“Auto Cover Period” under a paid-up policy starts from the date of first unpaid premium and includes the Grace Period.
This plan provides financial protection through death benefits and savings through maturity benefits along with guaranteed additions. It is designed for micro insurance with simple eligibility and fixed benefits suitable for healthy lives within the stated age range and sum assured limits
Auto cover after payment of three full years premiums
Eligibility Criteria
| Minimum | Maximum |
Entry Age | 18 Years (last birthday) | 55 Years (last birthday) |
Policy Term | 12 to 20 Years | |
PPT | Policy Term - 5 years | |
Sum Assured | ₹ 1,00,000/- | ₹ 2,00,000/- |
Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC’s Accidental Death & Disability Benefit Rider
LIC’s Accident Benefit Rider
Death Benefit
On death of the Life Assured during the Policy Term provided all due premiums have been paid, Sum Assured on Death alongwith vested Simple Reversionary bonuses and Final Additional bonus (if any), where “Sum Assured on Death” is payable along with accured Guaranteed Additions and is defined as higher of Basic Sum Assured or 7 times of annualised premium.
This Death Benefit (as defined above) shall not be less than 105% of total premiums paid upto the date of death. Where,
1. “Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.
2. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly.
Maturity Benefit
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with accrued Guaranteed Additions shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Loan Facility is available after completion of first policy year provided one full year’s premium has been paid.
Option to Surrender the Policy
The policy can be surrendered by the policyholder after completion of first policy year provided atleast one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid.
On surrender of an in-force or paid-up policy, the Corporation shall pay the surrender value equal to higher of Guaranteed Surrender Value and surrender value of any accrued Guaranteed Additions; or Special Surrender Value.