The policy provides specific features based on the needs of the clients.These are some of the scheme’s key components:

·        A minimum sum assured of Rs. 1,000,000 is offered by the plan, with no upper limit.

·        13 to 25 years are included in the policy period.

·        A person has the option of paying the premium annually, biannually, quarterly, or monthly.  

·        You also have the option to pay premiums using the easy Electronic Clearing Service (ECS), which is provided by the policy.

·        Regardless of the policy duration, the payment period lasts for 3 years.

·        The policy has an 18–50 year age range as its minimum and maximum.

·        The policy owner’s maximum maturity age is 65.

·        Being a with-profits Endowment Assurance plan, LIC has accumulated advantages from Simple Reversionary Bonuses and Final Additional Bonuses, which are all paid at the end of the maturity period.

·        The coverage offers two additional optional riders.

       o   Rider for the LIC Accidental Death and Disability Benefit

o   New Term Assurance Rider for LIC

• • Maturity Benefit – This benefit is paid out if the policyholder lives to the end of the policy’s term and pays all of the premiums. The Basic Sum Assured and the Sum Assured on Maturity that is paid to the Life Assured at the conclusion of the policy term equal each other, as do the Final Additional Bonus and Reversionary Bonuses, if applicable. If the policyholder is still alive at the end of the policy term, the Amount Assured and all accrued gratuities will be paid to them at maturity.
  • Profit Sharing: The policy should share in the corporation’s profits and have the option of receiving Simple Reversionary Bonuses that are determined based on performance.
  • If the policyholder passes away, the policy will still be in effect until the date of maturity so that beneficiaries can receive benefits and, if applicable, any Simple Reversionary Bonuses and Full Fixed Final Additional Bonuses on the scheduled date of maturity. In this way, regardless of whether the Life Assured survives, the policy’s Final Additional Bonus and Simple Reversionary Bonus, if any, shall be paid on the designated maturity date.
  • If you do not pay the premiums (except in case of termination of Life Assured under the policy in force), no future benefit will accrue on the policy, even if the paid-up value of the policy is forfeited and so on No, the plan should be deemed to be applicable on death during the grace period. Final Additional Bonus should not be paid on reducing paid up policy.
  • Death Benefit – Death benefit is given in case of death of the policy holder before the completion of the policy term. During the term of the policy, the Sum Assured on Death and Final Additional Bonus, if any, along with Simple Reversionary Bonuses are paid to the nominee of the policy.
  • Certain assurance on death is defined in the following manner:
    • Annual income benefit equal to 10% of the Basic Sum Assured to be paid from the policy anniversary or from the date of death of the life assured till the earlier policy anniversary from the date of maturity.
    • Full Sum Assured equal to 110% of Basic Sum Assured should be paid on the due date of maturity. Fixed Final Additional Bonus and Death Benefit, if any, includes Simple Reversionary Bonuses, to be paid on the specified maturity date. The death benefit mentioned above shall not be less than 105% of all premiums paid till the date of death. The premium mentioned above is exclusive of taxes, rider premium and extra premium, if any.
  • Tax Benefits- The premium paid under this plan is eligible for annual income tax rebate/debate under section 80C and the maturity amount is tax free as per section 10D.

• Accidental Death and Disability Benefit Rider for LIC:
  If the policyholder dies in an accident, the nominee will receive the Accident Benefit Sum Assured in a lump sum amount under this rider. If the policyholder suffers an accidental permanent disability, the Accident Benefit Sum Assured will be paid to the policyholder in monthly installments over a ten-year period.
• The New Term Assurance Rider from LIC:
  The Term Assurance Rider Sum Assured will be paid if the policyholder dies during the policy term under this rider.