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LIC’s Amrit Baal plan
Mode of Premium Payment
Under this plan, there are two alternatives for paying subsequent premiums: limited premium payment or single premium payment. If the premium payment is limited, it can be made annually, half-yearly, quarterly, or monthly (using NACH only) during the premium payment term.
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LIC’s Amrit Baal plan: Policy benefits
“Sum Assured on Maturity” and accumulated Guaranteed Additions for an in-force policy, where “Sum Assured on Maturity” equals the Basic Sum Assured, shall be payable on the life guaranteed surviving the specified Date of Maturity, providing the policy is in effect.
Benefits payable in case of Death
Death Benefit: “Sum Assured on Death” plus accumulated Guaranteed Additions for an in-force policy will be paid upon the life assured’s death within the policy term following the date of risk initiation but prior to the designated date of maturity, provided that the policy is in effect. In this case, the “Sum Assured on Death” will correspond with the Option chosen when the insurance was bought.
(1). The death benefit under Limited Premium payment shall not be less than 105% of the ‘Total Premiums Paid’ upto the date of death.
(2). However, in case of minor Life Assured, whose age at entry is below 8 years on death before the commencement of Risk (as specified under Eligibility tab) the death benefit shall be refund of premium(s) paid (excluding taxes, any extra premium, rider premium(s), if any), without interest.
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LIC’s New Children’s Money Back Plan
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LIC’s New Children’s Money Back Plan: Policy benefits
o On Death Before the Date of Commencement of Risk: An amount equal to the total amount of premium’s paid excluding taxes, extra premium and rider premium, if any shall be payable.
o On Death After the Date of Commencement of Risk: “Sum Assured + Vested Bonus + FAB if any.”
o Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. 105%of all Premiums paid as on death OR
o On Survival :
If Policy in full force :
o Completion Age 18YRS – 20% OF MSA
o Completion Age 20YRS – 20% OF MSA
o Completion Age 22YRS – 20% OF MSA
o On Maturity at Age 25YRS 40% of MSA + Vested Bonus + FAB if any.
o Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.
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LIC’s Jeevan Taran
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LIC’s Jeevan Taran: Policy benefits
o On Death Before the Date of Commencement of Risk: An amount equal to the total amount of premium’s paid excluding taxes, extra premium and rider premium, if any shall be payable.
o On Death After the Date of Commencement of Risk: “Sum Assured + Vested Bonus + FAB if any.”
Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. 105%of all Premiums paid as on death OR
o The premiums exclude taxes, extra premium and rider premiums.
On Survival :
The option is chosen at the proposal stage. :
o Option-1: No Survival, Maturity Benefits 100% S.A.
o Option-2: 5% S.A. every year For 5 Years from age 20 to 24, Maturity Benefits 75% S.A.
o Option-3: 10% S.A. every year For 5 Years from age 20 to 24, Maturity Benefits 50% S.A.
o Option-4: 15% S.A. every year For 5 Years from age 20 to 24, Maturity Benefits 25% S.A.
Surrendered Value: The Policy can be surrendered at any time during the policy term provided at least 3 full years premiums have been paid.
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