If you belong to the younger generation and do not wish to pay the premiums for a longer duration and want to have high risk cover at a low cost, this plan is made for you.
The premiums under this plan have to be paid for a period of 3 or 4 or 5 years and the premium you pay in the first year will be higher than what you pay in the subsequent years.
- Amount of sum assured can be chosen by you along with the mode of premium payment and its term.
- In case of death of the life assured during the term of the policy, the sum assured with the bonuses shall be paid by LIC
- If the life assured survives till end of the term of the policy, an amount equal to the total premiums paid shall be paid.
- A grace period of a month for premium payment.
- Gets a share of LIC’s profits.
- Policy can be revived by arrear payment of premiums along with interest
- Loan availability.