LIC New One Year Renewable Group Term Assurance Plan I
LIC New One Year Renewable Group Term Assurance Plan I Offered by LIC Group Plans. The One Year Renewable Group Plan had a non– linked non-participating yearly renewable group term insurance plan. It provides valuable life cover to the employees/members of a homogeneous group at attractive premium rates. The amount of life cover in respect of each member should have guided by the scheme rules of the group. The total premium has payable at commencement. And subsequent renewals shall be equal to the sum of premium in respect of individual members of the group. The Group Plans of LIC provides Security for Family Members.
Salient Features of LIC One Year Renewable Group Term Assurance Plan I
- The Policy Ensures financial security for member’s family at very attractive rates.
- Premium rates dependant on the size and risk profile of the group.
- The Scope of reviewability of premium rates at each Annual Renewal Date (ARD).
Eligibility of Life Insurance Corporation Group Plans
LIC New One Year Renewable Group Term Assurance Plan I have Following Eligibility
|Minimum Entry Age||8 years (completed)|
|Maximum Entry Age||75 years (nearest birthday)|
|Maximum Age at renewal.||80 years (nearest birthday)|
|Minimum Sum Assured||Rs.1000/-.|
|Maximum Sum Assured||No Limit|
|Policy Term.||Annually Renewable.|
|Minimum group size for an employer-employee group.||25|
|Minimum group size for nonemployer-employee group||50.|
Benefits for LIC Group Insurance Plans
In the case of unfortunate death of a member, a lump sum (Sum Assured) should pay.
Other Details of LIC New One Year Renewable Plan
Cooling Off Period
If the policyholder has not satisfied with the “Terms and Conditions” of the policy. The Policyholder may return the policy to the Corporation within 15 days from the date of receipt of the plan.
No loan is available under this plan.
A policy under this scheme will not acquire any surrender value or paid-up value.