LIC Whole Life Policy
LIC Whole Life Policy is suitable for all the ages who wish to protect their families from financial crisis. This plan provides the payment of amount assured plus bonus on the demise of policy holder. The premiums under the policy are payable up to the age of 80 years of the policy holder.
LIC Whole Life Policy is the best form of life assurance for family since it enables to pay all the premiums during the productive years of life. If the policy holder pays the premiums for 3 years and then if he discontinues paying any more premiums, a condensed paid-up guarantee policy is followed.
It is the whole life assurance plan which provides financial protection against death throughout the lifetime. LIC Whole Life Policy has the with - profit plan which participates in the profits of the corporation’s life insurance business.
It provides full life insurance cover to the assured people for three years continuously even when the premium payments are stopped due to the specific reasons. But, they would have received at least 2 years of premium.
The revival of the discontinued policy takes effect only after the same thing gets approved by the Corporation and is specifically communicated with the people. So, the LIC Whole Life Policy will be free from all liabilities from the payment of premiums, but shall not be entitled to the future bonuses. If you pay the premiums in a correct way then you can enjoy the benefits.
During the death benefit, the lump sum which consists of reversionary bonus and final bonus are given immediately after the death of life. In maturity benefit, the total amount of premiums plus final bonuses is given at the end of life term. To pay the premiums the grace period is allocated which will be one calendar month.