LIC's new life fund (UIN: 512N271V01)
The LIC's new life fund plan is a traditional pension plan, which provides death cover during a delayed period and offers annuity on survival till the date of vesting.
1. Eligibility Conditions and Other Restrictions (for Basic Plans):
Minimum Sum Assured: Rs.1,00,000 under regular premium policies
Rs.1,50,000 under single premium policies
Maximum Basic Sum Assured: No Limit
(The sum insured will be in multiples of Rs.5000 / -)
Minimum entry age: 20 years (closest birthday)
Maximum age of admission: 60 years (closest birthday)
Policy Term: 5 to 35 years
Minimum age: 55 years (closest birthday)
More vested age: 65 years (closest birthday)
2. Payment of premiums:
Payment of premiums can be made regularly by annual, half yearly, quarterly or monthly (only through ECS method) or SSS method until the policy term is complete. Alternatively, a single premium can be paid.
The grace period is one calendar month but for the yearly, semi-annual or quarterly premium payment, the duration for less than 30 days and 15 days for monthly premium will be given.
3. Sample Premium Rates:
The following is a few per rupees Sample Premium Rates (excluding Service Tax) 1000 / - S.A .:
एकल प्रीमियम
| ||||
प्रवेश के समय आयु
|
पॉलिसी अवधि
| |||
10
|
20
|
30
| ||
25
|
-
|
-
|
435.80
| |
35
|
-
|
612.00
|
456.15
| |
45
|
852.55
|
632.80
|
-
| |
वार्षिक प्रीमियम
| |||
प्रवेश के समय आयु
|
पॉलिसी अवधि
| ||
10
|
20
|
30
| |
25
|
-
|
-
|
32.75
|
35
|
-
|
53.60
|
34.80
|
45
|
115.25
|
57.15
|
-
|
Method and Higher Sum Assured:
Method of exemption:
Annual ... 2% of table premium
Semi-Annual ... 1% of the table premium
Quarterly ... zero
Discount on insurance sum:
For Regular Premium Policies:
Insurance sum discount
1, 00,000 to 2, 95,000 zero
3, 00,000 and above 2.00% of sum insured
For single premium policies:
Insurance sum discount
1, 50,000 to 2, 95,000 zero
5.00% of sum insured of 3, 00,000 and above
5. REVIVAL:
If the premium is not paid in the grace period, then the policy will be terminated. The timeless policy can be redeemed by submitting evidence of the merits of the continuity of insured, according to the due date of the unpaid premium and the payment of all the dues of the premium, including the interest, in the period of five years before the date of the inherent premium.
The corporation reserves the right to accept on the original terms, to accept on modified terms or to refuse to revoke the revival of the blocked policy. The revival of the blocked policy will be effective only after its approval by the corporation and it is specifically notified to the policy holder. If selected, the accident benefit rider will be rechristened along with the original plan and it will not be isolated.
6. Policy Loan:
No loan facility will be available under this policy.
7. Service Tax:
Service Tax, if any, shall be subject to the applicable service tax rates and service tax regulations from time to time.
The amount of service tax will be payable on the premiums by the policyholder at the time of payment of premium as per prevailing rates.
8. Cooling off period:
If the insured person is not satisfied with the "terms and conditions" of the policy, he can return the policy to the corporation, giving reasons for objections within 15 days from the date of the policy. On receipt of this, the Corporation will cancel the policy and reduce the expenditure incurred on the risk premium, medical test and stamp duty from the deposited premium and return the balance.
9. Exclusion:
Suicides: In the one year of the date of expiry of the risk by the insured, at any time in the event of suicide (whether it is mentally healthy or unhealthy at the time), this policy will be treated as invalid and due to the policy any claim in the Corporation is valid Except that if maximum 90% of single premium is paid, except for any additional premium (in the case of single premium policies).
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