Jeevan
Vishwas
Suitability
A special plan for the benefit of handicapped persons. Unlike Jeevan
Aadhar, which is a Whole Life Plan, this is an Endowment Assurance
plan with benefits payable either on date of maturity or on death,
whichever is earlier.
|
Features
-
The plan has been designed
to assure a handicapped dependant to have a secured life.
-
Payment of benefits will be
on the basis of 20% as a lump sum and balance 80% to secure
an annuity.
-
Basic sum assured payable
either on survival to the term or on death happening within
the term.
-
Guaranteed Additions are given
at a fixed rate of Rs. 60 per Rs 1000 sum assured.
-
Loyalty Additions are payable
for each completed policy year.
-
Premium paying terms
are between 10 to 25 years.
|
Benefits
On the Date of Maturity or earlier death during the term (of life
assured)
- Basic sum assured + Guaranteed additions of
Rs 60 per Rs 1000 sum assured + Loyalty Addition on the basis
of performance of the LIC.
Once the claim is admitted, there are three options available:
- Regular income for life.
- Regular income certain for 5, or 10 or 15 years
and life thereafter.
- Regular income for life with return of notional
purchase price i.e. 80% of basic sum assured + 80% of guaranteed
additions and loyalty additions.
|
Handicapped
dependant pre-deceasing the life assured
-
In
the event of the handicapped dependant pre-deceasing the life
assured, the life assured has the option to:
-
Surrender the policy or continue
it by paying premium.Life assured also has option to receive
full sum assured in lump sum or on a 20% to 80% basis.
-
Accident benefits if availed are paid as lump sum as per Accident
benefit rules.
|
Other Conditions
- Minimum sum assured: Rs. 50000.
- Minimum premium must be Rs.800 per annum
- Minimum age at entry: 20 years.
- Maximum age at entry: 65 years.
- Minimum Term: 10 years.
- Maximum Term: 40 years.
|
