LICI

Survival Benefit:
In Money back Plans (Table Nos. 74, 75 & 93) and the erstwhile Anticipated Endowment Plans (Table Nos. 24, 25 & 26 – now discontinued), the Survival Benefit falls due once every 5 years after the commencement of the policy – within the term of the policy. The quantum of the survival benefit depends upon the sum assured and the exact plan (please refer to money back plans).

In Aspire Plans (Table Nos. 601, 602 & 603), an educational (survival) benefit is payable every year from the child’s 14th year to his or her 20th year – on the designated dates (please refer to Aspire plans).

Requirements: 1. Discharge Voucher form – completed, signed and witnessed. 2. Original Policy document to be sent to LICI for placing endorsement.

IMPORTANT: If the policyholder does not receive his discharge voucher at least one month before the due date of the survival benefit, he or she must contact LICI office.

Maturity Claims
Endowment Plans – Table Nos. 14 & 48: The Sum Assured along with the vested Bonus is paid to the policyholder on the date of maturity of the policy.

Money back Plans – Table Nos. 74, 75, & 93: The final instalment of the survival benefit is paid to the policyholder along with the vested bonuses.

Whole Life Plans – Table Nos. 2, 5 & 28: By definition, a whole life policy bears no maturity date. Sum Assured along with bonuses are payable only on the life assured’s death. However, LICI has made a concession to its valued whole life policyholders; A maturity value is payable on LICI’s whole life policies provided the policies run at least 40 years and the assured has crossed 80 years of age. Payment of maturity value terminates the contract of whole life policy.

Smart Life Policies (Table Nos. 134 & 135): The sum assured along with the guaranteed additions is paid to the policyholder on the date of maturity of the policy.

Aspire Children’s Plans (Table Nos. 601, 602 & 603): The final instalment of the survival benefit/ educational benefit is paid to the policyholder – along with the vested bonuses – on the policy anniversary falling after the child’s attainment of his or her 20th birthday.

Requirements: 1. Discharge Voucher form – completed, signed and witnessed. 2. Original Policy document to be returned to LICI.

IMPORTANT: If the policyholder does not receive his discharge voucher at least one month before the maturity date, he or she must contact LICI office.

Policyholders can claim a discounted value of the maturity benefit during the last policy anniversary – within 12 months before the date of maturity. The policyholder may request our office for a quotation of Discounted Value available on his or her policy.

Conditions: 1. The final year’s unpaid premiums – if any – shall be deducted from the discounted value. 2. No terminal bonus (if any) will be payable in such cases.

Death Claim
The Nominee under a policy, can lodge a claim for payment of the death benefit in case of unfortunate death of the policyholder during the term of the policy. Early claims (death claims arising within 3 years from the date of commencement and/or date of revival) will be investigated for suppression or withholding of facts material to LICI’s acceptance of risk – facts regarding disclosure of one’s current as well as past history of health, occupation, and income.

Requirements: Requirements vary depending upon the type of death claim – early, non-early and accidental. Please contact our office for appropriate advice. First step – the nominee or any other legal representative of the assured must intimate LICI of the death of the life assured. An e-mail intimation will only serve as information; it will not be acted upon unless a signed letter of intimation is physically received by our office.

Terminal Illness Benefit
Subject to the general policy conditions, a Terminal Illness Benefit is available to all ‘With Profit’ policies issued under Whole Life, Endowment and Money Back Plans (Plans 2, 5, 14, 28, 48, 74, 75, & 93 only) with effect from 1st August 2004. NO EXTRA PREMIUM IS CHARGED AND NO NEED TO EXERCISE ANY OPTION; THIS IS A FREE BENEFIT.

Benefit: 50% of the sum assured under the policy shall be paid provided if it is conclusively proved to the satisfaction of LICI that the life expectancy of the life assured under the policy is no greater than 6 months due to an illness. The balance 50% sum assured along with the vested bonuses will be paid on the death of the life assured. This benefit shall be subject to the following conditions:

This benefit will commence after two years from the date of issue of the policy.
On payment of this benefit, the sum assured under the policy is automatically reduced by half.
The policyholder will continue to pay the premiums falling due under the policy.
All attachable benefits such as accident benefit, critical illness, and term assurance, if any, shall cease on payment of this benefit

Procedure for making a claim for terminal Illness benefit: The procedure will be advised by the office on intimation by the policyholder or his or her legal representatives. An e-mail intimation will only serve as information; it will not be acted upon unless a signed letter of intimation is physically received by our office.

Critical Illness Rider Benefit
Critical Illness Rider benefit is available only to the endowment and money back policies where critical illness rider option has been exercised by the policyholder and accepted by LICI. The extra premium meant for Critical illness rider must have been received by LICI.

The Benefit: The basic sum assured under the main policy along with the vested bonuses is payable as a lump sum on the first to occur of death or any of the 15 critical illnesses covered. The policy is terminated as soon as the critical illness rider benefit is paid.

Procedure for making a claim for critical Illness benefit: The procedure will be advised by the office on intimation by the policyholder or his or her legal representatives. An e-mail intimation will only serve as information; it will not be acted upon unless a signed letter of intimation is physically received by our office.

Total & Permanent Disability Benefit
This benefit is available only in respect of the policies where the accident benefit is opted and is in force. If at any time during the term of the policy, the life assured becomes totally and permanently disabled due to an accident or a sickness such that he or she will not be able to earn any income for living in future, the following benefits will be payable:

1. An amount equal to the basic sum assured under the policy will be paid to the life assured in 120 equal monthly instalments.

2. All the future premiums falling due from the following policy anniversary will be waived.

3. The risk cover on the life of the assured will continue until the date of maturity.

4. On survival of the assured until the date of maturity, survival benefits (in respect of Money Back Plans) and the normal maturity value (sum assured + vested bonuses in respect of other plans) will become payable.

Procedure for making a claim for total and permanent disability benefit: The procedure will be advised by the office on intimation by the policyholder or his or her legal representatives. An e-mail intimation will only serve as information; it will not be acted upon unless a signed letter of intimation is physically received by our office.