Call us at 9899307833 / 9811362697
.PNG "LIC Golden Money Back Best Policy") |
Call us at 9899307833 / 9811362697 |
Friday, June 28, 2013
Tuesday, June 25, 2013
LIC Jeevan Anurag
LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. LIC Jeevan Anurag plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, LIC Jeevan Anurag plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.
Assured BenefitPayment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
Eligibility Conditions And Other Restrictions
FOR BASIC PLAN
FOR TERM ASSURANCE RIDER
The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.
FOR CRITICAL ILLNESS RIDER
The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.
REBATES/EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSUREDMode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium.
Large Sum Assured Rebate: Rs. 2%o Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1,00,000/-. No rebate is available (either made) on the rider premiums.
The plan offers other benefits as follows:
Grace Period: A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
15 –days Cooling-off period:If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
Paid up Value:
If at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the Sum Assured by it shall be reduced to such a Sum, called the paid-up value, as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated in the policy. The policy so reduced shall thereafter be free from all liability for payment of the within mentioned premium, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. The Sum Assured so reduced along with existing bonuses, if any, shall be paid in one single installment on maturity or on earlier death.
The rider benefits will cease to apply if the policy is in lapsed condition.
Once the payment of assured benefit starts, the policy shall be kept in force till maturity and the unpaid premiums, if any, will be deducted with interest at appropriate rate out of the next benefit payment.
Loan:
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits. The terms and conditions of loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 9% p.a. compounding half-yearly.
Guaranteed Surrender Value: LIC Jeevan Anurag policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the single premium mode will be equal to 30 per cent of the premiums paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender.
Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time. At present the rate of interest is 8% p.a. compounding half-yearly.
OPTIONAL RIDER BENEFITS:
LIC Jeevan Anurag plan offers following optional riders on payment of additional premium and subject to the eligibility conditions mentioned below:
Accidental Death and Disability Benefit Accidental Death and Disability Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together
Term Assurance Rider Benefit Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.
Critical Illness Rider Benefit Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together.
If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.
ACCIDENTAL DEATH AND DISABILITY BENEFIT:
On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Sum Assured will be paid over a period of 10 years in monthly installments.
The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered :
i) Irrevocable loss of the entire sight of both eyes, or
ii) amputation of both hands at or above the wrists, or
iii) amputation of both feet at or above ankles, or
iv ) amputation of one hand at or above the wrist and one foot at or above the ankle
ii) engagement in aviation or aeronautics other than that of a passenger in any air craft
iii) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind
iv) accident resulting from committing any breach of law
v) accident arising from employment in armed forces or military services or police organization.
TERM ASSURANCE RIDER BENEFIT: An amount equal to Term Assurance Rider Sum Assured will be payable on death of the life assured during the policy term.
If Premium Waiver Benefit has been opted for , then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums payable (total installment premium) will be waived.
EXCLUSIONS:
LIC Jeevan Anurag policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bona-fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office where this policy is serviced, at least one calendar month prior to death.
BENEFIT ILLUSTRATION:
Illustration 1:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: 25 years
Mode of premium payment: Yearly
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.21 per thousand S.A at 6% rate of return
Rs.55 per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 170 per thousand S.A at 6% rate of return
Rs. 450 per thousand S.A at 10% rate of return
Annual Premium : Rs.4,606/-
Illustration 2:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: One
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.24 per thousand S.A at 6% rate of return
Rs.92 per thousand S.A at 10% rate of return
Terminal Bonus - Rs.200 per thousand S.A at 6% rate of return
Rs.760 per thousand S.A at 10% rate of return
Single Premium: Rs.59,157 /-
EXTRACT from Section 41 of the Insurance Act:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / -
Assured BenefitPayment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
Eligibility Conditions And Other Restrictions
FOR BASIC PLAN
| Age at entry | Age of the Life Assured- 20 to 60 years (age nearest birthday) |
| Age of the Life Assured at maturity | Maximum 70 years (age nearest birthday) |
| Term | All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years. |
| Minimum Sum Assured | Rs. 50,000 /- |
| Maximum Sum assured | No limit. Sum Assured will be in multiples of Rs.5,000 /- only. |
| Mode | Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums. |
FOR TERM ASSURANCE RIDER
| Age at entry | Age of the Life Assured- 20 to 50 years (age nearest birthday) |
| Age of the Life Assured at maturity | Maximum 60 years (age nearest birthday) |
| Term | NIL |
| Minimum Sum Assured | Rs. 1,00,000 /- |
| Maximum Sum assured | An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration. |
| Mode | NIL |
The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.
FOR CRITICAL ILLNESS RIDER
| Age at entry | Age of the life Assured- 20 to 50 years (age nearest birthday) |
| Age of the Life Assured at maturity | Maximum 60 years (age nearest birthday) |
| Term | NIL |
| Minimum Sum Assured | Rs. 50,000 /- |
| Maximum Sum assured | An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration. |
| Mode | NIL |
The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.
REBATES/EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSUREDMode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium.
Large Sum Assured Rebate: Rs. 2%o Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1,00,000/-. No rebate is available (either made) on the rider premiums.
The plan offers other benefits as follows:
Grace Period: A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
15 –days Cooling-off period:If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
Paid up Value:
If at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the Sum Assured by it shall be reduced to such a Sum, called the paid-up value, as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated in the policy. The policy so reduced shall thereafter be free from all liability for payment of the within mentioned premium, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. The Sum Assured so reduced along with existing bonuses, if any, shall be paid in one single installment on maturity or on earlier death.
