LIC introduces LIC's Jeevan Rakshak (Plan No. 827) with effect from 191h August,
2014.
This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan. This plan
shall be available to standard lives only without any medical examination and the total Sum
Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 2 lacs.
The benefits and other details of the plan are given below
2. BENEFITS:
The benefits payable under an inforce policy are as under:
a) Benefits payable on death:
On death of the Life Assured during the policy term "Sum Assured on Death" shall be payable,
which is the highest of
• Basic Sum Assured; or
• 10 times of annualized premium; or
• 1 05% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.
In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after
completion of 5th
policy year.
b) Benefits payable on maturity:
On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any,
shall be payable.
c) Participation in Profits:
Provided the policy is in full force, then depending upon the Corporation's experience the policies
under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such
rate and on such terms as may be declared by the Corporation on death after completion of 51h
policy year or on Policyholder surviving to the maturity.
3. OPTIONAL BENEFIT:
This plan provides the following optional rider by payment of additional premium:
LIC's Accident Benefit Rider UIN (512B203V02): LIC's Accident Benefit Rider is available as an
optional rider by payment of additional premium during the term of the policy. If there be more than
one policy with which this or any other Rider covering Accidental Deaths is attached and if the total
Accident Benefit Sum Assured under all such policies exceeds Rs.50 lakhs, the benefits shall apply
to the first Rs. 50 lakhs Accident Benefit Sum Assured in order of date of policies issued.
If this benefit is opted for, and if Life Assured is involved in an accident, leading to death and such
incident shall occur within 180 days from the date of accident then an additional amount equal to
the Accident Benefit Sum Assured is payable. However, the policy shall have to be in force at the
time of accident irrespective of whether or not it is in force at the time of death.
The premium rate for this rider is as under;
1. Rs. 0.50 per thousand Accident Benefit Sum Assured irrespective of age.
ii. Rs. 1.00 per thousand Accident Benefit Sum Assured. if the Life Assured is engaged in police
duty either in any military, naval or police organization and opts for this cover while engaged in
police duty.
Accident Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply,
if policy is in lapsed condition.
Note: Other than above mentioned LIC's Accident Benefit rider, no other riders including LIC's
Accidental Death and Disability Benefit Rider (UIN: 512B209V01) is allowed to be attached with this
plan.
4. ELIGIBILITY CONDITIONS AND RESTRICTIONS:
For Basic Plan:
1) Minimum Age at entry
2) Maximum Age at entry
3) Minimum Policy Term
4) Maximum Policy Term
5) Maximum Maturity Age for Life Assured
6) Minimum Basic Sum Assured per life
7) Maximum Basic Sum Assured per life
: 8 years (completed)
: 55 years (nearest birthday)
: 10 years
: 20 years
: 70 years (nearest birthday)
: Rs. 75,000/-
: Rs. 200,000/-
The Basic Sum Assured shall be in multiples of Rs. 5000/-.
"The total Basic Sum Assured under all policies issued to an individual under this plan shall not
exceed Rs. 2 lakh". These wordings have to appear in the First Premium Receipt (FPR) and in the
policy document for every policy under this plan.
Age at entry for the Policyholder is to be taken as age nearest birthday except for the minimum age at
entry i.e. 8 years, where it is in completed years.
For Accident Benefit Rider:
1) Minimum Entry Age : 18 years (completed)
2) Maximum Entry Age : The cover can be opted for at New Business stage or
at any policy anniversary during the policy term.
3) Maximum cover ceasing Age : Same as under the basic plan.
4) Minimum Accident Benefit Sum Assured : Rs. 75,000/-
5) Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured under the
Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life
Assured under individual as well as group schemes including policies with inbuilt accident benefit
taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the
new proposal into consideration.
The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-.
5. MODE OF PREMIUM PAYMENT:
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (ECS
only or through salary deductions).
6. PREMIUM RATES:
The tabular premium rates per thousand Basic Sum Assured are enclosed as Annexure 1.
The Class- I extra premium rates per thousand Basic Sum Assured, which may be applicable at
revival stage (as only standard lives shall be eligible at NB stage), are enclosed as Annexure 2.
The above premium rates are exclusive of taxes.
7. GRACE PERIOD FOR PAYMENT OF PREMIUM:
A grace period of one calendar month but not less than 30 days will be allowed for payment of
yearly, half-yearly or quarterly premiums and 15 days for monthly mode of premium payment.
If the death of the Life Assured occurs within the grace period but before the payment of premium
then due, the policy will be treated as inforce and the benefits will be paid after deduction of the said
unpaid premium and also the unpaid premium/s falling due before the next policy anniversary.
If premium is not paid before the expiry of the days of grace, the Policy lapses.
If the Policy has not lapsed and the claim is admitted in case of death under the policy where the
mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the
next policy anniversary shall be deducted from the claim amount.
The above grace period will also apply to Accident Benefit rider premiums as the rider premiums
are to be paid along with premium for the basic policy
2014.
