Jeevan Labh
LIC Jeevan Labh is one of the effective life insurance plans by the Life Insurance Corporation Of India. It is a limited premium paying, non linked endowment plan that comes out with various benefits to serve its clientele. It offers a combination of protection and savings that means you will stay protected plus will be able to save your hard earned money in an effective manner. It also provides the needful financial support to the family in case of the demise of the insured. People from the age group of 8-59 can take advantage of this plan.
A plan that premium will stoped
But benefits will go on and on...
Minimum Age
Policy Holder’s Minimum Entry Age
Maximum Age
Policy Holder’s Maximum Entry Age
- 59 years for policy term of 16 years
- 54 years for policy term of 21 years
- 50 years for policy term of 25 years
Maturity Age
Policy Holder’s Age at Policy Maturity
Minimum Sum Assured
Minimum Insurance Amount To Start Policy
No Limit
Maximum Sum Assured
Minimum Insurance Amount To Start Policy
Policy Term
Policy Term For Policy Payment Term
PPT
Policy Payment Term
- 10 years PPT For 16 Years Policy Term
- 15 years PPT For 21 Years Policy Term
- 16 years PPT For 25 Years Policy Term
Premium Payment Mode
Pay Premium As Per Your Convinience
LIC's
Jeevan Pragati
The LIC Jeevan Labh Plan is an ideal plan in case you wish to plan your child’s education or marriage.
- Policy Coverage
- Death Benefit
- Maturity Benefit
- Participation In Profit
- Simple Reversionary Bonus
- Final (Additional) Bonus (if any)
- Accidental Death and Disability Rider
Policy Benefits
01.
Death Benefit
01.
Death Benefit
In case of death of the policyholder at anytime during the policy term, the nominee will receive the sum of the following:
Sum Assured +
Simple Reversionary Bonus + Final Addition Bonus
02.
Maturity Benefit
02.
Maturity Benefit
At the time of maturity the policyholder will receive the sum of the following:
Sum Assured +
Simple Reversionary Bonus + Final Addition Bonus
03.
Optional Benefit
03.
Optional Benefit
LIC Disability Benefit Rider and New Term Assurance Rider is an optional rider benefit that you will get on paying the extra premium.
04.
Loan Benefit
04.
Loan Benefit
If the premiums paid regularly for the first 3 full years. For in-force policies, the maximum loan availed is 90% of the surrender value. For paid-up policies, the maximum loan is 80% of the surrender value.
05.
Tax Benefit
05.
Tax Benefit
Available under Section 80C and Section 10 (10 D) of the Income Tax Act
Listen Expert's Advice
The LIC Jeevan Labh policy provides financial support for the family of the insured in case of death of the policyholder any time before maturity. It also provides a lump sum amount to the surviving policyholder on maturity of the policy, and also offers a loan facility, according to the LIC website.
LET LOOK AT EXAMPLE BELOW FOR MORE TO UNDERSTAND
Example
Let us consider one example of Mr. Vishal, a 26-year-old IT professional who opts for the LIC’s New Jeevan Anand plan having a sum assured of the amount of Rs. 5,00,000 for a policy term that is of 21 years. Let us assume that Vishal will be paying the yearly premium amount of Rs. 27, 454. In the case that Vishal survives the policy period, then he will receive a maturity benefit of the amount of Rs.11,02,000. In case if Mr. Vishal passes away before the end of the policy, then his nominee would receive 125% of the entire sum assured, as well as various other bonuses as applicable.
LIC's New
Jeevan Labh
Key Features
- Offers an option to choose a policy term of 16 years, 21 years or 25 years.
- It is a non–linked limited premium paying term.
- It is a plan designed for individuals.
- Offers an option to choose the premium paying terms of 10 years, 15 years or 16 years.
- Offers a premium payment frequency of either yearly, half-yearly, quarterly, monthly as well as salary savings scheme.
- Offers a loan facility if the policy holder has paid the premiums for 3 years regularly and if the plan has reached a Surrender Value.
- Offers a free look period of 15 days from the date of policy issuance.
- Offers a revival period of 2 years. A policyholder can revive the policy from the date of the first unpaid premium by paying the arrears as well as the interest and other expenses.
Pay for the Jeevan Labh yearly at age : 35 yrs, Policy Term : 25 yrs, Policy Payment Term : 16 Years, Sum Assured : 02 Lac
₹ 2,24,000 /-
If dies after 3 years then nominee will get
₹ 3,24,000 /-
If dies after 15 years then nominee will get
₹ 4,04,000 /-
If survives till the end of the policy term of 25 year
* Disclaimer : Premium shown above is Indicative not Exact, Actual Premium may very according to underwriting rules applicable.
