Lic jeevan vaibhav


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Lic jeevan vaibhav

  1. 1. LIC JEEVAN VAIBHAV :TABLE NO 809LIC’S JEEVAN VAIBHAV (Plan No.809) is also a closeended plan guaranteed return which would be open forsale from 21st May, 2012 for a maximum period of 120days.Key features of LIC JEEVAN VAIBHAV  Single Premium non-linked endowment assurance plan.  Maturity Benefit : Sum Assured and Loyalty Addition.  Liquidity : Facility for loan.  Life Cover : Full Sum Assured Payable on death during the term.  Loyalty Addition, if any, payable on Death, if it occurs during the last policy year or on maturity.LIC’s Jeevan Vaibhav is a Life insurance Plan especiallydesigned to meet needs of -  Insurance  Wealth creation and  LiquidityMaturity Benefit:On maturity, the Sum Assured along with LoyaltyAddition, shall be payable.Example:The Maturity Benefits under LICJeevanVaibhav plan include the Sum Assured and LoyaltyAddition, if any. For a person aged 35 years, paying a
  2. 2. premium of Rs.95730/-, the Sum Assured shall be Rs.200000/- . The Details of benefits payable are as under:- Benefit Illustration 35 yearsAge 10 yearsPolicy Term 95730/-*Single Premium AmountSum Assured payable on death or 200000/-maturity Loyalty Addition payable on death during the last policy year or on maturity: 25,000/-Assuming 10% p.a. return* Premium shown above is exclusive of service tax.Death Benefit:On death during the policy term, excluding last policyyear: Sum Assured shall be payable.On death during the last policy year: Sum Assured alongwith Loyalty Addition, if any, shall be payable.Eligibility Conditions and Restrictionsa) Minimum Entry Age : 8 years (completed)b) Maximum Entry Age : 65 years (nearest birthday)c) Mode of Premium Payment : Single premiumd) Minimum Sum Assured : Rs.2,00,000/-e) Maximum Sum Assured : No LimitThe sum assured shall be in multiple of Rs.10, 000/-
  3. 3. f) Policy Term : 10 yearsAge at entry of the Policyholder is to taken as agenearest birthday except forminimum age at entry i.e. 8 years.Guaranteed Surrender ValueThe Guaranteed Surrender Value will be available afterexpiry of one policy year. The Guaranteed SurrenderValue shall be 90% of the Single premium paidexcluding extra premium, if any.Special Surrender ValueSpecial surrender value will be payable, if it is morefavorable to the policyholder.The Special SurrenderValue will be the discounted value of the Sum Assured.The discount factors shall be the special surrender valuefactors used for LIC’s Endowment Assurance plan,which will depend on the policy term and the durationelapsed since commencement of the policy.The Special Surrender Value factors per Rs. 100 BasicSum Assured for duration 1 and 1.5 years are 44.52 and45.97 respectively.LoansLoan facility is available under this plan after completionof one policy year subject to following conditions:a) Loan can be granted after completion of one policyyear subject to a maximum of 70% of Surrender Value.b) The rate of interest to be charged on loans grantedunder this plan will be 10.25% p.a. compounding half-
  4. 4. yearly and the same would be subject to review fromtime to time by the Corporation.c) No foreclosure action should be taken under this planeven if there is a default in payment of loan interest.Back-dating interest :The policies can be dated back within the financial year,as usual. Back-dating interest will be charged at the rateof 10% p.a., at the time of completion of policy, fordating back in excess of one month. The interest shallbe charged even where the policy is back dated to alean month.Proposal Form :Proposal Form No. 300 or 340, as the case may be,shall be used under this planWhy should I opt for LIC’s Jeevan Vaibhav plan ?Because LIC’s Jeevan Vaibhav combines Security withWealth Creation in a single plan. You deserve it tocelebrate your achievements in 2022.SANJAY KUMAR SINGH9431343576