jeevan

Document Sample
jeevan Powered By Docstoc
					JEEVAN SARAL BY LIC OF INDIA
LIC’s      Jeevan        Saral     is   a      unique    plan     having     good     features      of   the     conventional     plans   and
the flexibility of unit linked plans. This is a Monthly Recurring Life Insurance Plan by Lic of India where the proposor get 250 times monthly
premium + total premium paid + LA if any in case of death. To the policyholder it provides —


        higher life cover
        a smooth return,
        liquidity & a lot of flexibility

BENEFITS


        LIC Monthly Recurring type Scheme
        This is like a Post office or Recurring Deposit Scheme. You can deposit Yearly, Hly, Quarterly or Monthly in LIC scheme
        Maturity amount received is Tax Free under section 10-10d of income Tax act.
        Any number of partial withdrawals through partial surrendering after 10 years
        The amount deposited in LIC is exempted under section 80c of income Tax act.
        In case of death 250 times monthly premium + Total Premium paid - (1st years premium & Extra premium paid ) + LA if any payable.

Special Features:


        High life cover at very low premium
        Extended risk cover for one year after 3 years premium payment.
        Optional higher cover available through Term Riders
        The policyholder can choose a maximum term but can surrender at any time
        without any surrender penalty or loss after 5 years

Premium Mode :You have an option to choose the premium mode MONTHLY ECS / SSS . Quarterly , Half Yearly or Yearly. There is no single
premium payment mode available under this policy. For monthly premium option you cannot pay by cheque. ECS is compulsory for monthly
mode.
Quarterly , Half Yearly and yearly premium can be paid thru ECS , Cheque or LIC Online premium payment .

Any time money ( ATM ) Plan 165 Jeevan Saral By LIC of India call us for more details.




Product                                                                                                                            Summary:
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The
plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the
premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the
end of the policy term. It also offers the flexibility of term and a lot of liquidity.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of
the policy or till earlier death.

Loyalty                                                                                                                            Additions:
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 loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions
may be payable from the 10th year onwards depending upon the experience of the Corporation.
JEEVAN SARAL LIFE INSURANCE POLICY BY LIC
(Table No. 165)

Feature of plan: This plan contains good feature of the conventional plans and the flexibility of unit linked plans. It
provides higher cover, smooth return, liquidity and considerable flexibility. In this plan one has to choose the
premium he wants to pay whereas in normal plans one chooses the S.A. under this plan death cover will be same
irrespective of age at entry and term. The sum payable at maturity however differs for different entry age and terms.
This plan is very appropriate for employees seeking life cover through salary savings schemes.


Surrender value: the policy can be surrender after it has been in force for at least 3 full years. The surrender value
will be the greater then guaranteed surrender value or special surrender value as given below:


Guaranteed surrender value (GSV): the GSV will be equal to the 30% of the total amount of premium paid
excluding the premium for the first year and all the extra premiums and premium for accident / term riders.


Special surrender value (SSV): the special surrender value under the policy shall be paid as the sum of (a) and (b)
gives as under:


          Discounted value or accumulated value, as the case may be, of the following: 80% of maturity S.A. if 4 years
           premium have been paid, 90% of the maturity S.A. if or more years but less then 5 years premiums have
           been paid and 100% of the maturity S.A. if 5 or more years premium have been paid.
          The loyalty additions, if any as announced while declaring the results of the corporation's valuation as on 31st
           march, immediately preceding the date of surrender.


Auto cover: the plan offers auto cover of 12 month after the policy has been in force for a period of 3 years or more.


Flexible term: the policyholder can choose a maximum term but can surrender at any time without any surrender
penalty or loss.


Partial surrenders: the plan will allow partial surrender from 4th year onwards subject to certain conditions for
which please refer to policy document. Due to existence of the flexible term and partial surrender the policyholder will
enjoy a lot of liquidity under the plan. The plan also provides for 15 days free look period".


Optional rider: term assurance rider, accidental death and disability benefit rider is available by the payment of an
addition premium.


Maturity sum assured (MSA): has to be calculated on the basic premium only, before mode rebate & death accident
benefit.


