LIC ‘s New JEEVAN VRIDDHI is a single premium non-market linked plan which provides for payment of Guaranteed Maturity Sum Assured along with Loyalty Addition, on maturity.
Under this plan death benefit is the Basic Sum Assured. The benefits and other details of this plan are given below.
Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Mode of premium payment : Single premium
d) Minimum Single Premium : Rs.30,000/-
e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to be taken as age nearest birthday except for the
minimum age at entry i.e. 8 years.
At the end of the policy term, maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.
Guaranteed Surrender Value
The Guaranteed Surrender Value will be available after expiry of one policy year.
The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding
any extra premium, if any.
Special Surrender Value
Special Surrender Value will be payable, if it is more favorable to the policyholder. The Special Surrender Value will be the discounted value of the Guaranteed Maturity Sum Assured. The discount factors shall be the special surrender value factors used for Endowment Assurance plan, which will depend on the duration elapsed since commencement of the policy.
Loan facility is available under this plan, after completion of one policy year subject to following conditions:
a) Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.
b) The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.
The policies can be dated back within the financial year, as usual. Back-dating interest will be charged at the rate of 10% p.a., at the time of completion of policy, for dating back in excess of one month. The interest shall be charged even where the policy is back dated to a lean month.
Proposal Form :
Proposal Form No. 300 or 340, as the case may be shall be used under this plan.
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