LIC’s Jeevan Lakshya or LIC Kanyadan Policy is a
limited premium paying conventional With-Profits Endowment Assurance plan. This plan provides for Annual
Income benefit that may help to fulfill the needs of the family,
primarily for
the benefit of children, in case of unfortunate death of Policyholder any time before
maturity and a
lump sum amount at the time of maturity independent of
survival of the Policyholder. The benefits and other details of the plan are
given below.
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 22 years
Policy / Maturity Term : 25 years
50000*21=Rs.1050000
On maturity 110% of Sum Assured along with bonus is given Rs.1387500
1050000+1387500 = Rs.2437500
10% of the Sum Assured is given every year from Age:34-Age:54
50000*21=Rs.1050000
On maturity 110% of Sum Assured along with bonus is given Rs.1387500
500000+1050000+1387500 = Rs.2937500
BENEFITS:
The benefits payable under an inforce
policy are as under:
a) Benefits payable on death:
Death Benefit, defined as sum of “Sum
Assured on Death”, vested Simple Reversionary Bonuses and
Final Additional Bonus, if any, shall be payable at various durations as mentioned
below:
Where “Sum Assured on Death” is
defined as the sum of:
-Annual Income Benefit equal to 10% of the Basic
Sum Assured, which shall be payable
from the
policy anniversary coinciding with or following the date of death of Life
Assured,
till the
policy anniversary prior to the date of maturity.
- Assured Absolute Amount equal to 110% of
Basic Sum Assured, which shall be payable on due date of maturity; and
-The vested Simple Reversionary Bonuses
and Final Additional Bonus, if any, included in the Death
Benefit, shall be payable on due date of maturity.
The Death Benefit defined above shall not be
less than 105% of all the premiums paid as on date of death.
The premiums mentioned above exclude
taxes (including service tax), extra premium and rider premium(s), if
any.
LIC Kanyadan Policy
b) Benefits payable on maturity:
On survival to the end of the policy term
provided all due premiums have been paid, “Sum Assured on
Maturity” along with vested Simple Reversionary bonuses and Final Additional
bonus, if
any, shall be payable. Where Sum Assured on Maturity is equal to Basic Sum
Assured.
c) Participation in Profits:
The policy shall participate in profits
of the Corporation and shall be entitled to receive Simple
Reversionary Bonuses
declared as per the experience of the Corporation, provided the policy is in
full
force.
Final Additional Bonus, if any, at such
rate and on such terms may also be declared under the
policy as on
due date of maturity.
In case of death under a policy which is
in full force, the policy shall continue to participate in
profits up to the
due date of maturity and the entire vested Simple Reversionary Bonuses and
Final Additional
Bonus, if any, shall be payable on due date of maturity. Hence, the Simple
Reversionary Bonus
and Final Additional Bonus, if any, shall be payable under the policy on
due date
of maturity irrespective of survival of the Life Assured.
In case the premiums are not duly paid
(except in case of death of the Life Assured under inforce policy), the policy shall cease to
participate in future profits irrespective of whether or not
the policy
has acquired paid up value. However, the policy shall be considered as inforce on
death during
the grace period.
Final Additional Bonus shall not be
payable under reduced paid-up policies.
OPTIONAL BENEFIT:
This plan provides the following optional
rider by payment of additional premium:
i) LIC’s Accidental Death and
Disability Benefit Rider: LIC’s Accidental Death and
Disability Benefit Rider (AD&DB) is available as an optional rider by
payment of
additional premium.
This rider can be opted for at any time within the premium paying term of the Basic Plan provided the outstanding
premium paying term is at
least 5
years. The benefit
cover under
this rider shall be available during the policy term.
If this benefit is opted for, an
additional amount equal to the Accident Benefit Sum Assured is
payable on
death due to accident, provided the rider is inforce at the time of accident. In case of
accidental permanent disability
(within 180 days from the date of accident), an amount equal to
the Accident
Benefit Sum Assured will be paid in equal monthly installments spread over 10
years and
future premiums for Accident Benefit Sum Assured as well as premiums for the portion
of Basic
Sum Assured which is equal to Accident Benefit Sum Assured under the policy,
shall be
waived. If
the policy becomes a claim by way of death or maturity before the expiry of the
said
period of 10
years, the disability benefit instalments which have not fallen due will be
paid along
with the
claim amount.
The premium for this rider shall be paid
during the premium paying term of the Basic Plan.
If there be more policies than one and if
the total Accident Benefit exceeds Rs.100 lakhs, the benefits shall
apply to the first Rs. 100 lakhs Sum Assured in order of date of policies
issued.
Accidental Death and Disability Benefit
Rider shall not acquire any paid-up value and the rider
benefit will
cease to apply, if policy is in lapsed condition.
ii) LIC’s New Term Assurance Rider : -
LIC’s New Term Assurance Rider is
available at
the inception of the policy on payment of additional premium. The additional
premium for
this Rider will need to be paid along with the premium of the Basic Plan and any
other rider,
if opted for, during the premium paying term of the policy. If this rider is
opted for, on
death of
the Life Assured during the policy term an additional amount equal to Term Assurance
Rider Sum
Assured shall be payable provided the rider cover is inforce.
If there be more policies than one and if
the total Term Assurance Rider Sum Assured exceeds Rs. 25 lakhs, the benefits shall apply to
the first
Rs.
25 lakhs Term Assurance Rider Sum
Assured in order of date of policies
issued.
