LIC Double Cover Joint Life 215

About LIC Double Cover Joint Life 215

The LIC Double Cover Joint Life 215 is a participating joint life insurance plan that covers both spouses under one policy. If one partner passes away during the policy term, the basic sum assured is paid immediately to the surviving partner. Thereafter, the coverage continues without further premium payments and qualifies for bonuses. When the policy matures, the surviving partner will be paid the base sum assured plus accumulated bonuses. If the surviving partner passes away before maturity then the benefit is paid to the nominee.

Key Features of LIC Double Cover Joint Life 215

The plan 215 includes lots of features that provide long-term financial protection for both spouses:

• Joint life insurance cover for husband and wife under a single policy

• Basic sum assured with bonuses payable at maturity if both partners survive

• Immediate payment of the basic sum assured on the death of either partner

• No further premium payment required after the first partner's death

• Policy continues with bonus additions after the death of one partner

• Accident Benefit available for both partners up to the policy term or age 70, whichever is earlier

• Choice of full-term premium payment or a limited premium payment option of five years

• Policy loan facility available after the policy acquires paid-up value

• Option to pay future premiums in advance at discounted rates

• Policy portability to LIC of India on repatriation, subject to the applicable conditions

• The remaining future premiums can be paid as a single lump sum at a discounted rate.

• The plan offers two premium payment options: Premium payment throughout the policy term (Full Term Option) and Limited premium payment for five years

• Premiums for up to five years can be paid in advance as a lump sum at a discounted rate. Any unutilised amount is refundable.

• The policy can be transferred to LIC of India when the policyholder returns to India, subject to these conditions:

• First year's premium has been paid in full.

• At least one year has passed from the policy commencement date.

• The policy is in force for the full sum assured.

• A written request is submitted by the policyholder.

Eligibility Criteria for Double Cover Joint Life 215

Eligibility for Double Cover Joint Life 215 depends on the age of both lives, the selected policy term, and the sum assured.

Benefits of LIC Double Cover Joint Life 215

The LIC Double Cover Joint Life 215 offers benefits during the policy term as well as on death and maturity.

Maturity Benefit

If both partners survive the selected policy term, the basic sum assured along with the vested bonuses is paid on the maturity date.

Death Benefit

If either partner passes away during the policy term:

• The basic sum assured is immediately paid to the surviving partner.

• The surviving partner does not have to pay any future premiums.

• The policy continues until maturity and remains eligible for bonuses.

• On maturity, the basic sum assured along with bonuses is paid to the surviving partner.

If the surviving partner passes away before maturity, the maturity benefit is paid to the nominee or beneficiary.

Accident Benefit

Accident Benefit is available for both partners during the policy term or until age 70, whichever occurs earlier.

If total and permanent disability results from an accident:

• Future premiums up to the accident benefit sum assured are waived.

• An amount equal to the accident benefit sum assured is paid in equal monthly installments over 10 years.

If one partner passes away due to an accident:

• The surviving partner receives the basic sum assured.

• An additional amount equal to the accident benefit sum assured is also paid.

If both partners pass away in the same accident, or in another accident during the same policy anniversary, the accident benefit is payable for both lives.

Policy Details of Double Cover Joint Life 215

The plan includes several servicing features that apply during the policy term.

Policy Loan

A loan can be taken against the policy after it acquires paid-up value.

• Available after payment of premiums for at least three years.

• For limited premium payment policies, the loan facility is available after two years of premium payments.

Paid-Up Value

If premiums have been paid for three years under the full-term option or two years under the limited premium payment option, and future premiums are not paid, the policy automatically becomes a paid-up policy with a reduced sum assured. The reduced benefit is payable on maturity or earlier death.

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