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Untitled Document
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Jeevan Anurag - Other
Benefits
The plan offers other benefits as follows:
Grace Period:
A grace period of one month but not less than 30 days will be
allowed for payment of yearly, half-yearly or quarterly premiums
and 15 days for monthly premiums.
15 –days Cooling-off period:
If you are not satisfied with the “Terms and Conditions”
of the policy you may return the policy to us within 15 days.
Paid up Value:
If at least three full years' 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 Sum Assured by it shall
be reduced to such a Sum, called the paid-up value, as shall bear
the same ratio to the full Sum Assured as the number of premiums
actually paid shall bear to the total number of premiums originally
stipulated in the policy. The policy so reduced shall thereafter
be free from all liability for payment of the within mentioned
premium, but shall not be entitled to the future bonuses. The
existing vested reversionary bonuses, if any, will remain attached
to the reduced paid-up Policy. The Sum Assured so reduced along
with existing bonuses, if any, shall be paid in one single instalment
on maturity or on earlier death.
The rider benefits will cease to apply if the policy is in lapsed
condition.
Once the payment of assured benefit starts, the policy shall
be kept in force till maturity and the unpaid premiums, if any,
will be deducted with interest at appropriate rate out of the
next benefit payment.
Loan:
Policy Loan is permissible under the policy after it acquires
a paid-up value but before starting of payment of assured benefits.
The terms and conditions of loan and the rate of interest applicable
will be as fixed by the Corporation from time to time. At present,
the rate of interest is 9% p.a. compounding half-yearly.
Guaranteed Surrender Value:
This policy can be surrendered 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 single premium mode will be equal to 30 per cent of
the premiums 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 per cent of the premiums paid excluding all extra
premiums and the premiums paid for optional / rider benefits.
The cash value of any existing vested bonus additions will also
be payable on surrender.
Revival:
Subject to production of satisfactory evidence of continued insurability,
a lapsed policy can be revived by paying arrears of premium together
with interest within a period of five years from the due date
of first unpaid premium. The rate of interest applicable will
be as fixed by the Corporation from time to time. At present the
rate of interest is 8% p.a. compounding half-yearly.
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Optional
Rider Benefits:
The plan offers following optional riders on payment of additional
premium and subject to the eligibility conditions mentioned below:
Accidental Death and Disability Benefit
Accidental Death and Disability Benefit will be available for an
amount not exceeding the sum assured under the basic plan subject
to overall cover of 25 lakh under all policies of the life assured
with the Corporation taken together
Term Assurance Rider Benefit
Term assurance rider benefit will be available for an amount not
exceeding the sum assured under the basic plan subject to overall
cover of 25 lakh under all policies of the life assured with the
Corporation taken together.
Critical Illness Rider Benefit
Critical Illness Rider Benefit will be available for an amount not
exceeding the sum assured under the basic plan subject to overall
cover of 5 lakh under all policies 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 illness conditions covered
under the policy, the total future premiums in respect of the policy
will be waived. Sum Assured under such policies will not exceed
Rs 5 lakh.
Accidental Death and Disability Benefit:
On death arising as a result of accident an additional amount equal
to the Accident Benefit Sum Assured is payable. On total and permanent
disability arising due to accident (within 180 days from the date
of accident) an amount equal to the Accident Benefit Sum Assured
will be paid over a period of 10 years in monthly instalments.
The disability due to accident should be total
and such that the Life Assured is unable to carry out any work to
earn the living. Following disabilities due to accidents are covered
:
i) Irrevocable loss of the entire sight of both eyes, or
ii) Amputation of both hands at or above the wrists,
or
iii) Amputation of both feet at or above ankles,
or
iv ) Amputation of one hand at or above the wrist
and one foot at or above the ankle
No benefit will be paid if accidental death or disability
arises due to accident in case of:
i) intentional self-injury, attempted suicide insanity or immorality
or the Life Assured is under the influence of intoxicating liquor,
drug or narcotic
ii) engagement in aviation or aeronautics other than that of a
passenger in any air craft
iii) injuries resulting from riots, civil commotion, rebellion,
war, invasion, hunting, mountaineering, steeple chasing or racing
of any kind
iv) accident resulting from committing any breach of law
v) accident arising from employment in armed forces
or military services or police organisation.
Term Assurance Rider Benefit:
An amount equal to Term Assurance Rider Sum Assured will be payable
on death of the life assured during the policy term.
If Premium Waiver Benefit has been opted for ,
then in case of diagnosis by any of the critical illness conditions
covered under the policy, the total future premiums payable (total
instalment premium) will be waived.
Exclusions:
This policy shall be void if the Life Assured commits suicide (whether
sane or insane at the time) at any time on or after the date on
which the risk under the policy has commenced but before the expiry
of one year from the date of commencement of risk. In case of death
due to suicide during this period, the Corporation will not entertain
any claim by virtue of this policy except to the extent of a third
party’s bona-fide beneficial interest acquired in the policy
for valuable consideration of which notice has been given in writing
to the office where this policy is serviced, at least one calendar
month prior to death.
