today’s life insurance is must and essential for all people. there is no age limit for taking policies. Each and every day our life insurance corporation of india introduces new plans and policies, it was so useful for the people. here are the some examples of lic plans
Lic Plans and its Policies
This is a unit linked Endowment plan with regular premium paying term which offers investment cum insurance during the term of the policy. You can choose the level of cover within the limits, which will depend on the level of premium you agree to pay.
Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
1.Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.
2. Eligibility Conditions And Other Restrictions:
(a) Minimum Age at entry - 0 (age last birthday)
(b) Maximum Age at entry - 65 years (age nearer birthday)
(c) Minimum Maturity Age - 18 years (completed)
(d) Maximum Maturity Age - 75 years (age nearer birthday)
(e) Policy Term - 10, 15 to 30 years
(f) Minimum Premium - Regular premium (other than monthly (ECS) mode):
Rs. [5,000] p.a. for policy term 20 to 30 years
Rs. [10,000] p.a. for policy term 15 to 19 years
Rs. [15,000] p.a. for policy term 10 years
Regular premium (for monthly (ECS) mode):
Rs. [1,000] p.m. for policy term 15 to 30 years
Rs. [1,500] p.m. for policy term 10 years
(g) Sum Assured under the Basic Plan -
Minimum Sum Assured : 5 times the annualized premium
Maximum Sum Assured :
30 times of the annualized premium if age at entry is upto 45 years
20 times of the annualized premium if age at entry is 46 to 60 years
10 times of the annualized premium if age at entry is 61 years and above
Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.
For more details: visit www.licindia.com