Lic jeevan mitra 88

LIC's Jeevan Mitra (Table Nos. 88 LIC's Jeevan Mitra (Table Nos. 88 & 133)& 133)

‘Double/Triple Benefit’ Endowment plans

provide a new dimension to the concept of insurance

security High Risk Cover

for a very Low costIntro features

benefits illustrations

Attractions• Jeevan Mitra helps to make

provision for the family of the life Assured in the event of his early death, but also assures a lump sum at a desired age.

• For a small extra cost it provides a risk cover of 2 or 3 times the basic Sum Assured.

• Higher bonus as compared to endowment plans.Intro features


Attractions• In the case of Accidents, the risk cover goes up to 3 & 4 times.

• It provides high risk cover for a comparatively lower cost.

Intro features


• Who can avail this plan? Individuals age between 18 years (last birthday and 50 years (nearer birthday)

• For how long is premium payable? Throughout the term of the

policy or early death.• What is the minimum and maximum

sum assured available under the plan ? Minimum Sum Assured : Rs.

50,000/- Maximum Sum Assured : No

limit

Intro features


What are the permissible premium payment modes? Premiums can be paid in Quarterly, Half- Yearly, Quarterly and Monthly or through salary deduction.

Is this plan available to ladies? Yes.Intro features


Intro features


(A) Minimum entry age : 18 yrs (completed)(B) Maximum entry age : 50 yrs (nearer birthday)(C) Maximum maturity age : 60 years (D) Minimum Sum Assured for the Critical illness Rider : 50,000/= (E) Minimum Sum Assured of the Main plan on which the Critical illness Rider can be given: Rs.50,000(F) Maximum Sum Assured : An amount equal to the Basic Sum for the Critical Illness Rider Assured, subject to a maximum of Rs.5,00,000. (G) Term : 10 to 35 years under regular premium 5 to 35 years under Single premium and 15, 20 & 25 years under limited premium paying term policies.

This rider is allowed only if the maturity age under main policy is not greater than 60 years.

The policy term and premium paying term of the rider should match with the policy term and premium paying term under the main policy.

Critical Illness Rider : Critical Illness Rider : EligibilityEligibility

Intro features


Critical Illness Rider : Critical Illness Rider : BenefitsBenefits

Critical Illness Sum Assured is payable on life assured surviving for a period of 28 days from date of occurrence of any of the following critical illnesses-

Heart Attack (Myocardial Infarction) Stroke (Cerebro-vascular Accident) Cancer Kidney Failure Major Organ transplant Paralysis 3rd Degree Burns Blindness Coronary Artery By-pass Surgery Heart Valve Replacement or Repair Aorta Graft Surgery

Premium Waiver Benefit: A policyholder has option to avail of a premium waiver benefit whereby premiums falling due on or after the date of diagnosis of critical illness are waived till maturity date of the main plan or earlier death of the life assured.

Bonuses:

Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.

Final ( Additional ) Bonus may also be payable provided a policy has run for certain minimum period

Intro features


Death Cover:

In case of Plan 88, twice the basic Sum assured along with bonus will be paid if the policyholder dies during the term of the policy, provided the policy is in full force as on the date of death.

In case of Plan 133, thrice the basic Sum assured along with bonus will be paid if the policyholder dies during the term of the policy, provided the policy is in full force as on the date of death.

Intro features


Maturity Benefit:

Basic Sum Assured plus Vested reversionary bonuses plusFinal Additional Bonus, if any, is payable in a lump sum on survival to the policy term.

Intro features


End of year

Total Premiums paid till end of year

Benefit payable on death during the year

Guaranteed

Variable Total

Scenario 1 Scenario 2 Scenario 1 Scenario 2

1 4,750 200,000 2,100 5,700 202,100 205,700

2 9,500 200,000 4,200 11,400 204,200 211,400

3 14,250 200,000 6,300 17,100 206,300 217,100

4 19,000 200,000 8,400 22,800 208,400 222,800

5 23,750 200,000 10,500 28,500 210,500 228,500

6 28,500 200,000 12,600 34,200 212,600 234,200

7 33,250 200,000 14,700 39,900 214,700 239,900

8 38,000 200,000 16,800 45,600 216,800 245,600

9 42,750 200,000 18,900 51,300 218,900 251,300

10 47,500 200,000 21,000 57,000 221,000 257,000

15 71,250 200,000 31,500 85,500 231,500 285,500

20 95,000 200,000 56,000 152,000 256,000 352,000

25 118,750 200,000 69,500 189,500 269,500 389,500

End of year

Total Premiums paid till end of year

Benefit payable on maturity (Rs)

GuaranteedVariable Total


25 118,750 100,000 69,500 189,500 169,500 289,500

Intro features


Illustration 1 (Table 88): Age at entry: 35 yearsPolicy Term: 25 years Premium paying term: 25 yearsMode of premium payment: Yearly Sum Assured: Rs.1,00,000/-Annual Premium: Rs.4,750 /-

End of year

Total premiums paid till end of year

Benefit payable on death during the year

Guaranteed

Variable Total


1 5,453 300,000 2,100 5,700 302,100 305,700

2 10,906 300,000 4,200 11,400 304,200 311,400

3 16,359 300,000 6,300 17,100 306,300 317,100

4 21,812 300,000 8,400 22,800 308,400 322,800

5 27,265 300,000 10,500 28,500 310,500 328,500

6 32,718 300,000 12,600 34,200 312,600 334,200

7 38,171 300,000 14,700 39,900 314,700 339,900

8 43,624 300,000 16,800 45,600 316,800 345,600

9 49,077 300,000 18,900 51,300 318,900 351,300

10 54,530 300,000 21,000 57,000 321,000 357,000

15 81,795 300,000 31,500 85,500 331,500 385,500

20 109,060 300,000 56,000 152,000 356,000 452,000

25 136,325 300,000 69,500 189,500 369,500 489,500

End of year

Total premiums

paidtill end of year

Benefit payable on maturity (Rs)

GuaranteedVariable Total


25 136,325 100,000 69,500 189,500 169,500 289,500

Intro features


Illustration 2 (Table 133): Age at entry: 35 yearsPolicy Term: 25 years Premium paying term: 25 yearsMode of premium payment: Yearly Sum Assured: Rs.1,00,000/-Annual Premium: Rs.5,453 /-

This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view ) life.

• The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consisted 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 LICI 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.

• 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.

• Future bonus will depend on future profits and as such is not guaranteed. However once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.

Intro features


Lic jeevan mitra 88

Economy & Finance

Transcript of Lic jeevan mitra 88