Additional Benefits
- Riders
LIC's Accidental Death and Disability Rider
In case where the insured suffers from an accident during the policy period the additional Sum Assured will be paid to the nominee.
However, in cases where the policyholder suffers from any kind of disability then the accidental Sum Assured will be paid to the nominee in 10 equal installments over 10 years. You can get this rider on paying an extra premium over and above the base premium.
LIC’s New Term Assurance Rider
In case of death, the death benefit increases with this rider. You can go for this rider during the policy issuance by paying an additional amount.
- Entry age:
- Minimum: 18 years.
- Maximum:
- 59 years for a 16 year policy term.
- 54 years for a 21 year policy term.
- 50 years for a 25 year policy term.
- Policy term will be the same as the base plan.
- Premium paying term will be the same as the base plan.
- Minimum Sum Assured under this rider: Rs. 1 lakh.
- Rebates
Premium Mode Rebate
- 2% On Yearly
- 1% On Half-Yearly
High Sum Assured Rebate
Rebate | Sum Assured |
|---|---|
0% | Up To ₹ 5,00,000/- |
1.25% of Basic Sum Assured per Rs. 10,000 of Basic Sum Assured will be provided. | For ₹ 5,00,000/- to ₹ 9,99,999/- |
1.50% of Basic Sum Assured per Rs. 10,000 of Basic Sum Assured will be provided. | For ₹ 10,00,000/- to ₹ 14,99,999/- |
1.75% of Basic Sum Assured per Rs. 10,000 of Basic Sum Assured will be provided. | For ₹ 15,00,000/- And Above |
LIC’s New Term Assurance Rider
If you surrender the plan anytime before paying 3 years of premiums, you will not be paid anything back. In case you have paid at least 3 years premiums, the policy will acquire a Surrender Value. The bonus which you get in the policy also has a surrender value. Click below to Understand Surrender Value Calculations in the LIC Jeevan Labh Plan.
What Happens If...
01.
Overdue02.
Cancellation03.
Lapsed04.
Surrender05.
Suicide06.
Exclusion07.
Missed PremiumClaim Process
Claim On Death
The entitled nominee must present the claims form and the original policy documents as given by LIC. Additionally, the nominee must be required to provide all the details and the applicable documents, such as the bank account details, the death certificate, the medical treatment details before death, etc.
Claims On Maturity
Surrender Claims
Role Of Tax
Tax Benefits in LIC Jeevan Anand Plan
ALL PREMIUMS PAID
MATURITY CLAIM
SURRENDER CLAIMS
Documents Required For Buying The LIC New Jeevan Anand Plan
- Completely filled Application form/Proposal form with accurate information
- Age Proof
- Address Proof
- Medical History
- KYC Documents Such As Adhar Card, Pan Card, Tax Details Etc.
- Medical Dignosis Reports as needed
Documents Required For Making Death Claims
To make a death claim, the nominee shall have to produce the here mentioned documents along with the claim form.
- Original Policy Documents
- Documents Pertaining To Riders
- Bank Account Details
- Death Certificate
- Treatment Records Of The Policyholder (If Any)
Introduction
LIC Jeevan Labh is one of the effective life insurance plans by the Life Insurance Corporation Of India. It is a limited premium paying, non linked endowment plan that comes out with various benefits to serve its clientele. It offers a combination of protection and savings that means you will stay protected plus will be able to save your hard earned money in an effective manner. It also provides the needful financial support to the family in case of the demise of the insured. People from the age group of 8-59 can take advantage of this plan.
Table No.
