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Benefits of Jeevan Madhur:
Maturity Benefit: Maturity Sum Assured plus with vested bonus will be allocated in lump sum to the policy holder.
| Age at Entry |
Policy Term |
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5 years
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10 years
|
15 years
|
|
20
|
5089
|
11219
|
18561
|
|
30
|
5081
|
11173
|
18396
|
|
40
|
5026
|
10910
|
17572
|
|
50
|
4847
|
10066
|
14884
|
Death Benefit: This benefit provides vested bonus along with total amount of premiums payable during the entire term of policy will be allocated as a death benefit to the policy holder.
Accidental Benefit Rider option: Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the basic plan subject to overall limit of Rs.50 lakh taking all existing policies of the life assured under individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration. This benefit is available under Regular Premium policies only and it is not available under single premium policies.
In case of accidental death, the Accident benefit sum assured will be payable as lump sum along with the death benefit under the basic plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit sum assured will be paid in monthly installments spread over 10 years or up to death or maturity, if earlier, and all future premiums under the policy will be waived.
The disability due to accident should be total and such that the life assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:
i) Irrevocable loss of the entire sight of both eyes or
ii) amputation of both hands at or above the wrists or
iii) amputation of both feet at or above ankles or
IV) amputation of one hand at or above the wrist and one foot at or above the ankle.
Auto Cover Facility: If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue from the due date of First Unpaid Premium(FUP) for a period of two years or till the end of policy term, whichever is earlier.
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.
Loan: corporation will decide the arte of interest for loan terms, presently rate of interest is 9% p.a.
Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
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.
Exclusions: Suicide is excluded for first year. No other exclusions.
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