LIC Whole Life Policy is low premium provides high risk cover and financial security to family. Bonus declared is substantially high. Risk is covered throughout the life of policyholder. Under Table 5, premium payment ceases after a fixed term. W.e.f. 15-12-1956

LIC Whole Life Policy Table 2 (with profits) General Conditions:

Min. age at entry:  15 years.

Max. age at entry:  60 years.

Min. S.A.: Rs. 50,000.

Max. SA.: Any Amount.

SA in multiples: Rs. 5,000

Max. Maturity age: 80 years.

Modes Allowed: ALL

Accident benefit per 1000 SA: Re. 1 extra.

Requirements in writing:

Female lives category: I/II/III

Non-Medical General:  Not Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Risk Coverage:  SA + Bonus

Age proof:        Standard.

See NSAP Article for details: NSAP-I(WR 5Lacs)

Form Number:  300/340

Dating Back @ 8%: Allowed

Actual Sum assured: Basic SA.

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Survival Benefits: No.

Housing Loan: No.

Assignment: Yes.

LIC Whole Life Policy. Table 5 (Ltd. Payment-with profits):

General Conditions:

Min. age at entry:  12 years.

Max. age at entry:  60 years.

Min. S.A.: Rs. 50,000.

Max. SA.: Any Amount.

SA in multiples: Rs. 5,000

Max. Maturity age: 80 years.

Modes Allowed: ALL

Accident benefit: Re. 1 extra.

Min Term: 5 years.

Max Term: 55 years.

Requirements in writing:

Female lives category: I/II/III

Non-Medical General (with PPT 5 to 10):  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Risk Coverage:  SA + Bonus

Age proof: Std./

Form Number:  300/340

Dating Back @ 8%: Allowed

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

Key-Man Insurance.

Actual Sum assured: Basic SA.

  • Maturity Benefit: 1) Under Table-2: On Attainment of age 80 or on completion of 40 yrs from the D.O.C. of the policy, whichever is later, S.A. +Bonus is payable as if the policy has been matured. (2) Under Table 5: On attainment of age 80, S.A. +Bonus is paid. (3) However under both the table the policyholder has an option to take the above mentioned maturity benefits at a later date or on death. The Bonus on such policy continues to accrue till the policyholder takes the maturity benefits, or till has death.
  • EXAMPLE:

1) Mr.Aravind takes a whole life policy under Table-2 for Rs.1Lakh. He will receive S.A. +Bonus+Final Addition Bonus on attainment of age 80 or completion of 40 years from the D.O.C. of the policy whichever is later. If Mr. Aravind dies before, then Mr. Aravind’s nominee will receive SA+Accumulated Bonus + FAB, if applicable.

2) Mr. Manohar aged 50 years takes a whole Life Limited Payment under Table_5 for a term of 20 years. Even though premium payment ceases after completion of 20 years term, S.A. +Bonus +Final Additional Bonus will be paid to M. Manohar only on attaining the age of 80. In case he dies before age of 80, his nominee will get S.A. +Accrued Bonus+FAB if any.