Investment Oriented Plans

 


Gold Life Plan (Table 636)



Welcome to our new investment oriented plan Gold Life. It is unlike a normal life insurance policy. Listed hereunder are its important features:

 

 

 

  • It is a single premium plan – the entire premiums are paid upfront, at the time of taking the policy; the value of the premium is well below the value of the policy or the sum assured under the policy.
  • There is a choice of 5-year and 10-year terns.
  • Guarantees an interest rate of 6% per annum (Guaranteed Additions) throughout the policy term. In today’s fluctuating interest rate regime, such a long term guarantee is rare and hence this is a huge attraction.
  • Imagine a fixed deposit that also covers your life risk! For very nominal extra premiums, you can opt for an additional term assurance cover as well as accidental death cover equal to the basic sum assured under the policy. This is the real clincher! One can enjoy a life insurance cover for 10 years and up to $100,000 for just a fraction of the premiums that you would have to pay for a normal insurance policy.
  • Policy Loan facility is available after one year. Policy can also be surrendered for cash after one year.
  • Maximum sum assured under the policy is $100,000.
  • Premium Rebates are available for high sum assured policies.

Conditions:

Age at Entry: 20 to 60 years. Maximum Age at entry for opting Term Assurance Cover: 50 years last birthday. Maximum Age at entry for Accidental Death cover: 55 years last birthday. Unlike the oher policies, the Accident cover under Smart Life 2 Plan does not include Premium Waiver or Total & Permanent Disability benefits.



Basic Benefits

Death Benefit: Payment of the sum assured + the guaranteed additions made till the date of death of the life assured during the term of the policy.



Maturity Benefit: Payment of the sum assured + the guaranteed additions for the entire policy term of 10 years.



Optional Benefits: The optional benefits are available on payment of additional premiums over and above the basic premiums. There may be some restrictions on the optional benefits depending upon health, age, occupation, physical disability, etc. There is also a cap on the maximum benefit payable under all LICI policies of the life assured, put together.



Accidental Death Benefit: One additional sum assured is payable if the death of the life assured under the policy takes place due to an accident during the term of the policy. There are some restrictions in granting this benefit. As mentioned earlier, this benefit doesn't cover 'Premimum Waiver' and/or 'Total & Permanent Disability'.



Term Assurance Rider Benefit: One additional sum assured is payable if the death of the life assured under the policy takes place (accidental or normal) during the term of the policy. There are some restrictions in granting this benefit.


 

 

 

Winner - Commitment to Business Excellence Winner - Commitment to Business Excellence