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NEW JEEVAN SURAKSHA & NEW JEEVAN DHARA
(table no: 147, 148)

Features of Plan:

This plan is the most suitable for those who want to provide regular financial security for their family. Also suitable for people who need regular and periodical amount without interruption New jeevan dhara -1 have been launched with the following benefits:

On the vesting date: the notional cash option together with reversionary bonuses and final compulsorily converted into annuity having following options.

  • 1. Annuity of life
  • 2. Annuity for life with guaranteed period of 5,10,15,20 years.
  • 3. Joint life and last survivor annuity to the annuitant and his/ her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant.
  • 4. Life annuity with return of purchase price
  • 5. Life annuity with annuities increasing at a simple rate of 3% per annum.

During Deferment: a term rider option will be available on the death of the policyholder who has opted for the term assurance rider (provided the policy is in-force), the term assurance S.A. along with all premiums (excluding term assumulated at the rate of 5% p.a. compounding or at such rates as decided by the corporation from time to time will be paid to the nominee. When the policy is not in-force, only return of premiums with interest as stated above will be available. For those not opting for the term assurance rider, in respect of policies which are in-force or in a paid up condition, all premiums accumulated at 5% p.a. compounding or at such rates as decided, by the corporation from time to time, will be paid to the nominee. Term rider option will be available only on the annual premium plan.

Paid up, guaranteed and special surrender value For annual premium plans: the guaranteed surrender value will be equal to 90% of all premiums paid excluding the first year premium, all term assurance premiums and extra premium (if any). This will be allowed after two full years have been completed from the date of commencement. However, the policy can not be surrendered after the annuity vests.

For single premium plan: the guaranteed surrender value will be 90% of the single premium paid. Surrender will be allowed 2 years after the commencement of the policy.

Special surrender value: for annual premium policy this will be available at least two years after the date of commencement and during deferment period if at least two full years' premiums have been paid.

Note: for single premium policies, this will be available one year after the date of commencement and during the deferment period.The special surrender value will be quoted separately. Surrender value will not be available for the term rider benefit.

Non-forfeiture regulation
Paid up benefit: if after at least two full years premium are paid in respect of this policy, any subsequent premium be not duly paid, the policy shall not be wholly void, but the amount of notional cash option shall be reduced to such as shall bear same ratio to the original, as the number of premiums actually paid shall bear to the total number of premium originally stipulated for in the policy. The policy so reduced will thereafter be free from all liabilities for payment of the within mentioned premiums but shall not be entitled to participate in future profits. The existing vested bonus addition will attach to the reduced paid up policy and this will determine the reduced annuity payable on vesting. The option of commutation of 25% pension will also be available on the vesting age. If however the annuity payable is less then the minimum of Rs.250/- the corporation will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lump sum subject to deduction of tax if any, at source as the prevailing taxation rules. In the event of non-payment of the premiums within the days of grace the life cover will cease.

Note: paid up benefit are not available for the term rider option.

Definition
Definition (D.P.): The difference between the date of commencement of the policy and the vesting date is called definition period (D.P.)

Vesting age:
The age at which the receipt of pension start in an insurance-cum-pension plan.

Annuity plan: These plan provide a pension" (or mix of a lump sum amount and a pension) to be paid to the policyholder or his spouse. In the event of death of both of them during the policy period, a lump sum amount is provided for the next of kin.

Notional cash option (NCO): On this amount annuity / pension is calculated and is given to the policyholder.

Commutation value (CV): The option get 25% of final NCO + Bonus is called commutation.

Plan parameters
Age at entry: Minimum 18 yrs. (LBD) Maximum 65 yrs (LBD) for T- 147 Maximum 70 yrs. (LBD) For T-148
Vesting age: Minimum 50 yrs (LBD)
Maximum 79 yrs
Deferment period: Minimum 2 yrs
Maximum 35 yrs
Notional cash option (NCO): Minimum Rs.50,000 (for regular , premium)
Annual premium: Minimum 2,500
Single premium: Minimum 10,000
Mode of payment: YLY, HLY, QLY, SSS, QLY & single premium
Grace days for
Premium payment: 30 days for YLY/ HLY/ QLY & 15 days for MLY
Policy loan: N.A.
Revival: Allowed at10.5% interest compounded HLY
Age proof: standard
Minimum pension payment: Rs.250/-
Mode of pension payment: YLY, HLY, QLY, and MLY
Dating back @ 8%: Allowed

BENEFIT

Maturity benefit: the notional cash option together with bonus and FAB, if any will be compulsorily converted into annuity. The policyholder can commute 25% of the annuity purchase price and the balance amount will be converted into annuity. The annuity rates of Jeevan Akshay-III prevailing at the vesting age will be considered.

Death benefit: on death of the policyholder, whether the policy is in force or paid up, the premiums paid under the policy (excluding any extra premium) will be refunded to the nominee as below.
If the policyholder has opted for the term assurance rider, then nominee will be paid term assurance S.A along with all the premiums compounding @ 5% p.a. term rider is available only on annual premiums.

Example: Mr. Ishant Sharma, aged 35 yrs, opts for new jeevan suraksha -1 so that he can avail the pension at the age of 60 years. He invests Rs.10,000/- annual premium. On maturity, at age of 60 yrs. Mr. Ishant Sharma will get Rs.1,45,541 as CV (25%). Final NCO + Bonus is Rs.5,82,165 out of which option commute 25% CV i.e. 1,45,541 and balance corpus for pension is Rs.4,36,624 which will give monthly pension Rs.1921/- or annual pension of Rs.25,581.

In case of his death after 10 yrs. Of commencement of policy his nominee will get premium paid for 10 years + compounding interest @ 4% p.a. i. e. 10,000 x 10 + 24,864 (compounding interest IRR @ 4%) = 1,24864/-

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