Untitled Document
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Jeevan
Aadhar
Suitabile
It is a Limited Payment Whole Life Plan specifically designed to
make provision for the maintenance of handicapped dependants.
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Features
- The plan has been designed to assure a handicapped
dependant to have a secured life.
- Benefits can be availed of only in the event
of death of life assured.
- In the event of the death of the life assured,
the benefits are payable partly in lump sum and partly in the
form of an annuity to the handicapped through a nominee or a
trustee.
- The policy is a whole life plan with limited
premiums.
- Premium paying terms are 10, 15, 20, 25, 30
and 35 years.
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Benefits
On Death of Life Assured
- 20% of the Notional Sum Assured is paid immediately
to the nominee.
- The remaining 80% of the Notional sum assured
is utilized to provide an annuity certain for 15 years and life
thereafter of the handicapped dependant. The actual Annuity
is calculated at the time of claim.
- Notional Sum Assured: Basic sum assured + Guaranteed
Additions + Terminal Addition.
- Guaranteed Additions: Guaranteed additions
of Rs.100 per Rs. 1000 sum assured, for each completed policy
year for which the policy was in full force. Such guaranteed
additions will accrue up to age 65 years or till the life assured's
death, whichever is earlier.
- Terminal Addition: Payable only if 10 years'
premiums have been paid and policy is in force. Amount payable
on death of life assured depends on the rates declared by LIC
on favorable working experience.
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Other Conditions
- Minimum sum assured: Rs. 50000.
- Minimum premium must be Rs.800 per annum
- Minimum age at entry: 22 years.
- Maximum age at entry : 60 years.
- Maximum premium ceasing age: 70 years.
- No surrender value is allowed.
- No loan is granted on this policy.
- The proposer has to submit an addendum to proposal
declaring the disability of the handicapped duly Certified by
a government doctor and can claim separate relief under section
80 DDA of IT Act 1961.
- Premiums are based on the age of the handicapped
dependant as well as the life assured.
- Handicapped dependant is defined.
- Any amount paid to the life assured on the
dependant pre-deceasing life assured the same is treated as
income of the assessee and hence taxable.
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