1 / 11

LIC’S Jeevan V aibhav

LIC’S Jeevan V aibhav. (Plan No. 809). Features. S ingle premium non-linked plan Payment of Guaranteed Sum Assured along with Loyalty Addition, if any, on maturity or death. Close ended plan which would be open for sale from 21st May, 2012 for a maximum period of 120 days.

caseyreed
Download Presentation

LIC’S Jeevan V aibhav

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. LIC’S Jeevan Vaibhav (Plan No. 809)

  2. Features • Single premium non-linked plan • Payment of Guaranteed Sum Assured along with Loyalty Addition, if any, on maturity or death. • Close ended plan which would be open for sale from 21st May, 2012 for a maximum period of 120 days. • Option for backdating is also available 

  3. Eligibility

  4. Benefits payable on maturity Assured maturity benefit = Sum Assured + Loyalty Addition, if any

  5. Benefits payable on death If life assured dies during the policy term except in the last policy year Sum Assured shall be payable If life assured dies during the last policy year Sum Assured along with Loyalty Addition, if any, shall be payable

  6. Surrender Value Guaranteed Surrender Value Available after completion of atleast 1 policy year and is equal to 90% of the premium paid excluding extra premium, if any

  7. Surrender Value Special Surrender Value • Payable, if it is more favorable to the policyholder. • The SSV will be the discounted value of the Sum Assured. The discount factors shall be the special surrender value factors used for Endowment Assurance plan, which will depend on the duration elapsed since commencement of the policy. • The SSV factors per Rs. 100 Basic Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.

  8. Loans • Loan available after completion of one policy year subject to a maximum of 70% of Surrender Value. • The rate of interest - 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation. • No foreclosure action applicable under this plan even if there is a default in payment of loan interest

  9. Commission for agents • 2% of the Single Premium received

  10. Important - Service Tax • Under this plan, the amount of service tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any.

More Related