LIC International Term Plan – Plan No. 264
A Term plan which provides a choice to the Life Assured to get coverage of 37 critical illnesses with the life risk cover under the base policy.
It is a non-profit pure term plan with premium rates that differ depending on the life assured’s health and habit choices, for example: whether he is a smoker or a non-smoker. If the Life Assured is a non-smoker then the premium rate charged is less than that charged from a smoker.
This plan provides protection to the Life Assured’s family through its base policy by allowing high Sum Assured at a very low price and also provides protection to the Life Assured by giving option to choose the Critical Illness (CI) rider which is health related.
In the unfortunate event of Life Assured becoming critically ill, rider benefit amount will be payable. It also provides a safety net for the family in the unfortunate case of death of the life assured.
The minimum Sum Assured allowed under this plan is USD 300,000.
BENEFITS
RIDER
ACCELERATED CRITICAL ILLNESS (CI) RIDER
This rider provides a lump sum benefit to the Life Assured on the occurrence of a defined critical illness. It covers 37 critical illnesses like: Cancer, Stroke, Heart Attack, Coronary Artery by-pass Surgery, End –Stage Renal Disease (Kidney Failure), Major Organ Transplant, Heart Valve Surgery, Paralysis of Limbs, Loss of Limbs, Profound Vision Loss – Irreversible ( Blindness), Coma, Third-Degree Burns (Severe Burns), Major Head Trauma, etc.
BASIC PRODUCT ELIGIBILITY CONDITIONS
| Attribute | Minimum Limit | Maximum Limit |
| Sum Assured | USD 300,000 | No Limit (Subject to Underwriting) |
| Entry Age | 18 Years (Completed) | 65 Years ( Nearer Birthday) |
| Maturity Age | 23 Years | 70 Years |
| Term | 5 Years | 35 Years |
| Mode of Premium Payment | Yearly, Half Yearly, and Monthly | |
CRITICAL ILLNESS RIDER LIMITS
|
Minimum Sum Assured |
USD 100,000
|
|
Maximum Sum Assured |
50% of sum assured under base policy or USD 500,000 whichever is lower.
|
SERVICING ASPECTS
SURRENDER VALUE / MATURITY VALUE
Base policy/riders will not require any surrender value or maturity value.
POLICY LOAN
Policy loans are not available under this plan.
PAID UP VALUE
There is no paid up value under this plan.
GRACE PERIOD
A grace period of 30 days will be allowed for payment of yearly and half yearly premium, whereas a grace period of 15 days will be allowed for payment of monthly premium.
This policy will lapse if the premium is not paid within the grace period, and all the benefits under this policy will cease.
UNDERWRITING REQUIREMENTS
Applicants desiring to avail non-smoker premium rates will be required to undergo urine cotinine test. All other aspects of underwriting will be as per the underwriting policy of the company.
Frequently Asked Questions
Who should buy LIC International Term Plan?
LIC International Term Plan is best suited for working individuals who have dependent (children, parents) and who are looking for high sum of protection against uncertainties of life (like critical illness) at a very competitive price.
What is meant by the base policy?
Base policy is LIC International Term Plan without any riders.
What is meant by acceleration of the rider benefit?
Accelerated CI rider refers to the benefit being paid as an “advance of the death benefit” amount under the base policy, which means when a claim under CI rider is paid, the death benefit under the base policy is reduced by the amount of the CI claim payout.
Example: Suppose a Life Assured has taken the LIC International Term Plan for USD 300,000 for a term of 15 years and opted for Accelerated Critical Illness rider for USD 100,000.
In the 10th policy year, he is diagnosed with one of the covered critical illness. On such diagnosis or having undergone a procedure, the CI rider sum assured of USD 100,000 will be paid to the Life Assured. On such payment, the rider benefit will cease and the premiums for the rider benefit will also stop. Subsequently, the sum assured of USD 300,000 under the base policy will be reduced to USD 200,000.
In case the death of the Life Assured happens thereafter, but before the end of the term, then USD 200,000 will be payable provided the policy is kept inforce by payment of due premiums.
Should the life to be assured survive the entire term of 15 years, no benefit is payable. Premium is not refunded either.
Is it compulsory to take the riders along with the base policy?
No, the rider available is optional. Life Assured can take the available rider by payment of extra premium which will need to be paid along with the premium of base policy.
Till what time rider premium are payable?
Accelerated CI Rider premium is payable throughout the policy term along with the premium under the base policy or till earlier death or claim under the rider benefit.
Whether the premium rates are the same for everybody?
No. the premium rates will depend upon the age and selected Sum Assured and term. For the same age, term and Sum Assured, non-smoker will be charged lesser premium as compared to smoker.
This policy has different rates based upon smoking habit and gender.
What is the waiting period under Accelerated Critical Illness (CI) rider?
Accelerated CI rider has a waiting period of six months from the date of commencement of risk or date of last reinstatement i.e., critical illness claim will not be paid if the insured is diagnosed with critical illness during this period. In such a case the CI benefit will cease and no premium will be required to be paid for the CI benefit rider.
What happens if the Life Assured after getting Critical Illness claim suffers from another defined Critical Illness?
Accelerated Critical Illness benefit shall be payable only once during the term of the policy. On the payment of CI benefit as such the rider benefit will cease and the premium for the rider will also stop.
Are there any exclusions under the policy and riders?
Yes. The benefits under the base policy and the rider are subject to certain exclusions. You may refer to detailed terms and conditions.
For detailed terms and conditions applicable to the base policy and rider, please contact our Branch Office / Chief Agent.