SMART ELITE SAVINGS PLAN (PLAN NO. 262)

 

INTRODUCTION

 

Exclusively crafted for HNIs (High Net-worth Individuals), LIC International’s – Smart Elite Savings Plan provides life cover and allows you to maximize your savings through assured returns and features that empower you with greater control in managing your investment portfolio.

This is a participating, non-linked, saving oriented, Endowment plan. The policy will participate in the profit of the Company. The Basic Sum Assured of the plan is guaranteed from day one of the Policy, which is payable as Death or Maturity Benefits. The bonus on the Basic Sum Assured is declared every year by company depending on the profit experience of the company. The bonus once declared is attached to the policy and becomes guaranteed but is payable at the time of exit of policy by way of Maturity, Death of a policy holder or surrender of policy.

 

RISK COMMENCEMENT DATE:

 

Risk Commencement Date for minor lives up to the age of 17 years under this plan will be from the policy anniversary following the completion of 2 policy years from the policy commencement date. For all other lives, the risk shall commence immediately.

 

BENEFITS: Following are the benefits available under this plan.

 

  1. Death Benefit:

In the event of unfortunate death of the life assured during the policy term but before the commencement of risk, premiums paid till the date of death, excluding extra premiums and/or rider premiums, if any, shall be payable to the nominee/beneficiary.

 

On death of the life assured during the policy term but after commencement of risk, the Sum Assured plus Accrued Reversionary Bonus as on the date of death shall be paid to the nominee/beneficiary.  The policy shall terminate upon such payment of death benefit.

 

  1. Maturity Benefit:

 

The Sum Assured along with Accrued Reversionary Bonus shall be payable in a lump sum to the policyholder on survival to the end of the policy term. The policy shall terminate on payment of the maturity benefit.

 

BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY

Attribute Minimum Limit Maximum Limit
Entry Age 8 Years (Completed) 55 Years (NBD)
Basic Sum Assured USD 25,000

(Thereafter in multiples of USD 1000)

No Limit subject to Underwriting
Accident Death Sum Assured (Optional) 0 USD 100,000

(Inclusive of all Previous Benefits)

Policy Term 10 Years 25 Years
Premium Paying Term Full Term & Limited Term (5 Years)
Mode of Premium Payment Yearly, Half-Yearly, Quarterly or Monthly

 

 SERVICING ASPECTS

 

GRACE PERIOD FOR PAYMENT OF PREMIUM

 

A grace period of one calendar month but not less than 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

 

PAID UP VALUE

 

A policy shall acquire a paid-up value on payment of two full policy year’s premiums. If at least two full years’ premiums have been paid, and subsequent premium is not paid within the grace period, the policy shall be converted into a reduced paid-up policy.

 

 

SURRENDER VALUE

 

The policy will acquire a surrender value after two full policy year’s premiums have been paid. If two full year’s premiums have not been received, the policy will lapse without acquiring any surrender value.

 

On surrender, the higher of minimum guaranteed surrender value and special surrender value shall be payable.

 

LOAN

 

Provided the policy has acquired surrender value the Life Assured may obtain loan up to 80% of surrender value of the policy subject to production of satisfactory title to the policy and satisfactory assignment of the policy to the company. The rate of interest and other terms and conditions of granting loan will be as determined by the Company at the time of granting the loan. The rate of interest currently charged is 8% per annum. The rate of interest is subject to change from time to time by the Company.

 

A Policy shall be foreclosed if the loan and interest outstanding exceeds the Surrender value.

 

UNDERWRITING REQUIREMENTS

 

All aspects of underwriting will be as per the underwriting policy of the Company.

 

INSURANCE LEVY / VAT / ANY OTHER TAXES

 

Insurance levy/VAT or any other taxes levied by the Government Authorities will be in addition to the premiums mentioned.