Life Insurance Corporation Dubai Deferred Annuity Plan and Pension Schemes



Life Insurance Corporation, located in Dubai, offers pension plans and Deferred Insurance policies. These policies are extremely important for people who are planning for their retirement.


Each individual needs to have a comprehensive financial plan to provide a hassle free retired life. With the pension plan of LIC (International) you can now provide for a regular income for yourself and your dependants during your old age.

The plan is available under two options, viz., WITH LIFE COVER and WITHOUT LIFE COVER.


Under the WITH LIFE COVER as well as WITHOUT LIFE COVER options, on vesting (pension commencement date), the sum assured along with the vested bonuses can be converted into annuity. The type of annuity and the Rate of Annuity will be that available at the time of vesting.


Alternatively, at the time of vesting, the policy holder has an option to commute the entire or part of the corpus, if the policy is continued with LIC (International).


Under WITH LIFE COVER option, in case of unfortunate death of the policy holder during the deferment period, an amount equal to Sum Assured along with vested bonuses, if any, will be paid to the nominee in lump sum, provided the policy is in full force.

Under WITHOUT LIFE COVER option, in case of unfortunate death of the policy holder during the deferment period, premiums paid will be returned with interest at such rates as decided by the company from time to time.


You can raise a loan on the security of the policy after the policy has acquired paid-up value by payments of premiums at least for 3 years for full term policies and 2 years for limited term policies, from the date of commencement. The maximum loan amount will be 90% of eligible surrender value and payable in half-yearly installments at the prevalent rate of interest.

In case of Single Premium policies, loan can be availed after 2 years from the date of commencement of the policy.


A nominal addition (of one per thousand sum assured for Full Term) to your premium entitles you to additional special benefits as described below subject to certain conditions.

  1. a) The cover under the life policy is doubled in case of death due to accident. The maximum Double Accident Benefit payable is US$ 100,000.
  2. b) In case of permanent and total disability arising out of accident;

1 All future premiums are waived.

2 An additional amount equal to the sum assured will be paid in 120 equal monthly installments spread over 10 years.

3 Moreover, whenever the policy matures or death claim arises, the original sum assured with vested bonuses will be paid, along with unpaid installments of disability benefits if any.


You need not invest big amounts to buy a policy. You can pay monthly, quarterly, half-yearly or yearly installments for the full term (FT) of the policy or limited (LT) to 5 years as per your choice (Standard Conditions apply). The different options are:

  1. a) Limited premium payment facility is available to help you to fulfill your obligation of payment of premium within a period of 5 years and thus earn an attractive discount.
  2. b) Premium Sealing /Communication facility enables you to pay advance premium at an attractive discount and keep the policy in force.