Jeevan Vriddhi

Jeevan Vriddhi Guaranteed Maturity Calculator

LIC has introduced LIC’s JEEVAN VRIDDHI (Plan No. 808), a close

ended plan which would be open for sale from 1st March, 2012 for a maximum period of

120 days.

 

The Unique Identification Number (UIN) for LIC’s Jeevan Vriddhi plan is 512N268V01.

This number has to be quoted in all relevant documents furnished to the Policyholders

and other users (public, distribution channels, etc.).

 

Introduction:

 

LIC’s Jeevan Vriddhi is a single premium non-linked plan which provides for payment of Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, on maturity. Under this plan death benefit is the Basic Sum Assured. The benefits and other details of this plan are given below.

 

Benefits:

 

a) Death Benefit:

 

On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times

of single premium excluding extra premium, if any, shall be payable.

 

b) Maturity Benefit:

 

At the end of the policy term maturity benefit equal to the Guaranteed Maturity Sum

Assured along with Loyalty Addition, if any, shall be payable. Guaranteed Maturity

Sum Assured will depend on the entry age of the Policyholder and the single

premium excluding extra premium, if any.

 

c) Loyalty Addition:

 

Provided the policy is in full force at the time of maturity, then depending upon the

Corporation’s experience with regard to the policies issued under this plan, the

policy will be eligible for Loyalty Addition on the stipulated date of maturity at

such rate and on such terms as may be declared by the Corporation.

The Loyalty Addition payable shall be based on the Guaranteed Maturity Sum

Assured.

 

Eligibility Conditions and Restrictions

 

a) Minimum Entry Age : 8 years (completed)

b) Maximum Entry Age : 50 years (nearest birthday)

c) Mode of premium payment : Single premium

d) Minimum Single Premium : Rs.30,000/-

e) Maximum Single Premium : No Limit

The Single Premium shall be in multiple of Rs. 1000/-

f) Policy Term : 10 years

Age at entry of the Policyholder is to be taken as age nearest birthday except for the

minimum age at entry i.e. 8 years.

 

 Benefit Table :

 

The Guaranteed Maturity Sum Assured per thousand single premium excluding extra

premium, if any, for different age at entry are given in Annexure 1.

The class – I extra premium rates per thousand Basic Sum Assured are given in

Annexure 2.

 

Rebates:

 

Incentive for higher single premium (excluding extra premium, if any) by way of

increase in Guaranteed Maturity Sum Assured is as under:

 

Single Premium Increase in Guaranteed

Maturity Sum Assured

 

Below Rs. 50,000 Nil

Rs. 50,000 to Rs. 99,000 1.25%

Rs. 100,000 and above 3.00%

 

 Guaranteed Surrender Value

 

The Guaranteed Surrender Value will be available after expiry of one policy year.

The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding

any extra premium, if any.

 

 Special Surrender Value

 

Special Surrender Value will be payable, if it is more favorable to the policyholder.

The Special Surrender Value will be the discounted value of the Guaranteed Maturity

Sum Assured. The discount factors shall be the special surrender value factors used

for Endowment Assurance plan, which will depend on the duration elapsed since

commencement of the policy. The Special Surrender Value factors per Rs. 100 Guaranteed Maturity Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.

 

Loans

 

Loan facility is available under this plan, after completion of one policy year subject

to following conditions:

a) Loan can be granted after completion of one policy year subject to a

maximum of 70% of Surrender Value.

b) The rate of interest to be charged on loans granted under this plan will be

10.25% p.a. compounding half-yearly and the same would be subject to

review from time to time by the Corporation.

c) No foreclosure action should be taken under this plan even if there is a default

in payment of loan interest.

 

Service Tax:

 

Under this plan, the amount of service tax as per the prevailing rates shall be payable

by the policyholder on single premium including extra premium, if any.

2 Comments on "Jeevan Vriddhi"

  1. 100000 ki maturity kya hogi aur premium kya hoga

  2. utkarsh singh | March 2, 2012 at 7:55 am | Reply

    if i invest 55000 wht would be the maturit amount after 10years

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