is a whole life plan where you may choose to pay premiums for a shorter period of time. This plan is available with or without the facility of Bonus.

In this plan, the premium is paid for the time as chosen or till a maximum age of 70 years. 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.

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Death Benefit
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Maturity Benefit
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Income Tax Benefit

Key Features

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This plan is a whole life plan with limited premium paying term
The premium can be paid for 5 to 40 years, as chosen
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

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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)

Riders

There 1 additional Rider available:

  • Accidental Death Benefit Rider

Eligibility

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  Minimum Maximum
Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 5 55(Max premium ceasing age is 70)
Premium Payment Term (in years) 5 40
Entry Age of Policyholder 12 60
Age at Maturity 80 Whole Life
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

FAQs

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angle down iconWhat 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.

angle down iconWhat happens if 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

angle down iconWhat happens if You want a loan against your policy?

A loan facility is available under this policy