| |
This
plan is a combination of Endowment Assurance and Whole Life plans. It
provides financial protection against death throughout the lifetime of the
life assured with the provision of payment of a lump sum at the end of the
selected term in case of his survival.
Premium:
Premiums are payable yearly, half-yearly, quarterly, monthly or through
salary deductions as opted by you throughout the selected term of the policy
or till earlier death.
Bonuses
This is a with-profit plan and participates in the profits of the
Corporation’s life insurance business. It gets a share of the profits in the
form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum
Assured annually at the end of each financial year. Once declared, they
form part of the guaranteed benefits of the plan. Bonuses will be added
during the selected term or till death, if it occurs earlier. Final
(Additional) Bonus may also be payable provided the policy has run for
certain minimum period. |
 |
|
|
Benefits
Benefits in case of death during the selected term:
The Sum Assured along with the vested bonuses is payable on death in a lump
sum.
Benefits in case of survival to the end of selected term:
The Sum Assured along with the vested bonuses is payable in a lump sum on
survival to the end of the term. An additional Sum Assured is payable on
death thereafter.
Accident Benefit:
An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a
lump sum on death due to accident up to age 70 of life assured. In case of
permanent disability of the life assured due to accident this additional Sum
assured is payable in instalments.
Supplementary/Extra Benefits
These are the optional benefits that can be added to your basic plan for
extra protection/option. An additional premium is required to be paid for
these benefits.
Surrender Value
Buying a life insurance contract is a long-term commitment. However,
surrender values are available on the plan on earlier termination of the
contract.
The policy may be surrendered after it has been in force for 3 years or
more. The guaranteed surrender value is 30% of the basic premiums paid
excluding the first year’s premium. Any extra premium(s) paid and premium(s)
towards Accident Benefit are also excluded.
In practice, the Corporation will pay a Special Surrender Value – which is
either equal to or more than the Guaranteed Surrender Value. The benefit
payable on surrender reflects the discounted value of the reduced claim
amount that would be payable on death or at maturity. This value will depend
on the duration for which premiums have been paid and the policy duration at
the date of surrender. In some circumstances, in case of early termination
of the policy, the surrender value payable may be less than the total
premium paid.
The Corporation’s surrender value will be reviewed from time to time and may
change depending on the economic environment, our experience and other
factors.
Note: The above is the product
summary giving the key features of the plan. This is for illustrative
purpose only. This does not represent a contract and for details please
refer to your policy document. |
 |
|
|
“Some benefits are guaranteed and some benefits are variable with returns
based on the future performance of your insurer carrying on life insurance
business. 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 future 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 dependent on a number
of factors including future investment performance.”
Age at entry: 35 years
Sum Assured: Rs.1,00,000/-
Premium Paying term: 25 years
Mode of premium payment: Yearly
Annual Premium: Rs. 4,535 /-
|
End
of year |
Total premiums paid till end of year |
|
|
|
|
|
|
|
|
|
|
|
1
|
4,535 |
100000 |
1500 |
5100 |
101500 |
105100 |
|
2
|
9,070 |
100000 |
3000 |
10200 |
103000 |
110200 |
|
3
|
13,605 |
100000 |
4500 |
15300 |
104500 |
115300 |
|
4
|
18,140 |
100000 |
6000 |
20400 |
106000 |
120400 |
|
5
|
22,675 |
100000 |
7500 |
25500 |
107500 |
125500 |
|
6
|
27,210 |
100000 |
9000 |
30600 |
109000 |
130600 |
|
7
|
31,745 |
100000 |
10500 |
35700 |
110500 |
135700 |
|
8
|
36,280 |
100000 |
12000 |
40800 |
112000 |
140800 |
|
9
|
40,815 |
100000 |
13500 |
45900 |
113500 |
145900 |
|
10
|
45,350 |
100000 |
15000 |
51000 |
115000 |
151000 |
|
15
|
68,025 |
100000 |
22500 |
76500 |
122500 |
176500 |
|
20
|
90,700 |
100000 |
33000 |
113000 |
133000 |
213000 |
|
25
|
1,13,375 |
100000 |
41500 |
141000 |
141500 |
241000 |
|
End
of year |
Total premiums paid till end of year |
|
|
|
|
|
|
|
|
|
|
|
26 |
1,13,375 |
100000 |
41500 |
141000 |
141500 |
241000 |
|
27 |
1,13,375 |
100000** |
-
|
- |
100000**
|
100000**
|
* In
addition to the benefits given in the column, an Accident Benefit of Rs.
1,00,000 /- will also be available without payment of extra premium in case
of death/disability due to accident
** Benefit
payable on death after the selected term. If the death occurs due to
accident up to age 70 an additional Rs. 1,00,000/- will also be paid.
(i) The
above illustration is applicable to a non-smoker male/female standard (from
medical, life style and occupation point of view) life.
(ii) 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 6% p.a.(Scenario 1) and 10% 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 6% p.a. or 10% p.a., as
the case may be. The Projected Investment Rate of Return is not guaranteed.
(iii) 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.
(iv) Future bonus will depend on future profits and as such is not
guaranteed. However, once bonus is declared in any year and added to the
policy, the bonus so added is guaranteed.
It is the best for every one. It covers proposer's
risk after completing premium paying term up to 100 years age of proposer.
It gives you payment two time. first time at the end of premium paying term
and second time at your age 100 or get surrender value of contract or on
Death claim |
|