Today the prime concern of any parent is to make his child a top class professional so that the child can secure a place of pride in this era of specialization based career development. To make the child a professional, parents need to prepare a sound financial plan, guaranteeing availability of funds for the professional career development of the child in any eventuality.
LIC (International) offers you New Professional Education Plan, which is designed to take care of the above need. This plan provides you to secure the guaranteed monetary outflows for your child’s professional education at crucial stage of his/ her higher education.
The life Assured receives the Sum Assured along with accrued bonus on the maturity of the Policy. In the event of unfortunate death before maturity, Sum Assured with accrued bonus is paid to the Beneficiary.
Guaranteed Addition shall accrue on completion of every Policy year at a rate of USD 25 p.a. per 1000 Sum Assured.
This Policy will also be eligible for Loyalty Addition payable on maturity/death at a rate to be declared by the Company from time to time. Loyalty addition is not guaranteed. It depends on future experience of the Company.
In case of unfortunate death of the Proposer, if Premium Waiver Benefit Rider is availed under the plan, all future premiums are waived, and all benefits under the plan will continue treating the Policy as in-force and all benefits under the Policy shall be paid on events as described in the Policy Bond.
A regular/ limited premium paying Policy shall acquire a paid-up value on payment of two full Policy year’s premiums. If at least two full year’s premium have been paid and subsequent premium is not paid within the grace period, the Policy shall be converted into a reduced Paid-Up Policy.
All aspects of underwriting will be as per the underwriting Policy of the company.
A grace period of one calendar month but not less than 30 days shall be allowed for payment of yearly or half yearly or quarterly premiums and 15 days for monthly premiums.
A regular/limited premium paying Policy will acquire a Surrender Value after two full Policy year’s premiums have been paid.
Policyholder can raise a loan on the security of the Policy after the Policy has acquired Surrender Value after payment of premium at least for 2 years from the date of commencement.
If premium have been paid for a period of two years 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.
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.
