LIC Whole Life Insurance Plans
The LIC Whole Life Insurance Plans is the simple regular payment whole life insurance plan along with the bonus facility. In this type of plan, premium is paid for the 35 years or till life insured is the 80 years. Life insured will choose to withdraw Sum Assured + accrued Bonuses is declared under policy anytime after the forty years from date of The commencement of a policy offered life insured has attained the minimum age of the eighty years. However, if life insured dies, then this nominee should be given Sum Assured + accrued Bonuses and the policy should be terminated.
Key Features Of Whole Life Policy From The LIC:
This type of the plan is the simple the whole life plan with the regular or normal premium paying plans.
- Death Benefit is the Sum Assured + accrued Bonus
- After Life Insured attains the 80 years of the age and completes forty policy years, they may select to withdraw Sum Assured + accrued Bonuses.
- Simple Reversionary Bonus was payable on the maturity or the earlier death.
- Additional Accidental Death Benefit rider will be opted for.
Benefits You Get From Whole Life Policy From LIC:
- Death Benefit: In case of the death of Life Insured, nominee would get Sum Assured + accrued Bonus.
- Maturity Benefit: This is being the whole of the life plan has no particular maturity date. However, there is option to withdraw Sum Assured + accrued bonuses are declared under policy anytime after forty years from date of the commencement of policy offered life insured has to be attained the minimum age of the 80 years.
- Income Tax Benefit: the Premiums paid under the life insurance policy are to be exempted from the tax under the Section 80 C and the maturity proceeds are to be exempted from the tax under Section 10
Eligibility Conditions In Whole Life Policy From LIC:
- Minimum sum assured: 50000
- Maximum sum assured: no limit
Policy Limit: whole life
Premium Payment Terms: 80 years at the age of entry
Entry Age Of The Policyholder:
- Minimum Entry age of the policyholder: 15 years
- Maximum Entry age of the policyholder: 60 years
Age At The Maturity:
- Minimum: 80 years
- Maximum: whole life
- Half of the years