Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Details
LIC’s Jeevan Lakshya 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.
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.
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. Age at entry for the Policyholder is to be taken as age nearer birthday except for the minimum age at entry i.e. 18 years.
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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REBATES:
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 inforcepolicies – 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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