LIC Marraige/Educational Annuity Plan Table No 90.
Premium Ceasing Age : 70 Premium Ceasing Term : 0
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 under this plan are payable for a selected term or till death of the life Assured. Benefits will be given only after the selected term.
With the help of this policy one can earmark money exclusively for marriage or higher education of his children. 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 / Student 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 instalments, 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.
Sum Assured + Lumpsum Bonus Or Maturity Amount in 10 half-yearly instalments.
Sum Assured + Lumpsum Bonus.
Payment of future premiums cease immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus becomes payable on the date previously selected, if eligible.
Payment of future premiums ceases immediately. An amount equivalent to Sum Assured paid immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus, if eligible becomes payable on the maturity date.