This is a fixed
term policy. on policy holder surviving till maturity, he
receives 25% of sum assured every year during the last four
years. On maturity the policy holder gets bonus in addition to
the 4th installment of 25% of the sum assured. The bonus is
paid on full sum assured till the end of the term. We may call
this as fixed benefit because whether the policyholder
survives till the end of the term or dies before the term, the
above mentioned amounts are paid by L.I.C. If the
policyholder survives he would get these amounts. But if he
dies before the term , his nominee would receive these
amounts.. One of the important features of this policy is that
in case of the premature death of the policy holder the sum
assured (with double accident benefit, if he dies in an
accident) is immediately paid to the nominee. Further premiums
are waived and the above mentioned fixed benefit is again paid
to the nominee. Another important feature is that this policy
is given under non-medical scheme upto sum assured of Rs 1
lakh for age between 18 and 40, if the prospect is having a
child of less than one year of age as on date of registering
the proposal. This non-medical is exclusive to other policies.
Benefits:
Short term needs like family provision in case of premature
death of the policy holder and long term needs like education
and marriage of dependants are simultaneously fulfilled by
this policy. this Policy is a right choice if a person wants
to provide for the marriage of his daughter. the Term can be
fixed so as to receive the maturity benefit in
marriageable age of the daughter.
Income Tax Benefit
Available upto 20% of Premium Paid
