Life Insurance Corporation of India : Jeevan Vishwas
Product summary:
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.
Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each completed policy year while the policy is in full force. The Guaranteed Additions are payable at the end of the policy term or on earlier death.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.
Benefits on maturity or earlier death:
On surviving till the end of the term of the policy or earlier death, Sum Assured together with the Guaranteed Additions and Loyalty Additions, if any, become payable. 20% of such benefit amount shall be paid in a lump sum and the balance amount shall be utilized to provide an annuity on the life of handicapped dependant. A number of annuity options are available under the plan.
Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.
Corporation’s policy on surrenders:
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.