FAQs

Life Insurance

15 Jul 2006

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amount payable under a policy in settlement of its claim depends upon its status as on date of death.

In case of a reduced paid-up policy which has not been specifically enclosed for paid-up conversion, LIC will pay the claim for the full sum assured instead of the paid up value provided certain conditions are satisfied:

  • The life assured died within 6 months from the due date of the first unpaid premium.
  • Premiums under the policy have been paid for a minimum period of 3 full years.

    Claims concession is not available on certain policies during the deferment period in case of Children's Deferred Endowment Assurance, Temporary Assurance and Convertible Term Assurance. Extended claims concession is an extension of the regular claims concession. Here, the claim for the full sum assured is payable under a reduced paid-up policy provided two conditions that:

  • The life assured died within one year from the due date of the first unpaid premium five years after the deferred date in case of CDA policies.
  • Premiums under the policy have been paid for a minimum of 5 years. However the claims concession is subject to the deduction of:
  • The premium or premiums unpaid with interest thereon up to the date of death. Unpaid premiums falling due before the next anniversary of the policy (except in Fixed-Term (Marriage) Endowment and Educational Annuity plans).

  • Risk Factors – Investments in Mutual Funds are subject to Market Risks. Read all scheme related documents carefully before investing. Mutual Fund Schemes do not assure or guarantee any returns. Past performances of any Mutual Fund Scheme may or may not be sustained in future. There is no guarantee that the investment objective of any suggested scheme shall be achieved. All existing and prospective investors are advised to check and evaluate the Exit loads and other cost structure (TER) applicable at the time of making the investment before finalizing on any investment decision for Mutual Funds schemes. We deal in Regular Plans only for Mutual Fund Schemes and earn a Trailing Commission on client investments. Disclosure For Commission earnings is made to clients at the time of investments. Option of Direct Plan for every Mutual Fund Scheme is available to investors offering advantage of lower expense ratio. We are not entitled to earn any commission on Direct plans. Hence we do not deal in Direct Plans.

    AMFI Registered Mutual Funds Distributor | ARN-52619 |Validity: 20/08/2027