836
Plan Type
Non-linked endowment plan with limited premium paying term
Plan Basis
Individual
Eligiblity Criteria
Entry Age
Minimum :
8 years (completed)
Maximum :
- 59 years (nearer birthday) for policy term of 16 years
- 54 years (nearer birthday) for policy term of 21 years
- 50 years (nearer birthday) for policy term of 25 years
Maturity Age
Minimum
NA
Maximum
75 years (nearest birthday)
Basic Sum Assured
Maximum
2 Lakh
Minimum
No Limit
75 years (nearest birthday)
Policy Term
- 16 years (10 years PPT)
- 21 years (15 years PPT)
- 25 years (16 years PPT)
Policy Paying Term
- 10 years
- 15 years
- 16 years
Premium Payment Frequency
- Yearly
- Half-yearly
- Quarterly
- Monthly (payment only through ECS mode)
- SSS (salary savings scheme) mode
Coverage
Death Benefit
- Death Benefit
- Maturity Benefit
- Participation In Profit
- Simple Reversionary Bonus
- Final (Additional) Bonus (if any)
Key Features
Write down here
Benefits
Death Benefit
In case of death of the policyholder at anytime during the policy term, the nominee will receive the sum of the following:
- Sum Assured
- Simple Reversionary Bonus which has been declared will date
- Final Addition Bonus if declared in that year
Maturity Benefit
At the time of maturity of the plan, that is when the policy term gets over, the policyholder will receive the sum of the following:
- Sum Assured
- Simple Reversionary Bonus which has been declared at the end of every year
- Final Addition Bonus if declared in that year
Rebate
- 0% up to 4,90,000
- 1.25% for 5,00,000 to 9,90,000
- 1.50% for 10,00,000 to 14,90,000
- 1.75% for 15,00,000 and above
Profit Participation
In case the policy is in full force, a simple revolutionary bonus is also offered to the policy holders. This is because the LIC Jeevan Labh policy itself is a participating policy in nature.
Ideal Plan
The LIC Jeevan Labh Plan is an ideal plan in case you wish to plan your child’s education or marriage.
Tax Benefits
- Income Tax Benefits on Premium Payments –Policyholders can avail tax benefits under the Section 80C of the Income Tax Act for the premium payments made for the LIC Jeevan Labh Plan.
- Income Tax Benefits on Maturity Amount – The maturity proceeds of the LIC Jeevan Labh plan are tax-free under the section 10(10D) of the Income Tax Act, 1961.
Loans
- A loan can be taken against the policy if the premiums for the policy have been paid regularly for the first 3 full years.
- For in-force policies, the maximum loan that can be availed is 90% of the surrender value.
- For paid-up policies, the maximum loan that can be availed is 80% of the surrender value.
- Interest rate for the loan will be decided on a case by case basis by LIC.
Riders
Accidental Death and Disability Rider
Write down here
Disability Benefit Rider
LIc Jeevan Labh policy offers comprehensive protection against accidental death and disability to the policyholders and their nominees in the form of disability benefit rider. This add-on cover is available at an additional premium payment. This rider is only available to those over 18 years of age.
LIC’s New Term Assurance Rider
This is yet another brilliant add-on cover that has been carefully conceptualized and introduced by LIC to ensure comprehensive financial protection for the nominees of the life insured. Upon the death of the policyholder, during the term of the policy, an additional amount equivalent to term assurance rider sum assured is paid out to the nominees. However, the term assurance rider sum assured is only paid out if the rider cover is in effect. Also, the maximum coverage amount provided under term assurance rider is Rs.25 lakhs.
Surrender Value
Guaranteed Surrender Value
The guaranteed surrender value is equal to the percentage of the total premium payments. The percentage of total premium is calculated excluding the net of taxes, extra premiums paid and any extra rider premiums paid. This percentage depends upon the policy term selected by the policyholder and the policy year when the plan is being surrendered.
Guaranteed surrender value also includes the surrender value of the simple revisionary bonuses, if any. Here the surrender value is equal to the vested bonuses multiplied by the related surrender value factors.
Special Surrender Value
Special surrender value is paid out to the life insured upon surrender of the policy, only if the special surrender value is more than the guaranteed surrender value. It is calculated as the discounted value of the sum of the vested bonuses and the maturity paid-up sum assured.
| Guaranteed Surrender Value Factor | |||
| Policy Year | PPT 16 years | PPT 21 years | PPT 25 years |
| 3 | 30% | 30% | 30% |
| 4 | 50% | 50% | 50% |
| 5 | 50% | 50% | 50% |
| 6 | 50% | 50% | 50% |
| 7 | 50% | 50% | 50% |
| 8 | 53.75% | 52.30% | 51.80% |
| 9 | 57.50% | 54.60% | 53.50% |
| 10 | 61.25% | 56.90% | 55.30% |
| 11 | 66.00% | 59.20% | 57.10% |
| 12 | 68.75% | 61.50% | 58.80% |
| 13 | 72.50% | 63.80% | 60.60% |
| 14 | 76.25% | 66.20% | 62.40% |
| 15 | 80.00% | 68.50% | 64.10% |
| 16 | 80.00% | 70.80% | 65.90% |
| 17 | 73.10% | 67.60% | |
| 18 | 75.40% | 69.40% | |
| 19 | 77.70% | 71.20% | |
| 20 | 80.00% | 72.90% | |
| 21 | 80.00% | 74.70% | |
| 22 | 76.50% | ||
| 23 | 78.20% | ||
| 24 | 80.00% | ||
| 25 | 80.00% |
Rebates
Rebate on Premium Payment Mode
Policyholders are liable to get the rebate on the premium mode in the following two ways
2% of the table premium is provided with yearly premium payment mode.
