LIC's Jeevan Sugam

LIC's Jeevan Sugam

LIC's Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you.
The plan will be open for sale for a maximum period of 45 days from the date of launch.

BENEFITS
1. Death Benefit:
On death during first five policy years:
Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged shall be payable.
On death after completion of five policy years:
Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged along with loyalty addition, if any, shall be payable.

2. Maturity Benefit:
On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

Loyalty Addition
Depending upon the Corporation's experience with regard to policies issued under this plan, this policy will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years, on surrender during the last policy year and on maturity, at such rate and on such terms as may be declared by the Corporation.







If the policy holder opts for Maturity Sum Assured Rs. 150000/- or above, the Maturity Sum Assured shall be automatically increased by the percentage corresponding to opted Maturity Sum Assured as shown above. This Increased Maturity Sum Assured shall be the Maturity Sum Assured payable at the time of maturity along with Loyalty Addition, if any.

For e.g. if opted Maturity Sum Assured by the Proposer is Rs. 150,000/-. Maturity Sum Assured payable at Maturity is Rs. 150,000 * (1+3.5%) i.e. Rs. 155,250/-

LOAN
Loan can be availed under this plan any time during the policy term. Loan shall be equal to 60% of the surrender value as on the date of sanction of loan.

2. 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:

1. First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.
2. Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.

Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the Guaranteed Surrender Value.

The Special Surrender Value will be the discounted value of the Maturity Sum Assured as on date of surrender. If the policy is surrendered during the last policy year it shall be eligible for loyalty addition, if any.

3. SERVICE TAX
Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium.

4. COOLING-OFF PERIOD
If you are not satisfied with the "Terms and Conditions" of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the risk premium, expenses incurred on medical examination, if any, and stamp duty.

5. EXCLUSIONS
The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of a maximum of
(i) 90% of the single premium paid excluding any extra premium paid or (ii) third party's bonafide beneficial interest acquired in the policy for valuable consideration (but limited to applicable death benefit of this policy) of which notice has been given in writing to the branch where the policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.