This insurance plan is appropriate for young people who want to protect their families from the financial setback that can happen due to their unnatural death. Normally, this policy is helpful for standard and substandard lives of class I & II. If the sum assured is up to Rs.1, 00,000/-, the non- medical special is allowed. This policy also offers an extra insurance cover, which is equivalent to the amount assured in the event of a policy holder’s death during the term of the policy. In short, the death claim in this policy is twice the basic sum assured.
For example, if a person insured certain amount of money under this LIC policy and if he/she dies before the maturity date, then the death claim that is to be paid would be twice the insured amount. Along with this, the insured would also get an accrued bonus on the basic sum assured. If the policy holder survives the full term of the policy, the payment on maturity would be the sum assured and the bonus.
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Tags: Insurance, insurance plan, LIC, LIC Policy