Plan-02_5_8 WHOLE LIFE -
Sunday, October 2, 2011
Saturday, August 27, 2011
PLANS @ A GLANCE
| Sl. | Policy Name | Table No. |
| ENDOWMENT PLANS | ||
| 1. | Endowment Policy | 14 |
| 2. | Limited Payment Endowment | 48 |
| 3. | Jeevan Mitra (Double Cover) | 88 |
| 4. | Jeevan Saathi | 89 |
| 5. | New Janaraksha Policy | 91 |
| 6. | Jeevan Mitra (Triple Cover) | 133 |
| 7. | Jeevan Shree | 162 |
| 8. | Jeevan Anurag | 168 |
| CHILDREN POLICIES | ||
| 9. | Komal Jeevan | 159 |
| 10. | Child Career Plan | 184 |
| 11. | Child Future Plan | 185 |
| ENDOWMENT + WHOLE LIFE | ||
| 12. | Jeevan Anand | 149 |
| TERM ASSURANCE | ||
| 13. | Anmol Jeevan - 1 (Without Profit) | 164 |
| INVESTMENT + RISK PLAN | ||
| 14. | Jeevan Saral | 165 |
| WHOLE LIFE + MONEY BACK | ||
| 15. | Jeevan Tarang | 178 |
Endowment policy - Table 14 (with bonus)
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max. age at entry Max.matuarity age Minimum Term Maximum Term Min, S.A Max S.A S.A. In Multiples Modes Allowed Accident Benefit Per1000 S.A For Minors Max. Term |
12 years
65 years 75 years 5Years 55Years Rs. 50,000 Any amount Rs.5000 All Re. 1 extra No restriction |
Female lives category
Age proof Form No. Dating Back @8% Non-Medical General Non- Medical (Prof) Non-Medical(Special) Risk Coverage Actual Sum Assured (ASA) |
1/11/111
Std/NSAP-1/2/3 300/340 Allowed Allowed Allowed SA-Bonus Basic S.A |
Policy loan@9%
Housing loan Assignment Revival Surrender Of Policy Survival Benefits Term Rider Option Critical illness Rider Key-Man Insurance |
Yes
Yes Yes Yes Yes No Yes Yes No |
Suitability : Most Popular Plan for fulfilling all long / short term financial needs.
- Other details : A. Premium to be paid for the full policy term or till policyholder’s death, whichever is
earlier.
B. Female Category I &II allowed, if the proposer is 61 years & above. - Maturity Benefit : Sum Assured + Bonus is given, in addition, final additional bonus is also given if premium paid is for 15 years or more.
- Death Benefit : S.A +Accrued Bonus is given to the nominee. Final additional Bonus is also given, if premium paid is for 15years or more. Example:Mr. David Takes an Endowment policy under table- 14 for Rs. 1 lakh for 25 years term. He dies due to a disease after 3years. In the case, Mr. David’s Family/ Nominee will receive Rs. 1, 14,400 (Rs. 14,400 being bonus for 3years at an estimated Rs. 48 per 1,000 p .a ). if Me. David Had survived till maturity he would have got Rs. 2,70,000 as maturity benefits (Rs. 1,20,000 being Bonus for 25 years at an estimated Rs. 48 per 1000 p.a + FAB@500/- per 1000 = 50,000/-).
Limited Payment Endowment - Table 48
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max.matuarity age Minimum Term Maximum Term Max. Term For S.P Min S.A S.A. In Multiples Max S.A Modes Allowed Accident Benefit Per1000 S.A |
12 years
60 years (n b d) 75 years (n b d) 5Years 25Years 50years Rs. 50,000 Rs. 5,000 Any Amount All Re.1 (Expect S.P) |
Female lives category
Age proof Dating Back @8% Non-Medical General Non- Medical (Prof) Non-Medical(Special) Risk Coverage Actual Sum Assured (ASA) |
I/II/III
Std/NSAP-1/2/3 Allowed Allowed Allowed Allowed S.A+ Vested Bonus +FAB if any Basic S.A |
Policy loan@9%
Loan on Single Prem. Plan After Completion of 1year (90%of S.V) Housing Loan Assignment Revival Surrender Of Policy Term Rider Option Critical illness Rider Key-Man Insurance |
Yes
Yes Yes Yes Yes Yes Yes No |
For Single premium Min S.A remains at 30,000 & there will be no DAB for single premium.
Flash : W.e.f. 14-2-2007 New Policy Term of 10years with PPT 5years is introduced.
Suitability : A flexible plan for the policy holder to select PPT of his Choice.
Other Details : Premium to be paid for a fixed term. However, the life risk coverage continues till the end of the policy term.
Maturity Benefit : On survival, sum assured + Bonus + FAB if eligible
Death Benefit : Death Before the policy term, S.A + Bonus is given to nominee.
Example : Mr. Pramod takes a plan under Table - 48 for 3 lakhs for 25 years. He opts to pay premium only for 15years. Premium payment stops after 15years. However, policy continues to get bonus for full 25 years. Onmaturity at the end of 25 years, he receives Rs. 8,25,000 (Rs. 3,60,000 as bonus at an estimated Rs. 48 perthousand p.a + Rs. 1,65,000 as Final additional bonus at an estimated Rs. 550 per Thousand for 25years). In Casehe dies before the policy term his nominee will receive S.A + Bonus + FAB, if applicable
Limited Payment Endowment - Table 88 (Double Cover), Table 113 (Triple Cover)
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max.matuarity age Minimum Term Maximum Term Min S.A Max S.A S.A. In Multiples Modes Allowed Accident Benefit Per1000 S.A |
18 years
50 years 70 years 15 Years 30 Years Rs. 50,000 Any Amount Rs. 5,000 All Re.1 Extra |
Female lives category
Age proof See NSAP Article For Details (Prior Age Admission Must) Form No. Dating Back @8% Non-Medical General Non- Medical (Prof) Non-Medical(Special) Risk Coverage Actual Sum Assured (ASA) |
I/II
Standard/ NSAP-I(WR 5lacs) 300 Allowed Allowed Allowed Allowed Refer Below table Twice the S.A - 88 Thrice the S.A - 133 |
Policy loan@9%
Housing Loan Assignment Revival Surrender Of Policy Survival benefits Term Rider Option Critical illness Rider Key-Man Insurance |
Yes
Yes Yes Yes Yes No No Yes No |
However accidental benefits is subject to maximum of Rs. 50 lakhs basic S.A including existing policies.