1% of the table premium is offered as half yearly premium payment mode
Rebate on Sum Assured
This policy also provides rebated on the sum assured in following manners
1.25 % of the basic sum assured per Rs10000 of basic sum assured will be offered with the plan of sum assured between 50000 to 990000
1.50 % of the basic sum assured per Rs10000 of basic sum assured will be offered with the plan of sum assured between 50000 to 990000
1.75 % of the basic sum assured per Rs10000 of basic sum assured will be offered with the plan of sum assured between 1500000 and above.
Other Details
Revival Period
Offers a revival period of 2 years. A policyholder can revive the policy from the date of the first unpaid premium by paying the arrears as well as the interest and other expenses.
Free Look Period
Well, there may be some situations when the policyholder will not be happy with the plan. In such scenario, he has the permission to cancel the policy within 15 days of the plan issuance. This period is called the free-look period. On cancellation, the premium paid net of any applicable expenses would be returned.
Grace Period
In the case of Yearly, Half-yearly, and Quarterly premium payment mode you have a grace period of 30 days from the premium due date. In the case of monthly premium payment mode, the grace period is of 15 days.
Exclusions
Suicide
If the insured commits suicide within one year of the policy period, then the insurance company doesn’t offer any sum assured to the nominee. However, in case of suicide beyond one year of the policy period, 80% of the premiums without any interest are paid to the nominee.
Claim Process
Death Claim
The entitled nominee must present the claims form and the original policy documents as given by LIC. Additionally, the nominee must be required to provide all the details and the applicable documents, such as the bank account details, the death certificate, the medical treatment details before death, etc.
Maturity Claim
The individual insurance holder has to provide a filled claim form that is attached to the original policy documents, in the name of a policyholder. Additionally, the individual policyholder has to give bank account details for NEFT transfer of the maturity amount.
Surrender Claim
The insurance holder has to give the filled claim form that is attached along with the original policy document, in the name of a policyholder, along with the bank details for the NEFT transfer of the surrender benefits as applicable.
Examples
We have Sumit Roy,, age 35 who wishes to buy this plan. He goes in for the plan with the following:
Sum Assured – Rs. 2,00,000
Term – 25 years. Based on this the premium payment term gets decided
Premium Payment Term – 16 years
Based on these parameters, his annual premium is Rs. 9,290 + Taxes = Rs. 9,708. Here we have assumed the current tax rate of 4.5%
Death Benefit
Scenario 1 : If Arvind dies after 3 policy years – The nominee would get the Sum Assured + Simple Reversionary Bonus + Final Addition Bonus.
Total Premiums Paid = Rs 29,124
Sum Assured = Rs. 2,00,000
Simple Reversionary Bonus = Rs. 40 per 1,000 Sum Assured for 3 years i.e. (Rs. 40 x 200 x 3) = Rs. 24,000. Here we have assumed that every year a bonus of Rs. 40 per 1,000 Sum Assured is being declared every year. This is just an assumption and it may be higher or lower than this.
Final Addition Bonus – Nil. Usually Final addition bonus is declared after a much longer premium payment term.
So nominee will get Rs. 2,00,000 + Rs. 24,000 = Rs. 2,24,000
Scenario 2 : If Sumit dies after 15 policy years – The nominee would get the Sum Assured + Simple Reversionary Bonus + Final Addition Bonus
Total Premiums Paid = Rs 1,45,620
Sum Assured = Rs. 2,00,000
Simple Reversionary Bonus = Rs. 40 per 1,000 Sum Assured for 15 years i.e. (Rs. 40 x 200 x 15) = Rs. 1,20,000. Here we have assumed that every year a bonus of Rs. 40 per 1,000 Sum Assured is being declared every year. This is just an assumption and it may be higher or lower than this.
Final Addition Bonus – Rs. 20 per 1,000 Sum Assured i.e. (Rs. 20 x 200) = Rs. 4,000. Here we have assumed a one time Final Addition Bonus of Rs. 20 per 1,000 Sum Assured. This is just an assumption and it may be higher or lower than this.
