LIC Introducing Two New Endowment Plans LIC Aadhaar Shila and LIC Aadhaar Stambh
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LIC's Bima Diamond plan offers a combination of protection and savings. In case of unfortunate death of the policyholder, this plan provides financial support for the family not only during the policy term but also beyond the policy term during the Extended Cover Period (equal to half of the policy term and beginning from the date of maturity). Periodic payments shall also be made on survival of the policyholder at specified durations during the policy term.
In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
It is a close ended plan which shall be available for sale upto 31st August, 2017, coinciding with the Diamond Jubilee Year of the Corporation.
Death Benefit (applicable for policies where all the due premiums have been paid):
Where "Sum Assured on Death" is defined as the highest of
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.
On the life assured surviving to the end of each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
For policy term 16 years: 15% of Basic Sum Assured at the end of each of 4th, 8th and 12th policy year.
For policy term 20 years: 15% of Basic Sum Assured at the end of each of 4th, 8th, 12th and 16th policy year.
For policy term 24 years: 12% of Basic Sum Assured at the end of each of 4th, 8th, 12th, 16th and 20th policy year.
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, â€œSum Assured on Maturityâ€ along with Loyalty Addition, if any, shall be payable.
The policyholder has an option of availing following Rider benefit(s):
Rider sum assured cannot exceed the Basic Sum Assured.
Provided all the due premiums have been paid till date of death or maturity, whichever is earlier, depending upon the Corporationâ€™s experience, the policy shall participate in profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable, on death after completion of 5th policy year but within the policy term or on maturity, at such rate and on such terms as may be declared by the Corporation.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term provided all the premiums for the entire premium paying term have been paid.
(The Basic Sum Assured shall be in multiples of Rs. 20,000/-)
Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives.
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through ECS only) or through salary deductions during the Premium Paying Term of the policy.
LIC India offers some benefits to the policyholders by choosing specific mode and high sum assured of the plan.
"Auto Cover Period" under a paid-up policy shall be the period from due date of first unpaid premium (FUP). The duration of Auto Cover Period shall be as under:
The benefits payable under a paid-up policy during Auto Cover Period shall be as follows:
Death Benefit : Death benefit, as payable under an inforce policy, shall be paid after deduction of
Survival Benefit : The survival benefit shall be paid only after the policy is revived.
The benefits payable under a paid-up policy after the expiry of Auto Cover Period shall be as follows:
On death during the policy term: Sum Assured on Death under a paid-up policy shall be reduced to such an amount, called "Death Paid-up Sum Assured" and shall be equal to [Sum Assured on Death * (Number of premiums paid / Total number of premiums payable)]
On maturity: The Sum Assured on Maturity under paid-up policy shall be altered to such an amount called
"Maturity Paid-up Sum Assured" which shall be payable on Life Assured surviving to the end of the policy term. The "Maturity Paid-up Sum Assured" shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy)] less Total amount of Survival Benefits already paid under the policy. In addition to â€œMaturity Paid-up Sum Assuredâ€ the surrender value of the proportionate premiums charged towards risk cover during the extended cover period shall also be payable and the policy will terminate.
The survival benefits having already been incorporated in the calculation of Maturity Paid-up Sum Assured, future survival benefits shall not be payable separately. The extended term cover shall also not be available in case of paid-up policies.
Rider(s) shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.