Participating Endowment (Single) – Plan No. 240
This is the most simple and popular endowment plan of LIC International in single premium mode. The plan allows you to keep aside the desired amount for the future which grows year after year and also provides the security of life cover.
On maturity of the policy, the life assured receives the sum assured with accrued bonuses. In the event of any unfortunate death during the term of the policy, sum assured along with accrued bonus is paid to the beneficiary.
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 $ 10,000||No limit|
|Age Entry||13 years (Last Birthday)||65 years (Nearer Birthday)|
|Age at Maturity||18 Completed (Last Birthday)||70 years (Nearer Birthday)|
|Term||5 years||15 years|
|Mode of Premium Payment||Only single premium|
Only single premium payment option
Policy holder can raise a loan on the security of the policy after the policy has acquired paid-up value.
Paid Up value
Policy acquires paid up value after two years from the date of commencement of the policy.