Death benefit S.A. will be 250 times the monthly basic premium. To arrive at DAB we have to calculate death benefit
S.A. e.g. if yearly premium is Rs.6000
The death benefit S.A. = 6000/12 x 250 = 1,25,000 for this DAB will be @ Re.1per thousand which come out to be
Rs.125


Plan parameters
Age at entry: Min.12 yrs (completed) Max. 60 yrs (NBD)
Maturity age: Min.70 yrs
Term: Min.10 yrs Max. 35 yrs
   Min. premium
   Age 12 to 49:Rs.250 P.M
   Age 15 to 60: Rs.400 P.M
   Max. Premium: No. Limits
   Premium in
   Multiples: Rs.50 p.m.
   Mode of payment: YLY/ HLY/ OLY/ SSS
   Accident benefit: Re. 1extra per
   (max. 50 Lac inclusive
   all plan)
   Policy loan: yes @ 10.5%
   Housing loan: yes
   Assignment: yes
   Revival: yes
   Surrender of policy: yes
   Term: yes


   Underwriting condition
   Form no: 300/340
   Age proof: Std/ NSAP-1
   Female lives category: I/II/III
   Non-medical (Gen): Allowed
   Non-medical (Prof): Allowed
   Non-medical (special): Allowed
   Actual sum assured: Basic SA
   Risk coverage: Death benefit S.A. + return of premium paid + LA (if any)
   Dating back @ 8%: Allowed


   Benefit
   Maturity benefit: Maturity sum assured (MSA) + Loyalty additions, if any


   Death benefit: 250 times the monthly premium + Return of premiums
   (Excluding extra/rider premium and first year premium),+ the Loyalty Addition, if any


   Example: Mr. ashok is 25 years old and is working in auto industry. He opts for jeevan saral plan for 15 years term
   and chooses monthly basic premium of Rs.500/- after adding DAB premium of Rs.510 (500 x 250 = 1,25,000 x
   1/1000 x 1/12 = 10 + 510). On maturity he will receive Rs.97655/- as maturity sum assured (MSA) + Loyalty
   Addition which will be decided by the corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x
   500) + premium paid for 4 years - first year premium = 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty Addition,
   if any




Death                                                                                                                 Benefit:
250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and
extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.

Maturity                                                                                                              Benefit:
The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.
Supplementary/Extra                                                                                                           Benefits:
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.

Surrender                                                                                                                       Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on earlier termination of the
contract. The surrender value will be the greater of the guaranteed surrender value and special surrender. The plan also allows for
partial surrenders.

Guaranteed                                                       Surrender                                                      Value:
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to
30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for
accident                         benefit                            /                          term                          rider.

Special                                                      Surrender                                                          Value:
80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum
Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more
years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the
term          for       which           premiums          have        been        paid        under         the         policy.

Corporation’s                                  policy                                 on                                surrenders:
In practice, the Corporation will pay a Special Surrender Value – which is usually higher than the Guaranteed Surrender Value. This
value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some
circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment,
experience                                  and                                  other                                factors.

Note: The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not
represent a contract and for details please refer to your policy document.




Statutory                                                                                                                     warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance
company. 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 investment
returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as
the value of your policy is dependant on a number of factors including future investment performance.”

Age                          at                                 entry:                           35                               years
Policy                                     term:                                       25                                         years
Mode                       of                             premium                            payment:                            Yearly
Amount of annual premium: Rs.4704/-


                                          Amount payable at the end of year on death during the year (Rs.)
  End Of      Total Premium
  Policy      paid till end of                                    Variable                               Total
   Year            year            Guaranteed
                                                        Scenario 1       Scenario 2         Scenario 1           Scenario 2
     1              4704              100000                0                0               100000               100000
     2              9408              104800                0                0               104800               104800
     3             14112              109600                0                0               109600               109600
     4             18816              114400                0                0               114400               114400
     5             23520              119200                0                0               119200               119200
     6             28224              124000                0                0               124000               124000
     7             32928              128800                0                0               128800               128800
     8             37632              133600                0                0               133600               133600
     9             42336              138400                0                0               138400               138400
       10             47040                143200              7000              18000            150200                  161200
       15             70560                167200             13000              41000            180200                  208200
       20             94080                191200             30000              100000           221200                  291200
       25            117600                215200             65000              211000           280200                  426200



                                                       Amount payable on surrender or maturity at the end of year
  End Of Policy        Total Premium paid                                             Variable                            Total
      Year               till end of year           Guaranteed                                                   Scenario Scenario
                                                                         Scenario 1            Scenario 2
                                                                                                                    1        2
            1                    4704                   0                    0                        0               0            0
            2                    9408                   0                    0                        0               0            0
            3                    14112                 8099                  0                        0           8099            8099
            4                    18816                12942                  0                        0           12942         12942
            5                    23520                18660                  0                        0           18660         18660
            6                    28224                23180                  0                        0           23180         23180
            7                    32928                27856                  0                        0           27856         27856
            8                    37632                32744                  0                        0           32744         32744
            9                    42336                37892                  0                        0           37892         37892
            10                   47040                43360                7000                  18000            50360         61360
            15                   70560                75200                13000                 41000            88200         116200
            20                   94080                106124               30000                 100000          136124         206124
            25                   117600               135296               65000                 211000          200296         346296


i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

ii) 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.

