LIC comes up new policy “Jeevan Vaibhav “

May 18, 2012   ·   0 Comments

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LIC new single premium plan – ‘LIC’S JEEVAN VAIBHAV’ is slated for launch on the 21st of May,2012. Let us check out the salient features of Jeevan vaibhav and whether it will bring any vaibhav in your life.


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LIC’s Jeevan Vaibhav is a Life insurance Plan especially designed to meet needs of –

  • Insurance
  • Wealth creation and
  • Liquidity

 

Single Premium non-linked endowment assurance plan.

  • Maturity Benefit : Sum Assured and Loyalty Addition#.
  • Liquidity : Facility for loan.
  • Life Cover : Full Sum Assured Payable on death during the term.
  • #Loyalty Addition, if any, payable on Death, if it occurs during the last policy year or on maturity.

 

Please explain the Maturity and Life Cover Benefits under the plan.

The Maturity Benefits under LIC’s Jeevan Vaibhav plan include the Sum Assured and Loyalty Addition, if any. For a person aged 35 years, paying a premium of Rs.95730/-, the Sum Assured shall be Rs. 200000/- . The Details of benefits payable are as under:-

 

Benefit Illustration

Age

35 years

Policy Term

10 years

Single Premium Amount

95730/-*

Sum Assured payable on death or maturity

200000/-

Loyalty Addition payable on death during the last policy year or on maturity:

Assuming 6% p.a. return

Nil

Assuming 10% p.a. return

25,000/-

* Premium shown above is exclusive of service tax.

 

 

The Plan is available for person between 8 to 65 years of age.

Eligibility Conditions

Age at entry  8 years to 65 years
Policy Term 10 years
Sum Assured Rs.200000/- onwards in multiple of 10000/-
Premium Mode Single
Others Service Tax at the prevailing rate applicable on premium.

 


What is the maximum amount of premium that I can pay?

There is no upper limit on the premium. Moreover you shall enjoy a rebate of Rs. 2.00‰  in case you opt for Sum Assured between 4 lacs to 5.90lacs and a rebate of Rs3.00‰ for Sum Assured 6 lacs and above.

 

Yes, Loan facility is available under this plan, after completion of one policy year. The Loan Value is to the extent of 70% of Surrender Value.

 

We would not advise you to surrender a policy because the risk cover ceases and the contract comes to an end besides it deprives you from enjoying the full returns under the plan. However we wish to inform you that the policy shall acquire surrender value after completion of one full year. On surrendering a policy the higher of Guaranteed Surrender Value and Special Surrender Value shall be paid.

Guaranteed Surrender Value

The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding extra premium, if any.

Special Surrender Value

The Special Surrender Value will be the ‘discounted value’ of the Sum Assured.

 

Because LIC’s Jeevan Vaibhav combines Security with Wealth Creation in a single plan. You deserve it to celebrate your achievements in 2022.

 

You can download the presentation from this link: JeevanVaibhav.You can contact us in case you want to invest in this policy.

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Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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