Suitability :
Best Suited for people who are insurance oriented and also want to provide a big sum
Insurance protection to their family, in case of their unfortunate death.
Most preferred by travelling persons like, Sales representatives, Marketing Executive.
Medical Representatives Etc.,
Other Details :
Plan Not Allowed for :
A. Non-earning majors including students
B. When Occupation Extra is chargeable
C. Pregnant Ladies
| * Maturity Benefit and Death Benefit | |
| Table 88 Double Risk Cover Endowment Policy | Table 133 Triple Risk Cover Endowment Policy |
On Maturity, Basic Sum Assured + Accrued Bonus is Given.
On death, 2 times of S.A + Bonus is given Accidental Death, 3times of Sum Assured + Bonus is given Provided Policy was Covered for Accident benefit |
On maturity , Basic sum Assured + accrued Bonus is given
On Death, 3times of S.A + Bonus is given Accidental death, 4 Times of sum Assured+ Bonus is given, provided policy was covered for accident benefit |
Example 1 : Mrs. Chandrika takes Jeevan Mitra Policy for Rs. 1 Lakh for 16 years term under Table-88. After 3years, she dies of natural death due to heart attack, Her nominee gets Rs. 2,13,200 (Rs. 2,00,000 SA being Double Cover Policy + Rs. 13,200 Being bonus at an estimated Rs. 44 per thousand p.a for 3year).
In case, Mrs. Chandrika Dies in an accident, her nominee will receive Rs. 3, 00,000 being 3times the S.A + accumulated bonus till her Death.
Example 2 : Mr. Dinesh takes the same policy For Rs.1lakh for 20 years and he scurvies fill maturity. Then Mr. Dinesh gets Rs. 1, 88,000 (Rs. 1, 00,000SA+Rs 88,000 being bonus at an estimated Rs. 44per Thousand p.a)
Example 3 : If the above two example are taken under T-133 the maturity amount remains Same. However, the death benefit will be 3 times the S.A + Accumulated bonus and in case of Death due to accident the benefit will be 4 times the S.A + accumulated Bonus
Limited Payment Endowment - Table 89 (Double Cover)
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max.matuarity age Minimum Term Maximum Term Min S.A Max S.A S.A. In Multiples Modes Allowed Accident Benefit Per1000 S.A |
20 years
50 years 70 years 15 Years 30 Years Rs. 50,000 Any Amount Rs. 5,000 All Re.2 Extra |
Female lives category
Age proof See NSAP Article For Details Form No. 3237A Dating Back @8% Non-Medical Gen. others) Non- Medical (Prof) Non-Medical(Special) Risk Coverage Actual Sum Assured (ASA) |
I/II/III
Std/ NSAP-I(WR 5lacs) 300&400 Allowed Not Allowed Allowed Allowed SA+Bonus Basic S.A |
Policy loan@9%
Housing Loan Assignment Revival Surrender Of Policy Survival benefits Term Rider Option Critical illness Rider |
Yes
Yes Yes Yes Yes No No No |
- Issued only to working couple or wife should be an income Tax Assessee. For S.A .2 Lakh and less, wife need not be a earning person, Not Allowed to pregnant Ladies.
- Wife’s Income is also considered to grant insurance cover on cover on Husband’s life subject to certain restriction: (1) wife should belong to Female category I/II.(2) Wife should be the Proposer (3) Husband Should have been insured fully based on his own income.
- Plan is not allowed for Female lives who have undergone 3 or more caesarean operations. For female with one/two caesarian is allowed to take plan with 3% extra premium.
- However female lives, who have under gone sterilization after 2 caesarean operations. Can take this plan with out any extra premium.
- Similarly, Female lives with 2 caesarean operation, through not undergone sterilization, but attained menopause can take this plan without any extra premium
- Maximum S.A allowed under the plan to house wives &self-employed female lives category III, is Rs. 2laksh with standard age proof and for female category II max. S.A is II max. S.A is 50lakhs.
- House wives : Graduates having mediclaim policy or credit card or driving license or passport-max. S.A. is 15 lakhs. Proof to be produced
- On death of either husband/wife, survivor gets S.A. immediately & future premiums are waived.
- If the survivor (husband/wife) survives till maturity, he/she gets S.A. again with full bonus.
- If the survivor also dies before maturity, S.A. + Bonus till that time, is paid to the nominee.
EXAMPLE : Mr. Gonsalvez and Mrs. Helen are husband and wife. They take a Jeevan Saathi policy for 20 years term for RS. 1 Lakh sum assured.
POSSIBILITY 1 : If Mr. Gonsalvez and Mrs. Helen survives till maturity, then they together get Rs. 1, 88,000 as maturity benefit (Rs.1, 00,000 S.A + Rs. 88,000 being Bonus at an estimated Rs.44 per thousand p.a.)
POSSIBILITY 2 (A) : Unfortunately , if any one of them i.e., either Mr. gonsalvez or Mrs. Helen expires after some time, the survivor gets Rs, 1 Lakh (without bonus ) immediately & need not pay future premiums. A gain, the survivor gets Rs, 1lakh (without Bonus) immediately & need not pay future premiums. Again, the survivor gets Rs. 1, 88,000 at maturity (Rs.1, 00,000 S.S + Rs/ 88,000 being estimated bonus for full term) if he/she survives till the end of term.
POSSIBILITY 2 (B) : if the survivor dies before the maturity term, the nominee will receive the SA + Bonus till that period.
POSSIBILITY 2 (C) : in case both expire due to same accident & if they die within 180days from the date of accident, then the nominee will receive four times the SA+ Bonus accrued till their death.
Limited Payment Endowment - Table 91
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max.matuarity age Minimum Term Maximum Term Min S.A Max S.A S.A. In Multiples Modes Allowed Accident Benefit Per1000 S.A |
18 years
50 years 70 years 12 Years 30 Years Rs. 30,000 Rs. 10, lakhs Rs. 5,000 All Incl. in T P |
Female lives category
Age proof Form No. Dating Back @8% Non-Medical General Non- Medical (Prof) Non-Medical(Special) Risk Coverage Actual Sum Assured (ASA) |
I/III
Std/NSAP-1/2/3 300 Allowed Allowed Allowed Allowed SA+Bonus Basic S.A |
Policy loan@9%
Housing Loan Assignment Revival Surrender Of Policy Survival benefits Term Rider Option Critical illness Rider |
Yes
Yes Yes Yes Yes No No No |
farmers, milk vendors, petty businessmen.
