LIC Jeevan Shikhar Plan 837 Features and Benefits
Plan 837 Jeevan Shikhar is extended up to 9th May 2016.Jeevan Shikhar is a single premium plan wherein life assured will have an option to choose the amount of Sum Assured and the premium payable shall depend on the chosen amount and entry age of life assured.
Features
- Minimum Entry Age of Life Assured : 6 years (completed)
- Maximum Entry Age of Life Assured : 45 years (nearer birthday)
- Sum Assured on Death : 10 times of tabular single premium
- Minimum Maturity Sum Assured : Rs.1,00,000/-
- Maximum Maturity Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs.20,000/- only)
- Policy Term : 15 years
- Premium payment mode : Single premium only
Death Benefits
On Death during the First 5 years of Policy
Before the Commencement of Risk: In case life assured dies before the commencement of the risk, single premium amount without any interest will be refunded to the nominee.
After the Commencement of Risk: In case life assured dies after the risk is commenced, an amount equal to 10 times of tabular single premium will be payable to the nominee.
On Death after first 5 but before maturity of the Policy
In case life assured dies after first 5 years of policy but before maturity of the policy, an amount equal to 10 times of tabular single premium along with Loyalty Additions, if any, will be payable to the nominee.
Maturity Benefits
On life assured survives throughout the policy term, than Sum Assured on Maturity along with Loyalty Additions, if any, shall be paid.
LOAN: Loan facility shall be available under the plan at any time during the policy term after. 3 months from the date of acceptance of risk or after expiry of the free-look period, whichever is later. Depending on the age at entry, the maximum loan that can be granted as a percentage of surrender value for different policy terms are as under:
Policy year | Maximum Loan Amount as a % of surrender value for age at entry <=35 | Maximum Loan Amount as a % of surrender value for age at entry >35 years. |
*3 month to 3rd | 55% | 35% |
4th to 6th | 65% | 50% |
7th to 9th | 75% | 70% |
10th to 12th | 80% | 80% |
13th to 15th | 85% | 85% |
*3 month means loan can be availed after three months from Date of acceptance of risk or after expiry of the Free-look period, whichever is later.
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.
· Thereafter: 90% of the Single Premium.
Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.
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 applicable Loyalty Addition, if any, shall also be payable.
Tax: Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on single premium including extra amount if charged under the policy due to underwriting decision, which shall be collected separately over and above in addition to the premium payable by the policyholder. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
Other conditions and policy features
Policy can be surrendered at any time during the policy term: First year- 70% of Single Premium, Thereafter-90% of Single premium
- Loan facility is available under this plan, after 3 months of the issuance of the policy.
- Policy can be taken from back date up to same financial year
- Nomination and assignment in this policy is available.
- This plan is available for sale up to 31/03/2016.
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  Related Plans : LIC Single Premium Endowment Plan - 817 , Lic Jeevan Sangam Single Premium Payment Plan Table No 831 |
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