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LIC Whole Life Policy


The Whole Life Policy (Table 2) is a simple payment plan with Bonus facility. In this plan, premium needs to be paid till the life insured survives. On death of the life insured, his nominee would get the Sum assured with Bonus. However the policy can be closed and the Sum assured with Bonus can be taken back if the life insured is more than 80 yrs of age and the policy has crossed 40 yrs from its commencement.

Features of LIC Whole Life Policy :


• Its a simple whole life plan with regular premium paying term
• After the life insured attains 80 yrs of age and the policy has completed 40 yrs from its date of commencement, the policy can be withdrawn to get the Sum assured with Bonus
• On death of life insured, Sum assured with Bonus will be paid
• An optional Accidental Death Benefit Rider can be availed with some extra cost.


LIC Whole Life Policy Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) Whole Life
Premium Payment Term(in years) Equal to Policy Term
Entry Age of Life Insured 15 60
Age at Maturity 80 Whole Life
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

Returns of LIC Whole Life Policy :


Maturity Return : Sum Assured with Bonus can be withdrawn after the life insured attains 80 yrs of age and the policy has completed 40 yrs from its date of commencement

Death Benefit – Sum assured with Bonus will be paid on death

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available
Housing Loan Surity - Not Available