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Features of Plan:
Ideal for farmers and workers, since farmers have to
depend on the climate while worker are subject to change
in trade cycles, depression, strikes, labour disputes,
etc.
Provides full life insurance cover for 3 years even
when the premiums are not paid (this benefit is available
after at lest 2 years even premium are paid) the non-medical
limit is exclusive to this policy. Double accident benefit
and bonus is also granted. Age proof is not insisted,
if S.A. is 50,000 or less upto age 40. no. age extra
is charged for self declaration, if term is 20 yrs.
And age 40 yrs or less. This plan is not allowed to
widows belonging to category III.
Plan parameters
Age at entry: min.18 yrs, max.50 yrs
Maturity age: max. 70 yrs
Sum assured: min. 30,000 max. no. limit
S.A. in multiples: 5000
Term: min. 12 yrs, max. 30 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: inclusive in T.P.
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term: N.A
Under writing
Form: 300
Age proof: std./NSAP-1,2,3,
Female lives category: I/II
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic S.A.
Risk coverage: SA + Bonus
Dating back @ 8%: Allowed
Benefit:
Maturity benefit: payment of S.A.+ accrued bonus
Death benefit:
payment of S.A. + accrued bonus.
Accident benefit: payment of double the S.A.
+ accrued bonuses on the S.A. as defined on the policy
document.
Example: Mr. Anil Ambani, aged 45 invests in
the new janaraksha plan (with profits) for a term of
20 years and S.A. Rs.2lac. he pays Rs.11,599/- as annual
premium. He paid premium for next 6 years, but unfortunately
he dies at the end of 8th year of this policy. His nominee
Mrs. Tina will receive Rs.2,72,000 (basic S.A. + Bonus
as per rate of 2005 i.e. 45/- per thousand per annum
which become Rs.45 x 8 x 200 = 72,000). Therefore, this
plan is best suitable for those whose job is not secured.
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