| Age | SinglePremium | Basic Sum Assured | Guaranteed Maturity Sum Assured | Loyalty Additions @ 10% | Total Maturity Amount | Returns on Investments | |
| With Loyalty Addn | Without Loyalty Addn | ||||||
| 8 | 100000 | 500000 | 204414 | 25552 | 229966 | 8.68% | 7.41% |
| 9 | 100000 | 500000 | 204156 | 25520 | 229676 | 8.67% | 7.40% |
| 10 | 100000 | 500000 | 203852 | 25482 | 229334 | 8.65% | 7.38% |
| 11 | 100000 | 500000 | 203482 | 25435 | 228917 | 8.63% | 7.36% |
| 12 | 100000 | 500000 | 203126 | 25391 | 228517 | 8.62% | 7.34% |
| 13 | 100000 | 500000 | 202797 | 25350 | 228146 | 8.60% | 7.33% |
| 14 | 100000 | 500000 | 202534 | 25317 | 227851 | 8.58% | 7.31% |
| 15 | 100000 | 500000 | 202297 | 25287 | 227584 | 8.57% | 7.30% |
| 16 | 100000 | 500000 | 202076 | 25259 | 227335 | 8.56% | 7.29% |
| 17 | 100000 | 500000 | 201880 | 25235 | 227115 | 8.55% | 7.28% |
| 18 | 100000 | 500000 | 201705 | 25213 | 226918 | 8.54% | 7.27% |
| 19 | 100000 | 500000 | 201550 | 25194 | 226744 | 8.53% | 7.26% |
| 20 | 100000 | 500000 | 201417 | 25177 | 226594 | 8.52% | 7.25% |
| 21 | 100000 | 500000 | 201303 | 25163 | 226466 | 8.52% | 7.25% |
| 22 | 100000 | 500000 | 201205 | 25151 | 226356 | 8.51% | 7.24% |
| 23 | 100000 | 500000 | 201123 | 25140 | 226263 | 8.51% | 7.24% |
| 24 | 100000 | 500000 | 201041 | 25130 | 226171 | 8.50% | 7.23% |
| 25 | 100000 | 500000 | 200948 | 25118 | 226066 | 8.50% | 7.23% |
| 26 | 100000 | 500000 | 200840 | 25105 | 225945 | 8.49% | 7.22% |
| 27 | 100000 | 500000 | 200701 | 25088 | 225788 | 8.49% | 7.21% |
| 28 | 100000 | 500000 | 200526 | 25066 | 225591 | 8.48% | 7.21% |
| 29 | 100000 | 500000 | 200289 | 25036 | 225325 | 8.46% | 7.19% |
| 30 | 100000 | 500000 | 199985 | 24998 | 224983 | 8.45% | 7.18% |
| 31 | 100000 | 500000 | 199583 | 24948 | 224531 | 8.42% | 7.15% |
| 32 | 100000 | 500000 | 199078 | 24885 | 223963 | 8.40% | 7.13% |
| 33 | 100000 | 500000 | 198481 | 24810 | 223291 | 8.36% | 7.10% |
| 34 | 100000 | 500000 | 197801 | 24725 | 222526 | 8.33% | 7.06% |
| 35 | 100000 | 500000 | 197024 | 24628 | 221651 | 8.28% | 7.02% |
| 36 | 100000 | 500000 | 196143 | 24518 | 220661 | 8.24% | 6.97% |
| 37 | 100000 | 500000 | 195144 | 24393 | 219537 | 8.18% | 6.91% |
| 38 | 100000 | 500000 | 194016 | 24252 | 218268 | 8.12% | 6.85% |
| 39 | 100000 | 500000 | 192734 | 24092 | 216825 | 8.05% | 6.78% |
| 40 | 100000 | 500000 | 191281 | 23910 | 215191 | 7.96% | 6.70% |
| 41 | 100000 | 500000 | 189669 | 23709 | 213378 | 7.87% | 6.61% |
| 42 | 100000 | 500000 | 187867 | 23483 | 211350 | 7.77% | 6.51% |
| 43 | 100000 | 500000 | 185802 | 23225 | 209027 | 7.65% | 6.39% |
| 44 | 100000 | 500000 | 183448 | 22931 | 206379 | 7.51% | 6.26% |
| 45 | 100000 | 500000 | 180796 | 22599 | 203395 | 7.36% | 6.10% |
| 46 | 100000 | 500000 | 177835 | 22229 | 200064 | 7.18% | 5.93% |
| 47 | 100000 | 500000 | 174559 | 21820 | 196379 | 6.98% | 5.73% |
| 48 | 100000 | 500000 | 170975 | 21372 | 192347 | 6.76% | 5.51% |
| 49 | 100000 | 500000 | 167128 | 20891 | 188019 | 6.52% | 5.27% |
| 50 | 100000 | 500000 | 162972 | 20371 | 183343 | 6.25% | 5.01% |
Jeevan Vriddhi plan no 808 Calculator
New Janaraksha Plan Table 91
LIC New Janaraksha (Plan Plan No. 91)
Accidental Benefit:
Eligibility of LIC New Janaraksha
Minimum Entry Age: 18 Years
Maximum Entry Age: 50 Years
Maximum Maturity Age: 70 Years
Policy Term: 12 to 30 Years
Premium Payment Term: Regular
Minimum Sum Assured: Rs 50,000 per annum
Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly
What benefits does LIC New Janaraksha offer?
