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JEEVAN VISHWAS

Jeevan Vishwas - Premium Calculator

'JEEVAN VISHWAS' is a special plan for handicapped persons. Unlike Jeevan Aadhar, which is a Whole Life Plan, this is an Endowment Assurance plan with benefits payable either on date of maturity or on death, whichever is earlier.

Salient Features

  • Basic sum assured payable either on survival to the term or on death happening within the term.
  • Payment of benefits will be on the basis of 20% as a lump sum and balance 80% to secure an annuity.
  • Guaranteed Additions are given at a fixed rate of Rs.60/- per Rs.1000- sum assured.
  • Loyalty Additions are payable for each completed policy year.
  • Premium paying terms are between 10 to 25 years.
  • Single Premium available.

Benefits

  • On the Date of Maturity or earlier death during the term (of life assured):
    • Basic sum assured + Guaranteed additions of Rs.60/- per Rs.1000/- sum assured + Loyalty Addition on the basis of performance of the LIC.
    • Once the claim is admitted, there are three options available:
      • Regular income for life.
      • Regular income certain for 5, or 10 or 15 years and life thereafter.
      • Regular income for life with return of notional purchase price i.e. 80% of basic sum assured + 80% of guaranteed additions and loyalty additions.
  • Handicapped dependant pre-deceasing the life assured:
    • In the event of the handicapped dependant pre-deceasing the life assured, the life assured has the option to:
      • Surrender the policy or continue it by paying premium.
      • Life assured also has option to receive full sum assured in lump sum or on a 20% to 80% basis.
  • Accident benefits if availed are paid as lump sum as per Accident benefit rules.

Restrictions

  • Minimum sum assured : Rs.50,000/- in multiple of Rs.25,000/- thereafter
  • Maximum sum assured : No limit
  • Minimum age at entry : 20 years completed
  • Maximum age at entry : 65 years
  • Maximum age at maturity : 75 years
  • Premium paying term : 25 years
  • Minimum Term : 10 years
  • Maximum Term : 40 years
  • Minimum premium must be Rs.800/- p.a.
  • No Loan available against this policy.

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