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| Insurance >> Senior Citizens >> New Jeevan Dhara |
| Table no. 148 |
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Product summary :
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Premiums :
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits :
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
Bonuses :
These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period. |
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| Benefits |
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Death Benefit :
On death of the Life Assured during the term of the policy the basic premiums paid, excluding any rider premiums or extra premiums, up to the date of death accumulated with interest at such rates as decided by the Corporation will be payable to the nominee. Currently, the interest rate is 3%, 4% or 5 % if the death occurs within the first 10 years, 20 years or thereafter respectively.
Maturity Benefit :
At maturity the policyholder can encash up to a maximum 25% of the maturity proceeds as a tax-free lump sum. The balance should be compulsorily converted to an annuity at the rates applicable at the time of maturity of the policy. The policyholder has the choice of opting for any one of 5 annuity options. The annuity options available are
(i) annuity payable for remainder of life
(ii) annuity payable for life with guaranteed period of 5, 10, 15 or 20 years
(iii) Joint life and last survivor annuity to the annuitant and his/ her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant
(iv) Life annuity with a return of purchase price on death of the annuitant
(v) Life annuity increasing at a simple rate of 3% per annum
Supplementary/Extra Benefits :
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Surrender Value :
Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.
The policy may be surrendered after it has been in force for 2 years or more but before the vesting date. The guaranteed surrender value is 90% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is allowed after 2 years from the date of commencement of the policy.
In practice, the company will pay a Special Surrender Value – which is equal to or higher than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.
Note : The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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| Benefit Illustration |
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Statutory Warning :
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.”
Table No. 147/148
Age at entry: 35 years
Policy Term: 25 years
Premium paying term: 25 years
Sum Assured: Rs. 1,00,000/-
Yearly Premium: Rs. 3,130/- |
| Year |
Total premiums paid till end of year |
Benefit on death payable at the end of year (Rs.) |
| Guaranteed |
Variable |
Total |
| Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
| 1 |
3130 |
3130 |
79 |
188 |
3209 |
3318 |
| 2 |
6260 |
6260 |
238 |
576 |
6498 |
6836 |
| 3 |
9390 |
9390 |
479 |
1174 |
9869 |
10564 |
| 4 |
12520 |
12520 |
804 |
1996 |
13324 |
14516 |
| 5 |
15650 |
15650 |
1216 |
3055 |
16866 |
18705 |
| 6 |
18780 |
18780 |
1716 |
4366 |
20496 |
23146 |
| 7 |
21910 |
21910 |
2308 |
5943 |
24218 |
27853 |
| 8 |
25040 |
25040 |
2992 |
7803 |
28032 |
32843 |
| 9 |
28170 |
28170 |
3771 |
9961 |
31941 |
38131 |
| 10 |
31300 |
31300 |
4648 |
12438 |
35948 |
43738 |
| 15 |
46950 |
46950 |
15568 |
37222 |
62518 |
84172 |
| 20 |
62600 |
62600 |
29027 |
74718 |
91627 |
137318 |
| 25 |
78250 |
78250 |
78250 |
168913 |
145787 |
247163 |
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Maturity |
Guaranteed |
Variable |
Total |
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Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
| 25 |
78250 |
100000 |
53000 |
156500 |
153000 |
256500 |
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Illustration 2 :
Table No. 147 / 148
Age at entry : 35 years
Policy Term : 25 years
Sum Assured (Rs.) : 100000
Single Premium (Rs.) : 41,327 |
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| Year |
Total premiums paid till end of year |
Benefit on death payable at the end of year (Rs.) |
| Guaranteed |
Variable |
Total |
| Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
| 1 |
41327 |
41327 |
1033 |
2479 |
42360 |
43806 |
| 2 |
41327 |
41327 |
2092 |
5108 |
43419 |
46435 |
| 3 |
41327 |
41327 |
3177 |
7894 |
44504 |
49221 |
| 4 |
41327 |
41327 |
4290 |
10847 |
45617 |
52174 |
| 5 |
41327 |
41327 |
5431 |
13978 |
46758 |
55305 |
| 6 |
41327 |
41327 |
6599 |
17296 |
47926 |
58623 |
| 7 |
41327 |
41327 |
7798 |
20813 |
49125 |
62140 |
| 8 |
41327 |
41327 |
9026 |
24542 |
50353 |
65869 |
| 9 |
41327 |
41327 |
10285 |
28494 |
51612 |
69821 |
| 10 |
41327 |
41327 |
11575 |
32683 |
32683 |
74010 |
| 15 |
41327 |
41327 |
27910 |
72695 |
69237 |
114022 |
| 20 |
41327 |
41327 |
40905 |
118595 |
82232 |
159922 |
| 25 |
41327 |
41327 |
82878 |
241699 |
124205 |
283026 |
| Maturity Benefit |
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Benefit Payable at Maturity |
Guaranteed |
Variable |
Total |
| Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
| 25 |
41327 |
100000 |
36500 |
216500 |
136500 |
316500 |
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i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.
v) The maturity sum shown in the illustration is to be annuitised. However, the policyholder can opt to take upto one-fourth of the maturity sum as a tax-free lump sum. |
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