LIC of India Jeevan Vishwas Table 136

LIC of India Jeevan Vishwas Table 136

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:

.

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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