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JEEVAN VISHWAS (table no: 136)

Features of Plan:

This plan is suitable for the people who have handicapped dependant. It is endowment with guaranteed and loyalty additions.
Guaranteed addition at the rate of Rs.60% of basic S.A. will accrue at the end of each completed policy year while the policy is in force for full S.A. and will be payable on the date of maturity or on early death of the life assured. Policy is eligible for high S.A. rebates as under:

Guaranteed surrender value: Annul premium paying policy under this plan can be surrendered for cash at any time after the premiums have been paid for at least three years. The surrendered value allowable under this policy will be equal to 30% of the total amount of premiums paid excluding the premium for the first years and all extra premiums, if any, on surrender, cash value of accrued guaranteed additions also will be allowed single premium policy can be surrender for cash at any time after the policy has run for at least three years.

Plan parameters

Age at entry: Min.20 yrs Max.65 yrs
Maturity age: Max. 75 yrs.
Sum assured: Min. 50,000 Max. No. Limit
S.A. in multiples: 25,000
Term: Min. 10 yrs Max.40 yrs
Mode of payment: YLY/HLY/QLY/SP
Accident benefit: Allowed only for annual premium policies
Policy loan: N.A
Housing loan: N.A
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A
CIR: N.A


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: basic S.A. + accrued guaranteed addition + loyalty addition. If any will be payable on the life assured (proposer) surviving the date of maturity of the life assured 20% of basic S.A. + G.A + L.A, if any is paid at maturity of the policy.

Balance 80% is utilised to provide an immediate annuity on life of handicapped de0pendent as per the chose mode.

The annuity is paid in one of the following:

  • Annuity for life
  • Annuity for 5, 10 or 15 yrs. And for life thereafter
  • Annuity for life with return of notional purchase price (which is 80% of total basic S.A. + G.A + L.A if any)

Death benefit: On death of the life assured during the term of the policy, basic S.A. + Accrued Guaranteed Additions. The accident and disability benefits will be paid as per the usual LIC practice..

Example: Mr. Satish Shah aged 30 yrs. A Jeevan vishwas policy for this handicapped son ramesh aged 8 years for S.A. 2.5 Lac for term 20 yrs. He pays an annual premium of Rs.13027/- on maturity, his son will get 20% of (basic S.A. i.e. 2.5 Lac + G.A. @ Rs.60 per thousand i.e. 60 x 250 x 20 = 3 Lac + 2.5 Lac = 5.5 Lac) = 0.2 x 5.5 = Rs.1.1Lac + 20% of L.A. if any and balance 80% will be converted in to an immediate annuity as per the chosen mode.

In case of death of Mr. Satish before maturity, Mr. Satish will get Rs.1.1Lac + 20% of LA if any and 80% is converted in to the immediate annuity according to the selected mode.

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