Renewable Term Assurance – Plan No. 223



This is a pure risk term insurance plan with a unique option of renewal at the chosen term.


At the time of Maturity, no benefits is payable to the Life Assured but full Sum Assured is payable on death of the Life Assured at any time during the term of the policy.

Accident Benefit

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.


Attribute Minimum limit Maximum limit
Sum Assured US $ 20,000 (thereafter in multiples of US $1000/-) US$250,000
Age Entry 18 years (Last Birthday) 50 years (Nearer Birthday)
Age at Maturity 60 years (Nearer Birthday)
Term 5 years 15 years
Mode of Premium Payment Yearly, Half Yearly, and Single


No loan and No paid up value

Grace period of 15 days will be allowed for half yearly and yearly premiums.


A single policy fee of US$40 is payable along with the first premium.  Policy fee is not charged for Single premium mode of payment.  Policy can be renewed for the further term of 5 to 15 years without having to undergo medical examination, provided policyholder fulfills the eligibility conditions applicable as on date of renewal and his stay at Gulf Countries is likely to be extended.  Extension for renewal request can be exercised six months before the expiry of the original term with the proof of extended stay.

Commutation of Premium

All future premium payable for the remaining period can be made in lump sum at a special discounted rate.

Premium Sealing

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.