LIC Jeevan Nischay plan Features licindia.in

LIC Jeevan Nischay plan Features licindia.in

Introduction:
LIC’s JEEVAN NISCHAY TABLE NO. 199  (UIN : 512N258V01)

LICs Jeevan Nischay is a single premium closed ended plan designed exclusively for our valuable policyholders like you who have at least one in force risk bearing policy with us accepted at our standard rate. You may choose the premium amount you wish to pay and the sum payable on maturity (Maturity Sum Assured) will depend on the premium amount, your age and the term selected.

1. ELIGIBILITY CONDITIONS

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
2. INCENTIVE FOR HIGH PREMIUM PAID
If your premium amount is Rs. 25,000 or more, you will receive higher maturity sum assured due to available incentive.
3. LOAN
You can avail loan under this plan after completion of one policy year.
4. SURRENDER VALUE:
You may surrender the policy after it has run for at least one year. The Guaranteed Surrendered Value will be equal to 90% of the Single premium paid excluding the extra premium, if any. Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the guaranteed surrender value.
5. EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of (i) 90% of the Single Premium paid excluding any extra premium paid, or (ii) third partys bonafide beneficial interest acquired in the policy for valuable consideration (but limited to the death benefit available under this policy) of which notice has been given in writing to the branch where this policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.
6. 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.

LIC Jeevan Nischay plan Benefits licindia.in

A) Death Benefit:
On death during the first policy year: Five times the single premium is payable. On death during the policy term after first policy year, excluding last policy year: An amount equal to the maturity sum assured. On death during the last policy year: An amount equal to the maturity sum assured along with loyalty addition, if any.

B) Maturity Benefit:
An amount equal to the Maturity Sum Assured along with loyalty addition, if any, is payable.

The specimen Maturity Sum Assured per Rs. 1000/- single premium is given below for some ages and terms:
Age at Entry Policy Term
5 years
7 years
10 years
20
1257
1410.
1718
30
1256
1409
1715
40
1249
1400
1699
50
1226
1369
1645


C) Loyalty Addition:
Depending upon the Corporations 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 Nischay plan BENEFIT ILLUSTRATION licindia.in

 Statutory warning :

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  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 future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”


BENEFIT ILLUSTRATION













UIN  :  
512N258V01













Age of LA (Yrs.)
35

First Year Death Benefit
125000
Term (Yrs.)
10

Subsequent years Death Benefit
44674




Single Premium
25000

Maturity SA
44674

























End of 
Premium paid
 
Benefit payable on death during the year
       
Benefit on Survival / Maturity at the end of year
   
Year
during the
 
Variable
 
Total (Guaranteed + Variable)

  Variable   Total (Guaranteed + Variable)  
 
year
Guaranteed
Scenario 1
Scenario 2
Scenario 1
Scenario 2
Guaranteed
Scenario 1
Scenario 2
Scenario 1
Scenario 2
                       
1
25000
125000
0
0
125000
125000
0
0
0
0
0
2
0
44674
0
0
44674
44674
0
0
0
0
0
3
0
44674
0
0
44674
44674
0
0
0
0
0
4
0
44674
0
0
44674
44674
0
0
0
0
0
5
0
44674
0
0
44674
44674
0
0
0
0
0
6
0
44674
0
0
44674
44674
0
0
0
0
0
7
0
44674
0
0
44674
44674
0
0
0
0
0
8
0
44674
0
0
44674
44674
0
0
0
0
0
9
0
44674
0
0
44674
44674
0
0
0
0
0
10
0
44674
0
8935
44674
53609
44674
0
8935
44674
53609
























Age of LA (Yrs.)
35

First Year Death Benefit
125000

Term (Yrs.)
5

Subsequent years Death Benefit
32291




Single Premium
25000

Maturity SA
32291













End of 
Premium paid

Benefit payable on death during the year




Benefit on Survival / Maturity at the end of year


Year
during the

Variable

Total (Guaranteed + Variable)


Variable

Total (Guaranteed + Variable)


year
Guaranteed
Scenario 1
Scenario 2
Scenario 1
Scenario 2
Guaranteed
Scenario 1
Scenario 2
Scenario 1
Scenario 2
                       
1
25000
125000
0
0
125000
125000
0
0
0
0
0
2
0
32291
0
0
32291
32291
0
0
0
0
0
3
0
32291
0
0
32291
32291
0
0
0
0
0
4
0
32291
0
0
32291
32291
0
0
0
0
0
5
0
32291
0
3229
32291
35520
32291
0
3229
32291
35520

















35150
1406





























Age of LA (Yrs.)
35

First Year Death Benefit
125000

Term (Yrs.)
7

Subsequent years Death Benefit
36468




Single Premium
25000

Maturity SA
36468

























End of 
Premium paid

Benefit payable on death during the year




Benefit on Survival / Maturity at the end of year


Year
during the

Variable

Total (Guaranteed + Variable)


Variable

Total (Guaranteed + Variable)


year
Guaranteed
Scenario 1
Scenario 2
Scenario 1
Scenario 2
Guaranteed
Scenario 1
Scenario 2
Scenario 1
Scenario 2
                       
1
25000
125000
0
0
125000
125000
0
0
0
0
0
2
0
36468
0
0
36468
36468
0
0
0
0
0
3
0
36468
0
0
36468
36468
0
0
0
0
0
4
0
36468
0
0
36468
36468
0
0
0
0
0
5
0
36468
0
0
36468
36468
0
0
0
0
0
6
0
36468
0
0
36468
36468
0
0
0
0
0
7
0
36468
0
5470
36468
41938
36468
0
5470
36468
41938

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