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Jeevan Aadhar (Limited Payment Whole Life)
Jeevan Aadhar
Table No. 114
(Limited Payment Whole Life)
The Plan is a limited
payment Whole Life Plan specifically designed to make provision for the
maintenance of handicapped dependants.Under the plan, an individual or member
of Hindu undivided family can take insurance on his or her own life to provide
for payment of a lump sum and an annuity to the handicapped dependant. The
payment will be made to the Nominee under the Policy, who will either be the
handicapped dependent or any other person or a trust, for the benefit of the
dependent.
Benefits
The Plan provides for
payment of Claim amount partly in lump sum and partly in the form of annuity to
the handicapped dependent.
Ø Notional Sum Assured
ü
The Notional Sum Assured will comprise of three components
viz. (i) Basic Sum Assured, (ii) Guaranteed Additions and (iii) Terminal
Addition and will become payable in the manner specified below on the death of
the life assured.
ü
Basic Sum Assured:- The Sum Assured for which the contract
is entered into.
ü
Guaranteed Additions:- Rs. 100/- per thousand Sum Assured
for each completed policy year for which the policy was in full force. Such
guaranteed additions will accrue upto age 65 of the life assured or his death,
earlier.
ü
Terminal Addition:- If the policy is in full force and if at
least premiums were paid for 10 years, it will be entitled for terminal
additions on the death of the life assured. The rate will be declared from time
to time depending upon LIC's favourable working experience under the plan.
Ø
Manner of Payment of Benefits:-
Twenty percent of the Notional Sum Assured (as mentioned
above) will be paid in lump sum and the balance eighty percent will be utilised
to provide an annuity certain for 15 years and life thereafter on the life of
the handicapped dependant. The actual annuity payment will be calculated based
on the age of the handicapped dependant at the time of claim under the policy.
Ø Special Provisions:
In the event of handicapped dependant predeceasing the life
assured during the term of the policy, the contract ceases and the life assured
will have the option of keeping the policy for a reduced paid up sum assured or
receive a refund of premiums paid (excluding extra premiums and accident
benefit premium, if any). The reduced paid up Sum Assured including any
guaranteed and Terminal Addition, as applicable, will be paid as lump sum to
the legal heirs of the life assured.
Ø Acicdent Benefit:
Accident Benefit will also be available
under the policy during the premium paying term subject to prevailing
conditions and is payable only on the death of the life assured due to
accident. It will be equal to the Basic Sum Assured and will be payable partly
in lump sum and partly in the form of annuity to the nominee in the same
proportion as the Notional Sum Assured under the policy.
Features
Ø Minimum Sum Assured - Rs.
50,000/-
Ø Minimum age at entry- 22
years
Ø Maximum age at entry- 65
Years
Ø Premium Payment term -
10, 15, 20, 25, 30 & 35
Ø Maximum Premium ceasing
Age - 75 Years
Ø Mode of payment - Yly,
Hly, Qly, Mly, SSS
Ø No Loan Available
Ø No Surrender Value
Available
