Features
Risk Coverage : First policy which provides 250 times of basic monthly premium + Return of premiums + Loyality Addition (if any). Children between age 1 to 12 years are eligible. Term Assurance Rider Option: An amount equal to the Term Assurance Sum Assured is payable only on death of the policyholder during the policy term.
Benefits
Maturity Benefits: Maturity S.A. + Loyality Additions, if the policy was in force for a minimum of 10 policy years. Death Benefit: 250 times the monthly basic premium + return of premium paid (excluding extra/rider premium and 1st year premium) + Loyality additions, if any. Surrender Value: Policy can be surrenered after a minimum 3 years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value. Guaranteed Surrender Value: Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums + accident benefit + term rider premiums). Special Surrender Value:
If less than 4 years premiums paid - 80% of the maturity S.A. Between 4 & less than 5 years premiums paid - 90% of maturity S.A. If 5 years and above premiums paid - 100% of maturity S.A. Interest from the date of first unpaid premium till the date of surrender in above 3 points. Interest to be paid is taken in whole months and fraction of a month will be ignored.
Loyality Additions, if any, valued as at 31st March, preceding the date or surrender will be paid. Paid up Value: The policy will acquire paid-up value if atleast 3 years premium have been paid. Partial Surrender:
A portion of the policy can be surrendered and money can be received from LIC, if premiums, have been paid for a minimum of 3 years, subject to the following conditions: The basic annual premium and all other benefits will be reduced to the extent of partial surrender. If a policy loan is outstanding, partial surrender is not allowed. Any no. of times, partial surrender is allowed. There should be a gap of minimum of one year between two successive partial surrenders. The mimum basic annual premium that can be surrender at a time is Rs.1,200/- p.a. and should be in mumtiples of Rs.600/- p.a. thereafter. The reduced basic annual premium after surrender shouldnot be less than Rs.3,000/- p.a. for age upto 49 years and Rs.4,800/- p.a. for age 50 and above. The accident benefit, term rider benefit and additional premium payable will also be reduced proportionately.
Restrictions
To Avail this plan, Call now at 9849914911.Restrictions
- Minimum Age at Entry : 12 years Maximum Age at Entry : 60 years Maximum Maturity Age : 70 years Minimum Term : 10 years Maximum Term : 35 years For Age 12 to 49 years : Minimum Premium is Rs.250/- p.m. For Age 50 to 60 years : Minimum Premium is Rs.400/- p.m. Maximum Premium : Rs. 10,000/- p.m. Premium in multiples of Rs. 50/- p.m. thereafter Mode of Premium : Yearly, Half-Yearly, Quarterly, Monthly Accident Benefit & Disability is allowed (with extra premium) Standard age proof required.
- Example: Mr. Rajesh is 25 years old and is working in auto industry. Mr Rajesh opts for jeevan saral plan for 15 years term and chooses monthly basic premium of Rs.500/- after adding DAB premium of Rs.510 (500 x 250 = 1,25,000 x 1/1000 x 1/12 = 10 + 510). On maturity he will receive Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium paid for 4 years - first year premium = 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty Addition, if any
BENEFIT ILLUSTRATION
Age at entry: 35 years Policy term: 25 years Mode of premium payment: Yearly Amount of annual premium: Rs.4704/-
| End Of Policy Year | Total Premium paid till end of year | Amount payable at the end of year on death during the year (Rs.) | ||||
| Guaranteed | Variable | Total | ||||
Scenario 1 | Scenario 2 | Scenario 1 | Scenario 2 | |||
1 | 4704 | 100000 | 0 | 0 | 100000 | 100000 |
| 2 | 9408 | 104800 | 0 | 0 | 104800 | 104800 |
| 3 | 14112 | 109600 | 0 | 0 | 109600 | 109600 |
| 4 | 18816 | 114400 | 0 | 0 | 114400 | 114400 |
| 5 | 23520 | 119200 | 0 | 0 | 119200 | 119200 |
| 6 | 28224 | 124000 | 0 | 0 | 124000 | 124000 |
| 7 | 32928 | 128800 | 0 | 0 | 128800 | 128800 |
| 8 | 37632 | 133600 | 0 | 0 | 133600 | 133600 |
| 9 | 42336 | 138400 | 0 | 0 | 138400 | 138400 |
| 10 | 47040 | 143200 | 7000 | 18000 | 150200 | 161200 |
| 15 | 70560 | 167200 | 13000 | 41000 | 180200 | 208200 |
| 20 | 94080 | 191200 | 30000 | 100000 | 221200 | 291200 |
| 25 | 117600 | 215200 | 65000 | 211000 | 280200 | 426200 |
| End Of Policy Year | Total Premium paid till end of year | Amount payable on surrender or maturity at the end of year | ||||
| Guaranteed | Variable | Total | ||||
Scenario 1 | Scenario 2 | Scenario 1 | Scenario 2 | |||
1 | 4704 | 0 | 0 | 0 | 0 | 0 |
| 2 | 9408 | 0 | 0 | 0 | 0 | 0 |
| 3 | 14112 | 8099 | 0 | 0 | 8099 | 8099 |
| 4 | 18816 | 12942 | 0 | 0 | 12942 | 12942 |
| 5 | 23520 | 18660 | 0 | 0 | 18660 | 18660 |
| 6 | 28224 | 23180 | 0 | 0 | 23180 | 23180 |
| 7 | 32928 | 27856 | 0 | 0 | 27856 | 27856 |
| 8 | 37632 | 32744 | 0 | 0 | 32744 | 32744 |
| 9 | 42336 | 37892 | 0 | 0 | 37892 | 37892 |
| 10 | 47040 | 43360 | 7000 | 18000 | 50360 | 61360 |
| 15 | 70560 | 75200 | 13000 | 41000 | 88200 | 116200 |
| 20 | 94080 | 106124 | 30000 | 100000 | 136124 | 206124 |
| 25 | 117600 | 135296 | 65000 | 211000 | 200296 | 346296 |
i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
iv) Loyalty additions will depend on future profits and as such is not guaranteed.
v) The Maturity Benefit is the amount shown at the end of the policy term.
Surrender Value:Buying a life insurance contract is a long-term commitment. However, surrender values are available on earlier termination of the contract. The surrender value will be the greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders.
Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Special Surrender Value: 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.
Corporation’s policy on surrenders: In practice, the Corporation will pay a Special Surrender Value – which is usually higher than the Guaranteed Surrender Value. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.
