LIC Smart Insure I 276

About LIC Smart Insure I 276

The LIC Smart Insure I 276 is designed for those looking for life insurance with a guaranteed payout over a short policy term. This endowment plan offers a single premium payment at the beginning of the policy and provides Guaranteed Additions each policy year. In case the life assured passes away within the policy term, the nominee receives the Basic Sum Assured along with accrued Guaranteed Additions. If the life assured survives the whole five-year term, the Basic Sum Assured along with Guaranteed Additions are paid as a lump sum maturity benefit.

Key Features of LIC Smart Insure I 276

The main features of Smart Insure I 276 are:

• Without-profit, single premium endowment insurance plan

• Fixed policy term of 5 years

• One-time premium payment at the beginning of the policy term

• Guaranteed Additions of USD 35 per USD 1,000 of Basic Sum Assured after completion of every policy year

• Death benefit includes the Basic Sum Assured, accrued Guaranteed Additions, and one additional year's Guaranteed Addition paid in advance

• Lump sum maturity benefit on survival till the end of the policy term

• Surrender value available after completion of one full policy year

• Loan facility available after the policy acquires surrender value

Eligibility Criteria for LIC Smart Insure I 276

Eligibility under Smart Insure I 276 is based on age, sum assured, and policy term.

Benefits of LIC Smart Insure I 276 Plan

Smart Insure I 276 provides the following benefits during the policy term.

Death Benefit

If the life assured passes away during the policy period, the nominee shall be entitled to receive:

• Basic Sum Assured

• Accrued Guaranteed Additions on the Basic Sum Assured

• One additional year's Guaranteed Addition on the Basic Sum Assured, paid in advance

The policy terminates after the death benefit is paid.

Maturity Benefit

If the life assured survives until the end of the five-year policy term, the policyholder receives:

• Basic Sum Assured

• Accrued Guaranteed Additions on the Basic Sum Assured

The maturity benefit is then paid as a lump sum, after which the policy terminates.

Guaranteed Additions

Guaranteed Additions accrue after completion of every policy year at the rate of USD 35 per annum for every USD 1,000 of the Basic Sum Assured. These additions are payable along with the death or maturity benefit, as applicable.

Policy Details of LIC Smart Insure I 276

Smart Insure I 276 includes several servicing features that determine how the policy operates.

Surrender Value

The policy acquires a surrender value after completion of one full policy year.

The Guaranteed Surrender Value is 90% of the Single Premium paid, excluding any extra premium.

If the Special Surrender Value mentioned in the policy bond is higher, that amount is paid instead.

On surrender, the higher of the Guaranteed Surrender Value and the Special Surrender Value is payable.

Loan Facility

A loan is available once the policy acquires a surrender value.

• Loan amount: Up to 80% of the surrender value

• Subject to satisfactory assignment of the policy to the company

• The rate of interest is subject to change from time to time by the company

• The policy will be foreclosed if the outstanding loan and interest exceed the surrender value

Free Look Period

A 30-day free look period is available from the date of receipt of the policy document. If the policyholder returns the policy within this period, the company refunds the premium after deducting:

• Proportionate risk premium for the period on cover

• Medical examination expenses, if any

• Policy preparation charges

Claims Process of LIC Smart Insure I 276

To make a claim, you can either approach LIC International directly or the consultant assigned will be able to assist you in filing a claim.

Claims should be promptly intimated to the insurer. You may be required to provide appropriate life insured's medical records in case of a claim made against the policy. You will supply them at a cost charged to you.

Exclusions of Smart Insure I 276

It is important to understand the policy exclusions and conditions that may affect claim settlement.

Suicide

If the life assured passes away due to suicide, whether sane or insane, within 12 months from the risk commencement date, the death benefit is restricted to the minimum Guaranteed Surrender Value available under the plan.

Other Restrictions

A claim may not be payable in the following situations:

• The nominee or beneficiary causes the death of the life assured through a violent act. In such cases, that nominee loses the right to receive the death benefit, although it remains payable to other legal heirs.

• The policy has already been surrendered or terminated before the claim is made.

• Any material information is withheld or incorrect statements are made in the proposal or related documents.

• The life assured fails to disclose information relevant to the acceptance of risk.

• The claim arises directly or indirectly due to war, invasion, hostilities, mutiny, riot, civil commotion, civil war, rebellion, insurrection, military activity, acts of a foreign enemy, terrorism, or conspiracy to commit terrorism.

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