LIC’s NEW SINGLE PREMIUM ENDOWMENT PLAN
LIC’s Single Premium Endowment Plan is a participating non-linked saving cum protection plan, where the premium is paid in a lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lump sum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
Features & Conditions:
Minimum/Maximum age at entry: 90 days to 65 years.
Minimum/maximum age at maturity: 18 to 75 years.
Minimum term/Maximum term: 10 years to 25 years.
Minimum S.A. : ` 50,000/- & in multiples of ` 5,000 thereafter.
Maximum S.A.: No limit
DEATH BENEFIT: On Death after the commencement of risk: Sum Assured + Vested Bonus + FAB if any. On Death before the commencement of risk: Return of Single Premium excluding taxes and Extra Premium.
Maturity Benefit
Sum Assured + Vested Bonus + FAB if any.
Income Tax Benefits : On Basic Prem : u/s 80C up to 10% of SA
Maturity : Taxable.
Death Claim :u/s 10(10D).
LIC’s NEW BIMA BACHAT PLAN
LIC’s New Bima Bachat is a participating non-linked saving cum protection plan, where the premium is paid in a lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
Features & Conditions:
Minimum age at entry: 15 years.
Max. Age at maturity: 75 years nbd.
Maximum S.A.: No limit.
SA in multiples of `5,000 only.
DEATH BENEFIT: During 1st five years policy years: Sum Assured only.
After completion of five policy years: Sum Assured + Loyalty Addition if any.