So his nominee will get Rs. 2,00,000 + Rs. 1,20,000 + Rs. 4,000 = Rs. 3,24,000
Maturity Benefit
Scenario 3 : If Sumit survives till the end of the policy term of 25 years – Arvind will get the Sum Assured + Simple Reversionary Bonus + Final Addition Bonus
Total Premiums Paid = Rs. 1,55,328
Sum Assured = Rs. 2,00,000
Simple Reversionary Bonus = Rs. 40 per 1,000 Sum Assured for 15 years i.e. (Rs. 40 x 200 x 25) = Rs. 2,00,000. Here we have assumed that every year a bonus of Rs. 40 per 1,000 Sum Assured is being declared every year. This is just an assumption and it may be higher or lower than this.
Final Addition Bonus – Rs. 20 per 1,000 Sum Assured i.e. (Rs. 20 x 200) = Rs. 4,000. Here we have assumed a one time Final Addition Bonus of Rs. 20 per 1,000 Sum Assured. This is just an assumption and it may be higher or lower than this.
So Sumit will get Rs. 2,00,000 + Rs. 2,00,000 + Rs. 4,000 = Rs. 4,04,000
Check the Bonus Rate of LIC Jeevan Labh Plan
FAQs
Q 1: What happens if I am not able to pay the premiums within the grace period?
Ans: In such an event, the policy will lapse. However, you can always renew the policy within two consecutive years, from the date of first unpaid premiums, by payment of all unpaid dues with interest. Remember, LIC compounds interests semi-annually.
Q 2: Will my policy be cancelled if I pay the premiums for three years but not after that?
Ans: In such an event, your policy will not be cancelled. However, it will continue as paid-up policy and the death or maturity benefits will be reduced accordingly.
Q 3: Will I get any benefits if I surrender my policy?
Ans: If you have completed three full policy years and have paid timely premiums for three full years, you are liable to get surrender benefits of the policy (as discussed above).
Q 4: Can I get a loan against my policy?
Ans: Yes! You can get a loan against your policy. However, you can avail this facility only after regular premium payment for three full years, subject to terms and conditions.
Q 5: Do I get income tax benefits if I buy this plan?
Ans: Yes! You can avail income tax benefits on the premium payments under Section 80C and on the maturity proceeds under section 10(10D) of the income tax act.
1. What if I was unable to pay the premium during the grace period?
In such a scenario, your policy will get a lapse and you would not be able to take advantages of the same further. But within two consecutive years, you will have the option of renewing the same. For the same, you have to pay all your unpaid premiums.
2. Will my policy get canceled if I stop paying premiums after three years of the policy?
Yes in such scenario, your policy will get canceled. However, it will continue as a paid-up policy and the maturity along with the death benefits will be reduced accordingly.
3. Is there is any loan facility against the policy
Yes, you can easily get a loan against the policy. But you will be liable to take the same after three initial years of the policy.
4. Any income tax benefits?
Yes, there are income tax benefits that you can get on investing in this plan.
Freqently Ask Questions
*GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Introduction
LIC’s Jeevan Pragati Plan is a non-linked, with – profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility. This policy is ideal for those who want to build a corpus for retirement and are on the lookout for an insurance cover against accident (available as a rider with the policy) and death. This policy offers a combination of savings and financial protection.
Table No.
838
Plan Type
Non-Linked, With – Profits Plan
Plan Basis
Individual
Eligiblity Criteria
Entry Age
Minimum :
12 Years (Completed)
Maximum :
45 Nearest Birthday
Maturity Age
Minimum
Write down here
Maximum
Basic Sum Assured
Maximum
1,50,000 and above
Minimum
No Limit
In Multiple of 10,000
Policy Term
12 to 20 Years
Policy Paying Term
Write down here
Premium Payment Frequency
Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Coverage
Death Benefit
Maturity Benefit
Participation in profit
Simple Reversionary Bonus
Final (Additional) Bonus (if any)
Key Features
- Increasing Life Cover
- Suitable plan to counter inflation
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
- Basic minimum sum assured amount: Rs. 1,50,000
- Maximum age at maturity: 65 years
- Basic maximum sum assured: No limit (The assured sum on maturity is in multiples of Rs. 10,000)
- Minimum entry age for the rider: 18 years
- Policy holders qualify for premium paid under section 80C.
- The maturity amount is tax free under 10(10D).
- The loan facility can be availed when the premium is paid for three years.
