Benefits of Jeevan Pramukh: Death Benefit: this plan offers Guaranteed Additions, Sum Assured along with vested bonuses in lump sum during the policy term. Maturity Benefit: Sum Assured, Guaranteed Additions, along with vested Reversionary bonuses will be allocated in lump sum during the policy term. Surrender Value: On early termination of the LIC contract surrender values are allocated. These values will be greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders. Guaranteed Surrender Value: if policy has been in force for at least three full years then the policy can be surrendered. 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. Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums. Paid up value: Policy shall not be wholly void if at least one full year’s premiums have been paid and any subsequent premium be not duly paid but Sum Assured shall be reduced to such a sum, called the Paid-up Sum Assured, and will be equal to the total amount of premiums paid. If the death occurs of Life Assured during the policy term, the reduced Paid-up Sum Assured along with vested reversionary bonuses shall be payable. Provided the Life Assured is then alive. In case the policy has lapsed, it can be revived by paying arrears of premium with inertest rate within a period of five years. On early termination of the LIC contract surrender values are allocated by this policy which will be greater of the guaranteed surrender value and special surrender. Jeevan Pramukh provides loan system also for which presently the rate of interest is 9% p.a. In this plan if the death of Life Assured occur within six months from the due date of first unpaid premium, the benefits will be paid as if the Policy had remained in full force after deduction of (a) the premium or premiums unpaid with interest thereon until the date of death, and (b) the unpaid premiums falling due before the next Policy anniversary. In Jeevan Pramukh plan the minimum age at entry is 18 years and maximum age at entry is at 65 years with minimum sum assured of Rs. 10 lakhs.
Posted on: Fri, 12 Jul 2013 10:29:04 +0000
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