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SPECIAL PLANS
LICs Special Plans are not plans but opportunities
that knock on your door once in a lifetime. These plans are
a perfect blend of insurance, investment and a lifetime of
happiness!
Features
Product Summary:LIC’s Jeevan Saral
is a unique plan having good features of the conventional
plans and the flexibility of unit linked plans.
This is a Monthly Recurring Life Insurance Plan by Lic
of India where the proposor get 250 times monthly premium
+ total premium paid + LA if any in case of death. To the
policyholder it provides —
* higher life cover
* a smooth return,
* liquidity & a lot of flexibility
BENEFITS
* LIC Monthly Recurring type Scheme
* This is like a Post office or Recurring Deposit Scheme.
You can deposit Yearly, Hly, Quarterly or Monthly in LIC
scheme
* Maturity amount received is Tax Free under section 10-10d
of income Tax act.
* Any number of partial withdrawals through partial surrendering
after 10 years
* The amount deposited in LIC is exempted under section
80c of income Tax act.
* In case of death 250 times monthly premium + Total Premium
paid - (1st years premium & Extra premium paid ) + LA
if any payable.
Special Features:
* High life cover at very low premium
* Extended risk cover for one year after 3 years premium
payment.
* Optional higher cover available through Term Riders
* The policyholder can choose a maximum term but can surrender
at any time
* without any surrender penalty or loss after 5 years
Any time money ( ATM ) Plan 165 Jeevan Saral By LIC of
India call us for more details.
This is an Endowment Assurance plan where the proposer has
simply to choose the amount and mode of premium payment.
The plan provides financial protection against death throughout
the term of the plan. The death benefit is directly related
to the premiums paid. The Maturity Sum Assured depends on
the age at entry of the life to be assured and is payable
on survival to the end of the policy term. It also offers
the flexibility of term and a lot of liquidity.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, or
monthly through salary deductions as opted by you throughout
the term of the policy or till earlier death.
Loyalty Additions:
This is a with-profits plan and participates
in the profits of the Corporations life insurance business.
It gets a share of the profits in the form of loyalty additions
which are terminal bonuses payable along with death benefit
or maturity benefit. Loyalty Additions may be payable from
the 10th year onwards depending upon the experience of the
Corporation.
Maturity Benefit:
The Maturity Sum Assured plus Loyalty
additions, if any, is payable in a lump sum.
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 earlier termination of the contract.
The surrender value will be the greater of the guaranteed
surrender value and special surrender. The plan also
allows for partial surrenders.
Guaranteed Surrender Value:
The policy can be surrendered after it has been in
force for at least 3 full years. The Guaranteed Surrender
value will be equal to 30% of the total amount of
premiums paid excluding the premiums for the first
year and all the extra premiums and premiums for accident
benefit / term rider.
Special Surrender Value:
80% of Maturity Sum Assured if 3 or more years but
less than 4 years premiums have been paid; 90% of
the Maturity Sum Assured, if 4 or more years but
less than 5 years premiums have been paid and 100%
of the Maturity Sum Assured, if 5 or more years premiums
have been paid. The Maturity Sum Assured for this
para will be the Maturity Sum Assured corresponding
to the term for which premiums have been paid under
the policy.
Corporations policy on surrenders:
In practice, the Corporation will pay a Special Surrender
Value which is usually higher than the Guaranteed
Surrender Value. 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 reviews the surrender value payable
under its plans from time to time depending on the
economic environment, 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.
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