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Jeevan Vaibhav
LIC’s JEEVAN VAIBHAV (UIN: 512N269V01)
LICs Jeevan Vaibhav is a close-ended single premium
endowment assurance plan which offers guaranteed benefits on death and maturity
along with Loyalty Addition, if any, payable on maturity or on death in the
last policy year.
The plan will be open for sale for a maximum period of
120 days from the date of launch.
1.BENEFITS
a) Death Benefit:
On death during the policy term, excluding last policy
year: Sum Assured shall be payable.
On death during last policy year: Sum Assured along
with loyalty addition, if any shall be payable.
b) Maturity Benefit:
On maturity, Sum Assured along with Loyalty Addition,
if any, shall be payable.
c) Loyalty Addition:
Depending upon the Corporation�s
experience the policy will be eligible for Loyalty Addition during the last
year of the policy at such rate and on such terms as may be declared by the
Corporation.
2. ELIGIBILITY CONDITIONS AND OTHER
RESTRICTIONS
Minimum Entry Age
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8 Years (
Completed )
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Maximum Entry
Age
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65 Years ( Nearest Birthday)
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Minimum Sum
Assured
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Rs.200,000/-
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Maximum Sum
Assured
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No Limit
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Sum Assured
Shall Be Available In Multiples Of Rs.10,000/-
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Minimum Single
Premium
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Rs.95,210/-
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Policy Term
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10 Years
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Premium Payment
Term
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Single Premium Only
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3. SAMPLE PREMIUM RATES
Following are some of the sample premium rates
(exclusive of Service Tax) per Rs. 1000/- Sum Assured:
Age
|
Premium
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20
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Rs.477.35
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30
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Rs.477.35
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40
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Rs.480.55
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4. HIGH SUM ASSURED REBATE :
Sum Assured
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Rebate
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Up
To Rs.3,90,000
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Nil
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Rs.4,00,000
To Rs.5,90,000
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2.00
% Of S.A
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Rs.
6,00,000 And Above
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3.00
% Of S.A
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5. LOAN
Loan
facility will be available under this plan, after completion of one policy
year.
6. SURRENDER VALUE
The policy can be surrendered for cash after the policy
has run for at least one year. The
minimum Guaranteed Surrender Value allowable is equal to 90% of the Single
premium paid excluding extra premium, if any.
Corporation may however pay Special Surrender value as
applicable on the date of surrender provided the same is higher than the
guaranteed Surrender Value.
The Special Surrender Value will be the discounted
value of the Sum Assured as on date of surrender.
7. SERVICE TAX:
Service tax, if any, shall be as per the Service Tax
laws and the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates
shall be payable by the policyholder on the premium.
8. COOLING-OFF PERIOD
If you are not satisfied with the Terms and Conditions of the
policy, you may return the policy to the Corporation within 15 days from the
date of receipt of the policy stating the reason of objections. On receipt of
the same the Corporation shall cancel the policy and return the amount of
single premium deposited after deducting the risk premium, expenses incurred on
medical examination and stamp duty.
9. EXCLUSIONS
The policy shall be void if the Life Assured (whether
sane or insane at the time) commits suicide at any time within one year from
the date of commencement of risk and the Corporation will not entertain any
claim under this policy except to the extent of a maximum of (i) 90% of the
single premium paid excluding any extra premium paid or (ii) third partys
bonafide beneficial interest acquired in the policy for valuable consideration
(but limited to applicable death benefit of this policy) of which notice has
been given in writing to the branch where the policy is being presently
serviced (where the policy records are kept) at least one calendar month prior
to death.
