W.e.f. 19-11-2004

General Conditions:

Min. age at entry:  20 years (nbd).

Max. age at entry:  60 years (nbd).

Max. Maturity age: 70 years (nbd).

Modes Allowed: ALL

Min. S.A.: Rs. 50,000.

Max. SA.: Any amount.

Min Term: 5yrs for SP & 10 yrs for regular.

Max Term: 25 years.

SA in multiples: Rs 5000

Premium paying term: Policy Term OR P.T. minus 3

Requirements in writing:

Female lives category: I/II/III

Non-Medical General :  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Age proof: Std.(Without restr.)/NSAP-1(WR 5 lakhs)

Form Number:  300

Dating Back @ 8%: Allowed

Actual Sum assured: 1.5 times of SA (less premiums paid for single premium).

Policy Servicing:

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

TRB & CIR: Yes.

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Accident benefit** per 1000 SA Re 1* (for Regular Prem.). **Max Accident Benefit SA is 50 laksh for all policies of the LA with LIC taken together.

For DAB rates for Ltd. Payment & Single premium see below chart.

==> By payment of additional premium, this plan offers the following optional Riders. (a) Term Assurance Rider (b) Critical Illness Rider (c) Accident Benefit Rider.

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Features:

It is similar to Jeevan Chhaya plan if it is mixed with Profit Plan, but the advantage is that the minimum term is 5 years whereas in Jeevan Chhaya, minimum term is 18 years. This plan is suitable for person who want to provide funds for children’s education/marriage and other needs. This plan will cater to the needs of wide range of age group of children. Irrespective of whether the Life assured survives to the end of the policy term or dies during the term of the policy the benefits are payable at pre-specified durations.

Benefits:

1. Cooling off period: A policy holder can return the policy within 15 days from the date of receipt of the policy if he/she is not satisfied with the “Terms & conditions” of the policy.

2. Critical Illness Rider: If opted, in case of diagnosis of defined categories of critical illness during the term of the policy an amount equal to critical illness rider SA is payable.

3. Assured Benefits: At the start of every year during the last 3 policy years before maturity, provided the policy is in full force, an amount equal to 20% of the basic SA.

Along with reversionary bonuses declared from time to time for the full term, plus terminal bonus and balance 40% of the basic SA if any, shall be payable. The above benefits shall be payable to the nominee in case of earlier death of the policy holder.

4. Paid-up Value: The SA under the basic plan shall be reduced to such a sum called Paid-up value after at least 3 full years premiums have been paid and any subsequent premium be not duly paid. To the reduced paid up policy, the paid up value along with vested Simple Reversionary bonuses, if any, will remain attached. All the optional/rider benefits will not apply on policy being paid-up. On maturity or earlier death of the Life Assured, the paid-up value along with attached bonuses if any shall be payable.  If the policy is in paid-up condition, no assured benefit will be payable.

5. The Gtd. Surrender Value (GSV): After the policy is kept in force by payment of premiums for atleast 3 years, this policy can be surrendered for cash. The cash value will be allowed of any existing vested simple reversionary bonuses. On Term Assurance rider, Accident Benefit and critical illness Rider options premiums, surrender value will not be available. The GSV available under this plan for all modes will be equal to 30% (in case of Single premium it will be 90%) of the total premiums paid excluding first year and all extra premiums and premiums paid for optional/rider benefits.

6. Death Benefits: On the death of the Life Assured, under the basic plan, an amount equal to SA shall be payable immediately to the nominee. Thereafter, no premiums are payable. (a) In case of accidental death, Accident Benefit Rider SA + Term Assurance Rider SA + Basic SA are payable IF accident Benefit + Term Assurance Rider is opted. (b) Term Assurance Rider SA + Term basic SA is payable if Term Assurance Rider is opted.

To the nominee, the above death benefit is paid to the nominee immediately. Provided policy is in full force, if death occurs during the policy term, Bonus is paid only at Maturity.

7. Premium Waiver Benefits: This may opted in case of the following: (a)  If critical illness rider has been opted for and (b) The critical illness rider SA is equal to SA under the basic plan.

