Saturday, May 26, 2012

LIC’s JEEVAN VAIBHAV NEW SINGLE PREMIUM PLAN REVIEW


on Saturday, May 26, 2012

LIC’s JEEVAN VAIBHAV (UIN: 512N269V01)

LIC's Jeevan Vaibhav is a close-ended single premium endowment assurance plan which offers guaranteed benefits on death and maturity along with Loyalty Addition, if any, payable on maturity or on death in the last policy year. 

The plan will be open for sale for a maximum period of 120 days from the date of launch.

1.      BENEFITS
          
       a)      Death Benefit:

  • On death during the policy term, excluding last policy year: Sum Assured shall be payable.
  • On death during last policy year: Sum Assured along with loyalty addition, if any shall be payable.

          b)  Maturity Benefit:

On maturity, Sum Assured along with Loyalty Addition, if any, shall be payable.

          c)   Loyalty Addition:
Benefit Example

Depending upon the Corporation's experience the policy will be eligible for Loyalty Addition during the last year of the policy at such rate and on such terms as may be declared by the Corporation.
 2.   ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

a)      Minimum Entry Age              : 8 years (completed)

b)      Maximum Entry Age             : 65 years (nearest birthday)

c)      Minimum Sum Assured        : Rs. 200,000/-

d)     Maximum Sum Assured        : No Limit (Sum Assured shall be available in multiples of Rs. 10,000/-)

e)      Minimum Single premium    : Rs. 95210/-

f)       Policy Term                            : 10 years

g)      Premium payment mode       : Single premium only


3.  SAMPLE PREMIUM RATES
Following are some of the sample premium rates (exclusive of Service Tax) per Rs. 1000/- Sum Assured:
Age
Premium (Rs.)
20
477.35
30
477.75
40
480.55



4.  HIGH SUM ASSURED REBATE :

 Sum Assured                                        Rebate (Rs.)
Upto 3, 90,000                                           Nil
4, 00,000 to 5, 90,000                        2.00 %o S.A.
6, 00,000 and above                           3.00 %o S.A.

5.   LOAN

      Loan facility will be available under this plan, after completion of one policy year.

6.    SURRENDER VALUE
The policy can be surrendered for cash after the policy has run for at least one year.  The minimum Guaranteed Surrender Value allowable is equal to 90% of the Single premium paid excluding extra premium, if any.

Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the guaranteed Surrender Value.

The Special Surrender Value will be the discounted value of the Sum Assured as on date of surrender.

7.    SERVICE TAX:

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.At present service tax on single premium policy is 3 %.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium.

8.  COOLING-OFF PERIOD
If you are not satisfied with the Terms and Conditions of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the risk premium, expenses incurred on medical examination and stamp duty.


9.   EXCLUSIONS

The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of a maximum of (i) 90% of the single premium paid excluding any extra premium paid or (ii) third partys bonafide beneficial interest acquired in the policy for valuable consideration (but limited to applicable death benefit of this policy) of which notice has been given in writing to the branch where the policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.

Review: 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.The Plus point of the Plan is guaranteed return around 8 %.

Income Tax Benefit: Section 80C benefit Not available on this Policy as the sum assured is less than 10 times of the premium paid in First year. As per Finance Bill 2012 ,Amendment has been proposed  in Section 80C.Finance Bill 2012 has proposed that the deduction for life insurance premium as regards insurance policies issued on or after 1st April 2012 shall be allowed for premium or other payment made which does not exceed 10% of the actual capital sum assured.

Download Details of LIC Jeewan Vaibhav single premium Policy 

2 comments: Post Yours! Read Comment Policy ▼
PLEASE NOTE:
We have Zero Tolerance to Spam. Chessy Comments and Comments with Links will be deleted immediately upon our review.

  1. contact for more details 9015473863

    ReplyDelete
  2. Hi,
    I'm IRDA Licensed LIC Agent,

    Anyone interested in buying some LIC plan in Gurgaon or Palwal ( Haryana) contact me at 09999950853 or 08053635698.

    Regards,
    Suresh Bhardwaj

    ReplyDelete