Death benefit:
In case of unfortunate death of the life insured, Sum Assured along with vested bonuses is paid.
Accidental Benefit:
In case of death because of accident, Sum Assured subject to maximum of INR 5 lacs is paid. In case of disability as a resilt of accident, Sum Assured is paid in installments.
Maturity Benefit:
At the end of policy term, premiums paid with vested bonuses will be paid.
Bonuses: These are added at the end of each financial year and are a percentage of Sum Assured. The percentage depends on the performance of the company.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Surrender Value: You can surrender the policy after it has been in force for 3 years or more. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.
Free Look Period: New Janaraksha plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
Accidental Benefit:
Eligibility of LIC New Janaraksha
Minimum Entry Age: 18 Years
Maximum Entry Age: 50 Years
Maximum Maturity Age: 70 Years
Policy Term: 12 to 30 Years
Premium Payment Term: Regular
Minimum Sum Assured: Rs 50,000 per annum
Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly
What benefits does LIC New Janaraksha offer?
Death benefit:
In case of unfortunate death of the life insured, Sum Assured along with vested bonuses is paid.
Accidental Benefit:
In case of death because of accident, Sum Assured subject to maximum of INR 5 lacs is paid. In case of disability as a resilt of accident, Sum Assured is paid in installments.
Maturity Benefit:
At the end of policy term, premiums paid with vested bonuses will be paid.
Bonuses: These are added at the end of each financial year and are a percentage of Sum Assured. The percentage depends on the performance of the company.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Surrender Value: You can surrender the policy after it has been in force for 3 years or more. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.
Free Look Period: New Janaraksha plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
NEW BIMA GOLD INSURANCE POLICY (table 179)
NEW BIMA GOLD INSURANCE POLICY BY LIC (Plan No. 179)
Extended term: the extended term will be half of the policy term and shall commence immediately on the expiry of the term. For example for a 16 years policy term The extended term will be 8 years with the result the total term will be 24 years. No premium are payable during the extended term of the plan.
Plan parameters
Age at entry: Min. 14 yrs (comp) max. 57 yrs (NBD) for term 12 yrs max.51 yrs (NBD) for term 16 yrs. Max 45 yrs (NBD) for term 20 yrs
Age at expiry of
Extended term: max. 75 yrs. (NBD)
Sum assured: min. 50,000 max. no. limit
S.A in multiples: 5000
Term: 12, 16, 20 years.
Mode of payment: YLY/HLY/ QLY/ SSS/ MLY
Accident benefit: Re. 1 extra per
(Max. 50Lacs inclusive 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: 300/340
Age proof: std/ NSAP- 1
Female lives category: I/II
Non-medical (gen): allowed
Non-medical (prof): allowed
Actual coverage: SA+ Bonus
Dating back @ 8%: Allowed
Benefits:
Death benefit: during the policy term: payment of amount equal to sum assured under the basic plan on death of the life assured during the policy term. During the extended term: payment of an amount equal to 50% of sum assured under the basic plan on death of the life assured during the extended term provided all the premium under the policy have been paid.
Survival benefit: in case the life assured is surviving to the end of the specified durations, the following benefit shall be payable: For policy term 12 years: 15% of the sum assured under basic plan at the end of each 4th policy year.
For policy term 16 tears: 15% of the sum assured under basic plan at the end of each 4th, 8th 12th policy year. On expiry of policy term: total amount of premiums (excluding extra/optional rider premiums, if any) paid plus loyalty addition, if any less the amount of survival benefit paid earlier.
Loyalty addition: this is a with-profit plan and the policy shall participate in the profits corporation's with-profits assurance business. The policy shall however, be eligible to a share of profit in the form of loyalty addition (on time) only payable on expiry of policy term. On the life assured surviving the stipulated date of expiry of policy term, the policy may be eligible for payment of loyalty addition, if any; depending upon the experience of the corporation at such rate and on such term as may be declared by the corporation.
