LIC Whole Life Policy Single Payment
The Whole Life Policy- Single Payment from LIC of India is a whole life plan where the premium is paid in a lump sum.
In this plan, the premium is paid in a lump sum. 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
Benefits
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)
There 1 additional Rider available:
Accidental Death Benefit Rider
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 30,000 | No Limit |
| Policy Term (in years) | Whole life | |
| Premium Payment Term (in years) | Single | |
| Entry Age of Policyholder | 12 | 60 |
| Age at Maturity | 80 | Whole Life |
| Payment modes | Single | |
FAQs
What happens if You want a loan against your policy?A loan facility is available under this policy
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.
What 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
