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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.
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Key Features of The Whole Life Policy- Single Payment from LIC
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
Additional Features & Benefits of The Whole Life Policy- Single Payment from LIC
Riders – There 1 additional Rider available:
· Accidental Death Benefit Rider
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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
