Anmol Jeevan-I

Introduction of LIC’s Anmol Jeevan-I (without Profits)
( Table No.164)

It has been decided to withdraw Anmol Jeevan (Table 153) with effect from 31st October, 2003 and introduce LIC’s Anmol Jeevan- I (Table No. 164) with effect from 1st November, 2003.

The details of the Plan are as under –

1. BENEFITS
On Death during the Term of the Policy : Sum Assured
On Maturity : Nil


2. RESTRICTIVE CONDITIONS
(a) Minimum age at entry : 18 years (completed)
(b) Maximum age at entry : 50 years (nearer birthday)
(c) Maximum age at maturity : 60 years
(d) Minimum Term : 5 years
(e) Maximum Term : 25 years
(f) Minimum Sum Assured : Rs.500,000/=
(g) Maximum Sum Assured : Rs.3,00,00,000/=(Inclusive of all Term
Assurance plans)
(The policy will be issued in multiples
of Rs.100,000/=)
(f) Mode of premium payment : Yearly, Half-yearly & Single Premium

3. PREMIUM RATES

A Table of premium rates under the plan is given as Annexure ‘A’. Premium rates for ages 18 and 19 years would be same as that for age 20 years.

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4. EXTRA PREMIUM RATES

The extra premiums to be charged in case of substandard lives are as per rates enclosed in Annexure ‘B’. The extra premium for higher EMR will be multiples of these class I extra rates – the multiples being the same as applicable under Endowment Plan.


5. REBATES

a) Mode Rebate
1% of Annual premium for yearly mode and nil for Half-yearly mode.

b) Sum Assured Rebate
Nil in case of Regular Premium policies
Re.1%o Sum Assured for Sum Assured of Rs.25,00,000 and above in case of Single premium policies

c) Rebate for Corporation Employees
Policies issued to Corporation Employees on their own lives under this plan will be eligible for a reduction @ 10% of the Tabular premium for Half-yearly and yearly mode. In case of single premium policy this rebate will be 2% of the tabular premium.


6. AGENTS COMMISSION & CREDIT TO DEVELOPMENT OFFICERS

Commission rates (as percentage of premium) during the premium paying term are as under :

a) Agents and Corporate Agents
1st Year 2nd & 3rd Year Subsequent Years
Single Premium 2% - -
Regular Premium
Policy Term
5 to 9 years 10% 5% 5%
10 to 14 years 15% 7.50% 5%
15 years and above 25% 7.50% 5%
Bonus Commission 40% of First Year Commission (only in case of Annual premiums)

b) Brokers
Policy Term 1st Years Subsequent Years
5 to 9 years 12% 5%
10 to 14 years 20% 5%
15 years and above 30% 5%
Single Premium : 2%
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c) Premium credit for Development Officer

Single Premium : 5%
Regular Premium
Policy Term
5 to 9 years : 30%
10 to 14 years : 60%
15 years and above : 100%


7. UNDERWRITING, AGE PROOF AND MEDICAL REQUIREMENTS

The plan will be allowed to standard and substandard lives (upto class VI EMR). In case of female lives, this plan will be restricted to Category-I and II lives only. For female proposer who has undergone caesarean operation the underwriting rules as mentioned in our circular (Ref : 1851/4 dated 23rd January, 2003) will apply. Physically handicapped persons falling under Group A will be eligible for this Plan with the standard extra rates. Persons following hazardous occupations attracting an Occupation Extra of Rs.4/= or more per Rs.1000/= Sum Assured will not be eligible for the plan. Further, the following points should be noted –

(a) Standard age proof will have to be submitted along with the Proposal Form.
(b) Proposals will be considered on the basis of Medical Reports and Special reports (if any).
(c) Cost of medical examination (including Special reports, if any) will be borne by the LIC as per rules.
(d) The Basic Sum Assured under this plan will be the basis for medical examination and SUC.


8. PAID UP AND SURRENDER VALUE

(a) The policy will not acquire any paid-up value.
(b) No Surrender Value will be available under this plan.


9. LOAN: No loan will be granted under this plan.


10. GRACE PERIOD FOR NON-FORFEITURE PROVISIONS

A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums. If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured paid after deduction of the said premium as also unpaid premiums falling due before the next policy anniversary of the policy. If the premium is not paid before the expiry of the days of grace, the policy lapses.
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11. REVIVAL

If the policy has lapsed, it may be revived during the life time of the Life Assured, but before the date of expiry of the policy term, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be prevailing at the time of the revival. The Corporation reserves the right to accept or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

The cost of the medical reports, including special reports, if any, required for the purposes of revival of the policy, shall be borne by the Life Assured.


12. PAYMENT OF CLAIMS

No claim concession will be applicable to this policy.


13. BACK-DATING INTEREST

The policy can be dated back within the financial year. No dating back interest shall be charged.


14. PROPOSAL FORM

Form No.300 can be used for proposal under this plan.


15. POLICY DOCUMENT

A specimen of the policy document is enclosed herewith.