LIC's The Whole Life Policy

Product Summary:

LIC's The Whole Life Policy (Table No.-2) is a whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured. This is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.


Eligibilities:

• Minimum Age at Entry- 15 years
• Maximum Age at Entry- 60 years
• Maximum Maturity Age- 80 years
• Minimum Sum Assured- Rs. 50,000
• Maximum Sum Assured- No Limit
• Sum Assured (In Multiple)- Rs. 5000
• Mode of Premium Payment: Yearly, Half-yearly, Quarterly, monthly or through Salary deductions (SSS).

Suitable For:

This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.

Benefits:

1. Bonuses- This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period.
2. Death Benefit- The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.
3. Maturity Benefit- This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age.
4. Surrender- The policy may be surrendered after it has been in force for 3 years or more.