LIC Jeevan Anurag

Table No.168

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.

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
Te rm	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
Te rm	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

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

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 premiums and premiums paid for optional/rider benefits.

6. Death Benefits: On the death of the Life Assured, under the basic plan, an amount equal to SA shall be payable immediately to the nominee. Thereafter, no premiums are payable. (a) In case of accidental death, Accident Benefit Rider SA + Term Assurance Rider SA + Basic SA are payable IF accident Benefit + Term Assurance Rider is opted. (b) Term Assurance Rider SA + Term basic SA is payable if Term Assurance Rider is opted.

To the nominee, the above death benefit is paid to the nominee immediately. Provided policy is in full force, if death occurs during the policy term, Bonus is paid only at Maturity.

7. Premium Waiver Benefits: This may opted in case of the following: (a)  If critical illness rider has been opted for and (b) The critical illness rider SA is equal to SA under the basic plan.

Provided the policy is in force, the total future premiums (i.e. premium for SA under the basic plan and premiums for the riders opted for) in respect of the policy shall be waived in case LA is diagnosed with any of the Critical Illness cover under the policy.

8. Other details: Plan is not allowed for (a) Pregnant Ladies (b) When Occupational Extra is chargeable. Plan is allowed only to Group A deformity with loss of one limb at standard rates. Medical Examination cost will be borne by LIC to a limit of Rs 4 per 1000 SA under the basic plan.

Example: For a term of 18 years on 19-11-2004, Mr Andy takes a policy for Rs. 5 lakhs. (a) During 13th policy year, if Mr Andy dies, his nominee will get Rs 5 lakh as death benefit immediately and future premiums are waived. In addition, nominee will also get Rs 1 lakh each at the end of 15th, 16th & 17th policy year. At the end of 18 years term i.e. on maturity, Rs 2 lakhs plus 378000 accrued bonuses for the full term @ 42 per 1000 SA & Terminal Bonus, if any is paid. (b) Mr. Andy will get 20% of basic SA on survival till the maturity i.e. Rs 1 lakh each on the balance 40% of basic SA i.e. Rs. 2 lakhs on 19-11-2022 i.e. at the end of 18th year alongwith the vested Reversionary Bonuses & Terminal Bonus, if any.