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Jeevan Aadhar Handicapped Dependents Insurance
This plan may be offered to a person who has a handicapped dependant satisfying
conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides
life insurance cover throughout the lifetime of the purchaser. The benefits under
the plan are for the handicapped dependant which are partly in lump sum and partly
in the form of an annuity.
The premiums paid under this plan are eligible for Income Tax relief under Section
80DDA of Income Tax Act.
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions,
as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30
or 35 years or till the earlier death. Alternatively, the premiums may be paid in
one lump sum (Single Premium).
The policy provides for the Guaranteed Additions at the rate of Rs.100
per thousand Sum Assured for each completed policy year. The Guaranteed Additions
will accrue up to age 65 of the life assured or till his/her death, if earlier.
This is a with-profits plan and participates in the profits of the Corporation’s
life insurance business. It gets a share of the profits in the form of Terminal
Additions. The policy will be entitled for Terminal Additions if at least
10 years premiums have been paid. The Terminal additions would depend on the future
experience of the Corporation.
On the death of the Life Assured, Sum Assured together with the Guaranteed Additions
and terminal additions, if any, become payable. 20% of such benefit amount shall
be paid in lump sum and the balance amount shall be utilized to provide an annuity
of 15 years certain and for life thereafter on the life of the handicapped dependant.
The annuity rates are guaranteed for this purpose.
If the handicapped dependant predeceases the Life Assured during the premium paying
term of the policy, the contract ceases and the Life Assured will have the option
of either keeping the policy for a reduced paid-up Sum Assured or receive the refund
of premiums.
Since this is a whole of life plan there will be no maturity benefit.
These are the optional benefits that can be added to your basic plan for extra protection/option.
An additional premium is required to be paid for these benefits.
Since the plan has been designed for the benefit of handicapped dependant, surrender
of the policy is not allowed.
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