The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30 or 35 years or till the earlier death. Alternatively, the premiums may be paid in one lump sum (Single Premium).

Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.100 per thousand Sum Assured for each fulfilled policy year. The Guaranteed Additions will accumulate up to age 65 of the life assured or till his/her death, if earlier.

Terminal Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of terminal Additions.  The policy will be allowed for Terminal Additions if at least 10 years premiums have been paid. The Terminal additions would depend on the future experience of the Corporation.

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LIC is the biggest life insurance company in India, insuring more than 220 million lives. It has a number of interesting Insurance Plans which gives you the most suitable options that can fit your requirement. Jeevan Vishwas is one of them. This is an Endowment Assurance plan designed for the benefit of handicapped dependants.

BENEFITS:

Benefits on maturity or earlier death:
On surviving till the end of the term of the policy or earlier death, Sum Assured together with the Guaranteed Additions and Loyalty Additions, if any, become payable. 20% of such benefit amount shall be paid in a lump sum and the balance amount shall be utilized to provide an annuity on the life of handicapped dependant. A number of annuity options are available under the plan.

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 value is available under the plan on earlier termination of the contract.

Guaranteed Surrender Value:
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.  In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.

Corporation’s policy on surrenders:
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 reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.

FEATURES:
Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).

Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each  completed policy year while the policy is in full force. The Guaranteed Additions are  payable at the end of the policy term or on earlier death.

Loyalty Additions:
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 loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.

BENEFIT ILLUSTRATION:
Illustration 1 (Table 136)
Age ate entry: 35 years
Age of dependant: 5 years
Premium paying term: 1 years
Sum Assured: Rs. 1,00,000/-
Annual premium: Rs. 36,645/-

Age ate entry: 35 years
Age of dependant: 5 years
Premium paying term: 15 years
Sum Assured: Rs. 1,00,000/-
Annual premium: Rs. 4,008/-

* 20% of the amount shall be paid in a lump sum and the balance 80% shall be utilized to pay an annuity on the life of handicapped dependant.
NOTE:
(i) This 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) The maturity benefit is the amount shown at the end of the policy term.

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• LIC JEEVAN ADHAR| BENEFITS | FEATURES | BENEFIT ILLUSTRATION

LIC is the biggest life insurance company in India, insuring more than 220 million lives. It has a number of interesting policies which suit each and every individual’s need. Jeevan Adhar is one of them.

LIC Jeevan Adhar plan may be offered to a person who has a handicapped dependant satisfying conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance cover throughout the lifetime of the purchaser. The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.

The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.

BENEFITS:

Death Benefit:
On the death of the Life Assured, Sum Assured together with the Guaranteed Additions and terminal additions, if any, become payable. 20% of such benefit amount shall be paid in lump sum and the balance amount shall be utilized to provide an annuity of 15 years certain and for life thereafter on the life of the handicapped dependant. The annuity rates are guaranteed for this purpose.

If the handicapped dependant predeceases the Life Assured during the premium paying term of the policy, the contract ceases and the Life Assured will have the option of either keeping the policy for a reduced paid-up Sum Assured or receive the refund of premiums.

Maturity Benefit:
Since this is a whole of life plan there will be no maturity benefit.

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:
Since the plan has been designed for the benefit of handicapped dependant, surrender of the policy is not allowed.

FEATURES:
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30 or 35 years or till the earlier death. Alternatively, the premiums may be paid in one lump sum (Single Premium).

Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.100 per thousand Sum Assured for each completed policy year. The Guaranteed Additions will accrue up to age 65 of the life assured or till his/her death, if earlier.

Terminal Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of Terminal Additions.  The policy will be entitled for Terminal Additions if at least 10 years premiums have been paid. The Terminal additions would depend on the future experience of the Corporation.

BENEFIT ILLUSTRATION:
Illustration 1 (Table 114)
Age ate entry: 35 years
Age of dependant: 5 years
Premium paying term: 15 years
Sum Assured: Rs. 1,00,000/-
Annual premium: Rs. 4095/-

* 20% of the amount shall be paid in lump sum and the balance of 80% shall be utilised to pay an annuity on the life of handicapped dependant. For example, if the life assured dies during 15th year, then Rs.48,000/- will be paid in a lump sum and Rs.17,530/- will be paid as yearly annuity for 15 years certain and thereafter so long the handicapped dependant survives.
Note:
i) This 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.

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