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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.
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