Provided the policy is in force, the total future premiums (i.e. premium for SA under the basic plan and premiums for the riders opted for) in respect of the policy shall be waived in case LA is diagnosed with any of the Critical Illness cover under the policy.

8. Other details: Plan is not allowed for (a) Pregnant Ladies (b) When Occupational Extra is chargeable. Plan is allowed only to Group A deformity with loss of one limb at standard rates. Medical Examination cost will be borne by LIC to a limit of Rs 4 per 1000 SA under the basic plan.

Example: For a term of 18 years on 19-11-2004, Mr Andy takes a policy for Rs. 5 lakhs. (a) During 13th policy year, if Mr Andy dies, his nominee will get Rs 5 lakh as death benefit immediately and future premiums are waived. In addition, nominee will also get Rs 1 lakh each at the end of 15th, 16th & 17th policy year. At the end of 18 years term i.e. on maturity, Rs 2 lakhs plus 378000 accrued bonuses for the full term @ 42 per 1000 SA & Terminal Bonus, if any is paid. (b) Mr. Andy will get 20% of basic SA on survival till the maturity i.e. Rs 1 lakh each on the balance 40% of basic SA i.e. Rs. 2 lakhs on 19-11-2022 i.e. at the end of 18th year alongwith the vested Reversionary Bonuses & Terminal Bonus, if any.

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W.e.f. 28-05-2007

General Conditions:

Min. age at entry:  12 year (lbd).

Max. age at entry:  6 years (nbd).

Min. S.A.: Rs. 1 lakh.

Max. SA.: Any amount.

Max. Maturity age: 70 years (nbd).

Modes Allowed: Yly/Hly

Min Term: 10 years.

Max Term: 30 years.

Modes Rebate: Yly 2%; Hly- Nil

Premium paying term: 3/4/5 years.

Requirements in writing:

Female lives category: I/II/III

Non-Medical General :  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Risk Coverage:  Basic SA + Bonus + FAB if any

Age proof: Std./NSAP-1/2/3

Form Number:  300/340

Dating Back** @ 8%: Allowed

Actual Sum assured: Basic SA.

Policy Servicing:

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

Grace Period: Yes

CIR/TRB : No.

Nomination : Yes

** Even prior to introduction of the plan within same financial year policy can be dated back.

This plan is designed to meet the needs of persons having high earning for short span, wherein the income may decrease or stop thereafter. During the period of high income, the premium paying capacity of such persons is quite high. The premium will be high during first year and thereafter premium comes down significantly i.e. to the extent of half or 1/3rd or 1/4of the first year premium. One can choose the policy term from 10 to 30 years where the payment of the premium is limited to 3 or 4 or 5 years. During PPT, the premium payable in subsequent years is higher than the premium payable during the first year.

Excluding extra premium and not on the SA the Simple Reversionary Bonus will be paid on the amount of premiums paid. Whether fully or partially paid-up, the policy will participate in profits. This is the special feature of this plan.

Benefits:

Maturity Benefits:  Along with vested reversionary Bonus & FAB if any, will be paid back in case of Life Assured surviving to the end of the term, total amount of premiums(excluding extra premium if any) paid during the term of the policy.

Death Benefits:  During the term of the policy, SA + vested simple reversionary bonuses + Final Additional Bonus, if any is payable in lump sum immediately on the death of the life assured.

Cooling Off Period: If not satisfied with the Terms & conditions of the policy, policy can be returned within 15 days.

Surrender values (GSV, SSV): If any subsequent premium be not duly paid after atleast one full year’s premiums have been paid in respect of this policy, in the event of death of the LA within 6 months from the due date of first unpaid premium, the benefits will be paid as if the policy had remained in  full force after deduction of premium/s unpaid with interest thereon until date of death, and the unpaid premiums falling due before the next policy anniversary.

After completion of at least one policy year provided premiums for one full year have been paid the Gtd. SV shall be available. The GSV is equal to 30% of the total amount of premiums paid excluding extra premiums, if any. The cash value of any existing vested bonuses, if any, will also be paid.  In the case of limited payment Endowment Plan, special SV will be calculated  using the surrender value factors as applicable.