- Finical security for the family, in case of unfortunate death of the policyholder, as risk is covered even during lapsation (up to 3years), after the premiums are paid for 2 years.
- In the case of non-std age proof, a max, S.A of Rs. 1lakh is allowed.
- Premiums have to be paid till maturity or death of the policy holder, which ever independent income as given under article insurance on Female lives.
- For females under category III, plan Is allowed only for literate females having independent income as given under article insurance on Female lives.
- Plan is not allowed to windows belonging to category III.
- Plan is allowed to physically handicapped lives under group A.
- Even if the policyholder is not able to pay further premiums after paying first two years premiums, the life risk cover continues for three more years from the date of premium unpaid.
- For self employed women falling under cat III :
Restriction regarding age at entry 35, term 20 Maturity Age 55 has been relaxed to 40, 25 &65 respectively with Non-Std. Age Proof.
- When self declaration is the Age proof min age at entry is 20under all plans including plan 91.
Wherever non-Std, Age proof (NSAP-I, II or III is submitted a declaration from the client, agent and Development Officer/ABM’s is to be obtained in the form number 3260 to the effect that he is not able to submit any other Std. Age proof. No age Proof extra will be charged for NSAP II & III the declaration satisfactory.
Example : Mr. Anthony, a petty businessman takes new janaraksha policy of 15years term for Rs. 50.000. After payment of 4years premium, Anthony’s business slows down. He cannot pay premium for next2 years and dies after 6years of taking policy. His nominee gets Rs. 61,400 including Rs. 11,400 being bonus for 6 years at an estimated bonus of Rs. 38 per thousand p.a (However, arrears of premium if any will be recovered from the total amount payable). If Mr. Anthony had taken any other policy his family would not have got anything since the policy would have lapsed
Limited Payment Endowment - Table 149
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max.PPT Mat. age Minimum Prem Term Maximum Prem Term Min S.A Max S.A Modes Allowed Accident Benefit Per1000 S.A Max. DAB |
18 years (Completed)
65 years 75 years 5 Years 57 Years Rs. 1 Lakh Any amount All Incl. in T P 5 Lakhs |
Female lives category
Age proof Form No. Dating Back @8% Non-Medical General Non- Medical (Prof) Non-Medical (Special) Risk Coverage Actual Sum Assured (ASA) |
I/II/III
Std/NSAP-1/2/3 300 (Rev) Allowed Allowed Allowed Allowed SA+Bonus Basic S.A |
Policy loan@9%
Housing Loan Assignment Revival Surrender Of Policy Term Rider Option Critical illness Rider Key Man Insurance |
Yes
Yes Yes Yes Yes No Yes No |
- This Plan is a combination of whole life & End. Assurance Plan.
- Even after the premium paying term is over, risk cover continues till the death of policy holder.
- Accident benefit is available during the premium paying term and thereafter up to age 70.
- This plan can be allowed to the proponents engaged in hazardous occupation attracting occupational extra subject to imposing restrictive clause 85 and not allowed to proponents with history of deformity failing under group B.
| Mode Rebate | |
Yly
|
3%
|
Hly
|
1.5%
|
Qly
|
Nil
|
Mly / SSS
|
Nil
|
B. If death occurs before the premium paying term, sum assured plus accumulated bonus payable.
Below 3 lacs
5 lacs to less than 10 lacs |
Nil
1.50 |
3 lacs to less than 5 lacs
10 lacs & above |
1.00
1.75 |
Maximum accident Benefit cover available under the plan is Rs. 5 lakhs. However, this limit excludes Accident Benefit availed under other plans.
In addition to the above a rebate as given below is available on sum Assured in excess Rs. 5 lacs reduced by the Accident Benefit availed under this plan earlier.
|
Example : Mr. Vijay, aged 25years, takes a jeevan anand Policy for 25 years for 1 Lakh. On maturity, Mr. Vijay will receive Rs 2, 12,500 (1, 12,500 being estimated bonus at Es. 45 per thousand p.a) however, the policy risk Continues till Mr. Vijay is alive.
In case, Mr. Vijay dies (after PPT is over) at the age of 60 years his nominee will get additional Rs. 1 Lakh equal to S.A amount. Since, Mr. Vijay has already received bonus, second time bonus not payable. In case, Mr. Vijay dies during premium paying Term, his nominee will get Rs. 1 Lakh + accrued bonus till Mr. Vijay’s Death.
