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Jeevan Vridhi

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LIC’s JEEVAN VRIDDHI (UIN: 512N268V01)
LIC’s Jeevan Vriddhi is a single premium plan wherein the risk cover is a multiple of premium chosen by you. On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any.

1. Benefits

i)
Death benefit: On death, Basic Sum Assured shall be payable. The Basic Sum Assured shall be 5 times the Single Premium excluding extra premium, if any.

ii) Maturity Benefit: On maturity, the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

iii) Loyalty Addition: Depending upon the Corporation�s experience the policy will be eligible for Loyalty Addition on date of maturity 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 50 years (nearest birthday)
(c) Minimum Basic Sum Assured   Rs.150, 000/-
(d)  Maximum Basic Sum Assured     No Limit
(e) Minimum Premium      Rs. 30,000/-
 Premium shall be available in multiples of  Rs. 1,000/-.
(f) Policy Term       10 years
(g) Premium payment mode    Single premium only
(h) Guaranteed Maturity Sum Assured The Guaranteed Maturity Sum Assured will depend on the single premium payable and the age at entry of the life to be assured.




3. GUARANTEED MATURITY SUM ASSURED:

Guaranteed Maturity Sum Assured for each age at entry per Rs.1000/- Single Premium (exclusive of Service Tax) is as under:
 

Age at entry Guaranteed Maturity Sum Assured (Rs.)   Age at entry Guaranteed Maturity Sum Assured (Rs.)   Age at entry Guaranteed Maturity
Sum Assured
(Rs.)
8 1984.60   23 1952.65   37 1894.60
9 1982.10   24 1951.85   38 1883.65
10 1979.15   25 1950.95   39 1871.20
11 1975.55   26 1949.90   40 1857.10
12 1972.10   27 1948.55   41 1841.45
13 1968.90   28 1946.85   42 1823.95
14 1966.35   29 1944.55   43 1803.90
15 1964.05   30 1941.60   44 1781.05
16 1961.90   31 1937.70   45 1755.30
17 1960.00   32 1932.80   46 1726.55
18 1958.30   33 1927.00   47 1694.75
19 1956.80   34 1920.40   48 1659.95
20 1955.50   35 1912.85   49 1622.60
21 1954.40   36 1904.30   50 1582.25
22 1953.45            

4. INCENTIVE FOR HIGHER PREMIUM:
Incentive for higher single premium by way of increase in the Guaranteed Maturity Sum Assured is as under:

Premium
(excluding extra premium)
Increase in Guaranteed Maturity Sum Assured
Below Rs.50,000 Nil
Rs.50,000 to Rs. 99,000 1.25%
Rs.1,00,000 and above 3.00%


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 Guaranteed Maturity 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.

9. 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 dep