“Auto Cover Period” under a paid-up policy starts from the date of first unpaid premium and includes the Grace Period.
This is a regular premium, Par, Non-linked, Individual, Savings, Life Micro Insurance plan which offers a combination of protection and savings.This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its Loan facility.
Auto cover after payment of three full years premiums
Loyalty Additions after completion of five policy years
In case of Death or Maturity claim in respect of in-force policies, Loyalty Addition shall be payable provided premiums have been paid for at least five full years and after completion of five policy years.
Eligibility Criteria
| Minimum | Maximum |
Entry Age | 18 Years Completed | 55 Years Nearer birthday |
Term | 10 Years | 15 Years |
PPT | Same as Policy Term | |
Sum Assured | ₹ 1,00,000/- | ₹ 2,00,000/- |
Premium Modes
For Basic Sum Assured Less than 2 Lacs: Yearly, Half-Yearly
For Basic Sum Assured 2 Lacs: Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC’s Accidental Death & Disability Benefit Rider
LIC’s Accident Benefit Rider
Death Benefit
On death of the Life Assured during the policy term provided all due premiums have been paid:
On death during first five years: “Sum Assured on Death” shall be payable.
On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Death” is defined as the higher of:
7 times of annualised premium or - Basic Sum Assured. The death benefit shall not be less than 105% of total premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra premium and rider premium, if any.
“Annualized Premium” shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loading for modal premiums, if any.
“Total Premiums paid” means the total of all premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.
Auto Cover Period
“Auto Cover Period” under a paid-up policy shall be the period as specified below. This Auto Cover period starts from the date of first unpaid premium and includes the Grace Period.
The applicable duration of Auto Cover shall be as under:
(i) If at least three full years’ but less than five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be available.
(ii) If at least five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of two years shall be available.
Maturity Benefit
On the life Assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Guaranteed Additions at the rate of Rs. 50 per thousand Basic Sum Assured will be added to the policy at the end of each policy year.
Loan Facility is available after completion of first policy year provided one full year’s premium has been paid.
Option to Surrender the Policy
The policy can be surrendered by the policyholder after completion of first policy year provided atleast one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the surrender value equal to higher of Guaranteed Surrender Value and Special Surrender Value.