Jeevan Vishwas Table No. 136

Jeevan Vishwas (Plan No. 136) is an Endowment Assurance plan designed for the benefit of handicapped dependents.

Premiums: Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).

Guaranteed Additions : The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each completed policy year while the policy is in full force. The Guaranteed Additions are payable at the end of the policy term or on earlier death.

Loyalty Additions: This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.

JEEVAN VISHWAS is a special plan for handicapped persons. Unlike Jeevan Aadhar, which is a Whole Life Plan, this is an Endowment Assurance plan with benefits payable either on date of maturity or on death, whichever is earlier.

Salient Features : Basic sum assured payable either on survival to the term or on death happening within the term. Payment of benefits will be on the basis of 20% as a lump sum and balance 80% to secure an annuity.
Guaranteed Additions are given at a fixed rate of Rs.60/- per Rs.1000- sum assured.
Loyalty Additions are payable for each completed policy year.
Premium paying terms are between 10 to 25 years.
Single Premium available.

Benefits: On the Date of Maturity or earlier death during the term (of life assured):
Basic sum assured + Guaranteed additions of Rs.60/- per Rs.1000/- sum assured + Loyalty Addition on the basis of performance of the LIC.

Once the claim is admitted, there are three options available:
Regular income for life.
Regular income certain for 5, or 10 or 15 years and life thereafter.
Regular income for life with return of notional purchase price i.e. 80% of basic sum assured + 80% of guaranteed additions and loyalty additions.
Handicapped dependant pre-deceasing the life assured:
In the event of the handicapped dependant pre-deceasing the life assured, the life assured has the option to:
Surrender the policy or continue it by paying premium.
Life assured also has option to receive full sum assured in lump sum or on a 20% to 80% basis.
Accident benefits if availed are paid as lump sum as per Accident benefit rules.

Restrictions: Minimum sum assured : Rs.50,000/- in multiple of Rs.25,000/- thereafter
Maximum sum assured : No limit
Minimum age at entry : 20 years completed
Maximum age at entry : 65 years
Maximum age at maturity : 75 years
Premium paying term : 25 years
Minimum Term : 10 years
Maximum Term : 40 years
Minimum premium must be Rs.800/- p.a.
No Loan available against this policy.

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Jeevan Surabhi plan no 106, 107 and 108

Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under

Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
The actual term and the premium paying term for these plans are as under.

Plan no.	Policy Term	Premium Paying Term
106	15 years	12 years
107	20 years	15 years
108	25 years	18 years

Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

Suitable For: This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.


Product summary :
This is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals.

Premiums :
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the premium paying term of the policy or till the earlier death.


Bonuses : This is a with-profit plan and participate in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Death Benefit:  The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.

If death occurs at anytime during the term of a policy (provided the policy has been kept in force by payment of all premiums that had fallen due), the basic sum assured along with the vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from this claim amount. An additional amount (depending on the duration of the policy) will also be paid on death under such a policy. The additional amounts payable, at various stages are shown in the table given below.

Policy	1st year Policy	policy year 6th-10th	11th-15th policy year	16th-20th policy year	21st-26th policy year
106	NIL	500	1000	NIL	NIL
107	NIL	500	1000	1500	NIL
108	NIL	500	1000	1500	2000

Survival Benefits:  A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:

Percentage of Sum Assured payable at the end of specified duration
Plan and Term ( Premium Paying Term )
Duration	Plan
	106/15(12)	107/20(15)	108/25(18)
4	30%	25%	20%
5	-		-
8	30%	25%	20%
10	-	-	-
12	40%	25%	20%
15	-	25%	20%
18	-		20%

Plan no	Survival Benefits	% of basic Sum Assured.	Risk Cover upto
106	at the end of 4 years	30	15 years
	at the end of 8 years	30
	at the end of 12 years	40
	at the end of 15 years	Bonus
107	at the end of 4 years	25	20 years
	at the end of 8 years	25
	at the end of 12 years	25
	at the end of 15 years	25
	at the end of 20 years	Bonus
108	at the end of 4 years	20	25 years
	at the end of 8 years	20
	at the end of 12 years	20
	at the end of 15 years	20
	at the end of 18years	20
	at the end of 25years	Bonus

Maturity Benefit :  The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.

Supplementary/Extra Benefits :  These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.

Surrender Value :  Buying a life insurance contract is a long-term commitment. However, surrender values are available under the plan on earlier termination of the contract.

Guaranteed Surrender Value :
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium in case no survival benefit payment has already fallen due. Where one or more survival benefits have fallen due, the guaranteed surrender value will be 30% of the premiums paid on or after the due date of payment of latest survival benefit.

Corporation’s policy on surrenders :  In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the number of premiums paid and the duration at which surrender value is calculated. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value under its plans from time to time depending on the economic environment, experience and other factors.

Note: The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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Jeevan Sathi Plan No 89

Jeevan Sathi Plan No. 89 Features:

This is an Endowment Assurance Plan issued on the lives of husband and wife. The plan provides financial protection against death of both the lives. It pays the maturity amount on survival of one or both the lives to the end of the policy term.

Premiums : Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the first death of the lives covered, whichever is earlier.

Bonuses : This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Such bonuses are to be added till date of maturity or the second death of the lives covered, whichever is earlier. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Death Benefit : On first death the Sum assured is payable in a lumpsum. If the survivor of the two lives dies thereafter during the remaining policy term, Sum Assured along with the all bonuses is payable again in a lumpsum.

Maturity Benefit : If one or both the lives survive till the end of the policy term, Sum Assured along with all bonuses declared up to maturity date is payable in a lump sum.

Supplementary/Extra Benefits : These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.

Survival benefits: If one or both the lives survive to the maturity date, the sum assured, along with the accumulated bonus, is payable.

Death Benefits: In case either of the couple dies during the policy’s term, two things happen. One, LIC pays to the surviving spouse the full sum assured. And, two, the policy continues on the life of the surviving partner without him/her having to pay any further premiums, i.e. the life cover on the survivor continues free of cost. The sum assured is again be payable on the death of the other partner in case both the husband and wife were to die during the term of the policy. Vested bonus would also be paid along with the sum assured on the second death.

Surrender Value : Buying a life insurance contract is a long-term commitment. However, surrender values are available under the plan on earlier termination of the contract.

Guaranteed Surrender Value : The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.

Corporation’s policy on surrenders : In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premiums paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.

Note : The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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