Ready premiums for terms 10, 15, 20, 25 & 30 only are given. However, the terms are available from 10 to 30 years.

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Example:

Mr. Jack aged 30 years takes a policy for 10 lakh SA (Term: 30 year PPT :5 years).He pays a yearly premium of Rs 52571 during the 1st year & Rs 13155 during subsequent  4 years (13155X4 = 52620). Totally he pays Rs. 105191.

Till maturity, on his survival i.e. at his age of 60 , he will get back all the premiums paid by him i.e. Rs 105191 + bonus and FAB if any. During the term of the policy, in the event of his death, his nominee will get SA of Rs 10 lakhs + vested bonus and FAB if any.

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W.e.f. 01-09-2003

General Conditions:

Min. age at entry:  18 year (lbd).

Max. age at entry:  65 years (nbd).

Min. S.A.: Rs. 5 lakhs.

Max. SA.: Any amount.

SA in multiples: Rs. 1 lakh.

Max. Maturity age: 75 years (nbd).

Modes Allowed: ALL

Accident benefit per 1000 SA: Allowed** (with extra prem.).

Min Term: 5 years.

Max Term: 25 years.

Requirements in writing:

Female lives category: I/II/III

Non-Medical General :  Not Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Age proof: Std./NSAP-1/2

Form Number:  300

Dating Back @ 8%: Allowed

Risk Coverage:  SA+GA+Bonus

Actual Sum assured: Basic SA

Policy Servicing:

Term Rider Option: Yes.

Critical Illness Rider: Yes.

Policy Loan @ 9%: Yes.

Revival at 9%pa (payable HLLY): Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

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SA Rebate per 1000 SA: 50 lacs & above.

0.50 for regular premium.

2.00 for single premium.

Mode Rebate:

Yly : 2%

Hly : 1%

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Benefits: With convenient premium paying terms, this plan is like an Endowment plan suitable for high earning people.

Death benefits: (a) During first 5 policy years, for each completed year, Vested GA @ Rs 50 per 1000 SA + Basic SA. (b) On death after 5 years, Accrued reversionary Bonuses declared from 6th year onwards + Basic SA + Vested GA of Rs 50 per 1000 SA per year for the first 5 years.

Maturity benefits: Reversionary Bonus (6th Year onwards) + Basic SA + Vested GA @ Rs 50 per 1000 SA (for 1st 5 years).

==>After completion of 3 policy years, the policy can be surrendered for cash.

Paid-up Value: (a) 2 full years premiums should have been paid for more than 10 years PPT. (b) Atleast 1 full year’s premium should have been paid for PPT 10 years & less.

Term Assurance Rider Option: Along with Basic SA, an amount equal to Term Assurance SA will be payable on Death during the policy term & during the PPT, premiums are payable. In addition to the premium under the basic plan, premium for this option will be payable. Std/Sub Std lives up to class III EMR & Female Lives Category I & II allowed. Handicapped Lives, pregnant females, & persons attracting occupational extra of more than Rs. 4 per 1000 SA are not allowed.

GTD Surrender Value for:

(a) Single Premium: 90% excluding all extra premiums. (b) Excluding the premium for the first year, it will be equal to 30% of the total amount of premiums paid for other modes.

Special Surrender Value: While calculating SSV, the vested GA plus Reversionary Bonus if any, will be taken into account. SSV is available after completion of 1 policy year provided premiums have been paid atleast for 1/10th of PPT sub. to a minimum of 1 full year’s premium.

Accident Benefit: Available for full term of the policy or till the policy Anniversary immediately following LA attaining 70 years of age. Maximum of Rs. 50 lakhs (under all policies taken together).

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W.e.f. 01-03-1991

General Conditions:

Min. age at entry:  18 year.

Max. age at entry:  47 years.

Min. S.A.: Rs. 50,000.

Max. SA.: Any amount.

