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NEW JANA RAKSHA PLAN TABLE NO. 91 A POLICY WITH IN-BUILT

NEW JANA RAKSHA PLAN TABLE NO. 91 A POLICY WITH IN-BUILT. &. ‘EXTRA COVER’. ‘ACCIDENT BENEFIT’. New Jana Raksha can be termed as one of the very best endowment policies in Indian insurance market !. Accident Benefit is in-built in the plan!

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NEW JANA RAKSHA PLAN TABLE NO. 91 A POLICY WITH IN-BUILT

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  1. NEW JANA RAKSHA PLAN TABLE NO. 91 A POLICY WITH IN-BUILT & ‘EXTRACOVER’ ‘ACCIDENT BENEFIT’

  2. New Jana Raksha can be termed as one of the very best endowment policies in Indian insurance market ! • Accident Benefit is in-built in the plan! • After payment of premiums for 2 years, risk continues for 3 years even after the policy has lapsed !! • Within this period of 3 years, the policy can be revived without MEDICAL EXAMINATIONand without even a DECLARATION OF GOOD HEALTH !!! • Within this period of 3 years, even one or more premium/s can be paid; accordingly extra risk cover period will extended to that extent !!!! (Please see example ahead! )

  3. POLICY LOAN :As under Table 14 up to 90% of Surrender Value • MATURITY BENEFIT : S.A. + Reversionary Bonus + Final Additional Bonus • DEATH BENEFIT : S.A. + Reversionary Bonus + Final Additional Bonus • In case of death by accident an amount equal to S.A. will be payable additionally. • (No extra premium is charged for Accident Benefit ).

  4. Notes :- • Reversionary Bonus means bonus declared for each policy year as on 31st March. • Final Additional Bonus is payable only in case of at least 17 years’ premiums having been paid. • Overall limit of Accident Benefit under all the plans taken together is Rs.10 lacs. • Maximum limit for A.B. under the plan has been increased from Rs.5 lac to Rs.7.50 lac in December 2002.

  5. EXAMPLE Mr. ‘NJR’ takes a policy ON 1-12-2002. AGE AT ENRTY 30 YEARS TERM 21 YEARS MODE OF PREMIUM PAY. ‘ YEARLY’ Natural Risk Cover Rs.1 lac + bonuses Accidental Risk Cover Rs.1 lac (Additional)

  6. EXAMPLE Risk Cover for Extended Period :- Assuming that he has paid 2 yearly premiums as following – First Premium : On 1-12-2002. Second Premium : Due on 1-12-2003. Thus he has paid premium for at least 2 full years ! Hence, next premium falls due on 1-12-04.

  7. He is not able to pay the due premium, some how ! Under other policies, risk cover would have ceased after one month i.e. from 2-01-04, in such a condition ! • Under this policy, risk will still be covered for further 3 years, from 1.12.04 (FIRST UNPAID PREMIUM---- F.U.P. ). This means that risk on his life will be covered for full S.A. ( along with Accident Benefit ) till 30.11.07-------- extra risk cover from 1-12-04 to 30-11-07 (for 3years ). • Further, he can pay arrears of premium / one or more due premiums with interest thereon at any time till 30.11.07 and extend the period of risk cover accordingly.

  8. C. If he so chooses, on or before 30.11.07, he can pay even one instalment of premium with interest without any proof of good health. In such a case, his risk cover will get extended by the period of the instalment premium paid. Here the mode of premium is YEARLY . Hence, the one instalment paid will be adjusted towards First Unpaid Premium (F.U.P.) due on 1.12.04; accordingly new F.U.P. is 1.12.05. Risk is covered for 3 years from F.U.P. Hence, risk cover will be extended upto 30.11.08 ( 1.12.05 plus 3 years )!

  9. D. Again, till 30.11.08, he can pay one or more due premiums with interest and period of risk cover will be extended just as it is shown in ( C ). E. If he pays all the due premiums with interest during the extended period of risk cover, the facility of 3 years’ extra risk cover from the date of NEW F.U.P. will still be applicable in future, if he happens to miss payment of premium in future again ---The position will be like in A TO D above.

  10. Note :- • It is assumed that the policy is entitled for Accident Benefit within the overall limit of Rs.10 lac. • In case of death, Reversionary Bonus will be payable according to the period for which premiums stand paid and not according to the period till date of death.

  11. MATURITY BENEFIT • Term 21 YEARS • Entry Age 30 YEARS (N.B.D.) • Yearly Prem. Rs. 4737/- • Sum Assured Rs. 1,00,000 • Reversionary Bonus Rs. 1,49,100 (71*21*100) • Final Additional Bonus Rs. 20,000 (200*100) • ------------------------ • Total Payable Rs. 2,49,100 • IRR 8.333 %

  12. Yearly Premium Rs. 9475/- Sum Assured Rs. 2,00,000 Reversionary Bonus Rs. 2,98,200 (71*21*200) Final Additional Bonus Rs. 48,000 (240*200) ---------------------- Total Payable Rs. 5,46,200 IRR 8.447 % Note : Bonus rates as declared for valuation as on 31.3.02 have been assumed for calculation of maturity proceeds and I.R.R. Actual MATURITY PROCEEDS and I.R.R. will depend on bonus rates declared in future.

  13. Yearly Premium Rs. 23,686/- Sum Assured Rs. 5,00,000 Reversionary Bonus Rs. 7,45,500 (71*21*500) Final Additional Bonus Rs. 1,25,000 (250*500) ---------------------- Total Payable Rs. 13,70,500 IRR 8.477 % Note : Bonus rates as declared for valuation as on 31.3.02 have been assumed for calculation of maturity proceeds and I.R.R. Actual MATURITY PROCEEDS and I.R.R. will depend on bonus rates declared in future.

  14. RESTRICTIONS Age at Entry : 18 years ( completed ) to 50 years ( n.b.d.) Term : 12 to 30 Years Maximum Maturity Age : 70 Years ( n.b.d.) Minimum Sum Assured : Rs. 20,000 Maximum Sum Assured : Rs. 7,50,000 Age Proof (i) For S.A. upto Rs. 50000 : Self-declaration about age is in-built in the proposal form. No extra premium is charge on account of age-proof. (ii) For S.A. above Rs.50000 : Standard Age Proof like School Certificate is required.

  15. Females : Sum Assured upto Rs.25000 is admissible to self earning literate ladies in Category III. Medical Exam / Non-medical Schemes : (i) S.A. upto Rs.50000 : Admissible under Non- medical (General) Scheme; (ii) S.A. upto Rs.4 lac : (a) Admissible under Non- medical (Special) Scheme; (b) Commissioned Officers of Armed Forces NMS limit of Rs.5 lac is applicable. In other cases, medical examination will be required. NOTE : Proposals under Non-medical Schemes will be considered within OVERALL limits of the respective schemes.

  16. This presentation is not meant to be a pamphlet, brochure or advertisement . • This presentation has been prepared with a view to explaining salient features of the plan to our officials.

  17. Script by Mr.M.M.L .VERMA B . D . M . (W . Z . O .) Design by Ms.N.H.MITHBAOKAR A. A .O.(Business Development)

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