LIC Single Premium Endowment Plan - 817


lic 817

lic 817

lic 817


INTRODUCTION

It has been decided to introduce LIC's Single Premium Endowment Plan (Plan No. 817) with effect from 1s1 January. 2014.
The  Unique  Identification Number (UIN) for LIC's  Single  Premium  Endowment  Plan  is 512N283V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public. distribution channels)
This is a single premium conventional With-Profits Endowment Assurance plan. The benefits and other details of this plan are given below:

BENEFITS

a)  Benefits payable on death:

On death of the Life Assured on or after the Commencement of Risk: Sum Assured along with vested simple reversionary bonuses and final additional bonus. if any, shall be payable. On death of the Life Assured before the Commencement of Risk: Return of Single Premium excluding taxes and extra premium, if any. without interest

b)  Benefits payable on maturity:

On survival to the end of the policy term, Sum Assured along with vested simple reversionary bonuses and final additional bonus. if any, shall be payable..

c)  Participation in profits:
Depending upon the Corporation's experience the policies shall participate in the profits and shall be eligible for simple reversionary bonus at suc,i rate and on such terms as may be declared by the Corporation.
Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death provided policy has run for certain minimum term.

ELIGIBILITY CONDITIONS AND RESTRICTIONS

1) Minimum Age at entry for Life Assured    90 days (completed)
2) Maximum Age at entry for Life Assured   65 years (nearest birthday)
3) Minimum Policy Term                             10 years
4) Maximum Policy Term                            25 years
5) Minimum Age at Maturity                       18 years (completed)
6) Maximum Age at Maturity                      75 years (nearest birthday)
7) Premium payment mode                         Single premium only
8) Minimum Sum Assured                          Rs. 50,000/-
9) Maximum Sum Assured                         No Limit

The Sum Assured shall be in multiples of Rs. 5000/-.

Age at entry for the life assured is to be taken as age nearest birthday except for the minimum age at entry i.e 90 days.

Date of Commencement of risk: In case, the age at entry of the Life Assured is less than     8 years. risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more. risk will commence immediately.

LOAN

Loan facility is available under this plan after completion of one policy year subject to following conditions:

a)  The maximum loan that can be granted as a percentage of surrender value for different policy terms and the policy year in which the loan is applied are as under:


Policy                     Policy Year
Term
         Upto 15 yrs    16 to 20 yrs    21 years and above
                 
2         55%              40%                   30%
3         60%              45%                   30%
4         65%              50%                   35%
5         75%              55%                   40%
6         80%              60%                   45%
7         90%              65%                   50%
8         90%              75%                   55%
9         90%              80%                   60%
10       90%              90%                   65%
11       90%              90%                   70%
12       90%              90%                   80%
13 &above  90%              90%                   90%

b)  The rate of interest to be charged for the ban amount would be determined from time to time by the Corporation.

c)  No foreclosure action shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding alongwith interest shall be recovered from the claim proceeds at the time of exit.

UNDERWRITING, AGE PROOF AND MEDICAL REQUIREMENTS

U & R department will issue instructions in this regard.

SUICIDE CLAUSE

This policy shall be void If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding any taxes and extra premium, if any.