Participation in the Corporation’s profits: Simple reversionary bonuses shall be declared on an annual basis at the end of each financial year provided the policy is in full force. After the bonuses are declared, they become part of the plan’s guaranteed benefits. Simple reversionary bonuses will be added from the date of policy commencement until the selected policy period or till demise, if it occurs first.
Surrender value: The insurance policy can be surrendered for cash anytime during the policy period after at least premiums of three full years have been paid. The guaranteed surrender value (GSV) shall be a percentage of overall premiums paid, excluding any extra premiums and premiums for riders, if opted for, less any survival benefits already paid. This percentage shall depend on the policy year when the policy is surrendered.
Requirements for a claim: In the event of death of the life assured, the documents generally required for making a claim include - claim form, original policy document, proof of title, proof of death, proof of accident/disability, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, medical treatment prior to death, employer’s certificate, whichever is applicable, to the satisfaction of LIC.
