LIC Policy: Any person between 8 years to 55 years can buy this policy. The policy can also be purchased for a tenure of 10 years.
LIC Policy: Amit Chandra is a middle class salaried employee in a private sector company in Kolkata. He is the only earner in a family of three. He is survived by his wife and five-year-old son. Amit’s salary was reduced by 30% during the lockdown, which upset him. Before his salary could be restored as before, there was a possibility of another lockdown. In such a disturbed Amit bought an insurance policy (LIC Policy) which was low on premium, but the policy (LIC Policy) gave a good return along with life cover. In this policy (LIC Policy), Amit pays 901 rupees as a premium every month.
Save money like this
He used to smoke everytime. After having dinner in the afternoon and night, but now he has given up smoking. Due to which he is saving up to 30 rupees daily. These saved rupees are being used to pay the premium of the policy.
10821 has to be paid annually
Amit has bought the policy for a term of 20 years. In which he selected 3 lakh rupees as the original surety amount. Under the policy, he has to pay a premium of Rs 10,821 annually, which is about Rs 901 per month. When the policy is completed, then it will get around 4 lakh rupees.
People of this age group can take policy
Anyone between 8 years and 55 years can buy this policy. The policy can also be purchased for a tenure of 10 years, the maximum term of the policy is 20 years. The minimum amount for this policy is Rs 75,000 and the maximum limit is 3,000,000.
Aadhar card required
You need to have an Aadhaar card for this policy. Premium can be paid on monthly, quarterly, half-yearly or yearly basis.
If you forget to pay the premium, a grace period of 30 days will be allowed to pay the annual, half-yearly or quarterly premium from the date of the first premium.
Payment will be given on death of the insured
In the event of death of the insured within five years of the commencement of the policy, the sum assured will be paid. If the death occurs after five years, both the sum assured and the bonus will be paid to the survivor.