Jeevan Sangam - 831
LIC's Jeevan Sangam 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.
Death Benefit:
- On death during first five policy years(Before the date of commencement of risk): Refund of single premium excluding service tax and extra premium, if any, without interest.
- After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.
- On death after completion of five policy years but before the stipulated Date of Maturity: Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
Maturity Benefit:
On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.
Loyalty Addition:
Depending upon the Corporation’s experience, the 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 Basic Sum Assured | Rs. 75,000 (thereafter multiple of Rs. 10000/-) |
| Maximum Basic Sum Assured | No Limit |
| Policy Term | 12 years |
| Premium Paying Term | Single premium only |
| Minimum Age at entry | 6 years (completed) |
| Maximum Age at entry | 50 years (Nearer Birthday) |
Date of commencement of risk:
In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years.For those aged 8 years or more, risk will commence immediately.
LOAN:
Loan can be availed under this plan at any time after three months from the date of policy issuance and subject to terms and conditions as the Corporation may specify from time to time.
SURRENDER VALUE:
The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:
- First year: 70% of the Single premium paid excluding extra premiums paid and taxes, if any.
- Thereafter: 90% of the Single premium paid excluding extra premiums paid and taxes, if any.
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.
Cooling-Off Period:
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond 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:
Suicide: 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 the risk, an amount which is higher of 90% of the single premium paid (excluding taxes and extra premium, if any) or Surrender Value shall be payable. The Corporation will not entertain any other claim under this policy.
This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years.
This plan is available only for 90 days started from 4-March-2015
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