Grace Period: The insurance company provides an additional period of 30 days from the premium due date for payment of unpaid premium in case of yearly and half -
yearly premium payment modes.
The minimum premium amount is Rs. 30,000 under the
annual premium payment mode while it is Rs. 60,000 per year for all other payment modes.
Rebate on Premium Payment Mode: Policyholders are given rebates on the basis
of premium payment modes selected by them, under LIC jeevan Labh plan.
Rebate on Sum Assured: Just
like premium payment modes, policyholders are also offered rebates on the basis of the sum assured chosen by them.
For Limited
premium payment modes if for a PPT of ten years if premiums for the first two policy years are not paid within the Grace Period, the policy will lapse.
In the event of Single Pay
as premium payment mode, this Plan has a Surrender Value = 70 % x Single Premium x (Unexpired Coverage Term / Original Coverage Term), but not for regular pay and limited pay.
Phrases with «premium payment mode»