LIC Launched New JEEVAN VRIDDHI (Plan No. 808)
Jeevan Vriddhi is a single premium non-linked plan which provides for payment of Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, on maturity. Under this plan death benefit is the Basic Sum Assured.
The benefits and other details of Jeevan Vriddhi are given below.
Benefits of JEEVAN VRIDDHI (Plan No. 808)
i) Death Benefit: On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium excluding extra premium, if any, shall be payable.
ii) Maturity Benefit: At the end of the policy term maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.
iii) Loyalty Addition: Provided the policy is in full force at the time of maturity, then depending upon the Corporation’s experience with regard to the policies issued under this plan, the policy will be eligible for Loyalty Addition on the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation. The Loyalty Addition payable shall be based on the Guaranteed Maturity Sum Assured.
Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Mode of premium payment : Single premium
d) Minimum Single Premium : Rs.30,000/-
e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years.
Benefits of JEEVAN VRIDDHI (Plan No. 808)
i) Death Benefit: On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium excluding extra premium, if any, shall be payable.
ii) Maturity Benefit: At the end of the policy term maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.
iii) Loyalty Addition: Provided the policy is in full force at the time of maturity, then depending upon the Corporation’s experience with regard to the policies issued under this plan, the policy will be eligible for Loyalty Addition on the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation. The Loyalty Addition payable shall be based on the Guaranteed Maturity Sum Assured.
Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Mode of premium payment : Single premium
d) Minimum Single Premium : Rs.30,000/-
e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years.
Rebates: Incentive for higher single premium (excluding extra premium, if any) by way of increase in Guaranteed Maturity Sum Assured is as under: Single Premium Increase in Guaranteed Maturity Sum Assured
Below Rs. 50,000 Nil
Rs. 50,000 to Rs. 99,000 1.25%
Rs. 100,000 and above 3.00%
Guaranteed Surrender Value
The Guaranteed Surrender Value will be available after expiry of one policy year.
The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding any extra premium, if any.
Special Surrender Value:
Special Surrender Value will be payable, if it is more favorable to the policyholder.
The Special Surrender Value will be the discounted value of the Guaranteed Maturity Sum Assured. The discount factors shall be the special surrender value factors used for Endowment Assurance plan, which will depend on the duration elapsed since commencement of the policy. The Special Surrender Value factors per Rs. 100 Guaranteed Maturity Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.
Loans:
Loan facility is available under this plan, after completion of one policy year subject to following conditions:
a) Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.
b) The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.
c) No foreclosure action should be taken under this plan even if there is a default in payment of loan interest.
Service Tax: Under this plan, the amount of service tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any.