A pure term insurance plan of LIC. This plan has no maturity benefit.
Policy is available for the age group of 18 years to 60 years. Plan is good for those who can’t afford high premium for higher amount of insurance.
Sole feature and importance of the plan is to provide high risk cover at lowest premium. Premium is as low as 1.10% for the term of 5 years to 1.35% of sum assured for the term of 35 years for 18 years of age.
Certain important features of the plan are.
1 – Minimum 5 year term to maximum term of 30 years. Maximum maturity age is 70 years.
2 – Sum assured -Minimum Rs. 25,00,000 to maximum no limit ( subject to certain conditions ).
3 – Only premium mode available is Yearly and half-Yearly.
4 – No accidental benefit can be added.
5 – No Loan facility available.
6 – As the policy does not have any maturity benefit it can be surrendered anytime to stop future premium.
Benefits
A) Maturity Benefit:
On maturity no benefit is payable.
B) Death Benefit
In case of unforeseen death during the policy period of in force policy, an amount equal to sum assured shall be payable to the nominee.