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Home » Products » Withdrawn Plans » LIC's Jeevan Shagun (Plan No. 826, UIN : 512N290V01) » Benefit Illustration

Benefit Illustration

Statutory warning

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns.  These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.”

 

LIC's Jeevan Shagun
(UIN:512N290V01)
Age at entry 30
Policy Term 12
Mode of premium payment Single
Single Premium(Rs.) 31275
Maturity Sum Assured 60000
Basic Sum Assured 312750
 
End Of Policy
Year
Total Premium paid
till end of year
Amount payable on Death
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 31275 312750 0 0 312750 312750
2 31275 312750 0 0 312750 312750
3 31275 312750 0 0 312750 312750
4 31275 312750 0 0 312750 312750
5 31275 312750 0 0 312750 312750
6 31275 312750 0 0 312750 312750
7 31275 312750 0 0 312750 312750
8 31275 312750 0 0 312750 312750
9 31275 312750 0 0 312750 312750
10 31275 312750 0 0 312750 312750
11 31275 312750 0 0 312750 312750
12 31275 312750 0 0 312750 312750

 

End Of Policy
Year
Total Premium paid
till end of year
Amount payable on Death
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 31275 0 0 0 0 0
2 31275 0 0 0 0 0
3 31275 0 0 0 0 0
4 31275 0 0 0 0 0
5 31275 0 0 0 0 0
6 31275 0 0 0 0 0
7 31275 0 0 0 0 0
8 31275 0 0 0 0 0
9 31275 0 0 0 0 0
10 31275 9000 0 0 9000 9000
11 31275 12000 0 0 12000 12000
12 31275 39000 0 0 39000 39000
 

Notes:
i) The single premium shown above is exclusive of service tax.
ii) This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
iii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent     with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively.  In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be.  The Projected Investment Rate of Return is not guaranteed.
iv) Under Scenario 1 and 2 where interest rate earned by the Corporation is assumed to be 4% and 8% p.a. respectively throughout the term, the projected Loyalty Addition is nil.
v) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

SECTION 41 OF INSURANCE ACT 1938 
(1)  No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
 
Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
 
IRDAI clarifies to public that
  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
  • IRDAI does not announce any bonus.
 

"Insurance is the subject matter of solicitation."
Registered Office:
Life Insurance Corporation of India 
Central Office, Yogakshema ,
Jeevan Bima Marg,
Mumbai-400021
Website: www.licindia.in
Registration Number: 512