This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan. This plan
shall be available to standard lives only without any medical examination and the total Sum
Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 2 lacs.
The benefits and other details of the plan are given below
2. BENEFITS:
The benefits payable under an inforce policy are as under:
a) Benefits payable on death:
On death of the Life Assured during the policy term "Sum Assured on Death" shall be payable,
which is the highest of
• Basic Sum Assured; or
• 10 times of annualized premium; or
• 1 05% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.
In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after
completion of 5th
policy year.
b) Benefits payable on maturity:
On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any,
shall be payable.
c) Participation in Profits:
Provided the policy is in full force, then depending upon the Corporation's experience the policies
under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such
rate and on such terms as may be declared by the Corporation on death after completion of 51h
policy year or on Policyholder surviving to the maturity.
3. OPTIONAL BENEFIT:
This plan provides the following optional rider by payment of additional premium:
LIC's Accident Benefit Rider UIN (512B203V02): LIC's Accident Benefit Rider is available as an
optional rider by payment of additional premium during the term of the policy. If there be more than
one policy with which this or any other Rider covering Accidental Deaths is attached and if the total
Accident Benefit Sum Assured under all such policies exceeds Rs.50 lakhs, the benefits shall apply
to the first Rs. 50 lakhs Accident Benefit Sum Assured in order of date of policies issued.
If this benefit is opted for, and if Life Assured is involved in an accident, leading to death and such
incident shall occur within 180 days from the date of accident then an additional amount equal to
the Accident Benefit Sum Assured is payable. However, the policy shall have to be in force at the
time of accident irrespective of whether or not it is in force at the time of death.
The premium rate for this rider is as under;
1. Rs. 0.50 per thousand Accident Benefit Sum Assured irrespective of age.
ii. Rs. 1.00 per thousand Accident Benefit Sum Assured. if the Life Assured is engaged in police
duty either in any military, naval or police organization and opts for this cover while engaged in
police duty.
Accident Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply,
if policy is in lapsed condition.
Note: Other than above mentioned LIC's Accident Benefit rider, no other riders including LIC's
Accidental Death and Disability Benefit Rider (UIN: 512B209V01) is allowed to be attached with this
plan.
4. ELIGIBILITY CONDITIONS AND RESTRICTIONS:
For Basic Plan:
1) Minimum Age at entry
2) Maximum Age at entry
3) Minimum Policy Term
4) Maximum Policy Term
5) Maximum Maturity Age for Life Assured
6) Minimum Basic Sum Assured per life
7) Maximum Basic Sum Assured per life
: 8 years (completed)
: 55 years (nearest birthday)
: 10 years
: 20 years
: 70 years (nearest birthday)
: Rs. 75,000/-
: Rs. 200,000/-
The Basic Sum Assured shall be in multiples of Rs. 5000/-.
"The total Basic Sum Assured under all policies issued to an individual under this plan shall not
exceed Rs. 2 lakh". These wordings have to appear in the First Premium Receipt (FPR) and in the
policy document for every policy under this plan.
Age at entry for the Policyholder is to be taken as age nearest birthday except for the minimum age at
entry i.e. 8 years, where it is in completed years.
For Accident Benefit Rider:
1) Minimum Entry Age : 18 years (completed)
2) Maximum Entry Age : The cover can be opted for at New Business stage or
at any policy anniversary during the policy term.
3) Maximum cover ceasing Age : Same as under the basic plan.
4) Minimum Accident Benefit Sum Assured : Rs. 75,000/-
5) Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured under the
Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life
Assured under individual as well as group schemes including policies with inbuilt accident benefit
taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the
new proposal into consideration.
The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-.
5. MODE OF PREMIUM PAYMENT:
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (ECS
only or through salary deductions).
6. PREMIUM RATES:
The tabular premium rates per thousand Basic Sum Assured are enclosed as Annexure 1.
The Class- I extra premium rates per thousand Basic Sum Assured, which may be applicable at
revival stage (as only standard lives shall be eligible at NB stage), are enclosed as Annexure 2.
The above premium rates are exclusive of taxes.
7. GRACE PERIOD FOR PAYMENT OF PREMIUM:
A grace period of one calendar month but not less than 30 days will be allowed for payment of
yearly, half-yearly or quarterly premiums and 15 days for monthly mode of premium payment.
If the death of the Life Assured occurs within the grace period but before the payment of premium
then due, the policy will be treated as inforce and the benefits will be paid after deduction of the said
unpaid premium and also the unpaid premium/s falling due before the next policy anniversary.
If premium is not paid before the expiry of the days of grace, the Policy lapses.
If the Policy has not lapsed and the claim is admitted in case of death under the policy where the
mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the
next policy anniversary shall be deducted from the claim amount.
The above grace period will also apply to Accident Benefit rider premiums as the rider premiums
are to be paid along with premium for the basic policy
No comments:
Post a Comment