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jeevan chhayya
Benefits on death/survival:
One fourth of the sum assured is payable at the end of each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last instalment. These benefits are payable whether the life assured survives the policy term or dies during the term of policy. Further, on death during the policy term, an amount equal to Sum Assured is also payable immediately.
Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium and the fixed benefit already paid.
Corporation’s policy on surrenders:
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the premiums paid and the duration at which surrender value is calculated. 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 under its plans from time to time depending on the economic environment, experience and other factors.
Note: The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
benefits
Statutory Warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.”
Illustration 1 (Table 103)
Age at entry: 35 Years
Policy Term: 25 Years
Mode of premium payment: Yearly
Sum Assured: Rs. 1,00,000 /-
Annual Premium: Rs. 4653 /-
End of year |
Total premiums paid till end of year |
Benefit on death during the year |
||||
Guaranteed |
Variable |
Total |
||||
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
1 |
4653 |
100000 |
0 |
0 |
100000 |
100000 |
2 |
9306 |
100000 |
0 |
0 |
100000 |
100000 |
3 |
13959 |
100000 |
0 |
0 |
100000 |
100000 |
4 |
18612 |
100000 |
0 |
0 |
100000 |
100000 |
5 |
23265 |
100000 |
0 |
0 |
100000 |
100000 |
6 |
27918 |
100000 |
0 |
0 |
100000 |
100000 |
7 |
32571 |
100000 |
0 |
0 |
100000 |
100000 |
8 |
37224 |
100000 |
0 |
0 |
100000 |
100000 |
9 |
41877 |
100000 |
0 |
0 |
100000 |
100000 |
10 |
46530 |
100000 |
0 |
0 |
100000 |
100000 |
15 |
69795 |
100000 |
0 |
0 |
100000 |
100000 |
20 |
93060 |
100000 |
0 |
0 |
100000 |
100000 |
25 |
116325 |
100000 |
0 |
0 |
100000 |
100000 |
(i) This illustration is applicable to a non-smoker male/female standard (from medical and life style 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) Future bonuses will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed