Jeevan Pramukh - Plans for High worth Individuals
It is a endowment assurance plan giving the choice of three premium paying terms. It provides financial protection against death throughout the term of the plan.
Premium are paid yearly, half yearly, monthly, quarterly.
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy.
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:
| Minimum Age at entry |
18 years completed |
| Maximum Age at entry |
65 years (age nearer birthday) |
| Maximum Maturity Age |
75 years (age nearer birthday) |
| Policy Term |
5, 10, 15, 20 or 25 years |
| Sum Assured |
Minimum Rs.10 lakh. Thereafter in
multiples of Rs.1,00,000 |
Rebate for Mode of Premium Payment:
| Yearly |
2% of tabular premium |
| Half-Yearly |
1% of tabular premium |
| Quarterly |
Nil |
| Monthly |
5% extra of tabular premium |
Sum Assured Rebate:
| Up to and including Rs.50 lakh |
Nil |
| Above Rs.50 lakh |
Rs. 0.50 per thousand Sum Assured |
e.g: Age at Entry: 35 years
Sum Assured (Rs.): 1000000
Policy Term: 25 years
Premium Paying Term: 3 years
Yearly Premium (Rs.): 178213
| End of year |
Total Premium paid till end of year (Rs.) |
Death Benefit / Maturity Benefit (Rs.) payable at end of year |
|
|
|
|
| |
|
Guaranteed |
Variable |
|
Total |
|
| |
|
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
| 1 |
178213 |
1000000 |
0 |
0 |
1000000 |
1000000 |
| 2 |
356426 |
1050000 |
0 |
0 |
1050000 |
1050000 |
| 3 |
534639 |
1100000 |
0 |
0 |
1100000 |
1100000 |
| 4 |
534639 |
1150000 |
0 |
0 |
1120000 |
1150000 |
| 5 |
534639 |
1200000 |
0 |
0 |
1150000 |
1200000 |
| 6 |
534639 |
1250000 |
22000 |
104000 |
1200000 |
1354000 |
| 7 |
534639 |
1250000 |
44000 |
208000 |
1272000 |
1458000 |
| 8 |
534639 |
1250000 |
66000 |
312000 |
1294000 |
1562000 |
| 9 |
534639 |
1250000 |
88000 |
416000 |
1338000 |
1666000 |
| 10 |
534639 |
1250000 |
110000 |
520000 |
1360000 |
1770000 |
| 15 |
534639 |
1250000 |
220000 |
1040000 |
1470000 |
2290000 |
| 20 |
534639 |
1250000 |
440000 |
2080000 |
1690000 |
3330000 |
| 25 |
53463 9 |
1250000 |
586000 |
2773000 |
1836000 |
4023000 |
Benefits of Jeevan Pramukh:
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers.
Premiums: Premiums can be paid yearly, monthly, quarterly throughout the premium paying term.
Guaranteed Additions: For each completed year for first five year of the policy, Guaranteed Additions will be allocated at the rate of Rs 50 per thousand Sum Assured.
Bonuses: Simple Reversionary bonuses will be payable per thousand Sum Assured at the end of each financial year.
Death Benefit: Guaranteed Additions, Sum Assured along with vested bonuses will be allocated in lump sum during the policy term.
Maturity Benefit: Sum Assured, Guaranteed Additions, along with vested Reversionary bonuses will be allocated in lump sum during the policy term.
Supplementary or Extra Benefit: These optional benefits are added to your basic plan and an additional premium is needed to be paid for these benefits.
Surrender Value: On early termination of the LIC contract surrender values are allocated. These values will be greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders.
Guaranteed Surrender Value: if policy has been in force for at least three full years then the policy can be surrendered. 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.
Corporation’s policy on surrenders: In practice, the Corporation will pay a Special Surrender Value – which is available after completion of at least 3 years from the date of commencement of your policy. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. 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 especially in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
Paid up value: Policy shall not be wholly void if at least one full year's premiums have been paid and any subsequent premium be not duly paid but Sum Assured shall be reduced to such a sum, called the Paid-up Sum Assured, and will be equal to the total amount of premiums paid. If the death occurs of Life Assured during the policy term, the reduced Paid-up Sum Assured along with vested reversionary bonuses shall be payable. Provided the Life Assured is then alive.
In the event of death of the Life Assured within six months from the due date of first unpaid premium, the benefits will be paid as if the Policy had remained in full force after deduction of (a) the premium or premiums unpaid with interest thereon until the date of death, and (b) the unpaid premiums falling due before the next Policy anniversary.
Revival: In case the policy has lapsed, it can be revived by paying arrears of premium with inertest rate within a period of five years.
Surrender Value: On early termination of the LIC contract surrender values are allocated. These values will be greater of the guaranteed surrender value and special surrender.
Loan: corporation will decide the arte of interest for loan terms, presently rate of interest is 9% p.a.
Cooling – off – period: policy can be returned back within 15 days if you are not satisfied with the terms and conditions corporation.
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