LIC Jeevan Varsha Plan Features Benefits Benefit Illustration licindia.in

LIC Jeevan Varsha Plan Features Benefits Benefit Illustration licindia.in 

 LIC Jeevan Varsha Plan Features licindia.in

LIC’s Jeevan Varsha is a close ended Money Back Plan with Guaranteed Additions. The plan provides for periodical payments of a proportion of Sum Assured at specified durations, on survival during the term of the policy and on maturity. The Plan provides for payment of Sum Assured on death. Guaranteed Additions are payable on death and Maturity. Loyalty Additions may also be payable during the last year of the policy on both maturity and death.
The plan will be open for purchase from 16th February, 2009 to 31st March, 2009.
  1. ELIGIBILITY CONDITIONS
  1. Minimum Entry Age: 15 years (completed)
  2. Maximum Entry Age: 66 years (Nearest Birthday) for 9 years term policy
63 years (Nearest Birthday) for 12 years term policy
  1. Policy Term : 9 years & 12 years
  2. Premium Paying Term: 9 years
  3. Maximum Maturity Age: 75years (Nearest Birthday)
  4. Minimum Sum Assured: Rs. 75,000/- for monthly ECS mode
: Rs. 50,000/- for other modes
  1. Maximum Sum Assured: No limit
(Sum Assured shall be in multiples of Rs.5,000/-)
  1. PREMIUM PAYMENT MODES: Yearly, Half-Yearly, Quarterly, Monthly (by ECS mode only).
  1. SAMPLE PREMIUM RATES
Tabular Annual Premium per 1000 SA
AGE/TERM
9
12
20
161.85
165.00
25
161.90
165.10
30
162.05
165.30
35
162.45
165.85
40
163.20
166.90
45
164.60
168.65
50
166.95
171.50








  1. MODE REBATE
Yearly mode: 2% of Tabular Premium
Half-yearly mode: 1% of the tabular premium
  1. HIGH SUM ASSURED REBATES
Sum Assured (in Rs) Rebate per thousand Sum Assured
Less than Rs.1, 00,000/- Nil
Rs 1,00,000 and above but less Rs 2.00
than Rs.200000

Rs 2,00,000 and above but less Rs 3.50
than Rs.500000
Rs. 500000 and above Rs 5.00
  1. LOAN:
Loan is available under the plan after the policy acquires paid-up value.
  1. GRACE PERIOD:A grace period of one 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 premiums.
If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured shall be paid after deduction of the said premium as also unpaid premiums falling due before the next Policy anniversary. If premium is not paid before the expiry of the days of grace, the Policy lapses.
  1. 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 date of first unpaid premium but before maturity. The rate of interest applicable will be as fixed by the Corporation from time to time.
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 the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.
  1. PAID UP VALUE:
If after at least 3 full years premiums have been paid in respect of this policy and any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy for a reduced sum.
The Sum Assured of the policy shall be reduced to such a sum (called paid-up value), as shall bear the same proportion to the full Sum Assured as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy , less any survival benefit paid.
The policy so reduced shall, thereafter be free from all liability for payment of the premiums, but shall not be entitled to the Guaranteed Additions from the due date of first unpaid premium. However, the accrued Guaranteed Additions will remain attached to the reduced paid-up policy.
Notwithstanding the benefits available under a fully in force policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the accrued Guaranteed Additions, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier.
  1. SURRENDER VALUE:
The Guaranteed surrender value will be available after the expiry of 3 policy years, provided the premiums have been paid for at least three years. The guaranteed surrender value allowable under this policy is equal to 30 percent of the total amount of the premiums paid excluding the premium for the first year, all extra premiums that may have been paid and the amount of survival benefits paid earlier.
The cash value of any existing guaranteed additions will also be paid.
Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and Guaranteed Addition, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.
  1. EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that 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 under the policy. 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 bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death.
  1. 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.
 
LIC Jeevan Varsha Plan Benefits licindia.in 

Provided the policy is in force during the term of the contract the following benefits are payable.

