introduction of LIC's new plan jeevan lakshya 833 shortly

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.
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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