Eligibility Conditions and
Restrictions:
For Basic Plan:
1) Minimum Age at entry for Life Assured : 18 years (last birthday)
2) Maximum Age at entry for Life Assured : 50 years (nearer birthday)
3) Maximum Maturity Age : 65 years (nearer birthday)
4) Policy Term : 13 to 25 years
5) Premium paying Term : (Policy Term - 3) years
6) Minimum Basic Sum Assured : Rs. 1,00,000/-
7) Maximum Basic Sum Assured : No Limit
The Basic Sum Assured shall be in multiples
of Rs. 10,000/- only.
LIC Sukanya Samriddhi Yojna Premium Calculator
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 22 years
Policy / Maturity Term : 25 years
Calculation of Risk cover at Age 34
Natural Risk Cover:
10% of the Sum Assured is given every year from Age:34-Age:5450000*21=Rs.1050000
On maturity 110% of Sum Assured along with bonus is given Rs.1387500
1050000+1387500 = Rs.2437500
Accidental Risk Cover:
Double Accidental Benefit is given intermediately at Age:34 (Rs.500000)10% of the Sum Assured is given every year from Age:34-Age:54
50000*21=Rs.1050000
On maturity 110% of Sum Assured along with bonus is given Rs.1387500
500000+1050000+1387500 = Rs.2937500
For LIC’s Accidental Death and Disability Benefit Rider:
1) Minimum Entry Age : 18 years (last birthday)
2) Maximum Entry Age : The cover can be opted for at inception
or at any
policy anniversary thereafter
provided the
minimum premium
paying term left under the
Basic plan
is 5 years.
3) Maximum cover ceasing Age : 65 years (nearer birthday)
4) Minimum Accident Benefit Sum Assured : Rs. 10,000/-
5) Maximum Accident Benefit Sum Assured : An amount equal to the Basic Sum Assured
subject to
the
maximum of Rs.100 lakh overall limit taking all existing
policies
of the Life Assured
under individual
as well as group policies including policies with
inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured
under the new proposal into consideration.
The Accident Benefit Sum Assured shall be in
multiples of Rs. 10,000/-only.
For LIC’s New Term Assurance Rider:
1) Minimum Entry Age : 18 years (last birthday)
2) Maximum Entry Age : 50 years (nearest birthday)
3) Policy Term : Same as Basic Plan
4) Premium Paying Term : Same as Basic Plan
5) Minimum Term Assurance Rider Sum
Assured : Rs. 100,000/-
6) Maximum Term Assurance Rider Sum Assured : The maximum Term Rider Sum Assured shall be
less
than or equal to the Basic Sum Assured under the basic plan, but not exceeding
the
overall limit of Rs. 25 lakhs taking all Term Assurance Riders Sum Assured under all existing policies of the life assured
including the new proposal under consideration.
The Term Assurance Rider Sum Assured can
be taken in multiples of Rs. 10,000/- only.
MODE OF PREMIUM PAYMENT:
The modes of premium payment allowable
are Yearly, Half Yearly, Quarterly, and Monthly (ECS only or through salary deductions).
GRACE PERIOD
FOR PAYMENT OF PREMIUM:
A grace period of one calendar month but
not less than 30 days will be allowed for payment of
yearly or
half yearly or quarterly premiums and 15 days for monthly mode of premium
payment.
If the death of the Life Assured occurs
within the grace period but before the payment of premium
then due,
the policy will be treated as inforce and
the benefits will be paid after deduction of the said unpaid premium and also the unpaid
premium/s falling due before the next policy anniversary from any immediate
benefit(s)
payable under such policy.
If premium is not paid before the expiry of
the days of grace, the Policy lapses.
If the Policy has not lapsed and the
claim is admitted in case of death under the policy where the
mode of
payment of premium is other than yearly, unpaid premium(s), if any, falling due
before the
next policy
anniversary shall be deducted from any immediate benefit(s) payable under such
policy.
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Kanyadan Policy 833, lic Kanyadan Policy premium table chart, lic Kanyadan Policy in hindi, lic Kanyadan Policy calculator, lic Kanyadan Policy, Kanyadan Policy, lic Kanyadan Policy premium and maturity calculator, lic Kanyadan Policy premium chartREBATES:
The rebates for basic plan are as under:
Mode Rebate:
Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly mode : NIL
High Basic Sum Assured Rebate:
Basic Sum Assured Rebate (in Rs.)
1,00,000 to 1,90,000 - Nil
2,00,000 to 4,90,000 - 2%o Basic Sum Assured
5,00,000 to and above - 3%o Basic Sum Assured
LOAN:
Loan facility is available under this
plan, after payment of premiums for at least 3 full years subject
to following
conditions:
a)The maximum
loan that can be granted as a percentage of surrender value are as under:
For inforce
policies – 90%
For paid-up policies – 80%
However, the above percentages may vary from
time to time.
b) The rate of interest to be charged for
the loan amount would be determined from time to time by
the Corporation.
The Corporation reserves the right to
accept at original terms, accept with modified terms or decline the revival of
a discontinued policy. The revival of discontinued policy shall take effect
only after the same is approved by the Corporation and is specifically
communicated to the Policyholder.
Revival of Premium Waiver Benefit Rider,
if opted for, will be considered only along with revival of the Basic Policy,
and not in isolation.
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.
The amount of tax as per the prevailing
rates shall be payable by the policyholder on premiums including extra premiums
and rider premium, if any. The amount of Tax paid shall not be considered for
the calculation of benefits payable under the plan.
Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Presentation
Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Presentation
Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Details from Satyendra Gupta - 9811362697
LIC NEW JEEVAN LAKSHAY Children Plan Premium Chart - 833
LIC NEW JEEVAN LAKSHAY Children Plan Premium Chart - 833
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