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Launch of LIC’s single premium policy- Jeevan Nischay (Table No.199)
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Jeevan Nischay is a close ended plan wherein a person can take policy on his/ her own life by paying single premium only once at the start of the policy. Assured maturity benefits equal to the Maturity Sum Assured are pre-defined. The specimen Maturity Sum Assured per Rs. 1000/- single premium is given below for some ages and terms: Policy Term Age at entry 5 years 7 years 10 years 30 1256 1409 1715 40 1249 1400 1699 50 1226 1369 1645 In addition to the assured maturity benefits, there is provision for the loyalty additions. Depending upon the Corporation’s experience, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation. Death benefit under the policy is equal to five times the single premium if death is within first year of taking the policy. In case of the death in subsequent years, the death benefit is equal to the maturity sum assured. In case of the death in last year of the policy, death benefit is equal to the maturity sum assured with declared loyalty additions, if any. Basic eligibility conditions for taking Jeevan Nischay are as follows: Minimum age at entry : 18 years (completed) Maximum age at entry : 50 years (nearest birthday) Policy term : 5, 7 and 10 years Minimum Single Premium : Rs. 10,000/- Maximum Single Premium : Rs. 10,00,000/- (Premium shall be in multiples of Rs.1,000/-) Maximum Basic Sum Assured (First Year Death Benefit) : Lower of- Rs. 50,00,000, and 50% of total Sum Assured (total death benefit) under all existing in force policies If premium amount is Rs. 25,000 or more, the policyholder will receive higher maturity sum assured due to available incentive. Loan is available under this policy. Policyholder can surrender the policy after one year of commencement of the policy. Also, if the policyholder is not satisfied with the terms and conditions of the policy, he/ she has the option of taking refund within 15 days. The distinct advantages of Jeevan Nischay are: • Single Premium policy. • Guaranteed Maturity benefits with provision of loyalty additions. • Plan is exclusively for LIC policyholders. • Wide range of policy terms options. As such Jeevan Nischay is the exclusive plan for LIC policy holders looking for lump sum investment with guaranteed returns. The Unique Identification No. of the plan is 512N258V01 PLACE: MUMBAI DATED: 30.10.2009 Visit us at http://www.mylicindia.com User comments, Ratings and Reviews
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