Death benefit:
In case of death of the policyholder during the policy term provided all due premiums have been paid, “Sum Assured on Death” shall be payable, which is the highest of
- Basic Sum Assured or
- 10 times of annualized premium or
- 105% of all the premiums paid as on date of death.
The premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.
In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.
Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.
LIC’s Accident Benefit Rider: Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.
Eligibility Conditions and Other Restrictions For Basic plan
(This plan is only available for standard healthy lives without undergoing any medical examination)
Minimum Basic Sum Assured per life* : Rs. 75,000
Maximum Basic Sum Assured per life* : Rs. 200,000
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
Minimum Age at entry : 8 years (completed)
Maximum Age at entry : 55 years (nearest birthday)
Minimum Policy Term : 10 years
Maximum Policy Term : 20 years
Maximum Age at Maturity : 70 years (nearest birthday).
Minimum Entry Age : 18 years (completed)
Maximum Entry Age : The cover can be opted for at any policy anniversary during the policy term
Maximum Cover Ceasing Age : Same as under the Basic Plan.
Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions.
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