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| Insurance >> Youngsters >> Jeevan Mitra (Double / Triple Cover) |
| Table No. 88 (Double cover) |
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| Features |
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Product
Summary :
This is an Endowment Assurance plan that
provides greater financial protection
against death throughout the term of plan.
It pays the maturity amount on survival
to the end of the policy term.
Premiums :
Premiums are payable yearly, half-yearly,
quarterly, monthly or through Salary deductions,
as opted by you, throughout the term of
the policy or earlier death.
Bonuses :
This is a with-profit plan
and participates in the profits of the
Corporation’s life insurance business.
It gets 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. A
Final (Additional) Bonus may also be payable
provided a policy has run for certain
minimum period. |
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| Benefits |
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Death
Benefit :
Table No 88: Twice the Sum Assured plus
all bonuses on the basic sum assured to
date is payable in a lump sum upon the
death of the life assured.
Table No 133: Thrice the Sum Assured plus
all bonuses on the basic sum assured to
date is payable in a lump sum upon the
death of the life assured.
Maturity
Benefit :
The Sum Assured plus
all bonuses declared up to maturity date
is payable in a lump sum on survival to
the end of the policy term.
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 will be available under the plan
on earlier termination of the contract.
Guaranteed
Surrender Value :
The policy may be surrendered after it
has been in force for 3 years or more.
The guaranteed surrender value is 30%
of the basic premiums paid excluding the
first year’s premium.
Company’s
policy on surrenders :
In practice, the company will pay a Special
Surrender Value – which is either
equal to or more 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 premiums 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
life insurance company. 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 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 dependant
on a number of factors including future
investment performance.”
Illustration
1 :
Table No 14
Age at entry: 35 years
Policy Term: 25 years
Sum Assured: Rs.1,00,000/-
Premium paying term: 25 years
Mode of premium payment: Yearly
Annual Premium : Rs.4,750 /- |
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| End
Of Year |
Total
Premiums Paid Till End Of Year |
Benefit
Payable On Death/Maturity At The
End Of Year |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario
2 |
| 1 |
4,750 |
200000 |
2,100 |
5,700 |
202100 |
205700 |
| 2 |
9,500 |
200000 |
4,200 |
11,400 |
204200 |
211400 |
| 3 |
14,250 |
200000 |
6,300 |
17,100 |
206300 |
217,100 |
| 4 |
19,000 |
200000 |
8,400 |
22800 |
208400 |
222800 |
| 5 |
23,750 |
200000 |
10,500 |
28500 |
210500 |
228500 |
| 6 |
28,500 |
200000 |
12,600 |
34200 |
212600 |
234200 |
| 7 |
33,250 |
200000 |
14,700 |
39900 |
214700 |
239900 |
| 8 |
38,000 |
200000 |
16,800 |
45600 |
216800 |
245600 |
| 9 |
42,750 |
200000 |
18,900 |
51300 |
218900 |
251300 |
| 10 |
47,500 |
200000 |
21,000 |
57000 |
221000 |
257000 |
| 15 |
71,250 |
200000 |
31,500 |
85500 |
231500 |
285500 |
| 20 |
95,000 |
200000 |
56,000 |
152000 |
256000 |
352000 |
| 25 |
118,750 |
200000 |
69,500 |
189500 |
269500 |
389500 |
| End
of year |
Total
premiums paid till end of year |
Benefit
payable on death / maturity at
the end of year |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario
2 |
| 25 |
118,750
|
100,000 |
69,500 |
189500 |
169500 |
289500 |
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Illustration
2:
Table No 133
Age at entry: 35 years
Policy Term: 25 years
Sum Assured: Rs.1,00,000/-
Premium Paying term: 25 years
Mode of premium payment: Yearly
Annual Premium: Rs.5,453 /- |
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| End
Of Year |
Total
Premiums Paid Till End Of Year |
Benefit
Payable On Death/Maturity At The
End Of Year |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario
2 |
| 1 |
5453 |
300000 |
2,100 |
5,700 |
302100 |
305700 |
| 2 |
10906 |
300000 |
4,200
|
11,400 |
304200 |
311400 |
| 3 |
16359 |
300000 |
6,300 |
17,100 |
306300 |
317,100 |
| 4 |
21812
|
300000 |
8,400 |
22800 |
308400 |
322800 |
| 5 |
27265 |
300000 |
10,500 |
28500 |
310500 |
328500 |
| 6 |
32718 |
300000 |
12,600 |
34200 |
312600 |
334200 |
| 7 |
38171 |
300000 |
14,700 |
39900 |
314700 |
339900 |
| 8 |
43624 |
300000 |
16,800 |
45600 |
316800 |
345600 |
| 9 |
49077 |
300000 |
18,900 |
51300 |
318900 |
351300 |
| 10 |
54530 |
300000 |
21,000 |
57000 |
321000 |
357000 |
| 15 |
81795 |
300000 |
31,500 |
85500 |
331500 |
385500 |
| 20 |
109060 |
300000 |
56,000 |
152000 |
356000 |
452000 |
| 25 |
136325 |
300000 |
69,500 |
189500 |
369500 |
489500 |
| End
Of Year |
Total
Premiums Paid Till End Of Year |
Benefit
Payable On Death/Maturity At The
End Of Year |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario 2 |
| 25 |
136325
|
100000 |
69500 |
189500 |
169500 |
289500 |
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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. |
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