Jeevan Anurag -Table 168
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min Age at entry
Max. age at entry Max. maturity age Minimum Term Maximum Term Min S.A Max S.A S.A in multiples of Prem. Paying Term Modes allowed |
20 Yrs (nbd)
60 yrs (nbd) 70 yrs (nbd) 5 years for S.P & 10Yrs for regular 25 years Rs 50,000 Any Amount Rs, 5,000 = Policy Term OR Policy Term Minus 3 All |
Female lives category
Age proof Form No. Dating Back @8% Non- Medical General Non-medical (Prof) Non- Medical (Spl) Actual Sum Assured (ASA) |
I/II/III
Std. (Without Restr.)/NSAP-1 (WR 5 Lakh) 300 Allowed Allowed Allowed Allowed 1.5 Times of S.A (Less Premiums paid For Single Premium) |
Policy Loan @9%
Housing Loan Assignment Revival Surrender of Policy TRB & CIR Mode Rebate / Extra Yly Hly |
Yes
Yes Yes Yes Yes Yes 2% 1% |
|
| ||||||||
1. Accident Benefit Rider 2. Term Assurance Rider 3. Critical illness Rider
| Accident Benefit Rider Rates for LTD.PAYMENT PREMIUM per 1000 S.A | ||||||||||||||||
Term
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
24
|
25
|
PPT
|
7
|
8
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
T.P
|
1.45
|
1.40
|
1.35
|
1.35
|
1.35
|
1.30
|
1.30
|
1.25
|
1.25
|
1.25
|
1.25
|
1.25
|
1.20
|
1.20
|
1.20
|
1.20
|
| Accident Benefit Rider Rates For SINGLE PREMIUM per 1000 S.A | |||||||||||||||||||||
Term
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
24
|
25
|
T.P
|
4.70
|
5.50
|
6.25
|
6.95
|
7.60
|
8.25
|
8.25
|
9.45
|
9.95
|
10.50
|
10.95
|
11.40
|
11.85
|
12.25
|
12.65
|
13.00
|
13.35
|
13.70
|
14.00
|
14.30
|
14.55
|
Eligibility Conditions
Min. age at entry Max. age at entry Max . age at maturity Min. Term Max Term Min S.A S.A in multiples of Lives Allowed Female Lives |
For Terms Assurance Rider Option
20yrs (nbd) 50yrs (nbd) 60yrs (nbd) 5 Years for (Single) 10 years (regular) 25 Years Rs. 1 Lakh Rs. 25,000/- Std/Sub Std. up to class III EMR Category I/II allowed |
For Critical illness Rider Option
20Years (Completed) 50Years (nbd) 60 year (nbd) 10 years 25 years Rs. 50,000 Rs. 10,000 Std lives Category I/II allowed |
Large S.A Rebate : For Regular Premium
|
No Rebate
|
No Rebate
|
For Single Premium :
|
No Rebate
|
Less than 1 lakh – Nil
1 Lakh-1,90,000-0.25 paisa per 1000 S.A 2 lakh & Above-0.50 paisa per 1000 S.A |
Mode Rebate
|
Not Available
|
Yly-2%, Hly-1%Qly/SSS-nil, Mly+5% extra
|
Max S.A
|
Not exceeding the S.A under Basic Plan subject to the Max. of Rs. 25 lakhs Over all limit taking all term Assurance Riders availed under all existing Policies of the Life Assured with LIC and the Term Assurance Rider Under the New Proposal into consideration
|
Not Exceeding the S.A under Basic Plan Subject to the Max. Of Rs. 5 Lakhs Overall limit Taking all critical illness Riders availed under all existing policies of the life assured with LIC and Critical illness Rider under the new proposal into consideration.
|
Feature : This is an ideal plan for persons who want to provide funds for children’s
education/marriage and other needs. This with profit plan is similar to Jeevan Chaya plan, but the advantage is
that the minimum term 5years whereas in jeevan Chaya, minimum term is 18years. As such this plan will cater to the needs of wide range of age group of children. The benefits are payable at prespecified duration irrespective of whether the life Assured survives to the end of the policy term of dies during the term of the policy.
- Assured benefits :
At maturity balance 40% of the basic S.A along with Reversionary Bonuses declared from time to time for the full term, plus terminal Bonus, if any, Shall be payable.
In case of earlier death of the policyholder the above benefits shall be payable to the nominee,.
- Death Benefit : An Amount equal to S.A under the basic plan shall be payable immediately to the nominee on the death of the life Assured. No premiums are payable thereafter.
- If term assurance Rider is opted, then Basic S.A + Term Assurance Rider S.A is payable.
- If Accident Benefit Rider & Term Assurance Rider is opted, then in case of accidental death, basic S.A + Accident Benefit Rider S.A + Term Assurance Rider S.A is payable.
Apart form this; “Assured Benefits” as mentioned above are also payable.
- Critical illness Rider : If opted and amount equal to Critical illness Rider S.A shall be payable in case
of diagnosis of defined categories of Critical illness during the term of the policy. - Premium Waiver Benefit option : This may be opted in case of the following :
- If Critical illness Rider has been opted for and
- The S.A under the basic plan is equal to the critical illness rider S.A
- If Critical illness Rider has been opted for and
- Other details : Plan is not allowed to :: (1) Pregnant ladies (2) when occupational Extra is chargeable. Plan is allowed only to group ‘A’ deformity with loss of one limb at standard rates Medical exam. Cost will be borne by LIC to a limit of Rs. 4/- per 1000 S.A under the basic plan.
- Paid –up Value : After at least 2 full years premiums have been paid and any subsequent premium be not duly paid, the S.A under the basic plan shall be reduced to such a sum called paid-up Value. The paid-up value along with vested simple Reversionary Bonuses, if any, will remain attached to the reduced paid up policy. On policy being paid-up, all the optional/rider benefits will not apply. The Paid up value along with attached bonuses, if any shall be payable on maturity or earlier death of the life assured. No Assured Benefit will be payable if the policy is in paid up Condition.
- The Gtd. Surrender Value (GSV) : This policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The GSV available under the plan for all modes will be equal to 30% (in case of single premium it will be 90%)of the total premiums paid excluding first year and all extra premiums and premiums paid for optional/rider benefits. The cash value of any existing vested simple reversionary bonuses, if any, will be allowed. Surrender value will not available on term Assurance Rider option. Accident Benefit and Critical illness Rider option Premiums.
- Cooling off Period : If a policy holder is not satisfied with the terms and Conditions of the policy , he she may return the policy within 15 days form the date of receipt of the policy
on 19 - 11 - 2004.
- On survival till the maturity Mr. Anthony will get 20% of basic S.A i.e. Rs. 1lakh each on 19-11-2019, 19-11-2020 and 19-11-2021 i.e. each at the end of 15th, 16th policy year and the balance 40% of basic S.A i.e. Rs. 2lakhs on 19-11-2022 i.e. at the end of 18th year along with the vested Reversionary Bonuses & terminal bonus, if any.
- If Anthony dies during 13th policy year, his nominee will get Rs. Lakh as death benefit immediately future premiums are waived. In addition, nominee will also get Rs. 1lakh each at the end of 15th, 16th &17th policy year. At the end of 18 year term. i.e. on maturity. Rs. 2 lakhs plus 3, 78,000 accrued bonuses for the full term @ 42per 1000 S.A terminal bonus, if any is paid.
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max. Maturity. age Minimum Term Maximum Term Min S.A Max S.A S.A in Multiples Modes Allowed Accident Benefit Per1000 S.A |
18 years (lbd)
65 years (nbd) 75 years (nbd) 5 Years 25 Years Rs. 5 lakh Any amount Rs. 1 Lakh All Allowed** (With Extra Prem.) |
Female lives category
Age proof Form No. Dating Back @8% Non-Medical General Non- Medical (Prof) Non-Medical(Special) Risk Coverage Actual Sum Assured (ASA) |
I/II/III
Std/NSAP-1/2 300 Allowed Not Allowed Allowed Allowed SA+GA+Bonus Basic S.A |
Policy loan@9%
Housing Loan Assignment Revival @9%p.a.(payable /hly) Surrender Of Policy Term Rider Option Critical illness Rider |
Yes
Yes Yes Yes Yes yes yes |
|
|
|
- Feature : This plan is like an Endowment plan suitable for high earning people with convenient premium paying terms. This helps them to pay the premiums in their most productive years.