SA in multiples: Rs. 5,000

Max. Maturity age: 65 years.

Modes Allowed: ALL

Accident benefit per 1000 SA: Re. 1 extra.

Min Term: 18 years.

Max Term: 25 years.

Requirements in writing:

Female lives category: I/II

Non-Medical General :  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Age proof: Std.
See NSAP Article for details: NSAP-I(WR 5 lacs)

Form Number:  300

Dating Back @ 8%: Allowed

Risk Coverage:  SA & Prem. waived

Actual Sum assured: 1.5 times of SA

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

Survival Benefits: Yes.

It is suitable for a person who wants to provide funds for their daughter’s marriage. This plan is open even to bachelors. This plan is NOT allowed for (1) When occupation Extra is chargeable (2) Pregnant ladies.

Other Details: (1) For the fixed term of the policy premium has to be paid. (2) If policy holder is surviving, 25% of SA is given every year during the last 4 years of maturity. If policy holder dies anytime during policy life or during the years before maturity, the nominee will get the SA.

Benefits:

Death benefits:  Sum assured is immediately paid to the nominee if teh policy holder dies during thee life of the policy. Future premiums are waived. 25% of Sum assured every year during the last 4 years of term will also be paid. Apart from this, at the end of the term, bonus for full term along with final additional bonus is any will be paid.

Maturity benefits: Along with the last 25% balance of Sum Assured, on maturity, Bonus on the full sum assured & final additional bonus if any is given.

Examples:

Mr. Ramesh takes a Jeevan chhaya Policy for 20 years for Rs. 1 lakh sum assured with double benefits.He appoints Mrs. pooja,his wife as appointee and nominates Kum. twinkle,his daughter aged 4 years, as his nominee.

In an accident Mr. Ramesh expires after sometime.Ramesh wife Mrs.Pooja receives 2 times the sum assured i.e.,Rs. 2 lakhs as death claim on behalf of her daughter.At the end of 17 years from the commencements of policy,Ramesh daughter Kum. Twinkle receives 1/4th of S.A.  i.e.Rs 25,000.Also at the end of 18th and 19th year of policy she receives similar amount.Kum. Twinkle gets Rs.25,000+ Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand at the end of 20th year.

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Double Cover(Table 133) = W.e.f. 01-07-1985

Triple Cover  (Table 133) = W.e.f 01-11-1999

General Conditions:

Min. age at entry:  18 year.

Max. age at entry:  50 years.

Min. S.A.: Rs. 50,000.

Max. SA.: Any amount.

SA in multiples: Rs. 5,000

Max. Maturity age: 70 years.

Modes Allowed: ALL

Accident benefit per 1000 SA: Re. 1 extra.

Min Term: 15 years.

Max Term: 30 years.

Requirements in writing:

Female lives category: I/II

Non-Medical General :  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Age proof: Std.
See NSAP Article for details: NSAP-I(WR 5 lacs)

Form Number:  300

Dating Back @ 8%: Allowed

Risk Coverage:  Refer below table

Actual Sum assured: Twice the SA for T-88,
Thrice the SA T-133.

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: Yes.

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

Survival Benefits: No.

Key-Man Insurance: No

Including existing policies, accidental benefit is subject to a maximum of Rs 50 lakhs basic SA.

Maturity Benefit and Death Benefit:

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This plan is best suitable for people who are insurance oriented and also want to provide a big sum insurance protection to their family, in case of their unfortunate death. It is mostly preferred by traveling persons like Marketing executives, Medical representatives, Sales representative, etc…

This plan is NOT allowed for non-earning majors including students. (b) When occupational extra is chargeable (c) Pregnant ladies.

Example:

1. Mrs. Amanda takes Jeevan Mitr policy for Rs 1 Lakh for 16 years term under table 88. She dies of natural death due to heart attack after 3 years. Her nominee gets Rs 213200 (Rs 200000 SA being Double Cover Policy + Rs 13200 being bonus at an estimated Rs 44 per thousand pa for 3 years).

In case, Mrs Amanda dies in an accident, her nominee will receive Rs 300000 being 3 times the SA + accumulated Bonus till her death.

