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Feature of plan: Jeevan Anurag is a with profit
plan specifically designed to take care of the educational
needs of children. The plan can be taken by a parent
on his or her own life benefits under the plan are payable
at pre-specified duration irrespective on whether the
life assured survives to the end of the policy tremor
dies during the term of the policy. In addition, this
plan also provides for an immediate payment of basic
S.A amount on the life assured during the term of the
policy. This plan is not allowed when occupation extra
chargeable and to pregnant ladies.
15 - days cooling-of period: if you are not satisfied
with the "term and conditions of the policy you
may return the policy to us within 15 days.
Paid up value: if at least three 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, but the S.A. by it shall be reduced
to such a sum, called the paid-up value, as shall bear
the same ration to the full S.A. as the number of premium
actually paid shall bear to the total number of premium
originally stipulated in the policy. The policy so reduced
shall thereafter be free from all liabilities for payment
of the within mentioned premium, but shall not entitled
to the future bonuses.
Guaranteed surrender value: this policy can be
surrender for cash after the policy is kept in force
by payment of premiums for at least three years. The
guaranteed surrender value allowable under this plan
for all modes, except the premium mode will be equal
to
30% of the premium paid excluding the premiums paid
for the first year and all extra premiums and the premiums
paid for optional / rider benefits. In case of single
premium mode, the guaranteed surrender value will be
90% of the premiums paid excluding all extra premiums
and the premiums paid for optional/ rider benefits.
Critical illness rider benefit: critical illness
rider benefit will be available for an amount not excluding
the S.A. under the basic plan subject to overall cover
of 5lakh under all polices of the life assured with
the corporation taken together.
If premium waiver benefit is opted for then in case
of diagnosis by any of the critical illnesses condition
covered under the policy, the total future premiums
in respect of the policy will be waived S.A under such
polices will not exceed Rs.5lakh.
Plan parameters
Age at entry: Min.20 yrs (NBD) Max.60yrs (NBD)
Maturity age: Max.70 yrs. (NBD)
Term: Min.5 yrs for S.P & 10 yrs for regular Max.
25 yrs
Sum assured: Min.50,000 Max. No Limit
S.A in multiples: 5000
Premium paying: policy term or
Term (PPT): policy term-3
Mode of payment: YLY/ HLY/QLY/SSS/MLY and single premium
Accident benefit: Allowed (with extra premium)
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yea
Surrender of policy: yes
Term rider: yes
CIR: yes
Underwriting condition
Form no: 300
Age proof: std/ NSAP-1 (WR 5Lac)
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: 1.5 times of S.A
Dating back @ 8%: Allowed
BENEFIT
Maturity benefit: payment of the basic S.A at
the start of every year during last 3 policy years before
maturity. At maturity 40% of the along with reversionary
bonus declared from time to the full term and the terminal
bonus if any shall be payable
Death benefit: payment of an amount equal to
S.A. under the basic plan immediately on the life assured
is paid to the nominee. No. Premiums are payable thereafter.
An amount equal to 20% of the basic S.A. at the start
of every year during last 3 policy years is paid to
the nominee. In addition he will also get 40% of the
basic S.A + Accured Reversionary bonus for the full
term & terminal bonus, is any is also paid.
Accident benefit : accident death and disability
benefit will be available for an amount not exceeding
the S.A under the basic plan subject to overall cover
of 50 lac under all policy of the life assured with
the corporation taken together.
Example: Mr. Tushar Kapoor aged 35 years opted
for jeevan anuurag plan, S.A 2 Lac, for a term of 15
years. He pays an annual premium of Rs.15,323/- if the
policy is in full force, Mr. Tushar Kapoor Will get
20% of S.A i.e. Rs.40,000/- at the start of 31th, 14th
& 15th policy year and the balance 40% of S.A i.e.
Rs.80,000 will be given at the end of 15th year along
with reversionary bonuses declared from time to time
for the full term, plus terminal bonus, if any shall
be payable. in case Mr. Tushar Kapoor dies during 10th
year his nominee will receive Rs.2 lac.
No premiums are payable thereafter Moreover the nominee
will get Rs.40,000/- at the start of 31th, 14th &
15th policy year and on maturity Rs.80,000 + Reversionary
Bonus + terminal bonus, if any.
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