Convertible Term Assurance Policy

Convertible Term Assurance Policy

LIC Convertible Term Assurance Policy (Table No. 58) is a plan with an option to convert the policy to whole life limited Payment Assurance or Endowment Assurance at any time during the specified term, without undergoing a fresh medical examination.

LIC Convertible Term Assurance Policy is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy but hope to be able to pay for such a policy in the near future. This plan is also good if you want to take a decision on the whole life policy later. Maybe you can make better decisions in the future.

Convertible Term Assurance Policyholders get an option of converting a policy into endowment assurance or limited payment whole life assurance.

Death Benefit
The sum assured is payable only in the event of the death of the Life Assured before the expiry of the specified term.

Eligibility Conditions and Restrictions for Convertible Term Assurance:

  • Minimum Entry age: 20 (nearer birthday)
  • Maximum Entry age: 50
  • Minimum Sum assured (Rs.): 50,000
  • Maximum Sum assured (Rs.): 1 Crore
  • Minimum Term: 5 years
  • Maximum Term: 7 years
  • Maximum premium paying period: 55 years
  • Policy loan available: No
  • Survival Benefit: NA
  • Death Benefit: Sum Assured
  • Mode of Premium Payment: Yearly, Half-yearly, Quarterly, Monthly, Salary Saving Scheme.

A convertible term plan is not very popular in India but this is a very flexible type of term plan.

Also Check: Amulya Jeevan 1 Pure Term insurance 

Note:

The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

11 thoughts on “Convertible Term Assurance Policy”

  1. mayank tripathi

    to buy a L.I.C. policy in varanasi mandal or for help about insurence plese call me.
    mayank tripathi 9453968681
    8009869183

  2. Want to have term insurance plan online policy. I stay in Thane (West).
    May I have online term insurence in LIC.
    Guide me at the earliest. Thank you……

  3. i have an endowment policy of rs. 2 lac for 15 years.and the policy is getting matured in 2012.. can u please tell me what is the maturity amount.. thank you

  4. is the customer had the right to choose his nominee or not?
    if yes why LIC not allowing to nominate / assign in favour of brothers or sisters

  5. sir
    in case of healh protection plus what abt the fund value after age 65 (after complet e the premium paying period) if he died?

  6. Sir, I shall be greaful to u if u can give me the correct answer for:
    in Health Protection Plus Single Life after age 65 (after premium paying stop) if he died whether the fund value will return to nominee or not.? & same what about family group case?
    in case of NRI is there any waiting period for start treatment after they launch in India?

  7. poornachandrasekhar

    i have 4 LIC policies. i wanted to know the procedure for sms alerts on my insurance Premiums. i want the details for applying SMS alerts

  8. Gopal Prasad Jhunjhunwala

    Dear Sir,

    My Policy No.-30113166
    Policy Start on 25.03.1969

    The above policy have matured in march 2009 but I have not received the maturity amount yet.I have already lodged complained in Bhagalpur LIC Division,Munger Lic Branch,Patna LIC division & kolkata LIC customer Care but I have not received any reply from them.At last I sent a written complain to Mr. T Venkateswara Rao, Deputy Director,Insurance Regulatory and Development Authority,Basheerbad,Hyderabad with all the necessary documents for this purpose on 03.01.2011.

    Therefore,I request you to guide me to realise the maturity amount as early as possible.
    Looking forward to your reply

    Yours’Truly
    GOPAL PRASAD JHUNJHUNWALA

  9. i have a LIC`s Wealth plus policy of 1 lac..

    my policy no. 4728 46245

    policy start on 25/03/2010

    i want to close this policy, because now i really need money….

    would you tell me the procedure of closing my policy..

    hoping to get areply soon

    thank you

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