|
LIC JEEVAN VARSHA (PLAN No. 196)
It has been decided to introduce LIC’s
Jeevan Varsha (Plan No. 196) a close ended plan which would be open for sale from
16th February, 2009 to 31st March, 2009.
1. Introduction: LIC’s Jeevan
Varsha is a money back plan with Guaranteed Additions and Loyalty Additions, if
any. The benefits and other details of this plan are given below.
2.
Benefits:
a) Death
Benefit: On death during the policy term excluding last policy year: Sum Assured
with accrued Guaranteed Additions.
• On death
during last policy year: Sum Assured with accrued Guaranteed Additions along with
Loyalty Addition, if any.
b) Survival
Benefits: Survival benefits will be payable as given below:
|
Survival to
end of
|
9-year plan
|
12-year plan
|
|
3 years
|
15%
|
10%
|
|
6 years
|
25%
|
20%
|
|
9 years
|
60% of the
Sum Assured (+) Guaranteed Additions, (+) Loyalty Addition, if any, at the end of
9 years.
|
30%
|
|
12 Years
|
NA
|
40% of the
Sum Assured (+) Guaranteed Additions, (+) Loyalty Addition, if any, at the end of
12 years.
|
d)
Guaranteed Addition:
The Guaranteed
Addition will accrue for each policy year at the following rates:
- Rs. 65 per
thousand Sum Assured per year for a policy of 9 years term.
- Rs. 70 per
thousand Sum Assured per year for a policy of 12 years term.
In case of
a death claim or surrender of fully paid up policy (applicable for policy term of
12 years), the Guaranteed Additions for the policy year of death or surrender will
be added fully.
In case of
surrenders and paid-up policies, the Guaranteed Additions for the policy year in
which the last premium is received will be added on proportionate basis. For example,
if two months’ premiums have been received for the policy year, then 2/12th of the
Guaranteed Additions for that policy year shall be added.
e) Loyalty
Addition:
Depending upon
the Corporation’s experience with regard to policies issued under this plan, the
policy will be eligible for Loyalty Addition on death during the last policy year
or on the Life Assured surviving the stipulated date of maturity at such rate and
on such terms as may be declared by the Corporation.
3. Eligibility
Conditions and Restrictions
a) Minimum
Sum Assured: Rs.75,000/- for ECS monthly mode
Rs 50,000/-
for other modes
b) Maximum Sum Assured: No limit
c) Minimum
age at entry: 15 years completed.
d) Maximum
age at entry: 66 years (nearest birthday) for policy of term 9 years
63 years (nearest
birthday) for policy of term 12 years
e) Maximum
age at maturity: 75 years nearest birthday
f) Policy Term:
9 & 12 years
g) Premium
Paying Term: 9 years
The Sum Assured
shall be in multiples of Rs. 5,000.
Age at entry
for the life assured is to be taken as age nearest birthday except for the minimum
age at entry i.e. 15 years.
4. Mode
of Premium Payment:
Yearly, Half
yearly, Quarterly and Monthly (through ECS only)
5. Premium
Rates:
|
|
|
AGE/TERM |
9
|
12
|
|
20
|
161.85
|
165.00
|
|
25
|
161.90
|
165.10
|
|
30
|
162.05
|
165.30
|
|
35
|
162.45
|
165.85
|
|
40
|
163.20
|
166.90
|
|
45
|
164.60
|
168.65
|
|
50
|
166.95
|
171.50
|
6.
Grace Period for Payment of Premium:
A grace period
of one month but not less than 30 days will be allowed for payment of yearly or
half-yearly or quarterly premiums and 15 days for monthly premiums.
If death occurs
within this period and before the payment of the premium then due, the policy will
still be valid and the Sum Assured shall be paid after deduction of the said premium
as also unpaid premiums falling due before the next Policy anniversary.
If premium
is not paid before the expiry of the days of grace, the Policy lapses.
7. Paid-Up
Value:
If after at
least 3 full years’ premiums have been paid in respect of this policy and any subsequent
premium be not duly paid, this policy shall not be wholly void, but shall subsist
as a paid-up policy for a reduced sum.
The Sum Assured
of the policy shall be reduced to such a sum (called paid-up value), and shall bear
the same proportion to the full Sum Assured as the number of premiums actually paid
bears to the total number of premiums stipulated for in the policy, less any survival
benefit paid.
The policy
so reduced shall, thereafter be free from all liability for payment of the premiums,
but shall not be entitled to the Guaranteed Additions from the due date of first
unpaid premium. However, the accrued Guaranteed Additions will remain attached to
the reduced paid-up policy.
Notwithstanding
the benefits available under a fully in force policy, in the case of a reduced paid
up policy, no survival benefits shall be payable and the paid-up value along with
the accrued Guaranteed Additions, if any, shall be payable only in lump-sum on the
expiry of policy term or death of life assured, if earlier.
