Life Insurance Corporation| Single Premium Insurance (with Profit) Plan

Life Insurance Corporation| Single Premium Insurance (with Profit) Plan

Life Insurance Corporation

Single Premium Insurance (with Profit) Plan: -

Lovely Akter-8/4/2021

Low-income people of Bangladesh - farmers, workers, cooperatives, pastoralists, fishermen, blacksmiths, weavers and people of all walks of life in the country / abroad can avail life insurance benefits under this scheme by paying a single premium. The main objective of self-reliance insurance is to provide financial security to the lower and middle class people including Bangladeshi working people working in the country / abroad by paying a single premium by relieving them from the hassle of paying premium every year.

 The main attractions of self-insurance are:

1. Pay only one premium (within 10 years).

2. In case of death of the insured before maturity, double the sum insured.

3. The maximum sum insured on single life is Rs. 3,00,000 / - (three lakhs).

4. No medical examination report is required to be provided in this insurance. The prescribed application form for single premium has to be filled.

5. No additional premium will be payable for women. However, for those insurance customers who are engaged in hazardous occupations, professional additional premiums are recoverable.

6. Like other life insurance policies, income tax rebates are available on premiums paid for this insurance.

7. Any farmer can easily take this policy and any Bangladeshi working abroad can also take this policy if they have enough money in hand after the new crop is harvested.

8. The lower and middle class people living in the city can avail this insurance only when they get one-time money.

9. Only educated men (women who have passed SSC or equivalent examination) and Bangladeshis working abroad can avail this policy up to a maximum entry age of 45 years. In others, the maximum age of entry is 40 years.

10. After three years of taking out insurance, the policyholder can surrender the policy in cash if he so desires.