LIC: This policy will provide Rs 22 lakh, check scheme
Five things to know about the policy
1. The plan offers Guaranteed Income Benefit (GIB) during the payout period from the date of maturity and Guaranteed Terminal Benefit payable along with the last installment of the Guaranteed Income Benefit.
2. This plan is available for a minimum period of five years to a maximum of 15 years. It offers Single Premium Enhanced Cover with Level Income Benefit, Increasing Income Benefit, Single Premium Level Income Benefit, and Level Income Benefit as per the choice of the customer. The minimum Sum Assured under this plan for Option A and B is ₹3,30,000, Option C is ₹2,50,000 and Option D is ₹22,00,000. There is no maximum premium limit. The minimum age of entry is three years (completed) depending on the policy term chosen.
3. Maturity Benefit is payable through Guaranteed Income Benefit and Guaranteed Terminal Benefit. The plan provides financial assistance to the family in case of the unfortunate death of the policyholder during the policy term after the commencement of risk.
4. The insurer will pay the death benefit in a lump sum. Or, the policyholder can take the death benefit in installments for up to five years, as per the option exercised by him.
5. The scheme also provides liquidity requirements through a loan facility. Optional riders are available under this plan on payment of additional premium subject to conditions. Under a current and paid-up policy, a settlement option is available to receive the death benefit in installments for five years instead of a lump sum.