LIC-Advisor KANDI Branch Murshidabad

05/04/2022

13/12/2021

Life Insurance Corporation of India (LIC) has introduced a new plan (T-T-863-20/30/40)with effect from 13 December 2021 which is a Non -Linked, Non-Participating, Individual Savings Life Insurance Plan.

According to the LIC press release, The product has various benefits and unique features. There are special premium rates for female lives. The plan is allowed to Third Gender. All Benefits under the plan are fully guaranteed.



The plan provides a percentage of the basic sum assured as a survival benefit at regular intervals starting from the end of the premium paying term provided the policy is in force.

As per the press release, guaranteed additions shall accrue at the end of each policy year starting from the 6th policy year to the end of the policy term provided the policy is in force. The unique benefit of this plan is that on maturity, the policyholder receives full sum assured without deduction of the money-back amount received along with accrued Guaranteed Additions. This plan provides financial support for the family in case of the unfortunate death of the policyholder during the policy term. For single premium death sum assured is 125% of the basic sum assured plus Guaranteed Additions. For limited payment premium, the death sum assured is 125% of basic sum assured or 7 times of Annualized Premium whichever is higher not less than 105% of all the premium paid up to date of death along with Guaranteed Additions. There is a provision to receive Maturity and Death Benefit in instalments over a period of 5 years instead of a lump sum. The premium can be Single Premium or Limited Premium payment terms of 10 years, 15 years and 20 years.

03/09/2021

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19/06/2021

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15/06/2021

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15/06/2021