This is a without profit single premium endowment plan with a fixed term of five years. The plan provides financial protection on death of the life assured during the policy term or a maturity payout on survival of the policyholder to the end of the policy term.
In the event of unfortunate death of the Life Assured during the term of the policy, Basic Sum Assured and accrued Guaranteed Additions on the Basic Sum Assured shall be paid to the nominee/beneficiary. An additional year’s Guaranteed Addition on the Basic Sum Assured shall also be payable in advance on the death of the policyholder. The Policy will terminate upon such payment of Death Benefit.
The Basic Sum Assured along with accrued Guaranteed Additions on the Basic Sum Assured shall be payable in lump sum to the policyholder on survival to the end of the policy term. The policy shall terminate on payment of the maturity benefit.
Guaranteed Additions shall accrue on completion of every policy year at a rate of USD 35 per annum per thousand on Basic Sum Assured.
A Single premium is payable at the start of the Term. Premiums are payable directly to the Company by an acceptable method in advance and are as set out in the policy schedule.
The policy will acquire a surrender value after completion of one full policy year. The minimum Guaranteed Surrender Value is 90% of the Single Premium paid excluding any extra premiums.
However, Special Surrender Value as mentioned in the Policy Bond may be paid if it is more favorable to the Policyholder.
On surrender, the higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. Special Surrender Value scale may be changed depending upon the future experience of the Company.
Provided the policy has acquired surrender value, the Life Assured may obtain a loan up to 80% of the Surrender Value of the policy subject to production of satisfactory title to the policy and satisfactory assignment of the policy to the Company.
The rate of interest and other terms and conditions of granting loan will be as determined by the Company at the time of granting the loan.
The rate of interest is subject to change from time to time by the company.
A policy shall be foreclosed if the loan and interest outstanding exceeds the Surrender Value.
All aspects of underwriting will be as per the underwriting policy of the company.
Insurance levy/VAT or any other taxes levied by the Government Authorities will be in addition to the premiums mentioned.
If you are not satisfied with the terms and conditions of the policy, you may return the policy document to the Company within 30 days from the date of receipt of policy document stating the reason for your objection. The Company shall cancel the policy document and refund the amount of premium paid after deducting the proportionate risk premium for the period on cover and the expenses incurred by the company on medical examination of the life proposed and policy preparation charges.
The benefit payable on death of the policyholder, resulting directly or indirectly from suicide (whether sane or insane at the time) before the expiry of 12 months of the risk commencement date, shall be restricted to the minimum guaranteed surrender value under the plan.
For making a claim you should contact LIC International or your consultant will also be able to help you in making a claim.
