JEEVAN AADHAR - Without Profit

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JEEVAN AADHAR
(Without Profit)

'JEEVAN AADHAR' is a Limited Payment Whole Life Plan specifically designed to make provision of the maintenance of handicapped dependants.

Salient Features

The plan has been designed to assure a handicapped dependant to have a secured life.
Benefits can be availed of only in the event of death of life assured.
In the event of the death of the life assured, the benefits are payable partly in lump sum and partly in the form of an annuity to the handicapped through a nominee or a trustee.
The policy is a whole life plan with limited premiums.
Premium paying terms are 10, 15, 20, 25, 30 and 35 years.

Benefits

Death Benefits:
- 20% of Basic sum assured + Guaranteed Additions + Terminal Addition.
- The remaining 80% of of Basic sum assured + Guaranteed Additions + Terminal Addition, is utilized to provide an annuity certain for 15 years and life thereafter of the handicapped dependant. The actual Annuity is calculated at the time of claim.
- Guaranteed Additions: Guaranteed additions of Rs.100/- per Rs.1000/- Sum Assured, for each completed policy year for which the policy was in full force. Such guaranteed additions will accumulate up to age 65 years or till the life assured's death, whichever is earlier.
- Terminal Addition: Payable only if 10 years' premiums have been paid and policy is in force. Amount payable on death of life assured depends on the rates declared by LIC on favorable working experience.
Handicapped dependant pre-deceasing the life assured: In the event of the handicapped dependant pre-deceasing the life assured during the premium term the contract ceases. The life assured then has the option of:
- Making the policy paid-up or
- Refund of premiums (excluding extra premium)

Restrictions

Minimum sum assured : Rs.50,000/-
Minimum age at entry : 22 years
Maximum age at entry : 65 years
Maximum premium ceasing age : 75 years
Premiums are based on the age of the handicapped dependant as well as the life assured.
No surrender value is allowed.
Any amount paid to the life assured on the dependant pre-deceasing life assured the same is treated as income of the assessee and hence taxable.
No loan is granted on this policy.
Handicapped dependant is defined.
The proposer has to submit an addendum to proposal declaring the disability of the handicapped duly Certified by a government doctor and can claim separate relief under section 80 DDA of IT Act 1961.