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Jeevan Saral Plan of Life Insurance Corporation Of India.
Product Summary: 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.
Death Benefit:
250 times the monthly premium together with loyalty additions, if any, and return
of premiums excluding first year premiums and extra/rider premium, if any, is
payable in lump sum on death of the life assured during the term of the policy.
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.
Corporation’s 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.
Jeevan Saral Plan of Life Insurance Corporation Of India.
Product Summary: 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.
Death Benefit:
250 times the monthly premium together with loyalty additions, if any, and return
of premiums excluding first year premiums and extra/rider premium, if any, is
payable in lump sum on death of the life assured during the term of the policy.
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.
Corporation’s 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.