2. If Mrs Amanda takes the same policy but with for Rs 1 lakh but for 20 years and she survives till maturity. Then, Mrs. Amanda gets Rs. 188000 (Rs. 100000 SA + Rs 88000 being bonus at an estimated Rs 44 per thousand pa).

3. Under Table 133 if the above two examples are taken, the maturity amount remains same. However, the death benefit will be 3 times the SA + accumulated bonus and in case of death due to accident the benefit will be 4 times the SA + accumulated bonus.

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W.e.f. 01-07-1985

General Conditions:

Min. age at entry:  18 years.

Max. age at entry:  50 years.

Min. S.A.: Rs. 30,000.

Max. SA.: Rs 10 lakhs.

SA in multiples: Rs. 5,000

Max. Maturity age: 70 years.

Modes Allowed: ALL

Accident benefit per 1000 SA: Incl. in TP.

Min Term: 12 years.

Max Term: 30 years.

Requirements in writing:

Female lives category: I/II

Non-Medical General :  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Risk Coverage:  SA + Bonus

Age proof: Std./NSAP-1/2/3

Form Number:  300

Dating Back @ 8%: Allowed

Actual Sum assured: Basic SA.

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

Survival Benefits: No.

Benefits:

Maturity Benefits:  SA + bonus is given on maturity.

Death Benefits:  SA + bonus given to the nominee on death of policy holder before maturity.

Accident Benefits:  W.e.f. from 23-11-2002, maximum cover increased from 5 lakhs to 7.5 lakhs.

Suitability: Best suited for people whose job is not secured with irregular income. Example, farmers, milk vendors, petty businessman.

1.  This plan is allowed for Physically handicapped lives under group A.

2.  Widows belonging to category III can’t take this plan.

3.  A max. SA of Rs 1 lakh is allowed in case of non-std age proof.

4.  Minimum age at entry is 20 under all plans including plan 91 when self-declaration is the Age Proof.

5.  Premiums have to e paid till maturity or death of the policy holder, whichever is earlier.

6.  Only for literate females (under category III) having independent income as given under article insurance on Female Lives this plan is allowed.

7.  From the date of premium unpaid, the life risk cover continues for three more years even if the policy holder is not ale to pay further premiums after paying first two years premiums.

8. After the premiums are paid for 2 years, as risk is covered even during lapsation (up to 3 years), financial security for the family in case of unfortunate death of the policy holder.

9.  For self employeed women falling under Cat. III: Restriction regarding age at entry 35, Term 20, Maturity Age 55 has been relaxed to 40, 25 & 65 respectively with Non-std Age proof.

==> Wherever Non-std Age proof (NSAP-1/2/3) is submitted a declaration from the client, Agent and development Officer/ABM’s is to be obtained in the form number 3260 to the effect that he is not able to submit any other Std. Age Proof. No Age proof extra will be charged for NSAP 2 & 3 if the declaration is satisfactory.

Example:

A petty business man Mr. Ajay takes New LIC Janaraksha Policy of 15 years term for Rs. 50000. Ajay’s business slow down after payment of 4 years premium. He cannot pay premium for next 2 years and dies after 6 years of taking policy.  His nominee gets Rs. 61400 including Rs 11400 being bonus for 6 years at an estimated bonus of Rs 38 per 1000 pa. (However, arrears of the premium if any, will be recovered from the total amount payable). If Mr. Ajay had taken any other policy his family would not have got anything. Since the policy would have lapsed.

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W.e.f. 01-11-2004

General Conditions:

Min. age at entry:  18 years completed.

Max. age at entry:  65 years (nbd).

Min. S.A.: Rs. 10 lakhs.

Max. SA.: Any Amount.

SA in multiples: Rs. 1 lakh.

Max. Maturity age: 75 years (nbd).

Modes Allowed: Yly/Hly/Qly/Mly

Min Term: 5 years.

Max Term: 25 years.

Premium Paying Terms: 3, 4 or 5 years.

