This is a value added endowment plan. In addition to the usual benefits of an endowment plan, (i.e. investment, liquidity) this plan offers double the life cover as an additional benefit.
Under this plan, the sum assured together with the vested bonuses on the basic sum assured at the time of maturity. However, in the event of policyholder’s death, twice the basic sum assured is paid along with vested bonuses on the basic sum assured, thus providing the benefit of both endowment and term assurance.
The policy holder has an option to choose Accident Benefit Rider during the term of the policy or up to the age of 70, whichever is earlier. In the event of unfortunate death due to accident when the policy is in force, an additional amount equal to accident benefit sum assured is paid along with the claim.(This Rider is available for a maximum sum assured of US $ 100,000 for an individual, inclusive of all the policies, held by him). In case of total and permanent disability arising as a result of an accident, all future premiums to the extent of sum assured equivalent to accident benefit sum assured are waived and an amount equal to accident benefit sum assured will be paid in equal monthly installment spread over of 10 years. If the policy becomes a claim before the expiry of said period of 10 years the disability benefit which have not fallen due will be paid along with the claim.
Choice of flexible premium payments, either throughout the term of the policy (Full Term Option) or for a limited term of five years is available.
Policy holder can raise a loan on the security of the policy after the policy has acquired paid-up value by payment of premium at least for three years from the date of commencement (two years in case of limited premium paying terms).
If premium have been paid for a period of three years(two years in case of limited term payment) and thereafter due to unforeseen circumstances, payment cannot be made, policy will automatically be converted into a paid up policy for a reduced sum assured, payable on the date of maturity or in event of unfortunate death, if earlier.
All future premium payable for the remaining period can be made in lump sum at a special discounted rate.
One can pay premium in advance up to a period of 5 years in lump sum at a discounted rate. Unutilized portion of lump sum amount, if any, is refundable.
Policy can be transferred to LIC of India on repatriation of the policy holder to India. The transfer will be effected only if full first year’s premium is paid and on completion of one year from the date of acceptance, provided the policy is in force for the full sum assured and on receipt of a written request from the policy holder. The sum assured and attached bonus, if any, shall stand altered to the equivalent Indian rupee amount at the rate of exchange, current on the date on which the request for transfer is received by the Company and subject to the instruction current on that date of Reserve Bank of India.
