JEEVAN PRAMUKH
This is an Endowment Assurance plan offering the
choice of three premium paying terms. It provides financial protection against
death throughout the term of the plan with the payment of maturity amount on survival
to the end of the policy term.
Premiums :
Premiums are payable yearly, half-yearly, quarterly or monthly, as opted by
you, throughout the premium paying term or till earlier death.
Guaranteed
Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year
for first five years of the policy. The Guaranteed Additions are payable along
with the Sum Assured at the time of claim.
Bonuses :
The policy participates in the profits of the Corporation’s life insurance
business from the 6th year onwards. It will get a share of the profits in the
form of bonuses. Simple Reversionary Bonuses will be declared per thousand Sum
Assured annually at the end of each financial year. Once declared, they will
form part of the guaranteed benefits of the policy.
Death Benefit :
The Sum Assured along with accrued guaranteed additions and vested simple
reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on
death of the life assured during the policy term.
Maturity
Benefit:
The Sum Assured along with accrued guaranteed additions and vested simple
reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on
survival to the end of the policy term.
Surrender Value :
Buying a life insurance contract is a long-term commitment. However,
surrender value is available on the plan on earlier termination of the
contract.
Guaranteed Surrender Value :
The policy may be surrendered for cash after more than one year’s premium have
been paid. The guaranteed surrender value will be 30% of the total amount of
premiums paid excluding the first year’s premium and the extra premiums, if
any.
Corporation’s
policy on surrenders :
In practice, the Corporation will pay a Special Surrender Value – which is
available after completion of at least 3 years from the date of commencement of
your policy. 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 especially 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.
Guaranteed Additions:
Guaranteed Additions @ Rs.50%o Sum Assured for each completed year, for the
first five years.
Participation in profits :
The policy shall participate in profits of the Corporation from the 6th year
onwards and shall be entitled to receive bonuses declared as per the experience
of the Corporation.
Maturity Benefit:
Sum Assured together with accrued Guaranteed Additions and accrued simple
reversionary bonuses and Final Additional Bonus, if any, will be paid to the
Policyholder on surviving the term of the policy provided the policy is in full
force for full sum assured.
Death Benefit:
On death of the Life Assured during the term of the policy an amount equal to
the Sum Assured along with accrued Guaranteed Additions and accrued Simple
Reversionary Bonuses and Final Additional Bonus, if any, will be paid provided
the policy is in full force for full sum assured.
Grace Period:
A grace period of 30 days will be available for payment of yearly, half-yearly
or quarterly premiums and 15 days for monthly premiums.
15 – days Cooling-off period
If you are not satisfied with the “Terms and Conditions” of the policy you may return
the policy to us within 15 days.
Paid-up Value
The policy will acquire paid-up value after more than one year’s premiums have
been paid subject to Terms and Conditions.
Guaranteed Surrender Value
This policy can be surrendered for cash after more than one year’s premiums
have been paid.
The Guaranteed Surrender Value allowable under the policy will be equal to 30%
of the total amount of premiums paid excluding the premiums for the first year
and the extra premiums, if any.
The cash value of any existing vested Guaranteed Additions and vested simple
reversionary bonuses, if any, will also be payable after completion of 3 years.
Revival
The policyholder can revive his lapsed policy by paying arrears of premium
together with interest within a period of five years from the date of first
unpaid premium subject to satisfactory evidence of health and continued
insurability of the Life Assured. The rate of interest will be as determined by
the Corporation from time to time. Currently, the rate of interest is 8% p.a.
Loan:
Subject to Terms and Conditions loan is permissible after the policy has
acquired paid-up value. The rate of interest charged on such loan amount would
be determined from time to time. The present rate is 9% p.a. payable
half-yearly.
Payment of premium :
Premiums under this policy are payable over a period of 3, 4 or 5 years. The
following modes of payment of premium are allowed - Yearly, Half-yearly, Quarterly or Monthly.
Policy Term: 5, 10, 15, 20 or 25 years
ELIGIBILITY
CONDITIONS AND OTHER RESTRICTIONS:
|
Minimum Age at entry |
18 years completed |
|
Maximum Age at entry |
65 years (age nearer birthday) |
|
Maximum Maturity Age |
75 years (age nearer birthday) |
|
Policy Term |
5, 10, 15, 20 or 25 years |
|
Sum Assured |
Minimum Rs.10 lakh.
Thereafter in |