- Maturity Benefit : Basic S.A. + vested G.A @ Rs. 50 per 1000 S.A (for 1st 5 years)+ Reversionary Bonus (6th year onwards).
- Death Benefit : (a) During first 5 policy years: basic S.A +vested G.A @ Rs. 50per 1000 S.A for each completed year. (b) On death after first 5years: Basic S.A +vested G.A of Rs. 50 per 1000 S.A per year for the first 5 years+ accrued Reversionary Bonuses declared from 6th year onwards.
- Term Assurance Rider Option : Premiums are payable during the PPT & an amount equal to Term Assurance S.A will be payable on death during the policy term along with Basic S.A premium for the option will be payable in addition to the premium under the basic plan. Std./Sub. Std. lives (up to class III EMR) & Female lives category I & II allowed, pregnant Females, Handicapped lives & person’s attraction occupational Extra of more than Rs. 4per 1000 S.A are nor allowed.
- Paid up value : (a) For PPT 10 years & less, at least 1full year’s premium should have been paid. (b) For more than 10years PPT 2 full years premiums should have been paid.
- The policy can be surrendered for cash after completion of three policy years.
- The Gtd. Surrender value for : (1) Single premium: 90% excluding all extra premiums. (2) for other modes, it will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year.
| Duration of Policy form the Date Commencement | SSV as percentage of Single Premium excluding extra and rider premium. If any |
Lees than 1 year
One Year to less than 2 years Two Years to less than 3 years After Completion of 3 years |
70%
75% 85% As per SSV factor applicable to endowment Table |
|
| |||||||||||||||||||||||||||||||||||||||||
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max. Maturity. age Minimum Term Maximum Term Modes Allowed Minimum S.A S.A in Multiples of Max S.A(w.e.f.27-2-2006) |
18 years (Completed)
55 years (nbd) 65 years (nbd) 5 Years 25 Years Yly/H/y/Single Rs. 5 lakh Rs. 1 Lakh 24 Lakhs |
Female lives category
Age proof See NSAP Article for details Non-Medical General Form No. Dating Back Non Dating back Interest is charged |
I/III
Std./ NSAP-I(W5Lacs) Not Allowed 300 Allowed |
Policy loan@9%
Revival Surrender of Policy Survival benefits Paid up value Race Period15 days for Yly/Hly Term Rider Option Critical illness Rider Key Man Insurance |
No
Yes No No No Yes No No Yes |
|
|
|
16 to 60 days – Arrears of premium with interest
61 days & above – Arrears of Premium with interest Subject to Conditions
- This is the cheapest pure life risk plan
- Plan is allowed to physically Handicapped persons (Group A) with standard extra rates
- Persons in hazardous occupations attracting an occupation extra Rs. 4/- or more per 1000 sum assured are not eligible to take this plan
- Proposals are considered on the basis of medical reposts & special Reports (if any)
- Cost of Medical Examination Including Special Report will be borne by LIC. In case of reveal of policy, the cost is to be borne by the life assured
- The basic sum Assured under this plan will be the basis for medical Examination and sum under consideration (S.U.C).
- Plan allowed to standard & Sub-standard lives up to class VI EMR
- No claims concession will be applicable to this policy.
- Extra premium rates to be charged in case of sub standard lives. The extra premium for higher EMR will be in multiples of these class I extra rates.
- This is the only plan allowed under key man insurance.
Example : Mr. Ravindran takes a policy for 20 years for Rs. 10 Lakhs under Anmol jeevan-1.
A. On survival till maturity. Mr. Ravindran will not receive any amount
B. On death of Mr. Ravindran during Policy term, his nominee will get R.s 10lakhs S.A
Jeevan Tarang - Table 178
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max. Maturity. age Prem. Payment Ceases Max. Life Cover Min.age age at the end of Accumulation Period Min S.A Max. S.A S. A in multiples of Accumulation Period Modes Allowed Accident Benefit For PPT see part C |
0 yrs (nbd)
60 yrs (nbd) 70 yrs (nbd) 100yrs (completed) 18 yrs (Completed) Rs. 1lakh Any Amount Rs. 5,000 10,15&20yrs&PPT 6yrs Allowed All Re. 1* (for Regular Premium only) |
Female Lives Category (if TRB & CIR are not opted for
Age Form No. Dating Back @8% Non-Med. Gen (other) @if TRB & CIR not opted for Non medical (prof) Non medical (Spt) #if CIR not opted for SUC SUC for single Premium TRB & CIR will be restricted to 2 lakhs if NSAP 1 is submitted. TRA & CIR not allowed for NSAP 2 & 3 |
I/III & III
Then only cat.III) Std./NSAP 1,2&3* 300/340/360 Allowed Allowed @ Allowed # Allowed # Basic S.A, + (TRB+ CIR, if opted for) Basic S.A less S.P |
Lloan@9% Hly
Assignment Nomination Surrender/Revival GSV/SSV Grace Period Survival Benefit TRB PWB for Minors PWB For CIR CIR for Minors PWB for CIR CIR for Std Lives With Medical CIR with group A/B Deformity |
Yes
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No |
| W.e.f. 20-03-2007 following are allowed under Table 178. 1. Premium paying terms of 6 years. For accumulation period of 10, 15 & 20 2. Premium Waiver Benefit for minor Lives. For Details see Jeevan Tarang under PART CMode Rebate |
| ||||
This is a whole life plan which provides for Annual Survival benefit at the rate of 5 ½ % of the S.A for life time after one year form the Chosen Accumulation Period.
Survival benefits : Bonus will be paid in one lump sum at the end of Accumulation period and after one year from the Accumulation period. 5.5% of the S.A will be payable every year till the survival of the life Assured (L.A).
Maturity Benefit : S.A along with loyalty Addition, if any, will be payable on survival of L.A to the policy Anniversary coinciding with or immediately for following completion of 100 ears of age.
DEATH BENEFIT :
- S.A vested bonus is payable in case of death of the L.A during Accumulation period.
- S.A + loyalty Addition, if any is payable if L.A dies any time after the Accumulation Period.
