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.

1.      BENEFITS

a)      Death Benefit:

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.

b)      Maturity Benefit:

On maturity, Sum Assured along with Loyalty Addition, if any, shall be payable.

c)      Loyalty Addition:

Depending 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.

2.      ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

a)      Minimum Entry Age              : 8 years (completed)

b)      Maximum Entry Age             : 65 years (nearest birthday)

c)      Minimum Sum Assured        : Rs. 200,000/-

d)     Maximum Sum Assured        : No Limit

Sum Assured shall be available in multiples of Rs. 10,000/-

e)      Minimum Single premium    : Rs. 95210/-

f)       Policy Term                            : 10 years

g)      Premium payment mode       : Single premium only

3.      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 :

 Sum Assured                                                Rebate (Rs.)

Upto 3, 90,000                                                Nil

4, 00,000 to 5, 90,000                         2.00 %o S.A.

6, 00,000 and above                           3.00 %o S.A.

5.      LOAN

      Loan facility will be available under this plan, after completion of one policy year.

6.      SURRENDER VALUE

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.

7.      SERVICE TAX:

Service 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 premium.

8.      COOLING-OFF PERIOD

If you are not satisfied 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.

9.      EXCLUSIONS

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.