Re: INTRODUCTION OF LIC’s JEEVAN LAKSHYA (Plan No.833)
1. INTRODUCTION:
It has been decided to introduce LIC’s Jeevan Lakshya (Plan
No.833) with effect from __ March, 2015.
The Unique Identification Number (UIN) for LIC’s Jeevan
Lakshya is 512N297V01. This
number has to be quoted in all relevant documents furnished to the Policyholders
and other users (public, distribution channels, etc).
LIC’s
Jeevan Lakshya is a limited premium paying conventional With-Profits
Endowment Assurance plan. This plan provides
for Annual Income benefit that may help to fulfill the needs of the family,
primarily for the benefit of children, in case of unfortunate death of
Policyholder any time before maturity and a lump sum amount at the time of
maturity independant of survival of the Policyholder. The benefits and other details of the plan are given below.
2. BENEFITS:
The benefits payable under an inforce policy are as under:
a) Benefits payable on death:
Death Benefit,
defined as sum of “Sum Assured on
Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if
any, shall be payable at various durations as mentioned below:
Where
“Sum Assured on Death” is defined as
the sum of:
-
Annual
Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable
from the policy anniversary coinciding with or following the date of death of
Life Assured, till the policy anniversary prior to the date of maturity.
-
Assured
Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and
The
vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included
in the Death Benefit, shall be payable on
due date of maturity.
The
Death Benefit defined above shall not be less than 105% of all the premiums
paid as on date of death.
The
premiums mentioned above exclude taxes (including service tax), extra premium and rider
premium(s), if any.
b) Benefits payable on maturity:
On survival
to the end of the policy term provided all due premiums have been paid, “Sum Assured on Maturity” along with
vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be
payable. Where Sum Assured on Maturity
is equal to Basic Sum Assured.
c)
Participation in Profits:
The policy shall
participate in profits of the Corporation and shall be entitled to receive
Simple Reversionary Bonuses declared as per the experience of the Corporation,
provided the policy is in full force.
vinay mohanty
3. ELIGIBILITY
CONDITIONS AND RESTRICTIONS:
For Basic Plan:
1)
Minimum Age at entry for
Life Assured : 18 years (last
birthday)
2)
Maximum Age at entry for
Life Assured : 50 years (nearer
birthday)
3)
Maximum
Maturity Age : 65
years (nearer birthday)
4)
Policy
Term : 13 to 25 years
5)
Premium
paying Term : (Policy Term - 3) years
6)
Minimum
Basic Sum Assured : Rs. 1,00,000/-
7)
Maximum
Basic Sum Assured : No Limit
The Basic Sum Assured shall be in
multiples of Rs. 10,000/- only.
Age at entry for the Policyholder
is to be taken as age nearer birthday except for the minimum age at entry i.e. 18
years.
For LIC’s Accidental Death and
Disability Benefit Rider:
1)
Minimum
Entry Age :
18 years (last birthday)
2)
Maximum
Entry Age :
The cover can be opted for at inception or at any policy anniversary thereafter
provided the minimum premium paying term left under the Basic plan is 5 years.
3)
Maximum
cover ceasing Age : 65
years (nearer birthday)
4)
Minimum
Accident Benefit Sum Assured : Rs. 10,000/-
5)
Maximum
Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured subject
to the maximum of Rs.100 lakh overall limit taking all existing policies of the
Life Assured under individual as well as group policies including policies with
inbuilt accident benefit taken with Life Insurance Corporation of India and the
Accident Benefit Sum Assured under the new proposal into consideration.
The Accident Benefit Sum Assured shall be
in multiples of Rs. 10,000/-only.
For LIC’s New Term Assurance
Rider:
1)
Minimum
Entry Age : 18 years (last
birthday)
2)
Maximum
Entry Age : 50 years (nearest birthday)
3)
Policy
Term : Same
as Basic Plan
4)
Premium
Paying Term : Same as Basic
Plan
5)
Minimum
Term Assurance Rider Sum Assured : Rs.
100,000/-
6)
Maximum
Term Assurance Rider Sum Assured: The maximum Term Rider Sum Assured shall be
less than or equal to the Basic Sum Assured under the basic plan, but not exceeding the overall limit of Rs. 25 lakhs taking all
Term Assurance Riders Sum Assured under all existing policies of the life
assured including the new proposal under consideration.
The Term Assurance Rider Sum Assured can
be taken in multiples of Rs. 10,000/- only.
4.
MODE OF PREMIUM PAYMENT:
The modes of premium payment allowable are Yearly, Half Yearly,
Quarterly, and Monthly (ECS only or through salary deductions).
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