The rider benefits will cease to apply if the policy is in lapsed condition.
Once the payment of assured benefit starts, the policy shall be kept in force till maturity and the unpaid premiums, if any, will be deducted with interest at appropriate rate out of the next benefit payment.
Loan:
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits. The terms and conditions of loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 9% p.a. compounding half-yearly.
Guaranteed Surrender Value: LIC Jeevan Anurag policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the single premium mode will be equal to 30 per cent of the premiums paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender.
Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time. At present the rate of interest is 8% p.a. compounding half-yearly.
OPTIONAL RIDER BENEFITS:
LIC Jeevan Anurag plan offers following optional riders on payment of additional premium and subject to the eligibility conditions mentioned below:
Accidental Death and Disability Benefit Accidental Death and Disability Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together
Term Assurance Rider Benefit Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.
Critical Illness Rider Benefit Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together.
If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.
ACCIDENTAL DEATH AND DISABILITY BENEFIT:
On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Sum Assured will be paid over a period of 10 years in monthly installments.
The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered :
i) Irrevocable loss of the entire sight of both eyes, or
ii) amputation of both hands at or above the wrists, or
iii) amputation of both feet at or above ankles, or
iv ) amputation of one hand at or above the wrist and one foot at or above the ankle
No benefit will be paid if accidental death or disability arises due to accident in case of:
i) intentional self-injury, attempted suicide insanity or immorality or the Life Assured is under the influence of intoxicating liquor, drug or narcoticii) engagement in aviation or aeronautics other than that of a passenger in any air craft
iii) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind
iv) accident resulting from committing any breach of law
v) accident arising from employment in armed forces or military services or police organization.
TERM ASSURANCE RIDER BENEFIT: An amount equal to Term Assurance Rider Sum Assured will be payable on death of the life assured during the policy term.
If Premium Waiver Benefit has been opted for , then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums payable (total installment premium) will be waived.
EXCLUSIONS:
LIC Jeevan Anurag policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bona-fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office where this policy is serviced, at least one calendar month prior to death.
BENEFIT ILLUSTRATION:
Illustration 1:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: 25 years
Mode of premium payment: Yearly
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.21 per thousand S.A at 6% rate of return
Rs.55 per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 170 per thousand S.A at 6% rate of return
Rs. 450 per thousand S.A at 10% rate of return
Annual Premium : Rs.4,606/-
Illustration 2:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: One
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.24 per thousand S.A at 6% rate of return
Rs.92 per thousand S.A at 10% rate of return
Terminal Bonus - Rs.200 per thousand S.A at 6% rate of return
Rs.760 per thousand S.A at 10% rate of return
Single Premium: Rs.59,157 /-
EXTRACT from Section 41 of the Insurance Act:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / -
LIC Komal Jeevan
Product summary:
LIC Komal Jeevan is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. LIC Komal Jeevan plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.
Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in one lump sum (Single premium).
Guaranteed Additions:
LIC Komal Jeevan policy provides for Guaranteed Additions at the rate of Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.
Loyalty Additions:
LIC Komal Jeevan is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.
Survival Benefit:The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations:
Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.
Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to the end of the policy term.
Premium Waiver Benefit:
This is an optional benefit that can be added to your basic plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The Guaranteed Surrender Value before the date of commencement of risk is 90% of the premiums paid excluding the premiums paid during the first year and any extra premium paid. After the date of commencement of risk, the Guaranteed Surrender Value is 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first year and any extra premium paid plus 30% of the premiums paid after the date of commencement of risk.
Corporation’s policy on surrenders:
In practice, the company will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.
Illustration 1
Age at entry: 0 years
Premium Paying Term: 18
Years Annual Premium: Rs. 7281/-
Policy Term: 26 Years
Sum Assured: Rs. 1,00,000 /-
Illustration 2Age at entry: 0 years
Premium Paying Term: 1 Year
Single Premium: Rs. 73,980/- Policy Term: 26 years
Sum Assured: Rs. 1,00,000/-
LIC Komal Jeevan is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. LIC Komal Jeevan plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.
Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in one lump sum (Single premium).
Guaranteed Additions:
LIC Komal Jeevan policy provides for Guaranteed Additions at the rate of Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.
Loyalty Additions:
LIC Komal Jeevan is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.
Survival Benefit:The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations:
| On the policy anniversary immediately following the Life assured attains the age of | % of Sum Assured |
| 18 years | 20% |
| 20 years | 20% |
| 22 years | 30% |
| 24 years | 30% |
Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.
Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to the end of the policy term.
Premium Waiver Benefit:
This is an optional benefit that can be added to your basic plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The Guaranteed Surrender Value before the date of commencement of risk is 90% of the premiums paid excluding the premiums paid during the first year and any extra premium paid. After the date of commencement of risk, the Guaranteed Surrender Value is 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first year and any extra premium paid plus 30% of the premiums paid after the date of commencement of risk.
Corporation’s policy on surrenders:
In practice, the company will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.
Illustration 1
Age at entry: 0 years
Premium Paying Term: 18
Years Annual Premium: Rs. 7281/-
Policy Term: 26 Years
Sum Assured: Rs. 1,00,000 /-
Illustration 2Age at entry: 0 years
Premium Paying Term: 1 Year
Single Premium: Rs. 73,980/- Policy Term: 26 years
Sum Assured: Rs. 1,00,000/-
Wednesday, June 19, 2013
Friday, June 14, 2013
Thursday, June 6, 2013
Tuesday, June 4, 2013
Subscribe to:
Posts (Atom)