The Whole Life Policy Limited Payment : LICs Whole Life Policy - Limited Payment is one of its kind. If you buy this policy, you will be given life cover throughout your life. You are also permitted to choose when you want to pay your premiums.
This plan can be adjusted in such a way that you can do all the paying of the premiums at a time when you are earning well and then when you are retired, your premiums will be taken care of and you can take part in the profits given by the bonuses until your death.
There are two options given by which you can pay your premiums. By the first type, you can pay your premiums monthly, quarterly, half yearly or annually, or you can pay it in a single payment.
According to the second type, you can pay your premiums for durations of thirty five years, or till you cross eighty years.
Since this an insurance plan as well as a profitable investment plan, you can take part in the profits enjoyed by this business and you will be given simple reversionary bonuses coinciding with the profits made in the market.
If you have paid your premiums faithfully and regularly, you will be given a terminal bonus by the policy.
LIC's Whole Life Policy - Limited Payment offers the following advantages:
If by some unfortunate incident you die, your nominee will receive the sum assured as well as the bonuses till that date that are applicable to him.
Since this is a whole life insurance plan, it does not have any maturity date. You are eligible to receive your sum assured and all the bonuses together after you have completed forty years of policy term and you should be eighty years by then.
If you do not want to continue with this policy, you are permitted to surrender it after you have completed three full policy years. On doing so you are eligible to receive the guaranteed surrender value.
LIC's Whole Life Policy - Limited Payment is a policy which offers life cover throughout your life. For this reason it is the best option for one who is seeking financial security as long as he lives.
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