LIC Jeevan Vaibhav policy is a single premium non-linked endowment assurance plan. UIN 512N269V01. Table No.809 provides for payment of Sum Assured on maturity or on death. Loyalty addition, if any, is also payable on death during the last policy year or on maturity. The benefits and other details of this plan are given below. It is a close ended plan which would be open for sale from 21st May, 2012 for a maximum period of 120 days. The Unique Identification Number (UIN) has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc.). Ref
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a) Death Benefit:
- On death during the policy term, excluding last policy year: Sum Assured shall be payable. On death during the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.
b) Maturity Benefit:
- On maturity, the Sum Assured along with Loyalty Addition, if any, shall be payable.
c) Loyalty Additions:
- Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.
Eligibility Conditions and Restrictions.
- Minimum Entry Age: 8 years (completed)
- Maximum Entry Age: 65 years (nearest birthday)
- Mode of Premium Payment: Single premium
- Minimum Sum Assured: Rs.2,00,000/-
- Maximum Sum Assured: No Limit
- The sum assured shall be in multiple of Rs.10, 000/-
- Policy Term: 10 years
- Age at entry of the Policyholder is taken as an age nearest birthday except for minimum age at entry, i.e. 8 years.
- The tabular premium rates (excluding service tax) per thousand Sum Assured are given in Annexure1. The class – I extra premium rates are given in Annexure 2.
- Large Sum Assured Rebate on tabular premium per thousand Sum Assured is as under:
|Sum Assured||Rebate (Rs.)|
|Rs.4,00,000 to Rs.5,90,000||2|
|Rs.6,00,000 and above||3|
Employees Insurance Scheme (CEIS) Rebate:
- The rebate for eligible employees of the Corporation shall be @ 2% of the Tabular premium provided the policy is not taken through any Agent/ Corporate Agent/ Broker.
Commission For LIC Agents / Corporate Agents / Brokers And D.O. Credit:
- Commission Agents, Corporate Agents and brokers is payable @ 2% of the Single Premium received. Credit to Development Officers will be @ 5% of the Single premium.
==>Guaranteed Surrender Value:
- The Guaranteed Surrender Value will be available after the expiry of one policy year. The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding extra premium, if any.
==>Special Surrender Value:
- The special surrender value will be payable, if it is more favorable to the policyholder.
- The Special Surrender Value will be the discounted value of the Sum Assured.
- The discount factors shall be the special surrender value factors used in the LIC Endowment Assurance plan, which will depend on the policy term and the duration elapsed since the commencement of the policy.
- The Special Surrender Value factors per Rs. 100 Basic Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.
Loan facility is available under this plan after completion of one policy year subject to the following conditions:
- Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.
- The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.
- No foreclosure action should be taken under this plan even if there is a default in payment of loan interest.
Underwriting, Age proof and Medical Requirements:
- U & R Department will issue instructions.
- The policy shall be void if the Life Assured (whether sane or insane at the time) commits at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent.