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Features of plan It has been decided to introduce
LIC,S new bima gold (plan no. 179) with effect from
4th September, 2006. it is a plan where premiums paid
over the term of plan are paid back during the policy
term in instalments at specified duration in case of
survival of life assured and life insurance cover is
a available not only during the term but also during
the extended term of the plan.
Extended term: the extended term will be half
of the policy term and shall commence immediately on
the expiry of the term. For example for a 16 years policy
term The extended term will be 8 years with the result
the total term will be 24 years. No premium are payable
during the extended term of the plan.
Plan parameters
Age at entry: Min. 14 yrs (comp) max. 57 yrs (NBD) for
term 12 yrs max.51 yrs (NBD) for term 16 yrs. Max 45 yrs
(NBD) for term 20 yrs
Age at expiry of
Extended term: max. 75 yrs. (NBD)
Sum assured: min. 50,000 max. no. limit
S.A in multiples: 5000
Term: 12, 16, 20 years.
Mode of payment: YLY/HLY/ QLY/ SSS/ MLY
Accident benefit: Re. 1 extra per
(Max. 50Lacs inclusive all plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A
Underwriting conditions
Form no: 300/340
Age proof: std/ NSAP- 1
Female lives category: I/II
Non-medical (gen): allowed
Non-medical (prof): allowed
Actual coverage: SA+ Bonus
Dating back @ 8%: Allowed
Benefits:
Death benefit: during the policy term: payment
of amount equal to sum assured under the basic plan on
death of the life assured during the policy term
During the extended term: payment of an amount equal to
50% of sum assured under the basic plan on death of the
life assured during the extended term provided all the
premium under the policy have been paid.
Survival benefit: in case the life assured is surviving
to the end of the specified durations, the following benefit
shall be payable:
For policy term 12 years: 15% of the sum assured
under basic plan at the end of each 4th policy year.
For policy term 16 tears: 15% of the sum assured
under basic plan at the end of each 4th, 8th 12th policy
year.
On expiry of policy term: total amount of premiums
(excluding extra/optional rider premiums, if any) paid
plus loyalty addition, if any less the amount of survival
benefit paid earlier.
Loyalty addition: this is a with-profit plan
and the policy shall participate in the profits corporation's
with-profits assurance business. The policy shall however,
be eligible to a share of profit in the form of loyalty
addition (on time) only payable on expiry of policy
term. On the life assured surviving the stipulated date
of expiry of policy term, the policy may be eligible
for payment of loyalty addition, if any; depending upon
the experience of the corporation at such rate and on
such term as may be declared by the corporation.
Auto cover: if at least two full year's premium
has been paid in respect of this policy, any subsequent
premium is not duly paid, full death cover shall continue
for a period of two years from the date of first unpaid
premium (FUP). This period of 2 during the auto-cover
period, one or more installments of premiums can be
paid along with interest without considering continued
of the life assured.
Paid-up & surrender values (GSV, SSV): if
after at least 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 after
the expiry of two years auto cover period from the due
date of fist unpaid premium, but shall subsist as a
paid up policy for an amount equal to the total premiums
paid (excluding any extra/ optional premium) less the
survival benefit paid earlier, if any. This amount shall
be called as paid up value. This policy, thereafter,
shall be payable on the date of expiry of the policy
term or at life assureds prior death. No survival benefit
shall be free from all liabilities for payment of the
within mentioned premiums.
The guaranteed surrender value shall be available after
completion of at least three policy years and at least
full years' premiums have been paid. The guaranteed
surrender value is equal to 30 percent of the total
amount of premium paid for accident benefit rider and
the amount of survival benefit paid earlier.
Cooling-off period: if a policyholder is not
satisfied with the "term and conditions" of
the policy, he/she may return the policy to the corporation
within 15 days from the date receipt of the policy
Example: Mr. Karan Johar, aged 30 years opts for
new bima gold (T. No.179) for 2lac S.A, paying an annual
premium of Rs.7363/- for 20 years period. He receives
Rs.20,000 each at the end of 4,8,12 and 16 years. On maturity
the net amount payable will be total premium paid _ paid
up survival benefit + loyalty addition, if any i.e. 7363
x 20 - 20,000 x 4 = 1,47,260 + loyalty addition, if any,
he will also enjoy the extended term of 10 years i.e.
the term will be 20+10 = 30 years. But if Mr. Karan Johar
dies after 12 years, his nominee will receive Rs.2lac
without deducting the survival benefit paid to Mr. Karan
Johar
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