Benefit Illustration:
Statutory warning:
“Some benefits are guaranteed and some benefits are variable
with returns based on the future performance of your Insurer carrying
on life insurance business. If your policy offers guaranteed returns
then these will be clearly marked “guaranteed” in the
illustration table on this page. If your policy offers variable
returns then the illustrations on this page will show two different
rates of assumed future investment returns. These assumed rates
of return are not guaranteed and they are not the upper or lower
limits of what you might get back, as the value of your policy is
dependent on a number of factors including future investment performance.”
Illustration 1:
| Age at entry (Life Assured) |
35 years |
| Policy Term |
25 years |
| Premium paying term |
25 years |
| Mode of premium payment |
Yearly |
| Sum Assured |
Rs.1,05,000/- |
| Bonus Assumptions |
| Regular Bonus |
Rs.21 per thousand S.A at 6% rate of return
Rs.55 per thousand S.A at 10% rate of return |
| Terminal Bonus |
Rs. 170 per thousand S.A at 6% rate of return
Rs. 450 per thousand S.A at 10% rate of return |
| Annual Premium |
Rs.4,606/- |
Additional
Benefits: |
End of
Year |
Total
premium paid |
Benefit payable on
earlier death /survival upto end of the policy term |
Guaranteed |
Variable |
Total
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
22 |
1,01,332 |
21,000 |
0 |
0 |
21,000 |
21,000 |
23 |
1,05,938 |
21,000 |
0 |
0 |
21,000 |
21,000 |
24 |
1,10,544 |
21,000 |
0 |
0 |
21,000 |
21,000 |
25 |
1,15,150 |
42,000 |
72,975 |
1,91,625 |
1,14,975 |
2,33,625 |
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Illustration
2:
| Age at entry (Life Assured) |
35 years |
| Policy Term |
25 years |
| Premium paying term |
One |
| Sum Assured |
Rs.1,05,000/- |
| Bonus Assumptions |
| Regular Bonus |
Rs.24 per thousand S.A at 6% rate of return
Rs.92 per thousand S.A at 10% rate of return |
| Terminal Bonus |
Rs.200 per thousand S.A at 6% rate of return
Rs.760 per thousand S.A at 10% rate of return |
| Annual Premium |
Rs.59,157 /- |
End of
Year |
Total
premium paid |
Benefit payable on
death during the year |
Guaranteed |
Variable |
Total
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
1 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
2 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
3 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
4 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
5 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
6 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
7 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
8 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
9 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
10 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
15 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
20 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
25 |
59,157 |
1,05,000 |
0 |
0 |
1,05,000 |
1,05,000 |
Additional
Benefits: |
End of
Year |
Total
premium paid |
Benefit payable on
earlier death /survival upto end of the policy term |
Guaranteed |
Variable |
Total
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
22 |
59,157 |
21,000 |
0 |
0 |
21,000 |
21,000 |
23 |
59,157 |
21,000 |
0 |
0 |
21,000 |
21,000 |
24 |
59,157 |
21,000 |
0 |
0 |
21,000 |
21,000 |
25 |
59,157 |
42,000 |
84,000 |
3,21,300 |
1,26,000 |
3,63,300 |
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Notes :
i) This illustration is applicable to a non-smoker male/female standard
(from medical, life style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and
(2) in above illustration are calculated so that they are consistent with
the Projected Investment Rate of Return assumption of 6% p.a.(Scenario
1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing
this benefit illustration, it is assumed that the Projected Investment
Rate of Return that LICI will be able to earn throughout the term of the
policy will be 6% p.a. or 10% p.a., as the case may be. The Projected
Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration
is that the client is able to appreciate the features of the product and
the flow of benefits in different circumstances with some level of quantification.
iv) Future bonus will depend on future
profits and as such is not guaranteed. However, once bonus is declared
in any year and added to the policy, the bonus so added is guaranteed.
The Maturity Benefit is the amount shown
at the end of the policy term
EXTRACT from Section 41 of the Insurance Act:
(1) No person shall allow or offer to allow,
either directly or indirectly, as an inducement to any person to take
out or renew or continue an insurance in respect of any kind of risk relating
to lives or property in India, any rebate of the whole or part of the
commission payable or any rebate of the premium shown on the policy nor
shall any person taking out or renewing or continuing a policy accept
any rebate except such rebates as may be allowed in accordance with the
published prospectuses or tables of the insurer : provided that acceptance
by an insurance agent of commission in connection with a policy of life
insurance taking out by himself on his own life shall not be deemed to
be acceptance the insurance agent satisfies the prescribed conditions
establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this
Section shall be punishable with a fine which may extend to Rs.500 / -
Note: “Conditions
apply” for which please refer to the Policy document or contact
our nearest Branch Office.
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