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LIC New Future Smart II Plan 261

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New Future Smart II (Plan No 261) from LIC international is a highly beneficial plan which assures maximum savings and benefits to its subscribers. You can choose this plan today to secure the future of your loved ones and help them mitigate the financial stress in case of an unfortunate event. It is a single premium guaranteed return non-linked saving plan. The policyholder receives financial protection against death. This is provided during the policy term and there is a provision of adding one year to it. It also guarantees a lump sum amount of money at the time of policy maturity. This plan is appropriate for all the people who require guaranteed returns in USD for the short term. 

Benefits of LIC New Future II (Plan No 261) 

The benefits of New Future Smart II (Plan No 261) are as follows:

  • Death Benefits – Life is uncertain and in the event of unfortunate death of the policyholder, during the policy term he or she receives a basic sum assured along with top up premium, the benefit of the guaranteed addition as well as a year’s additional guaranteed addition. The policy will be terminated after the death benefit payment is made.
  • Maturity Benefits – The policyholder will receive this benefit if he or she is alive till the time of policy maturity or the end of the policy term. The policy not only gives the basic sum assured but also ensures top up premiums and guaranteed additions to the policyholder in a lump sum.
  • Guaranteed Addition – This benefit or sum of money will be given to the policyholder on the completion of every policy year. On sum assured and top up premiums a rate of USD 17 per thousand is given. 

Top Up Premium

A policyholder must note that a minimum top-up premium is compulsory to be paid and it is USD 10,000. There is an option to increase the top-up premium amount which suits the proposer. However, it will be over and above the minimum premium amount of USD 10,000 in multiple of USD 1,000 thereafter.

Top up premium must be paid along with the base single premium only at the outset. No additional benefits are provided to the policyholder except the guaranteed additions as mentioned above.

Basic Product Features, Restrictions and Applicability  

Attribute

Minimum limit

Maximum limit

Sum Assured

USD 25,000

No Limit

Top Up Premium

USD 10,000 and in multiple of USD 1,000 thereafter

No Limit

Age Entry

18 years (completed)

70 years ( nearer birthday)

Age At Maturity

75 years ( nearer birthday)

Term

5 Years

Premium Paying Term

Single Premium

Servicing Aspects

Premium Payment

Policyholders are only liable to pay a single premium when their policy term starts.

Surrender Payment

The policy will acquire a surrender value once a full policy year is completed. The minimum guaranteed surrender value is 95% of the single premium and top-up premium which will be paid excluding any of the extra premiums.

The special surrender value as mentioned in the policy may be paid to the policyholder.

Policy Year

Special Surrender Value As A Percentage Of Single Premium & Top Up Premium  (excluding any taxes and extra premium)

2

99% of Single Premium & Top Up Premium

3

101% of Single Premium & Top Up Premium

4

103% of Single Premium & Top Up Premium

5

106% of Single Premium & Top Up Premium

On surrender, whichever among the special and guaranteed surrender value has the higher value is payable to the policyholder. The special surrender value scale is subjected to changes based on the future of the policy company.

Loan

If the policy has acquired surrender value, the insured may get a loan up to 80% of the policy’s surrender value subject to the production of satisfactory title to the policy and assignment of the policy to the company.  The company will determine the rate of interest and other terms and conditions at the time of granting the loan.  

At present, the rate of interest is fixed at 8% per annum which is changed from time to time by the company.

A policy shall be foreclosed if the loan and interest outstanding exceeds the surrender value. 

Underwriting Requirements

All the underwriting aspects will be as per the company policy. 

Insurance Levy / VAT / Any other taxes

Insurance levy/VAT or any other taxes will be added to the premiums, as levied by the Government Authorities.

Why You Should Consider Opting for The New Future Smart II (Plan No 261)?

New Future Smart II (Plan No 261) is a comprehensive insurance plan cover which includes the sum assured on death and an individual can take advantage of this policy to ensure that even in his or her absence the future of his/her children is secure and does not involve any financial burden. The plan offers several benefits, it is a flexible policy term, and you can contact the insurer to seek the best guidance

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