LIC Launches New Life Insurance Plan with Guaranteed Death Benefit and Savings Component

Following are the main components of the plan:

1) It offers a guaranteed death benefit.

2) It offers a savings component that allows policyholders to accumulate a lump sum amount at maturity.

3) It offers a premium waiver benefit that can be used to waive premiums in the event of the policyholder’s death.

The plan is suitable for individuals who are looking for a simple and affordable life insurance plan with a death benefit. In the terrible event that the life assured passes away during the period of the policy, this plan offers monetary help to the family. It also provides a guaranteed lump sum amount on the date of maturity to the assured.

In this plan the premium is paid in lumpsum at the begining of the policy and the returns are given to the policyholder at the end of the policy term or to the nominee in case of death of the policyholder. The policy holder will also be eligible for tax benefits under Section 80C only if premiums are paid. During the insurance term, the policyholder has the option to cancel the policy at any moment.

If the policyholder lives until the maturity date, the “Basic Sum Assured” as well as any accrued “Guaranteed Bonus” additions will be paid. On the other hand if the Insured person dies within the Policy Term after the commencement of Risk, then death benefit will be given to Nominee of the Policy.

The policy has Risk Coverage till end of term of the Policy. The date of commencement of Risk, in case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier. You can surrender the policy at any time. Loan facilities is available after 3 month under this policy.

Updated: 23 Jun 2023, 08:35 PM IST