small;”>LIC’S JEEVAN VAIBHAV (Plan No.809) is also a close ended plan guaranteed return which would be open for sale from 21st May, 2012 for a maximum period of 120 days.

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.

The policy is on the traditional platform where risk cover is the sum assured, which is almost double the premium chosen by the customer and offers guaranteed returns at maturity, LIC said in a statement.



The plan, which is an ideal combination of insurance and returns, would be available for a limited period only up to a maximum of 120 days. Besides, the policy offers high liquidity through loan after just one year, it said.

The minimum age at entry for the plan is 8 years while the maximum is 65 years.

The term under the policy is fixed at 10 years, LIC Senior Divisional Manager R K Jha sad, adding, the minimum sum Assured is Rs 2 lakh while there is no upper limit.

The minimum premium under the policy is Rs 95,210 with no upper limit, it said.

This is an ideal plan for all groups of people, be it youngsters who want to save a nest-egg for following their passion after putting in some years of hard work and gaining experience, or parents who want to save money for funding their young child’s, grand children’s higher education or for financing other needs of self or children who have grown up, it added.

LIC’s Jeevan Vaibhav is a Life insurance Plan especially designed to meet needs of –

  • Insurance
  • Wealth creation and
  • Liquidity
  • Maturity Benefit:
  • On maturity, the Sum Assured along with Loyalty Addition, shall be payable.

Example:The Maturity Benefits under LICJeevan Vaibhav plan include the Sum Assured and Loyalty Addition, if any. For a person aged 35 years, paying a premium of Rs.95730/-, the Sum Assured shall be Rs. 200000/- . The Details of benefits payable are as under:-

Benefit Illustration

Age

35 years

Policy Term

10 years

Single Premium Amount

95730/-*

Sum Assured payable on death or maturity

200000/-

Loyalty Addition payable on death during the last policy year or on maturity:

Assuming 10% p.a. return

25,000/-

* Premium shown above is exclusive of service tax.

Death Benefit:
On death during the policy term, excluding last policy year: Sum Assured shall be payable.

On death during the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.

Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 65 years (nearest birthday)
c) Mode of Premium Payment : Single premium
d) Minimum Sum Assured : Rs.2,00,000/-
e) Maximum Sum Assured : No Limit
The sum assured shall be in multiple of Rs.10, 000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to taken as age nearest birthday except for
minimum age at entry i.e. 8 years.

Guaranteed Surrender Value
The Guaranteed Surrender Value will be available after expiry of one policy year. The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding extra premium, if any.

Special Surrender Value
Special surrender value will be payable, if it is more favorable to the policyholder.The Special Surrender Value will be the discounted value of the Sum Assured. The discount factors shall be the special surrender value factors used for LIC’s Endowment Assurance plan, which will depend on the policy term and the duration elapsed since commencement of the policy.

The Special Surrender Value factors per Rs. 100 Basic Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.

Loans
Loan facility is available under this plan after completion of one policy year subject to following conditions:
a) Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.

b) The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.

c) No foreclosure action should be taken under this plan even 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 rate of 10% p.a., at the time of completion of policy, for dating back in excess of one month. The interest shall be charged even where the policy is back dated to a lean month.

Proposal Form :
Proposal Form No. 300 or 340, as the case may be, shall be used under this plan

Download premium calculator for LIC Jeevan Vaibhav from here.

Download presentation of LIC Jeevan Vaibhav Plan in PDF format.

READ  How to check latest NAV of LIC ULIP Plans?
Complete details of LIC Jeevan Vaibhav Plan – premium calculator, presentation, features
Rate this post
https://images.investmentkit.com/articles/wp-content/uploads/2011/12/LIC_Logo.jpghttps://images.investmentkit.com/articles/wp-content/uploads/2011/12/LIC_Logo-150x109.jpgAdminInsurancelic jeevan vaibhav,lic of indiaLIC’S JEEVAN VAIBHAV (Plan No.809) is also a close ended plan guaranteed return which would be open for sale from 21st May, 2012 for a maximum period of 120 days. Key features of LIC JEEVAN VAIBHAV Single Premium non-linked endowment assurance plan. Maturity Benefit : Sum Assured and Loyalty Addition. Liquidity : Facility...Tutorials to Educate Investors