A Term plan which provides a choice to the Life Assured to get coverage of 37 critical illnesses with the life risk cover under the base policy.
It is a non-profit pure term plan with premium rates that differ depending on the life assured’s health and habit choices, for example: whether he is a smoker or a non-smoker. If the Life Assured is a non-smoker then the premium rate charged is less than that charged by a smoker.
This plan provides protection to the Life Assured’s family through its base policy by allowing high Sum Assured at a very low price and also provides protection to the Life Assured by giving the option to choose the Critical Illness (CI) rider which is health related.
In the unfortunate event of Life Assured becoming critically ill, rider benefit amount will be payable. It also provides a safety net for the family in the unfortunate case of death of the life assured.
In the event of unfortunate death of the life assured during the term of the policy, Basic Sum Assured will be paid to the nominee/beneficiary. The policy will terminate upon such payment of Death Benefit.
There is no maturity benefit payable under this plan.
This rider provides a lump sum benefit to the Life Assured on the occurrence of a defined critical illness. It covers 37 critical illnesses like: Cancer, Stroke, Heart Attack, Coronary Artery by-pass Surgery, End –Stage Renal Disease (Kidney Failure), Major Organ Transplant, Heart Valve Surgery, Paralysis of Limbs, Loss of Limbs, Profound Vision Loss – Irreversible (Blindness), Coma, Third-Degree Burns (Severe Burns), Major Head Trauma, etc.
Base policy/riders will not have any surrender value or maturity value.
Policy loans are not available under this plan.
There is no paid up value under this plan.
A grace period of 30 days will be allowed for payment of annual and half yearly premium, whereas a grace period of 15 days will be allowed for payment of monthly premium.
This policy will lapse if the premium is not paid within the grace period, and all the benefits under this policy will cease.
Applicants willing to avail non-smoker premium rates will be required to undergo urine cotinine test. All other aspects of underwriting will be as per the underwriting policy of the Company.
LIC International Term Plan is best suited for working individuals who have dependent (children, parents) and who are looking for high sum of protection against uncertainties of life (like critical illness) at a very competitive price.
LIC International Term Plan is best suited for working individuals who have dependent (children, parents) and who are looking for high sum of protection against uncertainties of life (like critical illness) at a very competitive price.
Accelerated Critical Ilness (CI) rider refers to the benefit being paid as an “advance of the death benefit” amount under the base policy, which means when a claim benefit under CI rider is paid, the death under the base policy is reduced by the amount of the CI claim payout.
Example: Suppose a Life Assured has taken the LIC International Term Plan for USD 300,000 for a term of 15 years and opted for Accelerated Critical Illness rider for USD 100,000.
In the 10th policy year, he is diagnosed with one of the covered critical illness. On such diagnosis or having undergone a procedure, the CI rider sum assured of USD 100,000 will be paid to the Life Assured. On such payment, the rider benefit will cease and the premiums for the rider benefit will also stop. Subsequently, the sum assured of USD 300,000 under the base policy will be reduced to USD 200,000.
In case the death of the Life Assured happens thereafter, but before the end of the term, then USD 200,000 will be payable provided the policy is kept in force by payment of due premiums.
Should the life be assured survive the entire term of 15 years, no benefit is payable. Premium is not refunded either.
No, the rider available is optional. Life Assured can take the available rider by payment of extra premium which will need to be paid along with the premium of base policy.
Accelerated CI Rider premium is payable throughout the policy term along with the premium under the base policy or till earlier death or claim under the rider benefit.
No. The premium rates will depend upon the age and selected Sum Assured and term. For the same age, term and Sum Assured, non-smoker will be charged lesser premium as compared to smoker.
This policy has different rates based on smoking habit and gender.
Accelerated CI rider has a waiting period of six months from the date of commencement of risk or date of last reinstatement i.e., critical illness claim will not be paid if the insured is diagnosed with critical illness during this period. In such a case the CI benefit will cease and no premium will be required to be paid for the CI benefit rider.
Accelerated Critical Illness benefit shall be payable only once during the term of the policy. On the payment of CI benefit as such the rider benefit will cease and the premium for the rider will also stop.
Yes. The benefits under the base policy and the rider are subject to certain exclusions. You may refer to detailed terms and conditions.
For detailed terms and conditions applicable to the base policy and rider, please contact our Branch Office / Chief Agent.