- Accident benefit Rider (for regular policies only)
- TRB
- CIR
- PWB under CIR
In case of death before commencement of risk when L.A is aged less than or equal to 12 years the premium paid will be returned with out any interest.
Risk cover starts form the policy anniversary after completion of 7th year of the child or 2 years form the commencement of the policy whichever is alter. After the commencement of risk normal death benefit is payable.
By paying extra premium following riders can be opted for during the accumulation period.
Deformity : Plan with or without term Rider be allowed only to persons suffering from Growth ‘A’ Deformity with loss of 1limb
Occupational Extra : Plan allowed to persons employed in hazardous occupation subject to charging extra for basic S.S TRB & CIR
MINOT LIVES : (a) for age at entry up to 10 years completed: Plan without AB, TRB & CIR cab be allowed only standard lives, medical special reports not required. (b) for age at entry greater than 10 years completed: plan with Ab, TRB & CIR can be allowed only to standard lives and sub-Std, lives attracting up to EMR class III by overweight only medical special Reports will be called for based on SUC.
Guaranteed surrender Value :
DURING ACCUMULATION PERIOD :
For single prem. Policies : 90% if single after completion of 1 policy year.
For regular Policies : After completion of 3 full policy years, 30% of total premium paid for 3 years (excluding 1st year & extra premiums will be payable (+cash value of bonuses of any will also be payable).
After Accumulation Period : This will be 85% of basic S.A
Special Surrender value :
During accumulation period: SSV for regular/Single prem. Policies will be discounted value of the paid up value of S.A and the vested reversion art bonuses After Accumulation Period. This will be 90% of S.A Limited Payment Endowment - Table 159
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Maturity Age Minimum PPT Maximum PPT Min S.AMax S.A S.A in Multiples of Modes Allowed Mode Rebate Accident Benefit |
00 years (lbd)
10 years (lbd) 26 years (lbd) 8 Years 18 Years Rs. 1 lakh Rs. 25 Lakh Rs. 25,000 Yly 2%/Hly/Qly/SSS/SP Yly 2%; Hly 1%Qly/SSS-Nil N.A |
Female Proposers
Age proof Age Proof (Child 5 years &Above) Max. S.A 25 lakhs within the over all permissible limit of Dating Back @8% Form No. Risk Coverage |
Category I/II
Birth Certificate School Certificate Rs. 50 Lakhs Allowed 360 SA+GA+LA (if any) |
Policy loan
Housing Loan Revival Surrender of policy Survival Benefits P.W.B Term Rider Benefit Critical illness Rider |
No
No Yes Yes Yes Yes Yes No |
alteration Fee of Rs. 50. Medical exam. Of the proposer compulsory. Special Reports Depending on SUC. Medical
Exam. Cost borne by Proposer
- This is money back plan for children with G.A @75/-per 1000 S.A & L.A (if any)
- The payment of premium ceases on the policy anniversary coinciding with or immediately following the completion of 17years of age.
- Ideal gift for the child (can make provision in advance for children’s higher education)
- Father can propose. Mother also can propose, if she has her own income (Cat. 1&II only).
- If both parents are not alive, legal guardian can propose
- Close relatives for the child, like grand parents, uncles (maternal/paternal). Elder brothers, elder sisters etc., can gift single premium policy for love and affection. However proposer will be either father or mother or legal guardian.
- Risk cover starts form the policy anniversary after completion of 7th year of the child or 2 years form the commencement of the policy whichever is later.
- No medical examination is required for the child.
- Premium waiver benefit is available on payment of extra premium and production of proposer’s standard age proof, Proposers up to 50years (n.b.d) only are allowed. PWB is allowed under non-Med. Special & Non Med General (Prof). Only. Medical is compulsory when PWB+TRB is opted.
- Term Rider Benefit Can be availed by the Proposer to the extent of 20% of Basic. S.A not exceeding Rs. 1lakh. The benefit is payable in case the proposer dies before the policy anniversary on which the child is 18years last birthday.
- Maturity Benefits
|
|
If the Policy holder (Child) dies after commencement of the risk but before maturity. Full S.A together with G.A @ 75% per thousand S.A + L.A, if any, is given to the Nominee with out deducting earlier installments paid
If child dies before the policy risk commences the policy gets cancelled & premiums paid (excluding premium waiver benefit & term rider premiums) till then is refunded.
Example : Mr. Raj takes a Komal Jeevan policy on his daughter Sanya aged 5 years. For Rs. 1 lakh S.A. he opts for premium waiver Benefit (PWD) and term Rider Benefit (TRB). The following are the policy benefits:
- Life risk cover on Baby sanya starts form the policy anniversary after completion fo age 7.
- In case. Raj Dies. Before the age of 18 of baby Sanya, future premiums are waived & Rs. 20,000 (TRB) is paid to the nominee (if he had not opted for PWB. Future premiums have to paid ).
- At the age of 18 Sanya receives 1st installment of R.s 20,000 At the age of 20, she receives Rs. 20,000 Similarly, at the age of 22 and 24, She receives Rs. 30,000 respectively At 26, She receives Rs 1,57,500 as guaranteed addition @ 75% per thousand (For 21 years). Apart Form this sanya may also receive loyalty addition if any declared by LIC.
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Max. Maturity Age Minimum Term Maximum Term Min Premium : Age 12 to 49 Age 50 to 60 Max Premium. Prem, in Multiples Modes allowed Accident Benefit Term Rider Option Mode Rebate : |
12 Yrs(Completed)
60 yrs (nbd) 70 yrs 10yrs 35 yrs Rs. 250 p.m Rs. 400p.m No limit Of Rs. 50 P.m Yly/Hly/Qly/SSS Re.1/1000 S.A Yes (optional) 2% Yly 1%Hly |
Female lives Category
Age proof Form No Dating Back @8% Non Medical General Non Medical (Prof) Non Medical (Spl) Risk Coverage |
I/II/III
Std./NSAP-1/2/3 300/340 Allowed Allowed Allowed Allowed Death Benefit S.A+return of premium paid +L.A if any |
Policy loan @ 9%
Housing Loan Assignment Revival Surrender of policy Key man Insurance Term Rider Term Rider Conditions : Min Age at entry (completed) Max. Age At entry Max Maturity Age |
Yes
Yes Yes Yes Yes No Yes 18 Years 50 Years 60 Years |
This plan with features of conventional plans & Flexibility of unit linked plan provide :
* Higher Cover * Smooth return * Liquidity & Flexibility. Under the normal plans one chooses the S.A whereas in
this plan one has to choose the premium he wants to pay. Once the premium is chosen, S.A payable on death gets
determined. The S.A payable on maturity can then be obtained on the basis of age & policy term. Death cover
will be same irrespective of age at entry & term, however maturity S.A will differ. This plan is suitable for :
- Salaried person * to those who need money for future contingencies like education. Marriage of children * for those with uncertain income as there is a facility of auto convert in case premium due remains unpaid for 1year * high network individuals, due to its flexibility in term & anytime partial withdrawal facility.
