JEEVAN SARAL Table No 165 LIFE INSURANCE POLICY

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.

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JEEVAN KISHORE Table no 102 LIFE INSURANCE POLICY

JEEVAN KISHORE LIFE INSURANCE POLICY BY LIC With profits plan (Table no. 102)

Features of plan: High bonus from day one child becomes owner of the policy automatically at the age of 18 yrs child's age should be between 0 & 12 yrs (LBD) risk commences after 2 years of age policy or on completion of 7 years of age, whichever is later. No medical examination of the child if age less then 10 yrs. Else medical examination is necessary. Premium waiver benefit is available on payment of extra premium along with standard age proof and medical examination up up to 50 yrs of proposer's age.

Parents of children who want provide a lump sum amount at a particular age of the child can also propose. If both parents are not alive, legal guardian can propose. Grand parents can also propose (w. e. f. 1- 12- 2003) provide premium are paid by grand parents from their own income and consent letter is given from parents. This amount can be used for any particular need of the child like marrige or start in life.

This policy is issued with profit, but bonus for waiting period will vest immediately on the policy anniversary from which risk is covered or at the end of 5 years from commencement of the policy whichever is later, provided the policy is in force.

If children aged 5yrs. & above, not going to school, this plan is not allowed to them.

W. e. f. 23-03-2005 this plan is allowed with single premium mode also.
 
Plan parameters

Age at entry: Min.0, Max. 12 yrs
Maturity age: Max. 45 yrs.
Sum Assured: Min.5000
Term: Min15yrs, Max. 35 yrs
Mode of payment: YLY/HLY/QLY/SP
Accident benefit: after 18 yrs. Age of child
(Max. 50lac inclusive Re.1 extra per All plans)
Policy loan: N. A.
Housing loan: N. A.
Assignment: N. A,
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.

UNDERWRITING CONDITION

Form no.: 300/340
Age proof 0 - 4 yrs: standard
5 yrs. & above: school certificate
Female lives category: I/II
Non-medical (Gen): N. A.
Non-medical (Prof): N. A.
Non-medical (special): N. A.
Actual sum assured: Basic SA
Risk coverage: SA + Bonus
Dating back @ 8%: Allowed
If aged at entry is less then 10 yrs. Then Max. S.A. will be Rs.15 Lac


BENEFIT

Maturity benefit: on maturity the policy will get, the full S.A. + Accrued bonus + FAB, if any.

Death benefit: if death occurs after life risk has been commenced then the S.A.+ vested bonus + FAB, if any, will be payable on death. In case death occurs before commenced of risk, only deposited premiums will be given to the nominee.

Example: Mr. Anil Kapoor aged 35 years takes a Jeevan kishor policy for his 3 years old son master sunny for S.A. 2 lac to be matured at the age of 22 of him son. He also opts for premium waiver benefit.

Life risk will commenced from the policy anniversary after completion of 7 yrs. Of sunny's age. On maturity master sunny will get Rs.3,89,000+FAB , if any (2 lac S.A. +Bonus as per bonus rates of 2005 i.e. Rs.45 per 1000 .S.A. per annum 45 x 200 x 21 = 1,89,000 + FAB if any).

In case of master sunny dies at the age of 12 after commencement of risk cover, then the nominee will get 2,81,000 (2 lac S.A. + Bonus i.e. 45 x 200 x 9 = 81,000).

On attaining the age of 18 master sunny has the option to opt for accident benefit by paying Re. 1 extra per thousand S.A

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JEEVAN CHHAYA Table no 103 LIFE INSURANCE POLICY

JEEVAN CHHAYA LIFE INSURANCE POLICY BY LIC: Table no 103

Features of plan: This policy is beneficial for partner having less then a year old child (not an adopted child). It makes provision for higher education / marriage of the child. In case of death of the policyholder at any time during the term of the policy one additional S.A. will be payable in addition to the above fixed benefits. This plan is not allowed when occupational extra is chargeable and to pregnant ladies. Joint declaration by the husband and wife is must, if child is less then one year old.

One fourth of the S.A. is given every year during the last 4 years of maturity to the policyholder. Bonus for the full term on the full S.A. is given on maturity.

Plan parameter

Age at entry: Min. 18 yrs, Max. 45 yrs
Maturity age: Max: 65 yrs.
Sum assured: Min. 50,000, Max. No Limit

S.A. in multiples: 5000
Term: Min.18 yrs, Max. 25 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re. 1extra per
(Max. 50 Lac inclusive 1000 S.A. All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.

UNDERWRITING CONDITIONS

Form no.: 300
Age proof: std/ NSAP-1
Female lives category: I/II
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: 1.5 times of SA
Risk coverage: SA & prem. Waived
Dating back @ 8%: Allowed

BENEFIT

Survival benefit: 25% S.A. during last 3 yrs. Before maturity
Maturity benefit: on maturity balance 25% of S.A. + Bonus on full S.A.+ FAB, if any.

Death benefit: S.A. is immediately paid to the nominee. Future premiums are waived. Moreover, during last 4 yrs. Of term 25% of S.A. is payable. In addition bonus for full term + FAB, if any will be paid.

Example: Mr. Sachin Tendulkar aged 30 years, opts for jeevan chhaya policy for S.A 2 Lac and term 18 years with DAB. His daughter baby Tanya aged 5 years is nominee and Mrs. Tendulkar meets with an accident, his wife will get Rs.2 Lac on behalf of her daughter. Further more at the end of 15th year, baby Tanya will receive 50,000/- (i.e. one further of S.A) again , at the and of 16th and 17th year of the policy she will receive Rs.50,00/- finally, at the end of 18th year she will get Rs.50,000 + 1,62,000 = 2,12,000 (bonus as per bonus rate of 2005 i.e. Rs.45 per thousand per annum)

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