General Conditions:
Min. age at entry: 20 years (nbd).
Max. age at entry: 60 years (nbd).
Max. Maturity age: 70 years (nbd).
Modes Allowed: ALL
Min. S.A.: Rs. 50,000.
Max. SA.: Any amount.
Min Term: 5yrs for SP & 10 yrs for regular.
Max Term: 25 years.
SA in multiples: Rs 5000
Premium paying term: Policy Term OR P.T. minus 3
Requirements in writing:
Female lives category: I/II/III
Non-Medical General : Allowed
Non-Medical Professional: Allowed
Non-Medical Special: Allowed
Age proof: Std.(Without restr.)/NSAP-1(WR 5 lakhs)
Form Number: 300
Dating Back @ 8%: Allowed
Actual Sum assured: 1.5 times of SA (less premiums paid for single premium).
Policy Servicing:
Policy Loan @ 9%: Yes.
Revival: Yes.
Surrender of Policy: Yes.
Housing Loan: Yes.
Assignment: Yes.
TRB & CIR: Yes.
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| Mode Rebate/Extra | |
| Yly | 2% |
| Hly | 1% |
| Mly | 5% |
Accident benefit** per 1000 SA Re 1* (for Regular Prem.). **Max Accident Benefit SA is 50 laksh for all policies of the LA with LIC taken together.
For DAB rates for Ltd. Payment & Single premium see below chart.
| Large SA Rebate Per 1000 SA | |
| Sum Assured | Reg. & Sin. Prem. |
| 50000-1 lakh | Nil |
| 105000 & above | Rs 2 |
==> By payment of additional premium, this plan offers the following optional Riders. (a) Term Assurance Rider (b) Critical Illness Rider (c) Accident Benefit Rider.
| Accident Benefit Rider Rates for Ltd. Payments premium per 1000 SA | ||||||||||||||||
| Term | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| PPT | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |
| T.P. | 1.45: | 1.4: | 1.35: | 1.35: | 1.35: | 1.3: | 1.3: | 1.25: | 1.25: | 1.25: | 1.25: | 1.25: | 1.2: | 1.2: | 1.2: | 1.2 |
.
| Accident Benefit Rider Rates for Single premium per 1000 SA | |||||||||||||||||||||
| Term | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| T.P. | 4.7: | 5.5: | 6.25: | 6.95: | 7.6: | 8.25: | 8.85: | 9.45: | 9.95: | 10.5: | 10.95: | 11.4: | 11.85: | 12.25: | 12.65: | 13: | 13.35: | 13.7: | 14: | 14.3: | 14.55 |
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| Eligibility Conditions: | For Term Assurance Rider Option: | For Critical Illness Rider Option |
| Min. age at entry: | 20 years (nbd) | 20 years completed |
| Max. age at entry: | 50 years (nbd) | 50 years (nbd) |
| Max. Maturity age: | 60 years (nbd) | 60 years (nbd) |
| Min Term: | 5 years single, 10 years regular, | 10 years |
| Max Term: | 25 years | 25 years |
| SA in multiples: | Rs 25000 | Rs 10000 |
| Modes Rebate | NA | Yly-2%; Hly-1%: Qly/SSS-Nil; Mly-+5% extra |
| Min SA | Rs 1 lakh | Rs 50000 |
| Max. SA | Not exceeding the SA under Basic plan subject to the Max of Rs 25 lakhs overall limit taking all term Assurance Riders availed under all existing policies of the Life Assured with LIC and the Term Assurance Rider under the new proposal into consideration | Not exceeding the SA under Basic plan subject to the Max of Rs 5 lakhs overall limit taking all critical illness riders availed under all existing policies of the Life Assured with LIC and the critical illness Rider under the new proposal into consideration |
| Large SA Rebate: For regular Prem. |
||
| No Rebate | No Rebate | |
| For Single Prem. | No Rebate | Less than 1 lakh – Nil 1 lakh-190000-0.25 paise per 1000SA 2 lakhs & above-0.5 paise per 1000 SA |
| Female Lives | Category I/II allowed | Category I/II allowed |
| Lives Allowed | Std./Sub std. up to class III EMR | Std. Lives |
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Features:
It is similar to Jeevan Chhaya plan if it is mixed with Profit Plan, but the advantage is that the minimum term is 5 years whereas in Jeevan Chhaya, minimum term is 18 years. This plan is suitable for person who want to provide funds for children’s education/marriage and other needs. This plan will cater to the needs of wide range of age group of children. Irrespective of whether the Life assured survives to the end of the policy term or dies during the term of the policy the benefits are payable at pre-specified durations.
Benefits:
1. Cooling off period: A policy holder can return the policy within 15 days from the date of receipt of the policy if he/she is not satisfied with the “Terms & conditions” of the policy.
2. Critical Illness Rider: If opted, in case of diagnosis of defined categories of critical illness during the term of the policy an amount equal to critical illness rider SA is payable.
3. Assured Benefits: At the start of every year during the last 3 policy years before maturity, provided the policy is in full force, an amount equal to 20% of the basic SA.
Along with reversionary bonuses declared from time to time for the full term, plus terminal bonus and balance 40% of the basic SA if any, shall be payable. The above benefits shall be payable to the nominee in case of earlier death of the policy holder.
4. Paid-up Value: The SA under the basic plan shall be reduced to such a sum called Paid-up value after at least 3 full years premiums have been paid and any subsequent premium be not duly paid. To the reduced paid up policy, the paid up value along with vested Simple Reversionary bonuses, if any, will remain attached. All the optional/rider benefits will not apply on policy being paid-up. On maturity or earlier death of the Life Assured, the paid-up value along with attached bonuses if any shall be payable. If the policy is in paid-up condition, no assured benefit will be payable.
5. The Gtd. Surrender Value (GSV): After the policy is kept in force by payment of premiums for atleast 3 years, this policy can be surrendered for cash. The cash value will be allowed of any existing vested simple reversionary bonuses. On Term Assurance rider, Accident Benefit and critical illness Rider options premiums, surrender value will not be available. The GSV available under this plan for all modes will be equal to 30% (in case of Single premium it will be 90%) of the total premiums paid excluding first year and all extra premium
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