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Jeevan Vishwas (Annuity Plan for Handicapped)


Jeevan Vishwas


Table No. 136
(Annuity Plan for Handicapped)


Jeevan Vishwas is a plan specifically for handicapped dependants. The proposer of this plan must be a relative of the life assured.


Benefits:

Ø  Maturity Benefits

Sum Assured + Guaranteed Additions + Loyalty Addition, if any

Ø  Death Benefits

Sum Assured + Guaranteed Additions + Loyalty Addition, if any will be paid to the Handicapped Dependent.

Ø  Mode of payment of Benefits

20% of Notional Sum Assured (Sum Assured + Guaranteed Additions + Loyalty Addition, if any) will be paid at maturity. Balance 80% will compulsory be utilised to provide an immediate annuity on Handicapped Dependent’s life.

The Annuity is payable in any of the following options:

1)  Annuity for life,
2)  Annuity certain for 5 or 10 years and for life thereafter,
3)  Annuity for life with return of Notional Purchase Price (ie. 80% of the total Basic Sum Assured + Guaranteed Additions + Loyalty Additions, if any)

Ø  Mode Benefit:

ü  The following table shows the rebate available on the mode of premium payment.

Mode
Rebate
Yearly
3% of tabular premium
Half - Yearly
1.5% of tabular premium
Quarterly
Nil
Single Premium
Nil


Ø  Sum Assured Benefit:

ü  The following table shows the rebate available on the sum assured.


Sum Assured
Rebate for Annual
Premium Policies
Rebate for Annual
Premium Polices
1,00,000-2,49,999
Re. 1 Per Thousand
Nil
2,50,000-4,99,999
Rs. 2 Per Thousand
Nil
5,00,000-19,99,999
Rs. 3 Per Thousand
Re. 1 Per Thousand
20,00,000-49,99,999
Rs. 4 Per Thousand
Re. 1.5  Per Thousand
50,00,000-Above
Rs. 5 Per Thousand
Rs. 2 Per Thousand


Features:

Ø  Minimum Age at entry of Proposer : 20 yrs (Near Birthday)

Ø  Maximum Age at entry of Proposer : 65 yrs (Near Birthday)

Ø  Maximum Age at maturity : 75 yrs (Near Birthday)

Ø  Maximum Premium Paying Term : 25 yrs

Ø  Minimum Policy Term : 10 yrs

Ø  Maximum Policy Term : 40 yrs

Ø  Minimum Sum Assured : Rs. 50,000 And in multilples of 25,000 thereafter

Ø  Maximum Sum Assured : Any Amount

Ø  Modes of Premium : Yearly, Halfly, Quarterly, Single Premium

Ø  No Loan facility

Ø  Back-dating is allowed within the same financial year at 12% interest p.a. No waiver of interest.

Ø  Accident Benefit is allowed under Annual Premium policy.