LICs Jeevan Shagun Policy ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS: Minimum Entry Age : 8 years (completed) Maximum Entry Age : 45 years (nearest birthday) Minimum/Maximum Basic Sum Assured : 10 times of tabular single premium paid Minimum Maturity Sum Assured : Rs. 60,000/- Maximum Maturity Sum Assured : No Limit Maturity Sum Assured shall be available in multiples of Rs. 5,000/-. Policy Term : 12 years Premium payment mode : Single premium only Maturity Sum Assured Reduction in Tabular premium per 1000/- Maturity Sum Assured Below Rs.150,000 Nil Rs.150,000 to Rs. 395,000 Rs. 15 Rs.4,00,000 and above Rs. 20 LOAN: Loan can be availed under this plan any time after completion of one policy term and subject to terms and conditions as the Company may specify from time to time. SURRENDER VALUE: The policy can be surrendered for cash at any time during the policy term. The minimum Guaranteed Surrender Value allowable shall be as under: First year: 70% of the Single premium excluding extra premiums and taxes, if any. Thereafter: 90% of the Single premium excluding taxes, any extra premium paid and survival benefits, if paid earlier. The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value. If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable. Tax: Taxes, including Service Tax, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time. The amount of tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
Posted on: Thu, 09 Oct 2014 08:51:14 +0000
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