Product Details
Marriage Endowment Or Educational Annuity Plan
Chennai
A Quality Product from
LIFE INSURANCE CORPORATION OF INDIA [View Profile]
Chennai - India
Description :
The Marriage Endowment/ Educational annuity plan provides a sum assured to be kept aside for the expenses of marriage or higher education of the policyholder's children. Premiums payable for selected term or till death of the life Assured. Benefits will be given only after the selected term.
Special Features:
With the help of this policy one can earmark money exclusively for the marriage or higher education of children ? two major responsibilities in the life of every family person.
Under this plan the policy monies and bonus are paid only at the end of the selected term, irrespective of whether the policy holder survives till the term or not, i.e. the survival or death benefit is payable at the same time. Unlike in the case of other endowment policies, the policy benefits in the case of Marriage Endowment / Educational Annuity Plan are not released to the policy holder?s family in case of his premature death, but retained by LIC and released only at the end of the originally selected term.
In case the policy holder were to die during the term of the policy, no further premiums are payable but the bonus continues to accrue for the full-term of the policy. The sum assured, plus the accumulated bonus for the full term, are then paid to the family at the end of the policy?s term. Further, one can opt to receive the money either in one lump sum, or in ten half-yearly installments, the former may be suitable if the policy is bought essentially for the purpose of a child marriage and the latter if it is a provision for higher education.
In case, the Double Accident Benefit is availed, then an additional sum equal to the basic Sum Assured becomes payable immediately on death due to accident during the policy term.
Non-medical General and Special schemes are applicable.
Suitable For:
Being an endowment assurance policy, this plan is apt for people with fluctuating income of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their untimely death and in particular to meet the educational and marriage expenses of childern.
The amount assured will become payable at the end of the endowment term when it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
The policyholder also has the option to receive the policy moneys in 10 equal half-yearly installments. If there is a death claim, then the beneficiaries can exercise their right instead.
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