LIC One Year Renewal Group Term Assurance Plan – II
LIC One Year Renewal Group Term Assurance Plan – II is a non–linked, non-participating yearly renewable group term insurance plan. Under this plan, the employees or members of a homogeneous group get valuable life cover. The group scheme rules guide the amount of the life cover to each member. The total premium payable at commencement and subsequent renewals shall be equal to the sum of premium in respect of individual members of the group. The policy is eligible for profit sharing.
Eligibility and Conditions for LIC One Year Renewal Group Term Assurance Plan-II
|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 employer-employee group||25|
|Minimum group size for nonemployer-employee group||50|
Key Features of LIC One Year Renewal Group Plan-II
- 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 through profit sharing arrangement.
- LIC New One Year Renewal Group Term Assurance Plan-II comes under Section 41 of Insurance Act 1938.
Benefits of LIC Renewal Group Term Assurance Plan-II
- On unfortunate death, the Corporation pays a lump sum Sum Assured.
- Modes of payment may be yearly, half-yearly, quarterly or monthly.
- Service Tax as per the Service Tax Laws.
- A grace period of 30 days for payment of premiums.
- Can revive the policy within three months.
- The plan is eligible for profit sharing.
- Waiting period of 45 days for nonemployer-employee groups.
- Cooling-off period to return the policy within 15 days.
- 80% premium payment in case of any group member’s suicide.