iii) 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.

iv)      Loyalty     additions      will     depend     on      future     profits       and     as       such   is       not      guaranteed.

v) The Maturity Benefit is the amount shown at the end of the policy term.




      JEEVAN ANAND LIFE INSURANCE POLICY BY LIC (table: 149)

      Features of plan


      Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-
      decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy
      is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their
      families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of
his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision
for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.


Premiums are usually payable for the selected term of years or until death if it occurs during the term period.
Accident benefit is available during engaged in hazardous occupations attracting occupational extra.


Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000
Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: yes


UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed


BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)


Death benefit:
If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is
ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid
on death after the premium paying term.


Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age
70. the premium for this has been built into the tabular premium rate.


Example: Mr. Sharad Pawar 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay
annual premium of Rs.5490/- on maturity, Mr. Sharad Pawar will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates
i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-). Even after the premium paying term is
over, risk cover continues till the death of Mr. Sharad Pawar.
But if, Mr. Sharad Pawar dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e.
Rs.1 Lac in cash, Mr. Sharad Pawar dies during premium paying term his nominee will receive Rs. 1Lac +
accumulated Bonus.




KOMAL JEEVAN LIFE INSURANCE POLICY BY LIC (table:159)


Features of plan


This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above policy has been
introduced to provide the best education which can be very expensive for the proposer's children. The payment of
premium ceases on policy anniversary immediately after the child attain 18 years of age The plan, besides offering
risk cover, also offers payment of S.A. in installments at age 18, 20,22,24 and guaranteed and loyalty addition, if
any, at the age of 26. Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs.
From the commencement of the policy, whichever is later.


POLICY AS A GIFT: the close relation such as grandparents, elder brothers or sister, uncles both from paternal or
maternal side can gift single premium policy for love and affection under this plan, in such cases also, the policy will
be proposed by father, mother or legal guardian. No medical examination is required for the child


Premium waiver benefit: Premium waiver benefit can be availed by the proposer under this plan for which addition
premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting
requirements like production of proposer's standard age proof and medical exam. Of the proposer is must.


Term rider benefit: term rider benefit can be availed by the proposer to the extent of 20% of the basic S.A. under
the policy not exceeding Rs.100000/- the benefit will be payable in case the proposer dies before the policy
anniversary on which the child completes 18 years.
Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal underwriting requirements.


Plan parameters
Age at entry: Min.0 yrs. LBD Max.10 yrs LBD
Maturity age: 26 yrs. LBD
PPT: Min. 8 yrs. Max.18 yrs
Sum assured: min. 1Lac Max. 25Lac
S.A. in multiples: 25,000
Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium
Accidents benefit: N.A.
Policy loan: N.A.
Housing loan: N.A.
Revival: yes
Surrender of policy: yes
P.W.B.: yes
Term rider: yes
CIR: N.A.

Underwriting
Form no: 360
Age proof:
Child 5 yrs. & above: school certificate
If not5yrs. And above: Birth certificate with parent joint declaration
Female lives category: I/II
Non-medical: Not required for L.A.
When PWB + TRB is: Medical exam. Is necessary with
Opted by the proposer, Standard age proof and form no.300
Actual sum assured: Basic SA
Risk coverage: SA+GA+LA
Dating back @ 8%: Allowed


BENEFIT


Maturity benefit: at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of age 22 & 24 yrs. 30%
of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Example: Mr. Rahul Gandhi aged 32 yrs. Takes a komal jeevan policy for his daughter akanksha aged 4 years for
Rs.2 Lac S.A. with PWB and TRB. Risk cover of baby akanksha starts from the policy anniversary after completion of
7th year.


Akanksha will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000 respectively finally, at the age
of 26 years she will get Rs.3,30,000 as Guaranteed Addition @ 75/- per thousand + loyally addition, if any if
akanksha dies after commencement of the risk i.e. 7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand
S.A+ L.A , if any, will be given to the nominee without deducting earlier paid installments.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:27
posted:10/6/2011
language:English
pages:8