Panaji
State-owned insurance giant LIC is to launch 'LIC Jeevan Labh', its non-linked, with profuts Endowments Assurance Plan today.
The Plan is available from ages 8 years to 59 years and a choice of policy term of 16,21,25 years with premium paying term of 10,15 and 16 years respectively. The Maximum age at maturity is 75 years.
On maturity of the policy and the policy holder surviving to the end of the policy term, Basic Sum Assured along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable.
On death of the Life Assured during the policy term, the Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured. The death benefit shall not be less than 105% of the total premiums paid as on date of death.
Minimum Basic Sum Assured is Rs. 200,000/- with Maximum Basic Sum Assured having no limit.
