JEEVAN ANURAG LIFE INSURANCE POLICY BY LIC
With profits plan (Table No. 168)

Feature of plan: Jeevan Anurag is a with profit plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life benefits under the plan are payable at pre-specified duration irrespective on whether the life assured survives to the end of the policy tremor dies during the term of the policy. In addition, this plan also provides for an immediate payment of basic S.A amount on the life assured during the term of the policy. This plan is not allowed when occupation extra chargeable and to pregnant ladies.

15 – days cooling-of period: if you are not satisfied with the “term and conditions of the policy you may return the policy to us within 15 days.

Paid up value: if at least three full year’s premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the S.A. by it shall be reduced to such a sum, called the paid-up value, as shall bear the same ration to the full S.A. as the number of premium actually paid shall bear to the total number of premium originally stipulated in the policy. The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premium, but shall not entitled to the future bonuses.

Guaranteed surrender value: this policy can be surrender for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the premium mode will be equal to
30% of the premium paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90% of the premiums paid excluding all extra premiums and the premiums paid for optional/ rider benefits.

Critical illness rider benefit: critical illness rider benefit will be available for an amount not excluding the S.A. under the basic plan subject to overall cover of 5lakh under all polices of the life assured with the corporation taken together.

If premium waiver benefit is opted for then in case of diagnosis by any of the critical illnesses condition covered under the policy, the total future premiums in respect of the policy will be waived S.A under such polices will not exceed Rs.5lakh.

Plan parameters
Age at entry: Min.20 yrs (NBD) Max.60yrs (NBD)
Maturity age: Max.70 yrs. (NBD)
Term: Min.5 yrs for S.P & 10 yrs for regular Max. 25 yrs
Sum assured: Min.50,000 Max. No Limit
S.A in multiples: 5000
Premium paying: policy term or
Term (PPT): policy term-3
Mode of payment: YLY/ HLY/QLY/SSS/MLY and single premium
Accident benefit: Allowed (with extra premium)
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yea
Surrender of policy: yes
Term rider: yes
CIR: yes

Underwriting condition
Form no: 300
Age proof: std/ NSAP-1 (WR 5Lac)
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: 1.5 times of S.A
Dating back @ 8%: Allowed

BENEFIT
Maturity benefit: payment of the basic S.A at the start of every year during last 3 policy years before maturity. At maturity 40% of the along with reversionary bonus declared from time to the full term and the terminal bonus if any shall be payable

Death benefit: payment of an amount equal to S.A. under the basic plan immediately on the life assured is paid to the nominee. No. Premiums are payable thereafter. An amount equal to 20% of the basic S.A. at the start of every year during last 3 policy years is paid to the nominee. In addition he will also get 40% of the basic S.A + Accured Reversionary bonus for the full term & terminal bonus, is any is also paid.

Accident benefit : accident death and disability benefit will be available for an amount not exceeding the S.A under the basic plan subject to overall cover of 50 lac under all policy of the life assured with the corporation taken together.

Example: Mr. Tushar Kapoor aged 35 years opted for jeevan anuurag plan, S.A 2 Lac, for a term of 15 years. He pays an annual premium of Rs.15,323/- if the policy is in full force, Mr. Tushar Kapoor Will get 20% of S.A i.e. Rs.40,000/- at the start of 31th, 14th & 15th policy year and the balance 40% of S.A i.e. Rs.80,000 will be given at the end of 15th year along with reversionary bonuses declared from time to time for the full term, plus terminal bonus, if any shall be payable. in case Mr. Tushar Kapoor dies during 10th year his nominee will receive Rs.2 lac.

No premiums are payable thereafter Moreover the nominee will get Rs.40,000/- at the start of 31th, 14th & 15th policy year and on maturity Rs.80,000 + Reversionary Bonus + terminal bonus, if any.

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