Lic Jeevan Sangam Single Premium Payment Plan Table No 831 Details
1. Introduction:
It
has been decided to introduce LIC’s JEEVAN SANGAM (Plan No.831), a close ended plan which would
be open for sale from 4th March, 2015 for a maximum period of 90 days.
LIC’s Jeevan Sangam is a non-linked,
with-profit, single premium plan which provides for high level of death cover during the
policy term.
Under this plan, the
Proposer/ Life Assured will have an option to choose the Maturity Sum Assured
and the single premium payable will depend on the chosen amount of Maturity Sum
Assured and age of the life assured.
The benefits and other details of this plan are
given below.
2. Benefits:
a) 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.
The Tabular single premium mentioned above
does not include any extra premium or taxes and is before applying any rebate.
b) Maturity:
On the Life Assured surviving to the end of the
policy term, the Maturity Sum Assured along with Loyalty Addition, if any,
shall be payable.
c) Loyalty Addition:
The policies under this plan
shall be eligible for share in surplus (profits) in the form of Loyalty
Addition, depending upon the experience of the Corporation. The Loyalty
Addition, if any, shall be payable at such rate and on such terms as may
be declared by the Corporation, on death or surrender, provided the policy has
run for at least five policy years or on
policyholder surviving to the maturity.
3. Eligibility Conditions
and Restrictions:
a)
Minimum Entry Age : 6 years (completed)
b)
Maximum Entry Age : 50
years (nearer birthday)
c)
Mode of premium payment : Single premium
d)
Minimum Maturity Sum Assured :
Rs.75,000/-
e)
Maximum Maturity Sum Assured :
No Limit
f)
Policy Term :
12 years
Except for minimum Maturity Sum Assured of Rs.75000/-, higher Maturity
Sum Assured than this amount shall be in multiple of Rs. 10000/- only.
Date of commencement of
risk: In case the age at entry
of the Life assured is less than 8 years nearer birthday, the risk under this
plan will commence from one day before the policy anniversary coinciding with
or immediately following the age of 8 years (nearer birthday).
For those aged 8 years (nearer birthday) or
more, risk will commence immediately.
4. Rebates:
High Maturity Sum Assured Rebate:
Maturity Sum Assured
(M.S.A) chosen under the policy
|
Reduction in Tabular
premium (per Rs. 1000/- Maturity Sum Assured)
|
Below Rs.2,00,000
|
Nil
|
Rs.2,00,000 to Rs. 3,90,000
|
Rs. 15.00
|
Rs.4,00,000 and above
|
Rs. 20.00
|
5.
Surrender
Value:
The policy can be surrendered at any time during
the policy term subject to realization
of the premium cheque.
Guaranteed
Surrender Value:
The Guaranteed Surrender Value shall be as under:
·
First year: 70% of the Single premium paid
excluding extra premium and taxes, if any.
·
Thereafter: 90% of the Single premium paid
excluding extra premiums paid and taxes, if any.
6. Loans:
Loan facility shall be available under the plan at any
time during the policy term after three months of the policy issuance subject
to the following conditions:
a)
Depending on the age at entry, the maximum
loan that can be granted as a percentage of Surrender Value (S.V.) for different policy years in which the loan is applied is as under:
Policy year
|
maximum Loan Amount as a % of surrender
value for age at entry <=45
|
maximum Loan
Amount as a % of surrender value for age at entry >45
|
*3 month to 3rd
|
55%
|
40%
|
4th to 6th
|
70%
|
45%
|
7th to 9th
|
80%
|
65%
|
10th to 12th
|
90%
|
90%
|
*3 month means loan
can be availed after three months of the policy issuance.
b) The rate of interest to be charged on loans granted under this plan would be determined from time to time by the Corporation.
c) In
case the policy shall mature or becomes a claim by way of death, the
Corporation shall become entitled to deduct the amount of the loan or any
portion thereof which is outstanding, together with all outstanding interest
from the policy moneys.
d) No
foreclosure action should be taken under this plan even if there is a default
in payment of loan interest. However, any loan outstanding along with the interest
shall be recovered from claims proceeds at the time of exit.
7.
Suicide
Clause:
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, 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.
8.
Taxes:
Taxes including service tax,
if any, shall be as per the Tax laws and the rate of tax as applicable from
time to time.
Lic Jeevan Sangam Single Premium Payment Plan Table no 831 Comparison
Lic Jeevan Sangam Single Premium Payment Plan Table no 831 Comparison
 |
Other Plans : LIC New Jeevan Anand Plan Table No - 815, LIC New Endowment Plan Table No - 814
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