  1. Survival Benefits:

For 9 Years Policy Term

15% of the Sum Assured is payable at the end of 3 years.
25% of the Sum Assured is payable at the end of 6 years.
60% of the Sum Assured is payable together with Guaranteed Additions, and Loyalty Addition, if any, at the end of 9 years.
For 12 Years Policy Term
10% of the Sum Assured is payable at the end of 3 years.
20% of the Sum Assured is payable at the end of 6 years.
30% of the Sum Assured is payable at the end of 9 years
40% of the Sum Assured is payable together with Guaranteed Additions, and Loyalty Addition, if any, at the end of 12 years.
  1. Death Benefit:
In case of death of the life assured during the policy term, the full sum assured is payable irrespective of the survival benefits paid earlier.
  • On death during the policy term excluding last policy year: Sum Assured with accrued Guaranteed Additions
  • On death during last policy year: Sum Assured with accrued Guaranteed Additions along with Loyalty Addition, if any.
  1. Guaranteed Addition :
The policy provides for Guaranteed Addition at the following rates:
  • Rs. 65 per thousand Sum Assured per year for a policy of 9 years term.
  • Rs. 70 per thousand Sum Assured per year for a policy of 12 years term.
  1. Loyalty Addition:
Depending upon the Corporation’s experience the policy will be eligible for Loyalty Addition on the Life Assured surviving the stipulated date of maturity or on the Life Assured’s death during the last policy year at such rate and on such terms as may be declared by the Corporation.
 LIC Jeevan Varsha Plan Benefit Illustration licindia.in 

Statutory warning :
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

Notes :
  1. This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.iii)The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.


Age of LA (Yrs.)
35
Term (Yrs.)
12
Premium Paying Term
 9






Annual Premium (Rs.)
16053
Sum Assured (Rs.)
100000
Guaranteed Addition (Rs.)
per year per 1000 Sum Assured






End of year
Premiums Paid during the year
Benefit payable on death during the year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
16053
 107000
0
0
 107000 107000
2
16053
 114000
0
0
 114000 114000
3
16053
 121000
0
0
 121000 121000
4
16053
 128000
0
0
 128000 128000
5
16053
 135000
0
0
 135000 135000
6
16053
 142000
0
0
 142000 142000
7
16053
 149000
0
0
 149000 149000
8
16053
 156000
0
0
 156000 156000
9
16053
 163000
0
0
 163000 163000
10
0
 170000
0
0
 170000 170000
11
0
 177000
0
0
 177000 177000
12
0
 184000
0
40000
 184000 224000






















End of year
Premiums Paid during the year
Benefit on Survival / Maturity at the end of year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
16053
 0 0 0 0 0
2
16053
 0 0 0 0 0
3
16053
 10000 0 0 10000 10000
4
16053
 0 0 0 0 0
5
16053
 0 0 0 0 0
6
16053
 20000 0 0 20000 20000
7
16053
 0 0 0 0 0
8
16053
 0 0 0 0 0
9
16053
 30000 0 0 30000 30000
10
0
 0 0 0 0 0
11
0
 0 0 0 0 0
12
0
 124000 0 40000 124000 164000














Age of LA (Yrs.)
35
Term (Yrs.)
9
Premium Paying Term
9







Annual Premium (Rs.)
15720
Sum Assured (Rs.)
100000
Guaranteed Addition (Rs.)
65 per year per 1000 Sum Assured







End of year
Premiums Paid during the year
Benefit payable on death during the year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
 15720 106500
0
0
 106500 106500
2
 15720 113000
0
0
 113000 113000
3
 15720 119500
0
0
 119500 119500
4
 15720 126000
0
0
 126000 126000
5
 15720 132500
0
0
 132500 132500
6
 15720 139000
0
0
 139000 139000
7
 15720 145500
0
0
 145500 145500
8
 15720 152000
0
0
 152000 152000
9
 15720 158500
0
20000
 158500 178500











End of year
Premiums Paid during the year
Benefit on Survival / Maturity at the end of year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
 15918 0
0
0
 0 0
2
 15918 0
0
0
 0 0
3
 15918 15000
0
0
 15000 15000
4
 15918 0
0
0
 0 0
5
 15918 0
0
0
 0 0
6
 15918 25000
0
0
 25000 25000
7
 15918 0
0
0
 0 0
8
 15918 0
0
0
 0 0
9
 15918 118500
0
20000
 118500 138500










at
Labels: , , , ,