LIC Whole Life Policy financial crises that may occur owing to the policyholder’s premature death

LIC Whole Life Policy plan is for the most part devise to create an estate for the heir of the policyholder as the plan on the whole provides for payment of sum guaranteed plus bonus on the bereavement of the policyholder. However, bearing in mind the increased prolonged existence of the Indian population, the Corporation have amend the above condition, by this means providing for payment of sum guaranteed advantage bonuses in the outward appearance of prime of life preserve on completion of age 80 years or on running out of term of 40 years on or after date of inauguration of the policy either is later.

LIC Whole Life Policy – Eligibility
Age at entry: Minimum - 15 years last birthday Maximum - 60 years
Sum Assured: Minimum - Rs.50,000/- Maximum - No limit
Mode of payment: Yearly, half-yearly, quarterly, monthly and SSS
Policy Loan: Yes


LIC Whole life Policy – Bonuses
Uncomplicated Reversionary Bonuses are affirmed per thousand Sum Assured per annum at the end of every financial year. Once declared, they appearance part of the guaranteed benefits of the plan. A Final (supplementary) Bonus may also be payable provide a policy has scamper for convinced minimum period.

LIC Whole Life Policy – Benefits
Death Benefit:
The Sum assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.

Maturity Benefit:
This is a complete of life assurance plan and for this reason does not encompass a maturity date. You, on the other hand, have the alternative to obtain the Sum Assured plus all bonuses affirmed under the policy anytime after 40 years from the date of commencement of the policy provide you encompass attained, at least, 80 years of age.

Survival Benefit
Sum assured plus accrued bonuses and the life-threatening bonuses, if any, on the policyholder attain age 80 years or on running out of term of 40 years beginning the date of origination of the policy either is later.

Death Benefit
Sum assured good thing accrued bonuses and the life-threatening bonuses, if whichever, on the death of the policyholder are remunerated to his/her nominees/heirs.

Supplementary/Extra Benefits:
These are the optional repayment that can be supplementary to your indispensable plan for extra defense/option. A supplementary premium is necessary to be paid for these benefits.

LIC Whole Life Policy – Surrender Value
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender value is to be had less than the plan on in advance termination of the plan.

Guaranteed Surrender Value:
The policy might be surrendered following it has been in power for 3 years or more. The guaranteed give in value is 30% of the basic premium paid not including the first year’s premium. In container of a single premium policy the guaranteed put down your arms value is 90% of the single premium paid not including any extra/additional premium.