8. EXCLUSIONS:
Suicide:
This policy shall be void if the Life Assured commits suicide (whether sane or insane
at that time) at any time on or after the date on which the risk under the policy
has commenced but before the expiry of one year from the date of commencement of
risk under the policy. In case of death due to suicide during this period the Corporation
will not entertain any claim by virtue of this poli
cy except to the
extent of a third party’s bonafide beneficial interest acquired in the policy for
valuable consideration of which notice has been given in writing to the branch where
the Policy is being presently serviced (where the policy records are kept), at least
one calendar month prior to death.
9.
COOLING
OFF PERIOD:
If you are not satisfied
with the “Terms and Conditions” of the policy, you may return the policy to us within
15 days.
Provided the policy
is in force during the term of the contract the following benefits are payable.
BENEFIT ILLUSTRATION
Statutory warning :
“Some benefits are
guaranteed and some benefits are variable with returns based on the future performance
of your Insurer carrying on life insurance business. If your policy offers guaranteed
returns then these will be clearly marked “guaranteed” in the illustration table
on this page. If your policy offers variable returns then the illustrations on this
page will show two different rates of assumed future investment returns. These assumed
rates of return are not guaranteed and they are not the upper or lower limits of
what you might get back, as the value of your policy is dependent on a number of
factors including future investment performance.”
Notes
:
-
This illustration is
applicable to a standard (from medical, life style and occupation point of view)
life.
-
The non-guaranteed
benefits (1) and (2) in above illustration are calculated so that they are consistent
with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and
10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration,
it is assumed that the Projected Investment Rate of Return that LICI will be able
to earn throughout the term of the policy will be 6% p.a. or
10% p.a., as the case may be. The Projected Investment Rate of Return is
not guaranteed.
-
The main objective
of the illustration is that the client is able to appreciate the features of the
product and the flow of benefits in different circumstances with some level of quantification.
|
|
35
|
|
Term (Yrs.) |
12
|
|
Premium Paying Term
|
9
|
|
|
16053
|
|
Sum Assured (Rs.) |
100000
|
|
Guaranteed Addition
(Rs.)
|
per year per 1000
Sum Assured
|
|
End of year
|
Premiums Paid during the year
|
|
|
|
|
|
|
|
|
|
|
|
1
|
16053
|
107000
|
0
|
0
|
107000
|
107000
|
|
2
|
16053
|
114000
|
0
|
0
|
114000
|
114000
|
|
3
|
16053
|
121000
|
0
|
0
|
121000
|
121000
|
|
4
|
16053
|
128000
|
0
|
0
|
128000
|
128000
|
|
5
|
16053
|
135000
|
0
|
0
|
135000
|
135000
|
|
6
|
16053
|
142000
|
0
|
0
|
142000
|
142000
|
|
|
|
|
|
|
|
|
|
8
|
16053
|
156000
|
0
|
0
|
156000
|
156000
|
|
9
|
16053
|
163000
|
0
|
0
|
163000
|
163000
|
|
10
|
0
|
170000
|
0
|
0
|
170000
|
170000
|
|
11
|
0
|
177000
|
0
|
0
|
177000
|
177000
|
|
12
|
0
|
184000
|
0
|
40000
|
184000
|
224000
|
|
|
35
|
|
Term (Yrs.) |
9
|
|
Premium Paying Term
|
9
|
|
|
15720
|
|
Sum Assured (Rs.) |
100000
|
|
Guaranteed Addition
(Rs.)
|
65 per year per 1000
Sum Assured
|
|
End of year
|
Premiums Paid during the year
|
|
|
|
|
|
|
|
|
|
|
|
1
|
15720
|
106500
|
0
|
0
|
106500
|
106500
|
|
2
|
15720
|
113000
|
0
|
0
|
113000
|
113000
|
|
3
|
15720
|
119500
|
0
|
0
|
119500
|
119500
|
|
4
|
15720
|
126000
|
0
|
0
|
126000
|
126000
|
|
5
|
15720
|
132500
|
0
|
0
|
132500
|
132500
|
|
6
|
15720
|
139000
|
0
|
0
|
139000
|
139000
|
|
7
|
15720
|
145500
|
0
|
0
|
145500
|
145500
|
|
8
|
15720
|
152000
|
0
|
0
|
152000
|
152000
|
|
9
|
15720
|
158500
|
0
|
20000
|
158500
|
178500
|
|
|
|
|
|
|
|
|
|
End of year
|
Premiums Paid during the year
|
|
|
|
|
|
|
|
|
|
|
|
1
|
15918
|
0
|
0
|
0
|
0
|
0
|
|
2
|
15918
|
0
|
0
|
0
|
0
|
0
|
|
3
|
15918
|
15000
|
0
|
0
|
15000
|
15000
|
|
4
|
15918
|
0
|
0
|
0
|
0
|
0
|
|
5
|
15918
|
0
|
0
|
0
|
0
|
0
|
|
6
|
15918
|
25000
|
0
|
0
|
25000
|
25000
|
|
7
|
15918
|
0
|
0
|
0
|
0
|
0
|
|
8
|
15918
|
0
|
0
|
0
|
0
|
0
|
|
9
|
15918
|
118500
|
0
|
20000
|
118500
|
138500
|
|