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LIC’S NEW JEEVAN SANGAM PLAN No. 831 Single Premium

  1. IntroductionIt has been decided to introduce LIC’s JEEVAN SANGAM (Plan No.831), a close ended plan which would be open for sale from 4th March, 2015 for a maximum period of 90 days.

The Unique Identification Number (UIN) for LIC’s Jeevan Sangam plan is 512N295V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc.).

LIC’s Jeevan Sangam is a non-linked, with-profit, single premium plan which provides for high level of death cover during the policy term.

Under this plan, the Proposer/ Life Assured will have an option to choose the Maturity Sum Assured and the single premium payable will depend on the chosen amount of Maturity Sum Assured and age of the life assured.

The benefits and other details of this plan are given below.

  1. Benefits:
  2. Death Benefit:

On death during first five policy years:

Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.

 After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:

Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

The Tabular single premium mentioned above does not include any extra premium or taxes and is before applying any rebate.

  1. Maturity:

On the Life Assured surviving to the end of the policy term, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

  • Loyalty Addition:

licjeevansangamThe policies under this plan shall be eligible for share in surplus (profits) in the form of Loyalty Addition, depending upon the experience of the Corporation. The Loyalty Addition, if any, shall be  payable at such rate and on such terms as may be declared by the Corporation, on death or surrender, provided the policy has run for at least  five policy years or on policyholder surviving to the maturity.

 

  1. Eligibility Conditions and Restrictions:
    1. Minimum Entry Age                         :           6 years (completed)
    2. Maximum Entry Age                         :           50 years (nearer birthday)
    3. Mode of premium payment             :           Single premium
    4. Minimum Maturity Sum Assured :          75,000/-
    5. Maximum Maturity Sum Assured :           No Limit
    6. Policy Term                         :           12 years

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