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JEEVAN AADHAR (table no: 114)

Features of Plan:

Making financial arrangement for disabled dependents is the main aim of this plan. This plan is allowed for all the categories of sub-standard lives. Permanent disability benefit, accident benefit and E.P.D.B. are available at standard rates for the persons of class-A with loss of one lag. Maturity benefit is not allowed in this plan, hence, the claim amount will be paid only after the death of insured life. Premiums are paid till the specified term only either disabled dependent or the trustee is nominee in this plan this is a limited payment whole life kind of policy.

Plan parameters

Plan parameters
Age entry: Min.22 yrs, Max. 65 yrs
Maturity age: Max. 75 yrs
Sum assured: Min. 50,000, Max. No, Limit
S.A. in multiples: 5,000
Term: Min. 10 yrs, Max. 35 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Allowed
Policy loan: No
Housing loan: yes
Revival: yes
Surrender of policy: No
Term rider (T.R): No
CIR: No

Under writing

Form no: 300 + appendix
Age proof: Std (of life assured and disable dependent)
Female lives category: I/II/III
Non-medical (Gen): Allowed (with PPT 5-10 yrs)
Non-medical (special): Allowed
Actual sum assured: Allowed
Risk coverage: SA + GA + Terminal Bonus (if any)
Dating back @ 8%: Allowed

Benefit:

Maturity benefit: Not Allowed

Death benefit: if life assured dies after paying the premium at least for 10 years, the nominee will get SA+ GA. (at the rate of Rs.100/- per thousand) + terminal bonus (if any). This amount is called assumed SA. 20% of the assumed SA will be paid to the nominee and rest 80% will be utilised to pay in the form of guaranteed annuities for 15 years and making arrangement for his living after that. If the disabled dependent dies before the life assured, the contract will be ended. The life assured may get the amount paid premiums excluding the extra premiums paid for accident paid for accident benefit or he can continue his policy for reduced paid up SA (with GA + Terminal bonus) will be paid to life assured's legal heirs after his death.

Income tax rebate: under sec. 80 DD of income tax act, the premium amount will be 100% tax free.

Other relaxation: Rs.50,000, if the disabled is of normal category and Rs.75,000 if the disability is 80% or more. If the disabled dependent dies before the life assured, the amount of all the reduction will be considered taxable.

Note: disabled dependent is a permanent physically or mentally handicapped person related to the life assured (premium payer).

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