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Lic jeevan mitra 88


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Lic jeevan mitra 88

  1. 1. LICs Jeevan Mitra (Table Nos. 88 & 133)LICs Jeevan Mitra (Table Nos. 88 & 133)‘Double/Triple Benefit’Endowment plans providea new dimension to theconcept of insurance securityHigh Risk Coverfor a very Low costIntro featuresbenefits illustrations
  2. 2. Attractions• Jeevan Mitra helps to make provisionfor the family of the life Assured inthe event of his early death, but alsoassures a lump sum at a desired age.• For a small extra cost it provides arisk cover of 2 or 3 times the basicSum Assured.• Higher bonus as compared toendowment plans.Intro featuresbenefits illustrations
  3. 3. Attractions• In the case of Accidents, therisk cover goes up to 3 & 4times.• It provides high risk cover fora comparatively lower cost.Intro featuresbenefits illustrations
  4. 4. • Who can avail this plan?Individuals age between 18 years (lastbirthday and 50 years (nearer birthday)• For how long is premium payable?Throughout the term of the policy orearly death.• What is the minimum and maximum sumassured available under the plan ?Minimum Sum Assured : Rs. 50,000/-Maximum Sum Assured : No limitIntro featuresbenefits illustrations
  5. 5. What are the permissible premium payment modes?Premiums can be paid in Quarterly, Half-Yearly, Quarterly and Monthly or throughsalary deduction.Is this plan available to ladies?Yes.Intro featuresbenefits illustrations
  6. 6. Intro featuresbenefits illustrations(A) Minimum entry age : 18 yrs (completed)(B) Maximum entry age : 50 yrs (nearer birthday)(C) Maximum maturity age : 60 years(D) Minimum Sum Assured for the Critical illness Rider : 50,000/=(E) Minimum Sum Assured of the Main plan on which the Criticalillness Rider can be given: Rs.50,000(F) Maximum Sum Assured : An amount equal to the Basic Sum forthe Critical Illness Rider Assured, subject to a maximum ofRs.5,00,000.(G) Term : 10 to 35 years under regular premium5 to 35 years under Single premiumand 15, 20 & 25 years under limited premium paying termpolicies.This rider is allowed only if the maturity age under main policy isnot greater than 60 years.The policy term and premium paying term of the rider shouldmatch with the policy term and premium paying term under themain policy.Critical Illness Rider :Critical Illness Rider :EligibilityEligibility
  7. 7. Intro featuresbenefits illustrationsCritical Illness Rider :Critical Illness Rider :BenefitsBenefitsCritical Illness Sum Assured is payable on life assuredsurviving for a period of 28 days from date ofoccurrence of any of the following critical illnesses-Heart Attack (Myocardial Infarction)Stroke (Cerebro-vascular Accident)CancerKidney FailureMajor Organ transplantParalysis3rd Degree BurnsBlindnessCoronary Artery By-pass SurgeryHeart Valve Replacement or RepairAorta Graft SurgeryPremium Waiver Benefit:A policyholder has option to avail of a premium waiverbenefit whereby premiums falling due on or after thedate of diagnosis of critical illness are waived tillmaturity date of the main plan or earlier death of thelife assured.
  8. 8. Bonuses:Simple Reversionary Bonuses aredeclared per thousand Sum Assuredannually at the end of each financialyear.Final ( Additional ) Bonus may also bepayable provided a policy has run forcertain minimum periodIntro featuresbenefits illustrations
  9. 9. Death Cover:In case of Plan 88, twice the basic Sumassured along with bonus will be paid if thepolicyholder dies during the term of thepolicy, provided the policy is in full force ason the date of death.In case of Plan 133, thrice the basic Sumassured along with bonus will be paid if thepolicyholder dies during the term of thepolicy, provided the policy is in full force ason the date of death.Intro featuresbenefits illustrations
  10. 10. Maturity Benefit:Basic Sum Assured plusVested reversionary bonuses plusFinal Additional Bonus, if any,is payable in a lump sum onsurvival to the policy term.Intro featuresbenefits illustrations
  11. 11. EndofyearTotalPremiumspaid till endof yearBenefit payable on death during the yearGuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 4,750 200,000 2,100 5,700 202,100 205,7002 9,500 200,000 4,200 11,400 204,200 211,4003 14,250 200,000 6,300 17,100 206,300 217,1004 19,000 200,000 8,400 22,800 208,400 222,8005 23,750 200,000 10,500 28,500 210,500 228,5006 28,500 200,000 12,600 34,200 212,600 234,2007 33,250 200,000 14,700 39,900 214,700 239,9008 38,000 200,000 16,800 45,600 216,800 245,6009 42,750 200,000 18,900 51,300 218,900 251,30010 47,500 200,000 21,000 57,000 221,000 257,00015 71,250 200,000 31,500 85,500 231,500 285,50020 95,000 200,000 56,000 152,000 256,000 352,00025 118,750 200,000 69,500 189,500 269,500 389,500EndofyearTotalPremiumspaid till endof yearBenefit payable on maturity (Rs)GuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 2Intro featuresbenefits illustrationsIllustration 1 (Table 88): Age at entry: 35 yearsPolicy Term: 25 years Premium paying term: 25 yearsMode of premium payment: Yearly Sum Assured: Rs.1,00,000/-Annual Premium: Rs.4,750 /-
  12. 12. End ofyearTotalpremiumspaid till end ofyearBenefit payable on death during the yearGuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 5,453 300,000 2,100 5,700 302,100 305,7002 10,906 300,000 4,200 11,400 304,200 311,4003 16,359 300,000 6,300 17,100 306,300 317,1004 21,812 300,000 8,400 22,800 308,400 322,8005 27,265 300,000 10,500 28,500 310,500 328,5006 32,718 300,000 12,600 34,200 312,600 334,2007 38,171 300,000 14,700 39,900 314,700 339,9008 43,624 300,000 16,800 45,600 316,800 345,6009 49,077 300,000 18,900 51,300 318,900 351,30010 54,530 300,000 21,000 57,000 321,000 357,00015 81,795 300,000 31,500 85,500 331,500 385,50020 109,060 300,000 56,000 152,000 356,000 452,00025 136,325 300,000 69,500 189,500 369,500 489,500End ofyearTotalpremiumspaidtill end of yearBenefit payable on maturity (Rs)GuaranteedVariable TotalScenario1Scenario 2 Scenario 1 Scenario 2Intro featuresbenefits illustrationsIllustration 2 (Table 133): Age at entry: 35 yearsPolicy Term: 25 years Premium paying term: 25 yearsMode of premium payment: Yearly Sum Assured: Rs.1,00,000/-Annual Premium: Rs.5,453 /-
  13. 13. This illustration is applicable to a non-smokermale/female standard (from medical, life style andoccupation point of view ) life.• The non-guaranteed benefits (1) and (2) in aboveillustration are calculated so that they are consistedwith the Projected investment Rate of Returnassumption of 6% p. a. (Scenario-1) and 10% p.a.(Scenario 2) respectively. In other words, in preparingthis benefit illustration it is assumed that the ProjectedInvestment Rate of Return that LICI will be able toearn throughout the term of the policy will be 6% p.a.or 10% p.a. , as the case may be . The ProjectedInvestment Rate of Return is not guaranteed.• The main objective of the illustration is that the clientis able to appreciate the features of the product and theflow of benefits in different circumstances with somelevel of quantification.• Future bonus will depend on future profits and as suchis not guaranteed. However once bonus is declared inany year and added to the policy, the bonus so added isguaranteed.Intro featuresbenefits illustrations