LIC’s JEEVAN VAIBHAV (UIN: 512N269V01)
LIC’s Jeevan Vaibhav is
a close-ended single premium endowment assurance plan which offers guaranteed
benefits on death and maturity along with Loyalty Addition, if any, payable on
maturity or on death in the last policy year.
The plan will be open
for sale for a maximum period of 120 days from the date of launch.
On death during the policy term, excluding last policy year:
Sum Assured shall be payable.
On death during last policy year: Sum Assured along with loyalty addition, if any
shall be payable.
On maturity, Sum Assured along with Loyalty Addition, if any, shall be payable.
upon the Corporation’s experience the policy will be eligible for Loyalty
Addition during the last year of the policy at such rate and on such terms as
may be declared by the Corporation.
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
Minimum Entry Age : 8 years (completed)
Maximum Entry Age : 65 years (nearest birthday)
Minimum Sum Assured : Rs. 200,000/-
Maximum Sum Assured : No Limit
Sum Assured shall be available in multiples of Rs. 10,000/-
Minimum Single premium : Rs. 95210/-
Policy Term : 10 years
Premium payment mode : Single premium only
SAMPLE PREMIUM RATES
Following are some of the sample premium rates (exclusive of Service Tax) per Rs.
1000/- Sum Assured:
4. High Sum
Assured Rebate :
Assured Rebate (Rs.)
4, 00,000 to 5,
90,000 2.00 %o S.A.
6, 00,000 and
above 3.00 %o S.A.
Loan facility will be available under this plan, after completion of one policy
The policy can be
surrendered for cash after the policy has run for at least one year. The
minimum Guaranteed Surrender Value allowable is equal to 90% of the Single
premium paid excluding extra premium, if any.
Corporation may however pay
Special Surrender value as applicable on the date of surrender provided the same
is higher than the guaranteed Surrender Value.
The Special Surrender Value
will be the discounted value of the Sum Assured as on date of surrender.
tax, if any, shall be as per the Service Tax laws and the rate of service tax as
applicable from time to time.
The amount of service
tax as per the prevailing rates shall be payable by the policyholder on the
If you are not
with the “Terms and Conditions” of the policy, you may return the policy to the
Corporation within 15 days from the date of receipt of the policy stating the
reason of objections. On receipt of the same the Corporation shall cancel the
policy and return the amount of single premium deposited after deducting the
risk premium, expenses incurred on medical examination and stamp duty.
The policy shall be void if the Life Assured (whether sane or insane at the
time) commits suicide at any time within one year from the date of commencement
of risk and the Corporation will not entertain any claim under this policy
except to the extent of a maximum of (i) 90% of the single premium paid
excluding any extra premium paid or (ii) third party’s bonafide beneficial
interest acquired in the policy for valuable consideration (but limited to
applicable death benefit of this policy) of which notice has been given in
writing to the branch where the policy is being presently serviced (where the
policy records are kept) at least one calendar month prior to death.