- Maturity Benefits : Maturity Sum Assure (MSA) + Loyalty Addition, if any
- Death Benefits : 250 times the monthly basic premium (called death benefit S.A.) + return of premiums paid (excluding 1st year premium & &extra/rider premium)+Loyalty Additions, if any.
- Loyalty Addition : Will be declared after the policy has been in full force for at least 10years.
- Optional Riders : For and additional premium * Accidental Death &Disability Benefit Rider * Term Assurance Rider will be available & their S.A will not exceed the Death benefit S.A
- Auto Cover : If policy is in force for full benefits for 3 more years, the risk, cover under the main plan will continue for 12months from the date of first unpaid premium if subsequent premiums are not paid. The cover under such cases will not continue under rider benefits.
- Other Details :
- Max. Cover for Accident Benefit/Term Assurance will be Rs. 25lakh under all LIC Plan,
- Maturity S.A for Ages 12 to 17 years will be the same as that for 18years.
- Maturity S.A is to be calculated based on basic premiums before allowing any mode rebate. the rebates will apply to the basic premium (excluding any extra premium under this plan for sub-standard life) thereafter.
- All underwriting rules for endowment plan will apply for the purpose of SUC & Underwriting, the death benefit S.A should be considered. Standard extra premium rates (e.g. Occupational extra or in case of physically handicapped lives) would be as per Endowment Plan.
- Max. Cover for Accident Benefit/Term Assurance will be Rs. 25lakh under all LIC Plan,
- Surrender Value : Policy Can be surrendered after it has been in force for at least 3 years.
Gtd. Surrender Value : = 30% of total premiums paid excluding: 1st year premium, all extra premiums & Accident Benefit/Term Rider Premiums.
Special Surrender Value : Will be sum of a+b given below: (a)* 80% MSA will be paid, if less than 4years premium paid *90% MSA, if between 4 to less than 5 years premium paid
- 100% of MSA, if premiums are paid for 5years & above (b) The Loyalty Additions, if any, for the term for which the policy has been in force, as announced as at 31st March immediately preceding the date of surrender.
- Partial Surrenders: Can be made any time after completion of 3years or more from the D.O.C provided full premiums have been paid subject to conditions.
Example : Mr. Gini aged 18 years takes a policy for a 20 year term & opts for a yearly basic premium of Rs. 6000. After deducting 2% yearly mode rebate which comes to Rs. 5889 & adding Double Accident Premium of Rs. 125 (6000 yly Premium divided by 12months = 500 monthly premium multiplied by 250 times = 1,25,000 which is death Benefit S.A for this DAB @ Re.1 per 1000 S.A =125) he will pay a premium of Rs. 6005. On maturity, he will receive Rs. 1.40,530 as maturity S.A (Plus Loyalty Addition as declared by LIC at that time). In case of his natural death, death after 5 years from the date of commencement of policy, his nominee will receive 250 times the monthly basic premium i.e. Rs. 1, 25,000 (6000 basic yearly premium divvied by 12 months = 500 Rs. 500 X 250 times) + premiums paid for 5 years (less 1st year premium) Rs. 23,520, hence nominee will totally receive 1, 48,520/-.
YLY
|
HLY
|
QLY
|
SSS
| |||||||||
Basic Premium
|
3000
|
12000
|
24000
|
1500
|
6000
|
12000
|
750
|
3000
|
6000
|
250
|
1000
|
2000
|
Less : Mode Rebate
|
60
|
240
|
480
|
15
|
60
|
120
|
---
|
---
|
---
|
---
|
---
|
---
|
Plus DAB
|
2940
|
11760
|
23520
|
1485
|
5940
|
11880
|
---
|
---
|
---
|
---
|
---
|
---
|
Net Premium
|
3002
|
12010
|
24020
|
1516
|
6065
|
12130
|
766
|
3062
|
6125
|
255
|
1021
|
2042
|
- A, B & C denotes maturity Sum Assured (MSA). Hence A (MSA) given for Age 45, table 165-10, i.e
24197 is same for all modes, viz. Yly-3002, Hly- 1516, Qly 766 & SSS-255.
For Min Premium of Rs. 400 per Month
YLY
|
HLY
|
QLY
|
SSS
| |||||||||
Basic Premium
|
4800
|
12000
|
24000
|
2400
|
6000
|
12000
|
1200
|
3000
|
6000
|
400
|
1000
|
2000
|
Less : Mode Rebate
|
96
|
240
|
480
|
24
|
60
|
120
|
---
|
---
|
---
|
---
|
---
|
---
|
4704
|
11760
|
23520
|
2376
|
5940
|
11880
|
---
|
---
|
---
|
---
|
---
|
---
| |
Plus DAB
|
100
|
250
|
500
|
50
|
125
|
250
|
25
|
62
|
125
|
8
|
21
|
42
|
Net Premium
|
4804
|
12010
|
24020
|
2426
|
6065
|
12130
|
1225
|
3062
|
6125
|
408
|
1021
|
2042
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YLY : 1.00083
|
HLY : 1.01083
|
QLY : 1.02083
|
SSS : 1.02083
|
How to calculate maturity Sum assured (MSA): e.g.: Proposer’s age: 18 years Term: 20 years, yearly basic premium: 12,000 (net prem. Payable after mode rebate + DAB will be 12,010) Basic MSA is 28,106 (see Age 18term 20) for premium of Rs. 100 month.
