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Features of plan: this plan is an endowment
plan suitable for a few key people who play a vital
role in its working and profitability. Losing these
key employees could have an impact on the future and
profit of the organization. LIC Jeevan Pramukh, is a
key men insurance plan which would provide the much
needed protection to your company against such unfortunate
loss. This plan has convenient premium paying term of
3,4 or 5 yrs.
Paid-up value: the policy will acquire paid-up
value after more then one year's premiums have been
paid subject to term and Condition
Guaranteed surrender value: this policy can be
surrender for cash after more then one year's premium
have been paid. The guaranteed surrender value allowable
under the policy will be equal to 30% of the total amount
of premium paid excluding the premium for the first
year and the extra premium, if any.
15- days cooling - off period: if you are not
satisfied with the "term and conditions of the
policy you may return the policy to us within 15 days.
Plan parameters
Age at entry: Min.18 yrs (completed) Max.65 yrs (NBD)
Maturity age: Max.75 yrs. (NBD)
Term: Min. 5 yrs Max.25 yrs
Sum assured: Min.10 Lac Max. No. Limit
S.A. in multiples: 1Lac
Mode of payment: YLY/ HLY/ QLY/ MLY
Accident benefit: N.A.
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Underwriting conditions
Form no: 300/340
Age proof: Std
Female lives category: I/II/III
Non-medical (Gen): N.A
Non-medical (Prof): N.A.
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ GA+ Bonus
Dating back @ 8%: Allowed
Policy term (Yrs) 5,10,15,20 or 25
P.P.T. (Yes) 3,4, or 5
Benefit
Maturity benefit: S.A.+ G.A. and accrued simple
reversionary bonuses and final additional bonus, if
any, will be paid to the policyholder on surviving the
term of the policy provided the policy is in full force
for full S.A.
Death benefit: on death of the life assured during
the term of the policy an amount equal to the S.A +
G.A. & Accrued simple reversionary Bonuses and final
additional bonus, if any, will be paid provided the
policy is in full S.A.
Example: Mr. Sanjay Dutt, aged 35 yrs. Is CMD
of Blue Feathers. He opts for jeevan pramukh plan. He
invests Rs.1,40,091 as annual premium for 20 yrs. Term
and PPT 5yrs. With SA Rs.10 Lac On maturity, he will
get basic S.A. + G.A.+ L.A. If any i.e. 20 Lac (Rs.10
Lac + Rs.51 x 1000 x 20 + L.A. if any)
On his death after 10 yrs, Mrs. Sanjay Dutt will get
Rs.15.10 Lac + L.A. if any (Rs.10 Lac + Rs.51 x 1000
x L.A. if any)
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