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Features of Plan:
This plan is suitable for the people who have handicapped
dependant. It is endowment with guaranteed and loyalty
additions.
Guaranteed addition at the rate of Rs.60% of basic S.A.
will accrue at the end of each completed policy year
while the policy is in force for full S.A. and will
be payable on the date of maturity or on early death
of the life assured. Policy is eligible for high S.A.
rebates as under:
Guaranteed surrender value: Annul premium paying
policy under this plan can be surrendered for cash at
any time after the premiums have been paid for at least
three years. The surrendered value allowable under this
policy will be equal to 30% of the total amount of premiums
paid excluding the premium for the first years and all
extra premiums, if any, on surrender, cash value of
accrued guaranteed additions also will be allowed single
premium policy can be surrender for cash at any time
after the policy has run for at least three years.
Plan parameters
Age at entry: Min.20 yrs Max.65 yrs
Maturity age: Max. 75 yrs.
Sum assured: Min. 50,000 Max. No. Limit
S.A. in multiples: 25,000
Term: Min. 10 yrs Max.40 yrs
Mode of payment: YLY/HLY/QLY/SP
Accident benefit: Allowed only for annual premium policies
Policy loan: N.A
Housing loan: N.A
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A
CIR: N.A
Under writing
Form no: 300 + appendix
Age proof: Std (of life assured and disable dependent)
Female lives category: I/II/III
Non-medical (Gen): Allowed (with PPT 5-10 yrs)
Non-medical (special): Allowed
Actual sum assured: Allowed
Risk coverage: SA + GA + Terminal Bonus (if any)
Dating back @ 8%: Allowed
Benefit:
Maturity benefit: basic S.A. + accrued guaranteed addition
+ loyalty addition. If any will be payable on the life
assured (proposer) surviving the date of maturity of
the life assured 20% of basic S.A. + G.A + L.A, if any
is paid at maturity of the policy.
Balance 80% is utilised to provide an immediate annuity
on life of handicapped de0pendent as per the chose mode.
The annuity is paid in one of the following:
- Annuity for life
- Annuity for 5, 10 or 15 yrs. And for life thereafter
- Annuity for life with return of notional purchase
price (which is 80% of total basic S.A. + G.A + L.A
if any)
Death benefit: On death of the life assured
during the term of the policy, basic S.A. + Accrued
Guaranteed Additions. The accident and disability benefits
will be paid as per the usual LIC practice..
Example: Mr. Satish Shah aged 30 yrs. A Jeevan
vishwas policy for this handicapped son ramesh aged
8 years for S.A. 2.5 Lac for term 20 yrs. He pays an
annual premium of Rs.13027/- on maturity, his son will
get 20% of (basic S.A. i.e. 2.5 Lac + G.A. @ Rs.60 per
thousand i.e. 60 x 250 x 20 = 3 Lac + 2.5 Lac = 5.5
Lac) = 0.2 x 5.5 = Rs.1.1Lac + 20% of L.A. if any and
balance 80% will be converted in to an immediate annuity
as per the chosen mode.
In case of death of Mr. Satish before maturity, Mr.
Satish will get Rs.1.1Lac + 20% of LA if any and 80%
is converted in to the immediate annuity according to
the selected mode.
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