In a typical insurance contract, the insured is required to pass a medical examination and give evidence of insurability if he wants to increase his cover. Under the plan, once the policy commences, regular increases in cover (determined by ALICO) are offered without the need for any medical examination or evidence insurability, so long as the policy owner continues with the policy. The premium is also increased inline with the increase in cover, if the offer is accepted by the policy owner.

There is nothing stopping the policy owner from asking for higher increases in cover than what is offered by ALICO. However, in such cases ALICO will require evidence insurability and a medical examination.

Who can be covered?

This plan can be offered to you, your spouse and your children. The minimum entry age is 3 months and the maximum is 60 years.

Term of the plan

This plan term can run upto age 85, however, you can choose to mature the policy at anytime after ten years. The term of the plan will determine the date at which the maturity benefits are payable. It is also the maximum period for which the premiums have to be paid.

Premium Payment

The premiums are payable for the term of the plan or till the death of the insured, if earlier. The premiums can be paid annually or semi-annually. The premium amount which is subject to minimum, will depend on the face amount and the Insured's age.

Subject to the minimum, the prospective policy owner is free to decide the amount of premium he wishes to pay in the first year. He would normally arrive at this by considering: