Jeevan Amrit

Introduction of LIC’s Jeevan Amrit (Plan No. 186) w.e.f. 28-5-07

INTRODUCTION:  It

is a plan where the premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years.

BENEFITS: 



Death Benefit: An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy. Maturity Benefit: Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional)Bonus, if any, in case of Life Assured surviving to the end of the term.

PARTICIPATION IN PROFITS OF THE CORPORATION: 

Depending upon the Corporation’s experience with regard to policies issued under this plan, this policy will be eligible for Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation. The Simple Reversionary Bonuses shall be declared annually at the end of each financial year at the rate per thousand total amount of premiums paid (excluding any extra premium) as on the date of valuation. Paid-up policies (whether partially or fully paid-up) shall also participate in the profits of the Corporation.

Final (Additional) Bonus 

Final (Additional) Bonus may also be declared under the policy which will be payable on the expiry of policy term or on earlier death provided the policy has run for certain minimum term. Final Additional) Bonus shall not be payable under partially paid-up policies.

ELIGIBILITY CONDITIONS AND RESTRICTIONS: (a) Minimum Entry Age (b) Maximum Entry Age (c) Maximum Maturity Age (d)Minimum Sum Assured (e)Maximum Sum Assured (f) Premium Paying term (g) Policy term

: 12 years (last birthday) 60 years (nearest birthday) : 70 years (nearest birthday) : Rs. 1,00,000 : No limit : 3 to 5 years : 10 to 30 years

Sum Assured Rebate: Sum Assured

Rebate per thousand S.A Ppt 3 yrs

Ppt 4 yrs

Ppt 5 yrs

FY

Sub

FY

Sub FY

Sub

< 2lac

Nil

Nil

Nil

Nil

Nil

2 lac to < 3lac

7.50

3.75

7.50

2.50 7.50

3 lac to < 5lac

10.00 5.00

10.00 3.30 10.00 2.50

5 lac to < 10 lac

12.50 6.25

12.50 4.15 12.50 3.10

More than 10 lac 15.00 7.50

15.00 5.00 15.00 3.75

Nil

1.85

 After

payment of one years premium and completion of one year policy will be eligible for GSV, PAID UP VALUE, SURRENDR VALUE AND LOAN  After payment of full first year’s premium policy will treated as full force for six months from fup.  Days of grace : 30 days are applicable  Assignment, nomination, cooling off available  Underwriting as per endowment plan

Example AGE PPT TERM 12

5

20

20

5

20

30

5

20

YEARLY PREMIUM 1 Lac 5 Lac 10 Lac 4699 17446 31991 1146 4330 8010 5214 20018 37136 1303 4967 9284 6542 26658 50415 1637 6633 12616

Year FY SUB FY SUB FY SUB

Selling Points  Low

Premiums High Risk with bonus  Bonus on premium paid, high premium high bonus for higher ages.  Very low premium for younger.  Almost 50% premium is covered in first year hence low chances of lapsation.  High premium rebates.  Wider age group of 12 to 60

In short  Plan

is unique combination of  Bhavishya Jeevan,  Limited premium endowment,  Bima kiran