Following plans are designed for the benefit of handicapped dependents. Benefits are payable partly in lumpsum and partly in the form of annuity.

a) Jeevan Adhar (Table No. 114):

A limited payment Whole Life Policy with guaranteed additions @ Rs 100 per thousand sun assured p.a. accruing up to 65 yearss of age of the life assured or on earlier death. Premiums up to a limit are eligible for income tax relief u/s 80 DDA.

b) Jeevan Vishwas (Table No. 136):

An endowment type plan with guaranteed additions @ Rs 60 per thousand sum assured.

Check our Other LIC Plans:

1) Term Assurance Plans.

2) Children plans.

3) Pension Plans.

4) Unit Linked Plans.

5) LIC Micro Insurance Plan.

6) LIC Health Insurance Plans.

7) Basic Life Insurance Plans.

8 ) General LIC insurance plans (Others).

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W.e.f.  01-12-1999

General Conditions:

Min. age at entry:  20 years.

Max. age at entry:  65 years.

Min. S.A.: Rs. 50000.

Max. SA.: Any Amount.

SA in multiples: Rs. 25000.

Max. Maturity age: 75 years.

Modes Allowed: Yly/Hly/Qly/Sing.

Accident benefit per 1000 SA: NA*.

Min Term: 10 years.

Max Term: 40 years.

Max. PPT: 25 years.

Requirements in writing:

Female Proposers: Category I/II

Risk Coverage:  SA + GA + LA

Age proof: Std./Non-Std

Form Number:  300

Dating Back @ 8%: Allowed

Actual Sum assured: Basic SA.

Non-Medical General: Not Allowed.

Non-Medical Professional:  Not Allowed.

Non-Medical Special:  Allowed

Policy Servicing:

Policy Loan: No.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: No.

Assignment: Yes.

Term Rider Option: No.

Critical Illness Rider: No.

Survival Benefits: No.

* Accident Benefit allowed only for annual premium policies.

Sum Assured Rebate for Annual Premium Policies:

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Note: This plan is issued only to people who have handicapped dependent. Handicapped Dependent should be a relative of the proposer.

Details:

(a) Policy is eligible for high sum assured rebate.

(b) Payment will be made to the nominee who will either be Handicapped dependent or any other person .

(c) After 3 years premiums have been paid, there is a facility to surrender the annual premium policy any time. Surrender value is given as 30% of the premiums paid (excluding premiums for the first year and extra premiums, if any) together with accrued GA.

(d) After the policy has run for a minimum of 3 years, Single Premium Policy also can be surrendered any time. Surrender value is given as 90% of the total premium paid (excluding all extra premiums, if any) together with Accrued Guaranteed Additions.

Death Benefits:

SA + GA + LA, if any, is paid to the handicapped dependent on the death of the policy holder.

Maturity Benefits: SA + Accrued GA + LA, if any.

(a) 80% is utilized to provide an immediate annuity on handicapped dependent’s life. Balance 20% of Notional Sum Assured (Basic SA + GA + LA, if any) is paid at maturity.

(b) Annuity is paid in one of the following options: (1) Annuity for life. (2) Annuity for life with return of Notional Purchase Price (80% of Total SA+GA+LA). (3) Annuity for 5, 10 or 15 years and for life thereafter.

Example:

Mr. Mac takes a Jeevan Vishwas policy for Rs. 1 lakh SA for 25 years and makes his handicapped son Jack, aged 5 years, as nominee. Mr. Mac will receive Rs 52500 being 20% of Rs 262500 (Rs 100000 SA + 150000 GA at Rs 60 per 1000 SA) on maturity. In addition, he will also receive 20% of LA, ,declared by LIC, if any. Balance 80% will be converted into an annuity and monthly pension will be paid to the handicapped dependent regularly as per the mode of pension selected by him.

In case of death of Mr. Mac before maturity, 20% of SA + GA + LA, if any, is paid to Mr. Jack and balance 80% is converted into annuity to pay monthly pension as per the mode of  pension selected.

In case of Mr. Jack, the handicapped dependent predeceases, then Mr. Mac will have an option to get the benefits in lump sum or bifurcate the sum into 20% lump sum and effect annuity on his own life for the balance 80%. Mt Jack will also have an option to surrender the policy if it has acquired surrender value or keep it in force by regularly paying the premiums.

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W.e.f . 17-01-1996

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SA Rebate: Rs 50,000 & above – Rs 2/-

Mode Rebate: Yly-3% , Hly-1.5% , Qly & SSS- Nil

Maturity Benefits:

No maturity benefits.

Suitability:

(a) To make provision for maintenance of Handicapped Dependent (HD) this plan is designed.

(b) To Group A deformity with loss of one limb (LA) at std rates with AB, PDB & EPDB , & to all classes of sub-standard lives this plan is allowed.

Definitions:

(a) Handicapped Dependant: He is a relative of LA, who is taking a policy and is suffering from mental retardation and from a permanent physical disability. Dependent’s IQ should be less than 50% in case of mental retardation. This deformity, physical/mental has to be certified by a Govt. Doctor.

(b) Notional S.A.: Gtd SA ((Terminal Addition + 10% of basic SA per year)) + Basic SA = Notional SA. If the policy is in full forrce for atleast 10 years, terminal addition is added. In the manner specified below on the death of the L.A. this will become payable.

(i)  Basic SA: The Basic SA is the SA for which the contract entered into.

(ii) Gtd. Additions: Rs. 100 per 1000 SA for each completed policy year for which policy was in full force. Upto age 65 of the LAor his death if earlier such SA will accrue.

Other Details:

Nominee is called as HD and LA is the person paying the premium. Nominee should be HD or trust. The policy is like limited payment whole life policy where the payment of premium is limited to a specific term & there is no maturity. Only on death of LA the claim is paid.

Death Benefits:

(a) The contract ceases if HD dies before LA and LA , will have the option to receive a refund of premiums paid excluding extra premium paid for DAB or keeping the policy for a reduced paid-up SA. Only on the death of LA, Terminal Addition as applicable + The reduced paid-up SA including GA will be paid as lumpsum to legal heirs.

(b) The nominee will get the following on the death of LA: Terminal Benefits (TB) if any, (if premiums have been paid for a min. of 10 years) which is known as notional Sum assured or lumpsum + SA + GA at Rs 100 per 1000 SA. 80% will be used to give a “annuity for 15 years certain & life thereafter” and balance 20% of Notional SA will be paid to HD.  Based on the age of the HD at the time of claim, the amount of annuity will be calculated.

Income Tax:

(a) Under section 80DD of IT Act, premiums paid are 100% deductible.

(b)Allowable Deduction: In case of normal disability of HD, Rs 50,000. In case disability is severe & degree of disability exceeds 80%, Rs 75,000. All the deductions allowed in the previous year/s under this plan will be treated as taxable income in case HD dies earlier than the LA (premium payer).

Example:

Mr. Jay aged 46 years takes a policy for his handicapped child(aged 10 years) for term of 20 years, SA Rs. 2 lakh. After 15 years term, if Mr. Jay dies, his handicapped child will get Rs. 5,31,000 (3,00,000GA + 2,00,000 SA + 31,000 Notional Terminal Bonus) which will be paid to him as follows:

20% of Rs 5,31,000, i.e. Rs 1,06,200 immediately & balance 4,24,800 will be invested to get annuity of Rs 38,147 p.a. at the assumed annuity rate of Rs. 89.80 per Rs 1000 claim amount (this is only assumed amount. Actual annuity will depend on rate applicable at the time of claim).

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