- Policy can be surrendered after premium is paid for three years.
- Insurer accepts the risk from the date of commencement of the policy
- Minimum Accident benefit sum assured: Rs 10,000
- Maximum Accident Benefit sum assured: Basic sum assured which is subject to the maximum of Rs. 1 crore.
- From the date of receipt of the policy bond you will be eligible for a free look period of 15 days.
Benefit
Death Benefit
In case of death during policy term, Death Sum Assured + Bonus up to year of death + FAB will be paid as Death claim to Policy holder’s nominee. Death Sum Assured depends up year of death, following table explains death claim.
| Year of Death | Death Claim Amount | Remarks |
|---|---|---|
| During 0-5 years of Policy Term | 100 % of Sum Assured + Accumulated Bonus at the time of Death | FAB is not applicable before 15 Years |
| During 6-10 years of Policy Term | 125 % of Sum Assured + Accumulated Bonus at the time of Death | FAB is Not applicable before 15 Years |
| During 11-15 years of Policy Term | 150 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB | FAB is applicable for 15th year |
| During 16-20 years of Policy Term | 200 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB | FAB is applicable |
Maturity Benefit
On completion of policy term, Sum Assured + Bonus + Final Addition Bonus (FAB) will be paid as maturity. It is paid in lump sum when the policy holder survives till the end of the policy term and has paid all the premiums.
Rebate
Premium Mode Rebate
2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured
(Per 1000 of Sum Assured)
- 0% up to 2,90,000
- 1.50% for 3,00,000 to 4,90,000
- 2.00% for 5,00,000 to 9,90,000
- 2.25% for 10,00,000 and above
Profit Participation
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in force. The Bonuses shall be declared on the Basic Sum Assured.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
Ideal Plan
It also provides the needful financial support to the family in case of the demise of the insured. People from the age group of 8-59 can take advantage of this plan.
Tax Benefits
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
Loans
You can opt for loan facility after paying premiums for 3 years.
Riders
Accidental Death and Disability Rider
Accidental Death and Disability Benefit Rider is available with this plan as rider which can attached with Jeevan Pragati plan (838) to make more essential plan in case of an accident or disability during the policy term.
Disability Benefit Rider
Write down here
LIC’s New Term Assurance Rider
Write down here
Surrender Value
To build the surrender value the policy needs to be active for at least three years in which full premiums have been paid. Guaranteed surrender value will be a percentage of total premiums paid excluding extra premiums and premiums for riders.
Rebates
Rebate on Premium Payment Mode
Write down here
Rebate on Sum Assured
Write down here
High Sum Assured and Mode Rebate
- If the life assured opts for a sum assured over Rs.3 lakh, he/she will receive a high sum assured premium rebate.
- On opting for the yearly or half-yearly mode of payment, the life assured will receive a 2% or 1% rebate on the tabular premium.
Other Details
Revival Period
The policy can be revived if lapsed. The revival period is 2 years since the last date of first unpaid premium but before the date of maturity.
Free Look Period
Free look period of 15 days is offered in this plan from the date of receipt of the policy bond. The policy can be returned to the corporation stating the reasons of objection. On receipt of the same, the policy will be cancelled and amount of premium paid will be returned minus the expenses incurred.
Grace Period
If you have opted for an annual, bi-annual, or quarterly mode of premium payment, you will be provided a 30-day grace period. If you have opted for the monthly mode of premium payment, you will be provided a 15-day grace period.
Paid-Up Value
If the policyholder has paid full premiums for at least 3 policy years and has missed the following premium payment, the policy will continue as a paid-up policy. The Death Sum Assured and Maturity Sum Assured will also reduce, accordingly.
Nomination
Assignment is permitted as per Section 38 of the Insurance Act, 1938.
Assignment
Nomination is allowed under Section 39 of the Insurance Act, 1938.
Exclusions
Suicide
If the policyholder commits suicide within 12 months from the date of start of policy then no death benefit amount mentioned in the policy is payable. The company will only return 80% of the premiums paid excluding any taxes, extra premium and rider premium other than Term Assurance Rider if and only if the policy is in force.
Claim Process
Death Claim
Write down here
Maturity Claim
Write down here
Surrender Claim
Write down here
Examples
Write down here
FAQs
If you stop paying the premium, you have the option of surrendering the plan and gettting the Surrender Value as a payout. Please note that the plan is eligible for a Surrender Value only if 3 years of premiums have been paid. In case you have paid premiums for 3 years, you will get nothing.