LifeShield Plus plan
Introduction/Overview LifeShield Plus plan provides a way for people to give comprehensive protection to their families and loved ones at very nominal costs. With premium rates as low as Rs.2000 a year and no limit on the maximum annual premium, this simple insurance policy is suited for all pockets. With a policy term range of ten to thirty years, policyholders can plan their savings and ultimately provide protection for their loved ones in their absence. Key Features Low premiums and affordable premium rates are available. No limit on the maximum Sum Assured, so policyholders can choose as high a level of cover as they want. The policy offers 100% Sum Assured as a lump sum on death of the policyholder. The policy offers a single premium payment or regular payments over the policy term, as per the convenience of the policyholder.
Details About Premium Policy Details Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. If premiums are not paid within the Grace Period, the policy will lapse. Policy Termination or Surrender Benefit: The policy does not acquire Surrender Value when on Regular Premium mode. For the Single Premium mode, the policy acquires Surrender Value after completion of the first policy year and may be surrendered any time after that. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit. Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the policy premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges. Additional Features or Riders The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium. Exclusions The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund only 80% of the premiums paid, excluding any payment for taxes and extra premiums. If the person insured commits suicide within one year of the policy reinstatement then the company will refund an amount that is higher of 80% of the premiums paid or the Surrender Value as on the date of demise.
The policy offers a high level of insurance cover at low and affordable premium rates. The policy term in this policy ranges from the medium, i.e., ten years to long-term, as long as thirty years, so policyholders can plan their finances and savings accordingly. Policyholders have the flexibility to choose a single premium payment or regular payments for a long-term period. In the unfortunate event of the demise of the person insured, the nominee receives the Sum Assured as the Death Benefit. A discount is available on large Sum Assured amounts of Rs. 25 lakhs or higher. The policy provides low premium rates for female policyholders. Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.
The policyholder has to fill up an `Application form with identity proof (Aadhaar Card, Passport, PAN Card or Driving license), bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.