Auto cover: if at least two full year's premium has been paid in respect of this policy, any subsequent premium is not duly paid, full death cover shall continue for a period of two years from the date of first unpaid premium (FUP). This period of 2 during the auto-cover period, one or more installments of premiums can be paid along with interest without considering continued of the life assured.
Paid-up & surrender values (GSV, SSV): if after at least full year's premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years auto cover period from the due date of fist unpaid premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/ optional premium) less the survival benefit paid earlier, if any. This amount shall be called as paid up value. This policy, thereafter, shall be payable on the date of expiry of the policy term or at life assureds prior death. No survival benefit shall be free from all liabilities for payment of the within mentioned premiums.
The guaranteed surrender value shall be available after completion of at least three policy years and at least full years' premiums have been paid. The guaranteed surrender value is equal to 30 percent of the total amount of premium paid for accident benefit rider and the amount of survival benefit paid earlier.
Cooling-off period: if a policyholder is not satisfied with the "term and conditions" of the policy, he/she may return the policy to the corporation within 15 days from the date receipt of the policy
It is a plan where premiums paid over the term of plan are paid back during the policy term in instalments and life insurance cover is available not only during the term but also during the extended term of the plan.
Extended term: the extended term will be half of the policy term and shall commence immediately on the expiry of the term. For example for a 16 years policy term The extended term will be 8 years with the result the total term will be 24 years. No premium are payable during the extended term of the plan.
Plan parameters
Age at entry: Min. 14 yrs (comp) max. 57 yrs (NBD) for term 12 yrs max.51 yrs (NBD) for term 16 yrs. Max 45 yrs (NBD) for term 20 yrs
Age at expiry of
Extended term: max. 75 yrs. (NBD)
Sum assured: min. 50,000 max. no. limit
S.A in multiples: 5000
Term: 12, 16, 20 years.
Mode of payment: YLY/HLY/ QLY/ SSS/ MLY
Accident benefit: Re. 1 extra per
(Max. 50Lacs inclusive 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: 300/340
Age proof: std/ NSAP- 1
Female lives category: I/II
Non-medical (gen): allowed
Non-medical (prof): allowed
Actual coverage: SA+ Bonus
Dating back @ 8%: Allowed
Benefits:
Death benefit: during the policy term: payment of amount equal to sum assured under the basic plan on death of the life assured during the policy term. During the extended term: payment of an amount equal to 50% of sum assured under the basic plan on death of the life assured during the extended term provided all the premium under the policy have been paid.
Survival benefit: in case the life assured is surviving to the end of the specified durations, the following benefit shall be payable: For policy term 12 years: 15% of the sum assured under basic plan at the end of each 4th policy year.
For policy term 16 tears: 15% of the sum assured under basic plan at the end of each 4th, 8th 12th policy year. On expiry of policy term: total amount of premiums (excluding extra/optional rider premiums, if any) paid plus loyalty addition, if any less the amount of survival benefit paid earlier.
Loyalty addition: this is a with-profit plan and the policy shall participate in the profits corporation's with-profits assurance business. The policy shall however, be eligible to a share of profit in the form of loyalty addition (on time) only payable on expiry of policy term. On the life assured surviving the stipulated date of expiry of policy term, the policy may be eligible for payment of loyalty addition, if any; depending upon the experience of the corporation at such rate and on such term as may be declared by the corporation.
Auto cover: if at least two full year's premium has been paid in respect of this policy, any subsequent premium is not duly paid, full death cover shall continue for a period of two years from the date of first unpaid premium (FUP). This period of 2 during the auto-cover period, one or more installments of premiums can be paid along with interest without considering continued of the life assured.
Paid-up & surrender values (GSV, SSV): if after at least full year's premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years auto cover period from the due date of fist unpaid premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/ optional premium) less the survival benefit paid earlier, if any. This amount shall be called as paid up value. This policy, thereafter, shall be payable on the date of expiry of the policy term or at life assureds prior death. No survival benefit shall be free from all liabilities for payment of the within mentioned premiums.
The guaranteed surrender value shall be available after completion of at least three policy years and at least full years' premiums have been paid. The guaranteed surrender value is equal to 30 percent of the total amount of premium paid for accident benefit rider and the amount of survival benefit paid earlier.
Cooling-off period: if a policyholder is not satisfied with the "term and conditions" of the policy, he/she may return the policy to the corporation within 15 days from the date receipt of the policy
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.
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.
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.
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.
Survival Benefits: A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:
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.
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 |
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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