Requirements in writing:

Female lives category: I/II/III

Non-Medical General: Not Allowed.

Non-Medical Professional:  Not Allowed.

Non-Medical Special:  Allowed

Risk Coverage:  SA + GA + Bonus

Age proof: Std./

Form Number:  300/340

Dating Back @ 8%: Allowed

Actual Sum assured: Basic SA.

Policy Servicing:

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

Key-Man Insurance: No

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Benefits:

Maturity: From 6th year onwards, Terminal Bonus + Simple Reversionary Bonus, if any, is payable + Accrued GA at Rs 50 per 1000 SA for first 5 years + Basic SA.

Death Benefits: During the term of the policy, on death of LA, an amount equal to SA along with accrued GA and Terminal Bonus and Vested simple Reversionary Bonuses, if any, shall be payable provided the policy is in full force.

Claim Concession: The claim becomes payable if the death occurs within 6 months from the due date of the first  Unpaid premium, and if the premiums have been paid  for atleast first three years, then the claim becomes payable.

Surrender Value: After more than 1 year’s premium have been paid, the policy can be surrendered for cash.

Special Surrender Value: From the date of commencement, it is available after the completion of 3 years. Both in cases of Special Surrender value and GA, the cash value of any accrued GA and vested Simple Reversionary Bonuses, if any will also be payable after completion of 3 years.

The GTD. Surrender Value: Excluding the premiums for the first year and extra premiums if any, it will be equal to 30% of the total amount of premiums paid.

Cooling-Off Period: Policy holder can return the policy to the corporation within 15 days if he/she is not satisfied with the “Terms and Conditions” of the policy.

Paid-up Value: It shall be payable on maturity or earlier death of the Life Assured, the Paid-up value along with vested Simple Reversionary Bonuses and GA if any.

Features: It is suitable for high networth people with profit plan like an Endowment Assurance plan with convenient premium paying term of 3, 4, and 5 years.

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LIC Child Plan

General Conditions:

Min. age at entry:  0 years.

Max. age at entry:  17/14  years.

Min. Maturity Age : 30/25 years

Max.Maturity Age : 60 years

Min.Term (41/50) : 13/11 years

Max.Term: 50 years

Min S.A. :  50,000.

Max S.A : 1 crore.

Ml

Accident benefit per 1000 SA: Re. 1 extra.

Requirements in writing:

Age proof:   Standard (NSAP-1/2/3)

Form Number:  300/340

Female lives category: I/II/III

Dating Back @ 8%: Allowed

Non-Medical General:   Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Risk Coverage:  SA + Bonus

Actual Sum Assured: Basic SA

Policy Servicing:

Term Rider Option: Yes.

Critical Illness Rider: Yes.

Policy Loan @9%: Yes.

Assignment: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Survival Benefits: Yes.

Housing Load: Yes

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General Conditions:

Minimum Term:      5 years

Maximum Term:      25 years

Min. S.A.:         Rs 50,000

Max. S.A.:         Any amount

Min. age at entry:  18 years

Max. Age at entry:  60 years

Max. Maturity age:  70 years

S.A.in multiples:  Rs 5000

Modes allowed:     All

Accident Benefit:  Re. 1 Extra.

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Requirements in writing:

Female lives category:  I/II/III

Age Proof            :  Std./NSAP-1/2/3

Form No              :  300

Dating Back @ 8%     :  Allowed

Non-Medical General  :  Allowed

Non-Medical (Proof)  :  Allowed

Non-Medical (Spl)    :  Allowed

Risk Coverage        :  Prem. waived.

Actual Sum Assured (ASA) : Basic S.A.

Policy Servicing:

Term Rider Option: Yes.

Critical Illness Rider: Yes.

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Survival Benefits: No.

Housing Loan: Yes.

Assignment: Yes.

Revival:Yes.

Surrender of Policy:Yes.

Survival Benefits:No.

Term Rider Option:Yes.

Critical Illness Rider:Yes.

Suitability:

(a) Specially Framed for Child’s Education/Marriage.

(b) Good Policy for the children less than 10 years.

