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LIC'S ACT. 1956
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LIC Special Money Back Plan For Women
We offer LIC insurance plans to our clients. The LIC insurance plan provides our clients with much of opportunity to ensure there future among safe hands. The LIC insurance plan acts according to the requirement of an individual and differs from person to person. The LIC insurance plans are policies that take care of each of our clients by talking to them individually and offer them the best possible option that is the most suitable one for them. The LIC insurance plan promises to take care of all the needs and requirements of the clients that join hands along with LIC insurance plan
Jeevan Bharati - I
The lic’s jeevan bharati plan is exclusively for women. The profit plans have special features considering the needs of women. The plan also provides relief for accident benefit, critical illness benefit and congenital disability benefit. The special features of this plan policy are encashment of survival benefits whenever needed, advance payment to premiums and receive maturity proceeds in form of an annuity. Accidently if death occurs during the auto cover period, then death benefit after deducting unpaid premiums. Another critical illness rider benefits the policy holder when a minimum sum of rs 50000 and for a maximum sum equal to the sum assured under the basic plan subject to the maximum of rs 5 lakh overall limit and the accident benefit rider sum assured pays r a minimum sum of rs 50000 and for a maximum sum equal to the sum under the basic plan subject to the maximum of rs. 50 lakhs.
1. Special features
1. Encashment of survival benefit as and when needed:
the policyholder at her option may avail the survival benefit any time on or after its due date. if opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable.
2. Flexibility to pay premiums in advance:
the mode of premium payment is only yearly under this plan. However, policyholder may pay the next yearly premium in advance in instalments (maximum upto 3 instalments) during the year. If premiums are paid in advance a premium rebate may be allowed as may be decided by the corporation from time to time
3. Option to receive maturity proceeds in the form of an annuity: :
the policyholder shall have the option to receive the maturity proceeds in the form of annuity. The rate of annuity will be based on the annuity rates prevalent at the time of stipulated date of maturity.
4. Auto cover::
after two years premiums have been paid, whenever premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.
if death occurs during the auto cover period, then death benefit after deducting unpaid premiums, with interest is payable along with the vested bonus, if any.
the auto cover shall not be available for rider benefits.
2. Optional riders:
the following riders are available under this plan:
a. Critical illness (ci) rider :
an amount equal to the critical illness rider sum assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum sum of rs 50000 and for a maximum sum equal to the sum assured under the basic plan subject to the maximum of rs 5 lakh overall limit taking all critical illness riders under all existing policies of the life assured.
(for details refer the sales brochure of critical illness rider)
b. Accident benefit rider:
an additional amount equal to the accident benefit rider sum assured is payable upon death or total and permanent disability due to accident during the policy term.
c. Congenital disabilities benefit (cdb) rider:
this rider can be opted for by a female between the ages of 18yrs and 35 years.
an amount equal to 50% of the cdb sum assured is payable if the life assured gives birth to a child with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.