LIC Amritbaal

Guaranteed Additions:

If you have an active insurance policy, you earn ‘Guaranteed Additions’ of Rs. 80 for every thousand of your coverage each year. In case you pass away unfortunately during the policy term, the Guaranteed Additions for that year will be paid for the entire year.

Rider Benefits:

If your insurance policy is active, you can add the ‘Premium Waiver Benefit Rider’ on any policy anniversary during the premium-paying term of the base policy. Just make sure that the remaining premium paying term for both the base policy and the rider is at least five years.

Flexibility:

The plan offers higher flexibility in the following manner:

• It offers to choose the coverage for your child as per their needs.

• It offers to choose the premium payment options from ‘Single Premium’ and ‘Limited Premium Payment’.

• It offers to choose the maturity age from 18 to 25 years.

• It offers options to take death and maturity benefits in installments.

Suicide Exclusion:

If the insured person dies by suicide within 12 months from the date of commencement of risk, the plan may deny the claim and refund 80% of the total premiums paid. This provision does not apply if the Life Assured is under the age of 8 at the time of entry.

Grace Period:

A 30-day grace period is granted for yearly, half-yearly, or quarterly premiums from the ‘First Unpaid Premium’ date. For monthly premiums, there’s a 15-day grace period. During this time, the policy stays active with uninterrupted risk coverage. However, failure to pay before the grace period ends results in policy termination. The same grace period applies to rider premiums due to the base policy premium.

Rebates:

The plan offers attractive rebates to its policyholders after attaining certain conditions. These rebates are as follows:

• Rebates For Higher Sum Assured: The plan offers rebates for the following higher sum assured slabs:

• • Rs. 3,50,000 To 4,75,000
  • Rs. 5,00,000 To 9,75,000
  • Rs. 10,00,000 To 24,50,000
  • Rs. 25,00,000 and above

• Rebates Under Online Sale: Rebate rates are applicable for completing proposals independently through online sales.

• • Limited Premium: 10%
  • Single Premium: 2%

Free Look Period:

If the policyholder is unhappy with the policy’s terms and conditions, they have 30 days from receiving the electronic or physical policy document (whichever is earlier) to return it to the corporation. However, the policyholder is required to state the reason for returning the policy.

Settlement Options For Maturity & Death Benefits:

Under an active or paid-up policy, the settlement option provides the policyholder with the flexibility to receive the maturity and death benefit in periodic installments over 5, 10, or 15 years, rather than as a lump sum. This option can be exercised during the minority of the life assured or by the life assured themselves, once they reach the age of 18 or above.