LIC's monthly income plan is a type of whole life insurance policy that offers guaranteed monthly income payments to policyholders for a specific period of time. The plan can be purchased as an individual life insurance policy or as a rider on a life insurance policy. It is one of the most popular life insurance policies in India.
LIC's monthly income plan is a whole life insurance policy that offers guaranteed monthly income payments to policyholders for a specific period of time. The plan can be purchased as an individual life insurance policy or as a rider on a life insurance policy. It is one of the most popular life insurance policies in India. The policyholder gets a fixed sum assured every month as monthly income benefit, which is payable starting from the end of the policy term. The policy term is the period of time for which the policy is in force.
The policyholder can choose the policy term and the sum assured. The sum assured is the amount of money that the policyholder will receive every month as monthly income benefit. The policy term is the period of time for which the policy is in force. The policyholder can choose to receive the monthly income benefit for a specific period of time or for the whole policy term.
The policy has a surrender value, which is the cash value of the policy that the policyholder can receive if they surrender the policy before the end of the policy term. The policy also has a death benefit, which is the sum assured plus the accrued bonuses, if any, that is payable to the beneficiary in the event of the policyholder's death.