Asha Deep – Plan No. 218
A major illness can strike you without warning and the cost of medical treatment can drain you financially. LIC International presents a unique plan to cover the risk of four major ailments in addition to providing you the usual benefits of an endowment plan. The four major ailments are:
- Cancer (malignant)
- Paralytic stroke resulting in permanent disability
- Renal failure of both kidneys
- Coronary artery diseases where Bypass surgery is required
The full Sum Assured and accrued bonuses will be paid on the date of maturity.
In the event of unfortunate death before the date of maturity, sum assured with accrued bonus is paid to the beneficiary.
During the term of the policy, if the policyholder is afflicted by any of the four ailments listed above and the same is established as per rules, the policyholder will be eligible for the following benefits, provided all the premium payments are regularly paid.
Immediate payment of 50% of the Sum Assured
After the admission of claim as per the terms and conditions of the policy, all the future premiums falling due from the policy anniversary are waived.
Payment of an amount equal to 10% of the Sum Assured, every year commencing from the policy anniversary falling on or after the date of affliction and ending with policy anniversary preceding the date of maturity or the date of death of the life assured, whichever is earlier.
Payment of balance 50% of the Sum Assured and accrued bonuses on the date of maturity or on death of the life assured, whichever is earlier.
A lien for a period of one year will be imposed on all policies under this plan. If the life assured is afflicted by any of the four ailments mentioned above and its onset falls within a period of one year from the date of issue of first premium receipt, then the policy holder will not be eligible for additional benefits mentioned above.
The policy holder has an option to choose Accident Benefit Rider during the term of the policy or up to the age of 70, whichever is earlier. In the event of unfortunate death due to accident when the policy is in force, an additional amount equal to accident benefit sum assured is paid along with the claim.(This Rider is available for a maximum sum assured of US $ 100,000 for an individual, inclusive of all the policies, held by him). In case of total and permanent disability arising as a result of an accident, all future premiums to the extent of sum assured equivalent to accident benefit sum assured are waived and an amount equal to accident benefit sum assured will be paid in equal monthly installment spread over of 10 years.
BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY
|Attribute||Minimum limit||Maximum limit|
|Sum Assured||US $ 5000||US$100,000|
|Age Entry||18 years (Last Birthday)||50 years (Nearer Birthday)|
|Age at Maturity||65 years (Nearer Birthday)|
|Term||15 years, 20 years and 25 years (available in 3 fixed terms)|
|Mode of Premium Payment||Yearly, Half Yearly, Quarterly|
Choice of flexible premium payments, either throughout the term of the policy (Full Term Option) or for a limited term of five years is available.
Policy holder can raise a loan on the security of the policy after the policy has acquired paid-up value by payment of premium at least for three years from the date of commencement (two years in case of limited premium paying terms).
Paid Up value
If premium have been paid for a period of three years(two years in case of limited term payment) and thereafter due to unforeseen circumstances, payment cannot be made, policy will automatically be converted into a paid up policy for a reduced sum assured, payable on the date of maturity or in event of unfortunate death, if earlier.
Commutation of Premium
All future premium payable for the remaining period can be made in lump sum at a special discounted rate.
One can pay premium in advance up to a period of 5 years in lump sum at a discounted rate. Unutilized portion of lump sum amount, if any, is refundable.
Policy can be transferred to LIC of India on repatriation of the policy holder to India. The transfer will be effected only if full first year’s premium is paid and on completion of one year from the date of acceptance, provided the policy is in full force for the full sum assured and on receipt of a written requested from the policy holder. The sum assured and attached bonus, if any, shall stand altered to the equivalent Indian rupee amount at the rate of exchange, current on the date on which the request for transfer is received by the Company and subject to the instruction current on that date of Reserve Bank of India.