LIC Jeevan Aastha Plan Features Benefits Benefit Illustration licindia.in

LIC Jeevan Aastha Plan Features Benefits Benefit Illustration licindia.in 

LIC Jeevan Aastha Plan Features licindia.in 

LIC’s Jeevan Aastha is a single premium assurance plan which offers guaranteed benefits on death and maturity. The Plan is close ended and would be available for a maximum period of 45 days from the date of its launch i.e. 08.12.2008 .

1.Eligibility conditions and other restrictions
a) Minimum Entry Age : 13 years (completed)
b) Maximum Entry Age : 60 years (nearest birthday)
c) Minimum Basic Sum Assured: Rs.1,50,000
d) Maximum Basic Sum Assured: No Limit
The basic sum assured shall be available in multiples of Rs. 30,000.
e) Policy Term : 5 or 10 years
f) Premium payment mode : Single premium only

2.Premium rates
Specimen Single Premium rates per Rs.1000 Basic Sum Assured for some of the ages are as under:

Age at entry Policy Term
5 years
Policy Term
10 years
20
174.50
165.00
30
174.70
165.40
40
176.10
167.95
50
180.85
175.90

3.Rebate
High Sum Assured Rebates per Rs. 1,000 Basic Sum Assured :

Basic Sum Assured
Rebate
Term – 5 years
Term – 10 years
Below Rs.3,00,000
Nil
Nil
Rs.3,00,000 to Rs.5,99,999
Rs. 2.00
Rs. 3.00
Rs.6,00,000 to Rs.11,99,999
Rs. 2.50
Rs. 3.50
Rs 12,00,000 and above
Rs. 3.00
Rs.4.00

4.Loan
Loan facility will be available to you under this plan , after completion of one policy year.
5.Surrender value
The policy can be surrendered for cash after the policy has run for at least one year. The minimum Guaranteed Surrendered Value allowable is equal to 90% of the Single premium paid excluding all extra premiums.
Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the guaranteed Surrender Value.
The Special Surrender Value will be the discounted value of the Maturity Sum Assured and Guaranteed Additions accrued as on date of surrender.

6.Cooling-off period
In case one is not satisfied with the “Terms and Conditions” of the policy , the same can be returned to us within 15 days
LIC Jeevan Aastha Plan Benefits licindia.in 


A)Death Benefit:
On death during the first policy year: Basic Sum Assured with Guaranteed Addition.

On death during the policy term after first policy year, excluding last policy year: 1/3rd of Basic Sum Assured with Guaranteed Addition.
On death during last policy year: 1/3rd of Basic Sum Assured with Guaranteed Addition along with loyalty addition, if any
B)Maturity Benefit:
On maturity, the maturity Sum Assured along with Guaranteed Addition and Loyalty Addition, if any, shall be payable.
Maturity Sum Assured shall be 1/6th of Basic Sum Assured.
C)Guaranteed Addition:
The policy provides for Guaranteed Addition at the following rates:
  • Rs. 100 per thousand Maturity Sum Assured per year for a policy of 10 years term.
  • Rs. 90 per thousand Maturity Sum Assured per year for a policy of 5 years term.
D)Loyalty Addition:
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

LIC Jeevan Aastha Plan Benefit Illustration licindia.in

Benefit Illustration

Statutory warning
Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.”

Age of LA (Yrs.) 35
Term (Yrs.) 10
Single Premium 48975
Basic Sum Assured (Rs.) 300000 35
Maturity Sum Assured(Rs.) 50000 10
Guaranteed Addition (Rs.) 100 per year per 1000 Maturity Sum Assured

End Of Year Premiums Paid Benefit Payable On Death during the year
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 48975 305000 0 0 305000 305000
2 0 110000 0 0 110000 110000
3 0 115000 0 0 115000 115000
4 0 120000 0 0 120000 120000
5 0 125000 0 0 125000 125000
6 0 130000 0 0 130000 130000
7 0 135000 0 0 135000 135000
8 0 140000 0 0 140000 140000
9 0 145000 0 0 145000 145000
10 0 150000 0 10000 150000 160000

End Of Year Premiums Paid Benefit on Survival/Maturity at the end of the year
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 48975 0 0 0 0 0
2 0 0 0 0 0 0
3 0 0 0 0 0 0
4 0 0 0 0 0 0
5 0 0 0 0 0 0
6 0 0 0 0 0 0
7 0 0 0 0 0 0
8 0 0 0 0 0 0
9 0 0 0 0 0 0
10 0 100000 0 10000 100000 110000
Age of LA (Yrs.) 35
Term (Yrs.) 5
Single Premium 51930
Basic Sum Assured (Rs.) 300000  
Maturity Sum Assured(Rs.) 50000  
Guaranteed Addition (Rs.) 90 per year per 1000 Maturity Sum Assured
End Of Year Premiums Paid Benefit Payable On Death during the year
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 51930 304500 0 0 304500 304500
2 0 109000 0 0 109000 109000
3 0 113500 0 0 113500 113500
4 0 118000 0 0 118000 118000
5 0 122500 0 3750 122500 126250
End Of Year Premiums Paid Benefit on Survival/Maturity at the end of the year
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 51930 0 0 0 0 0
2 0 0 0 0 0 0
3 0 0 0 0 0 0
4 0 0 0 0 0 0
5 0 72500 0 3750 72500 76250
Notes :
) This illustration is applicable to a 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 LIC 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.
SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.
SECTION 41 OF INSURANCE ACT 1938
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

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