12000 X 28106 = 2,81,060
10 X 12 |
Note : MSA has to be calculated on the Basic
Premium only, before Mode Rebate & DAB |
| Child Career Plan 184 | Child Future Plan 185 |
LIC has introduced two Plans :
1. Child Career Plan 2. Child Future Plan Even though these are tow different plans (T-184&T-185)the features of both are similar Expect for Survival Benefit |
(as shown in the Tables below). Proposer can choose either plans to suit the
need, Such Education/ Marriage/Carrere /Risk Coverage Depending Upon Male/Female Child’s Age at entry and Maturity Age |
| General Policy Conditions | Underwriting Requirements | Policy Servicing | |||
Min. age at entry
Max .age at entry Min. Maturity Age Max. Maturity Age Minimum Term Maximum Term Premium Paying Term (PPT) Min. S.A Max S.A S.A in multiples of PWB Prop. Age Min PWB Prop. Age max. Max age: end of PPT Modes Allowed |
0 years (lbd)
12 year (lbd) 23 year (lbd) 27 year (lbd) 11year 27 years 6 years Term Minus 5 yrs Rs. 1lakh Rs. 1Crore Rs. 5000 18 years (cmpl) 55 years (nbd) 70 Years (nbd) Yly/Hly/Qly/SSS |
Female lives Category
Age proof- 0 to 4 years 5 yrs & Above Age Proof (Proposer) Form No Dating Back @8% Actual S.A. (ASA) Risk Coverage SUC Extended Risk Cover Medical requirement for minors |
I/II (Proposer)
Birth Certificate School Certificate Std. (if PWB opted) 340/360 Allowed basic S.A S.A + Bonus As per existing rules maturity Age + 7 yrs |
Policy loan
Housing Loan Assignment Revival Surrender of policy Survival Benefits Term Rider Option Critical illness Rider PWB ** Assignment can be done after policy vest in the L.A. Plans allowed to Std./ Sub-Standard Children Attracting EMR Class III for over weight only |
No
No No** Yes Yes Yes No No Yes |
These two plans are designed to meet educational and other needs of growing child & also provide risk cover on the life of the child not only during the policy term but also during the extended term.
Policy term is equal to maturity Age minus Age at Entry policy can be taken for any maturity Age between 23&27 years. PPT is equal to 6 years of Policy term Minus 5 years.
Extended Term will be 7 years form the date of expiry of policy term, i.e. 7years from maturity age premiums are to paid till start of Survival benefit of for 6 years from the D.O.C hence no premiums are payable during the extended term.
Ex : Age at entry of Child: 5Yrs. : Maturity Age Chosen: 24 Years. Policy Term = 24 minus 5 (Age at entry) = 19years. PPT =19minus 5=14 years. In case PPt is chosen as 6 years from the D.O.C and policy will be like limited payment policy
Date of Commencement of Risk (D.O.C.) :
Years : Risk will commence either after 2 yrs from the D.O.C or from Policy Anniversary Coinciding with or immediately following completion of 5 years age of L.A, whichever is later.
Proposer : Father of the child has to be the proposer. Mother can propose if she has her own income (Female Cat. I & II) Grand parents can propose with Child’s parent’s Consent. If both parents are not alive, legal Guardian can propose.
Premium Waiver Benefit (PWB) Is available on payment of extra premium during PPT and on production proposer’s Std. Age proof. PWB on the lives of the Parents is allowed under Non-Medical (Special) And Non –Medical (Gen) to professionals. PWB Cover Not allowed to pregnant ladies. Allowed to Standard/Non-Standard (Including Physically Handicapped) Proposers.
Financial Under wiring : Based on Parent’s income eligibility (their income should be adequate for both insurance on their own lives and on the lives of their Children).
Matching Insurance : Insurance on the lives of the Parts will not insisted :
1. Up to 2 lakh if PWB is not opted for
2. Up to 5 Lakh if PWB is opted for and allowed
Date of vesting : Policy will vest automatically on L.A Attaining Majority.
Auto Cover : If at least two full premiums have been paid but any subsequent premiums not duly paid full death cover shall continue for a period of two years from the date of first unpaid premium.
Example (T-184) : Mr. Abdul 35 Yrs takes a policy n his son master Latif Aged 5 yrs for 5 lakh S.A (M.A.: 23 PPT: 13) and opts for PWB.
Possibility 1 : On Master Latif Surviving till the end of the policy term, he will get Rs. 1, 50,000 (30% of S.A) plus Bonus at his 18th Year of Age. Further he will get Rs. 75,000 (15% of S.A) every year at his age, along with the last payment of Survival Benefit Totally, he will receive Rs. 5,25,000 + Bonus 2,47,000 @ 38 + FAB 55,000 @ 100 = 8,27,000/-.
Possibility 2 : If master Latif Dies at the age of 15 (before age 18 and after commencement of risk) S.A of Rs. 5 lakhs along with vested Bonus + FAB if any, is payable.
Possibility 3 : If Master latif dies at the age of 21 (between age of 18 & 23) S.A of Rs. 5 lakh+ FAB if any, only will be payable, since he would have already received Bonus at the age of 18. The Survival benefit f Rs. 1,50,000 Paid at age of 18 & Rs. 1,50,000 (Rs. 75,000 each aid at the age of 19&20) totaling to Rs. 3lakh will not be deducted from the S.A of Rs. 5 lakh payable.
Possibility 4 : If master Latif dies at the age of 28 (during the extended term of 7yrs) his nominee will get one more S.A of Rs. 5 lakhs.
Possibility 5 : If master latif dies at the age of 6 years before commencement of the risk all the premiums paid (excluding premiums for extra & PWB) along with interest @ 3% compounded annually will be returned.
Possibility 6 : if Mr. Abdul, the proposer dies at the age of 9 of the master Latif (during the PPT) All future premiums are waived. Master Latif will get survival Benefit etc. illustrated above.
Example (T-185): Mr.Mahender Singh yrs takes a policy on his daughter Ms. Smriti Aged 3 yrs for S.A of Rs. 5 Lakhs (M.A 23 yrs PPT 15 Yrs). Ms. Smriti will get Rs. 1, 25,000 (25% of S.A.) at her age of 18. Further she will get Rs. 50,000 (10% S.A ) at her age of 19,20,21,&22. At the end of policy term i.e. at the age 23, she will receive Rs. 2,50,000 (50%of S.A ) along with Bonus + FAB, if any totally she will receive of Rs. 5,75,000+Bonus 4 lakhs @ 40+1,10,00 FAB @ 220=10,85,000/-
All other illustration remain the same as given in the example of T-184 expect in the event of Smriti’s Death (Refer Possibility 3 above) between her age of 18 & 23 S.A + vested Bonus + FAB, if any is payable
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