Eligibility Conditions and Restrictions:-
- Minimum Age at Entry – 18 Years Completed
- Maximum Age at Entry – 50 Year (Nearest Birthday)
- Policy Term – 13 to 25 Years
- Premium Paying Term – Policy Term – 3 years
- Maximum Maturity Age – 65 Years Nearest Birthday
- Premium Payment Mode – Monthly (SSS, ECS), Quarterly, Half Yearly and Yearly
- Minimum Sum Assured – 100,000
- Maximum Sum Assured – No limit
- Maturity Benefit – 110% SA + Bonus + FAB
- Death Benefit – (a) 10% SA payable on every policy anniversary after Death till Maturity, and (b) on Maturity date again 110%SA + Bonus + FAB.
- Double Accident Benefit – Allowed with Additional Premium
- Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80C and the maturity received (returns) are exempted from tax under Section 10 (10A).
- Suicide Clause – If life insurance policy holder commits suicide at any time within 12 months from date of commencement of risk LIC will not entertain any claim under this policy.
- Free Look Period – If policy holder is not satisfied with “Terms and Condition” of policy he/she may return policy to LIC stating reason within 15 days from date of receipt of policy.
- Loan – Allowed after payment of premiums for at least 3 years.
- Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
Click here to know more about other LIC plans and premium quotation for your life insurance policy.