LIC Jeevan Amrit Plan - Akshayainvestment , India

Some people do not want commitment to pay premiums for a longer duration. LIC's Jeevan Amrit Plan is most suitable for such persons. Under this plan premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years. You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment. You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years. An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy. Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional) Bonus, if any, in case of Life Assured surviving to the end of the term.

Eligibility Conditions and Other Restrictions are:

Minimum Entry Age:  12 years (last birthday)

Maximum Entry Age:  60 years (nearest birthday)

Maximum Maturity:  70 years (nearest birthday)

Minimum Sum Assured:  Rs. 1, 00, 000:  No limit

Premium paying term:  3 to 5 years

Policy term:  10 to 30 years

A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums. This is a with-profit plan and your policy shall participate in the profits of the Corporation at the end of each financial year. Simple Reversionary Bonuses shall be declared at the rate of per thousand total amount of premiums (excluding any extra premium) paid. Reduced paid-up policies shall also participate in the profits. Final (Additional) Bonus may also be declared provided all premiums have been paid and policy has run for certain minimum term. If at least one full year's premiums have been paid and any subsequent premium be not duly paid, the Policy shall not be wholly void, but the Sum Assured shall be reduced to such a sum, called the Paid-up Sum Assured, and will be equal to the total amount of premiums paid (excluding any extra premium). The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premium, but shall participate in the future profits of the Corporation declared in the form of simple reversionary bonuses payable at the rate of per thousand total amount of premiums paid (excluding any extra premium). The existing vested reversionary bonuses, if any, shall also remain attached to the reduced paid-up policy. In the event of death of Life Assured during the policy term, the reduced Paid-up Sum Assured as defined above, along with vested reversionary bonuses, if any, shall be payable. Provided the Life Assured is then alive, the vested bonuses and the reduced Paid-up Sum Assured as defined above shall be payable at the end of the LIC Policy term. If after at least one full year's premiums have been paid in respect of this policy any subsequent premium be not duly paid, in the event of death of the Life Assured within six months from the due date of first unpaid premium, the benefits will be paid as if the Policy had remained in full force after deduction of (a) the premium or premiums unpaid with interest thereon until the date of death, and (b) the unpaid premiums falling due before the next Policy anniversary. You may surrender the policy for cash after completion of at least one policy year provided premiums for one full year have been paid. Guaranteed Surrender Value being 30% of the total amount of premiums paid, excluding extra premium, if any, and Special Surrender value being the discounted value of Paid-up Sum Assured. For More Information Visit us:  LIC Insurance Policy