Jeevan Shagun Plan - 826
Jeevan Shagun is a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium.
The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.
A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified durations and on maturity. This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 90 days from the date of launch.
The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.
A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified durations and on maturity. This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 90 days from the date of launch.
Benefits
Death Benefit:
On death during first five policy years: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.On death after completion of five policy years: Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
Survival Benefits:
On Life Assured surviving to the end of the specified durations, the following Survival benefit shall be payable.
At the end of 10th policy year: 15% of the Maturity Sum Assured.
At the end of 11th policy year: 20% of the Maturity Sum Assured.
At the end of 10th policy year: 15% of the Maturity Sum Assured.
At the end of 11th policy year: 20% of the Maturity Sum Assured.
Maturity Benefit:
On maturity, 65% of the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.
Loyalty Addition:
Depending upon the Corporation’s experience, a policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable on death or surrender, provided the policy has run for atleast five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.
Eligibility Conditions and Restrictions:
| Particulars | Description |
|---|---|
| Minimum Entry Age | 8 years (complete) |
| Maximum Entry Age | 45 years (nearest birthday) |
| Minimum/Maximum Basic Sum Assured premium paid | 10 times of tabular single |
| Policy Term | 12 years |
| Minimum Maturity Sum Assured | Rs. 60,000/- |
| Maximum Maturity Sum Assured | No limit |
| Premium mode | Single premium only |
Loan:
Loan can be availed under this plan any time after completion of one policy term and subject to terms and conditions as the Company may specify from time to time.
Surrender Value:
The policy can be surrendered for cash at any time during the policy term. The minimum Guaranteed Surrender Value allowable shall be as under:
1. First year: 70% of the Single premium excluding extra premiums and taxes, if any.
2. Thereafter: 90% of the Single premium excluding taxes, any extra premium paid and survival benefits, if paid earlier.
The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.
1. First year: 70% of the Single premium excluding extra premiums and taxes, if any.
2. Thereafter: 90% of the Single premium excluding taxes, any extra premium paid and survival benefits, if paid earlier.
The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.
Tax:
Taxes, including Service Tax, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
The amount of tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
Cooling - Off Period:
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may returned 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 proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.
Exclusions:
The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.
Close Ended Plan - Going to close on 28-11-2014
Contact me 9899551897 or send your detail on satishkumar.licofindia@gmail.com to get your insurance plan.
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