Jeevan Tarang
Benefits
Survival Benefits:
-
On survival to the end of the
selected accumulation period: Vested reversionary bonuses in
a lump sum will be payable.
-
On survival to the end of each
year after the accumulation period: 5½% of the Sum Assured
will be payable. The first survival benefit will be payable
on survival to one year after the end of the accumulation period.
Maturity Benefit:
On survival to the policy anniversary coinciding with or immediately
following the completion of age 100 years, the Sum Assured along
with Loyalty Addition, if any, will be payable.
Death Benefit:
-
In case of death of the Life
Assured during the Accumulation Period, the Sum Assured along
with vested reversionary bonuses is payable.
In case of death of the Life
Assured any time after the Accumulation Period, the Sum Assured
along with Loyalty Addition, if any is payable.
Optional
Riders Available During the Accumulation Period:
Accident Benefit Rider Option (Allowed for Regular Premium
policies only):
Accident Benefit Option will be available under the plan by the
payment of additional premium. Accident Benefit Rider shall be available
for an amount not exceeding the Sum Assured under the basic plan
subject to overall limit of Rs.50 lakh taking all existing policies
of the life assured under individual as well as group schemes taken
with Life Insurance Corporation of India and other insurance companies
and the Accident Benefit Rider Sum Assured under the new proposal
into consideration.
This benefit is available under Regular Premium
policies only and it is not available under single premium policies.
In case of accidental death, the Accident benefit
sum assured will be payable as lumpsum along with the death benefit
under the basic plan. In case of accidental 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 in monthly
instalments spread over 10 years or upto death or maturity, if earlier,
and all future premiums under the policy will be waived.
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:
- Irrevocable loss of the entire sight of both eyes or
- Amputation of both hands at or above the wrists or
- Amputation of both feet at or above ankles or
- 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:
- Intentional self-injury, attempted suicide, insanity or immorality
of the life assured is under the influence of intoxicating liquor,
drug or narcotic
- Engagement in aviation or aeronautics other than that of
a passenger in any aircraft
- Injuries resulting from riots, civil commotion, rebellion,
war, invasion, hunting, mountaineering, steeple chasing or racing
of any kind.
- Accident resulting from committing any breach of law
- Accident arising from employment in armed forces or military
services or police organisation.
Other riders available
under this plan are:
- Term Assurance Rider Option
- Critical Illness Rider Option
All three optional rider benefits mentioned above shall be available
during accumulation period only.
Paid - Up Value:
If after at least three full years' premiums have been paid and
any subsequent premium be not duly paid, this policy shall not be
wholly void, but shall subsist as a paid-up policy for an amount
equal to the paid-up value. 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 liabilities for payment of the within mentioned premium, but
shall not be entitled to the future bonuses. The existing vested
reversionary bonuses, if any, shall remain attached to a paid-up
policy. This paid up value along with the vested reversionary bonuses
shall be payable on the survival of the Life Assured to the end
of the Accumulation Period or on his/her prior death. No survival
benefit shall be payable under paid up policies.
- These provisions do not apply to the Accident Benefit, Term
Assurance and Critical Illness rider options, as these riders
do not acquire any paid-up value.
Guaranteed Surrender Value:
During Accumulation Period:
For Single Premium policies – After completion of at least
one policy year, 90% of the Single Premium received, excluding premiums
for optional riders and extras, if any, will be payable.
The cash value of any vested reversionary bonuses, if any, will
also be payable
This is irrespective of the age of the Life Assured.
For Regular Premium policies
– After completion of at least three policy years and at least
three full years’ premiums have been paid, 30% of the total
amount of premiums paid excluding the premiums for the first year
and all premiums in respect of optional benefits and extras will
be payable. However, if the age at entry of the Life Assured is
less than or equal to 12 years, the guaranteed surrender value will
be equal to
Before commencement of risk: 90%
of the total amount of premiums (excluding premiums paid for the
first year and any extras) paid.
After commencement of risk: 90% of the total premiums
(excluding premium for the first year and any extras) paid before
commencement of risk and 30% of premiums paid (excluding any extras)
after the commencement of risk.
Premiums for Accident Benefit rider cover, Term Assurance rider
cover and Critical Illness rider cover will be excluded.
The cash value of any vested reversionary bonuses, if any, will
also be payable.
After Accumulation Period: This will be 85% of
the Basic Sum Assured.
Other Benefits:
Loan: Loan facility is available under this plan.
However, the rate of interest would be determined from time to time
by the Corporation. Presently the rate of interest is 9 % pa payable
half-yearly.
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.
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.
Revival: Subject to satisfactory evidence of continued
insurability, a lapsed policy can be revived during the lifetime
of the Life Assured but before the expiry of the Accumulation Period
within a period of five years from the due date of first unpaid
premium by paying arrears of premium together with interest. The
rate of interest applicable will be as fixed by the Corporation
from time to time.
Eligibility Conditions for this Plan:
| Ages at entry |
0 to 60 years nearest birthday |
| Accumulation periods available |
10, 15 and 20 years |
| Maximum age at which premium payment ceases |
70 years nearest birthday |
| Age up to which life cover available |
100 years |
| Minimum age at end of Accumulation Period |
18 years last birthday |
| Premium paying terms |
Single Premium and, in case of regular
premiums, equal to the accumulation period, i.e. 10, 15 and
20 years |
| Modes of premium payment |
Yearly, Half Yearly, Quarterly, Monthly, SSS and Single
Premium |
| Sum Assured |
Rs.1 lakh and over in multiples of Rs.5,000/-. |
Eligibility Conditions for Accident Benefit Rider (Allowed
under Regular Premium policies only):
| Ages at entry |
18 to 60 years nearest birthday |
| Maximum age at which premium payment ceases |
70 years nearest birthday |
| Age up to which life cover available |
70 years |
| Minimum age at end of Accumulation Period |
18 years last birthday |
| Premium paying terms |
Equal to the accumulation period, i.e.
10, 15 and 20 years |
| Modes of premium payment |
Yearly, Half Yearly, Quarterly, Monthly, SSS and Single
Premium |
| Sum Assured |
Rs.25,000 to Rs.50
lakh, considering all Accident Benefit Sums Assured under
individual and group policies and Accident Benefit Rider
Sum Assured under new proposals into consideration. The
Sum Assured can be in multiples of Rs.5,000/-. |
| Availability of Rider |
During the chosen Accumulation Period.
|
Rebates / Extra for Mode of Premium Payment and High Sum
Assured: Mode Rebate:
| Yearly mode |
2% of tabular Premium |
| Half-yearly mode |
1% of the tabular premium |
| Quarterly |
NIL |
In case of monthly mode other than SSS, an additional amount of
5% of tabular premium will be charged.
High Sum Assured Rebates:
For Annual
premium |
| Rs.1.25%o Sum Assured for Sum Assured Rs 2 lakh and over; |
| Rs. 2.25%o Sum Assured for Sum Assured Rs 5 lakh and over. |
For Single
premium |
| Rs.7.50%o Sum Assured for Sum Assured Rs 2 lakh and over; |
| Rs.12.50%o Sum Assured for Sum Assured Rs 5 lakh and over. |
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 under the policy
and the Corporation will not entertain any claim by virtue of this
Policy except to the extent of a third party's bonafide beneficial
interest acquired in the policy for valuable consideration of which
notice has been given in writing to the office to which premiums
under this policy were paid last, at least one calendar month prior
to death. |