Other Details:

(a) Usable Term can be Chosen to coincide the maturity of policy to the Kid’s marriageable age or for higher education of the kid.

(b) The owner shall have to pay the premiums till maturity of early death.

Maturity Benefits:

(a)On the date of maturity ,Policy holder receives sum assured benefits as well as Bonus.The owner or his assignee or nominee have an option to get the maturity amount in 10 Hly installment,as such rates may be prevalent on the date of maturity.

Death Benefits:

Before Maturity if the policy holder dead:

1. Future premiums are waived.

2. Basic S.A+Bonus is paid to the nominee,only on maturity.

3. In case the death has been occurred by accident during the term of the policy,Accident Benefits equivalent to basic S.A. will be paid immediately,in addition to point No.1 & 2 above.

Examples :Mr.Shahid takes a policy for a term of 18 years for Rs.1 lakh for his 4 years old daughter Inammah.He wants to get her married at her age of 22 years.

Unfortunately,he dies after 5 years keeping the policy in force.Here no S.A. is paid immediately,however nominee need not to pay further premiums.Basic S.A. of Rs.1 lakh along with bonus of Rs.75,600 ( at an estimated Rs.42 per 1000 p.a for 18 yrs) will be paid to his daughter only on maturity i.e; at Inammah’s age of 22.

In the above scenario if bhagat had died due to Accident,his nominee would have got Accident benefit S.A. Immediately.Apart From this Basic S.A. + Bonus is payable only  on maturity.

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W.e.f. 01-07-1985

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Suitability:

It is for husband and wife who wants single policy for joint life risk cover.

Maturity Benefits:

SA + Bonus are given if husband and wife are alive upto maturity.

Death Benefits:

(a) Future premiums are waived and survivor gets SA immediately on the death of Husband/wife.

(b) He/She gets SA again with full bonus if the survivor (husband/wife) survives till maturity.

(c) SA + Bonus is paid till that time to the nominee if the survivor also dies before maturity

Other Details:

(a) Housewives: Max. SA is 15 lakhs for graduates having driving license or passport or credit card or mediclaim. Proof to be produced.

(b) Females can take this plan without any extra premium who has undergone sterilization lives with 2 cesarean operation.

(c) Females can take this plan without any extra premium who attained menopause and has NOT undergone sterilization and lives with 2 cesarean operation.

(d) Maximum SA of 50 lakhs for Female category II and Max. SA of Rs. 2 lakhs is allowed under the plan to self-employed female or housewives live in category III.

(e) Pregnant ladies are not allowed in this plan. Wife need not to be a earning person for SA 2 lakhs or less.

(f) This plan is issued only to working couple or wife should be an income tax assesses.

(g) Female has to pay 3% extra premium if she is with 1/2 cesarean operation.

(h) For females lives with 3 or more cesarean operation, this plan is NOT allowed.

(i) To grant insurance cover on Husband’s life, wife’s income is also considered but subjected to certain restrictions. (1) Based on his own income, husband should have been insured fully. (2) Proposer should be the wife. (3) Wife should belongs to female category I/II.

Example:

Mr. Raja and Mrs Rani are husband and wife. They took a Jeevan saathi policy for 2 years for Rs. 1 Lakh SA.

Possibility 1: (a) Unfortunately if one of the either Mr Raja or Mrs Raani expires after some time, the survivor will get  Rs 1 wihtout bonus immediately and there is no need for the survivor to pay future premiums. Again. if he or she survives till the then He/She gets Rs 1, 88,000 at maturity (Rs 1 lakh SA + Rs 88000 being estimated bonus for full term. (b) In case if both died due to same accident and if they die within 180 days from the date of accident of the first person then the nominee will get 4 times SA plus bonus accrued till the death. (c) If the survivor dies before the maturity term, then teh nominee will receive the SA + bonus till that period.

Possibility 2: If Mr Raja and Mrs Rani survive will maturity then they together will get the maturity benfits of Rs 1,88,000 (Rs 1 lakh SA + 88000 bonus at an estimated Rs 44 per 1000 per annum.

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