Life Insurance Corporation is a contract that pledges payment of an amount to the person assured (or his nomine) on the happening of the event insured against.
LIC Jeevan Rekha policy is a unique combination of Whole life plans and money back plans. It was introduced on 22nd July, 2002.
LIC Jeevan Rekha policy has many schemes for different people. For seniors, retired, women, working men LIC Jeevan Rekha policy has introduced different type of plans. The policies different plans which results in high bonus, is highly liquid and is savings oriented. The monthly interests under the LIC Jeevan Rekha policy are very reasonable. The policy provides with the decided amount at the time of death, it also provides a sum at a desired age.
Under the LIC Jeevan Rekha plan 152. The minimum age is 13 and the maximum is 65. At the age of 13 the amount that can be deposited is Rs. 200,000 and at the age of 65 the amount that can be deposited is unlimited.
There are certain benefits dealing with LIC Jeevan Rekha policy. They are listed below:
1. Death Benefit: In this case the sum assured is paid along with any additional bonuses if there are any.
2. Survival Benefits:
• If a person survives up to 5 years then 20% is payable under 15-year plan and 20- year plan.
• Survival up to 10 years of age also has the same plan as the previous.
• Survival up to 15 years will receive 20% under the 20-year plan.
3. Maturity Benefit:
• If the policy term is of 15 years then 60% of the sum assured is payable along with the final additional bonuses and the Reversionary bonuses.
• If the policy term is of 20 years then 40% of the sum assured is payable along with the final additional bonuses and the Reversionary bonuses.
4. Optional benefits consists of certain things like:
• Critical Illness Benefit Rider
• Accident Benefit Rider
• Congenital Disability Benefit Rider
The time period and the sum assured are: a) Minimum Sum Assured: Rs.50, 000/-
b) Maximum Sum Assured: Rs 25, 00,000/-
c) Minimum age at entry: 18 years completed.
d) Maximum age at entry: 55 years nearest birthday
e) Maximum age at maturity: 70 years nearest birthday
f) Policy Term: 15 & 20 years
The Sum Assured shall be in multiples of Rs. 5,000.