On first death the Sum assured is payable
in a lumpsum. If the survivor of the two
lives dies thereafter during the remaining
policy term, Sum Assured along with the
all bonuses is payable again in a lumpsum.
If one or both the lives survive till
the end of the policy term, Sum Assured
along with all bonuses declared up to
maturity date is payable in a lump sum.
These are the optional benefits that can
be added to your basic plan for extra
protection/option. An additional premium
is required to be paid for these benefits.
If one or both the lives survive to the
maturity date, the sum assured, along
with the accumulated bonus, is payable.
In case either of the couple dies during
the policy’s term, two things happen.
One, LIC pays to the surviving spouse
the full sum assured. And, two, the policy
continues on the life of the surviving
partner without him/her having to pay
any further premiums, i.e. the life cover
on the survivor continues free of cost.
The sum assured is again be payable on
the death of the other partner in case
both the husband and wife were to die
during the term of the policy. Vested
bonus would also be paid along with the
sum assured on the second death.
Buying a life insurance contract is a
long-term commitment. However, surrender
values are available under the plan on
earlier termination of the contract.
The policy may be surrendered after it
has been in force for 3 years or more.
The guaranteed surrender value is 30%
of the basic premiums paid excluding the
first year’s premium.
In practice, the Corporation will pay
a Special Surrender Value – which
is either equal to or more than the Guaranteed
Surrender Value. The benefit payable on
surrender is the discounted value of the
reduced claim amount that would be payable
on death or at maturity. This value will
depend on the duration for which premiums
have been paid and the policy duration
at the date of surrender. In some circumstances,
in case of early termination of the policy,
the surrender value payable may be less
than the total premiums paid.
The Corporation reviews the surrender
value payable under its plans from time
to time depending on the economic environment,
experience and other factors.
The above is the product summary giving
the key features of the plan. This is for
illustrative purpose only. This does not
represent a contract and for details please
refer to your policy document.