Lic jeevan saral 165

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JEEVAN JEEVAN SARALSARAL

an innovative plan with never-before an innovative plan with never-before featuresfeatures

an innovative plan with never-before features

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A unique plan – First of A unique plan – First of itsits kindkind Only traditional non-Only traditional non-linkedlinked insurance plan havinginsurance plan having provisions for partialprovisions for partial surrenderssurrenders A conventional plan A conventional plan withwith features of linked features of linked productsproducts

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No surrender penalty after No surrender penalty after 55 yearsyears Risk cover same for any Risk cover same for any entryentry age and term and depends age and term and depends onon the premium onlythe premium only Loyalty additions Loyalty additions Option available to keepOption available to keep policy in force, for reducedpolicy in force, for reduced premium and benefits, premium and benefits, eveneven after partial surrender. after partial surrender.

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Easy to understandEasy to understand

Provides guarantees Provides guarantees and and smooth return over the smooth return over the termterm

High liquidity and High liquidity and flexibilityflexibility of termof term

Higher risk cover at Higher risk cover at same same cost. cost.

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Who can avail of this policy ? Those aged between 12 years (completed) and 60 years (nearest birthday)

What are the periods for which risk cover is available? Options are available for terms 10 to 35 years.

Are their limits on maturity age? Maximum age at maturity : 70 years.

Are their limits on premium payable? - For entry age up to 49 years, minimum premium payable is Rs. 250 per month. - For entry age 50 years and above, minimum premium payable is Rs. 400 per month - There is no maximum limit on premium. - Monthly premium will be in multiples of Rs. 50/-

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Following optional riders are available by payment of additional premium: Accidental death and disability benefit rider Term Assurance benefit rider

The maximum cover for the above riders will be Rs.25 lakhs under all policies.

The Term Assurance and Accident Benefit Sums Assured under the riders will be equal to or less than Death Benefit Sum Assured under the basic plan.

For the term rider, the following conditions apply :Entry Age: Between 18 years (comp.) & 50 yearsMaximum age at maturity : 60 yearsSum Assured : Between Rs.1 lakh and Rs. 25 lakhs (including Term Rider taken under all LIC plans)

Term rider shall be available for the same term as that under the main policy and the Term Rider Sum Assured should be in multiples of Rs.10,000.

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After completion of 3 years or more from commencement provided premiums are paid for at least 3 full years,partial surrenders are permitted. Basic premium shall be reduced & surrender value corresponding to amount by which the basic premium is reduced will be paid subject to following conditions:

¨ Once a partial surrender is made, all benefits under the policy will get automatically reduced proportionately.¨ Sum assured under Accident and term rider benefits & additional premium payable for such benefits will also get correspondingly reduced, provided reduced basic annual premium after partial surrender is not less than Rs.3,000/-, where the entry age is 49 years or below & Rs.4800 where the entry age is 50 years or above.¨ Minimum basic annual premium that can be surrendered at a time is Rs.1200/- p.a. & in multiples of Rs.600 p.a. thereafter.¨ Minimum waiting period of one year is required between two successive surrenders. Partial surrender is allowed if no loan is outstanding. Subject to above conditions, any number of partial surrenders are permitted.

Partial Surrenders - ExplainedPartial Surrenders - Explained


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Death Cover :Death Cover :

250 times the monthly basic premium + Return of premiums paid (less FY Premium and extra / rider premiums, if any, plus + Loyalty additions, if any.

Maturity Benefit :Maturity Benefit : Maturity sum assured, plus + Loyalty Additions, if any.

Loyalty Addition : Loyalty Addition : Loyalty additions will be declared after the policy has been in full force for at least 10 years. Loyalty additions will also be payable if a death claim occurs in the 10th year of the policy provided that the policy is in full force. Loyalty additions will be subject to the Corporation’s experience.

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End of

year

Total premium

s paid till end of year

Amount payable on surrender or maturity at the end of year

Guaranteed

Variable Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

1 4704 0 0 0 0 02 9408 0 0 0 0 03 14112 8099 0 0 8099 80994 18816 12942 0 0 12942 129425 23520 18660 0 0 18660 186606 28224 23180 0 0 23180 231807 32928 27856 0 0 27856 278568 37632 32744 0 0 32744 327449 42336 37892 0 0 37892 37892

10 47040 43360 7000 18000 50360 6136015 70560 75200 13000 41000 88200 11620020 94080 106124 30000 100000 136124 20612425 117600 135296 65000 211000 200296 346296

Age at entry: 35 years Policy term: 25 years Mode of premium payment: YearlyAmount of annual premium: Rs.4704/-

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End of

year

Total premiums paid till

end of year

Amount payable at the end of year on death during the year

Guaranteed

Variable Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

1 4704 100000 0 0 10000010000

0

2 9408 104800 0 0 10480010480

0

3 14112 109600 0 0 10960010960

0

4 18816 114400 0 0 11440011440

0

5 23520 119200 0 0 11920011920

0

6 28224 124000 0 0 12400012400

0

7 32928 128800 0 0 12880012880

0

8 37632 133600 0 0 13360013360

0

9 42336 138400 0 0 13840013840

0

10 47040 143200 7000 18000 15020016120

0

15 70560 167200 13000 41000 18020020820

0

20 94080 191200 30000 100000 22120029120

0

25 117600 215200 65000 211000 28020042620

0

Age at entry: 35 years Policy term: 25 years Mode of premium payment: YearlyAmount of annual premium: Rs.4704/-

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This illustration is applicable to Non-smoker male/female standard (from medical, life style & occupation point of view) life. The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed. The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification. Loyalty additions will depend on future profits and as such is not guaranteed.. The Maturity Benefit is the amount shown at the end of the policy term.

Illustrations- Assumptions and Illustrations- Assumptions and DisclaimerDisclaimer

Lic jeevan saral 165

Economy & Finance

Transcript of Lic jeevan saral 165