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.
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
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.