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This is an unit linked Whole Life plan which offers investment cum insurance throughout the life.
LIC's JEEVAN PLUS
This is an unit linked Whole Life plan which offers investment cum insurance throughout the life. You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.
The allocated premiums will be applied to purchase units as per the Fund type chosen. The Policyholder's Unit Account will be subject to deduction of charges as specified in the Policy Conditions. The value of the units in the Unit Fund may increase or decrease, depending on the investment return of the assets representing the chosen Fund.
1. Premiums: Regular premium can be paid either in yearly, half yearly or quarterly instalments. The minimum annual premium will be Rs.5,000/- increasing thereafter in multiples of Rs.1,000/-.
Alternatively, a Single premium can be paid subject of a minimum of Rs.25,000 and thereafter in multiples of Rs.1,000.
2. Benefits:
A) Death Benefit:
In case of death of the Life Assured when the cover is in full force, the nominee shall get the Sum Assured under the Basic Plan together with the Bid Value of units held in the Policyholder's Unit Account.
B) Maturity Benefit:
On the Life Assured surviving the policy anniversary on which the age nearer birthday is 100 years, an amount equal to the Bid value of the units held in the Policyholders Unit Account is payable.
3. Options:
A) Accident Benefit Option:
Accident Benefit can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50p for every Rs.1000/- of the Accident Benefit Sum Assured per policy year by cancellation of appropriate number of units out of the Policyholder's Unit Account every month. On Accidental death of the Life Assured during the term of the policy, a sum equal to the Accident Benefit Sum Assured will become payable, provided the Accident Benefit cover is opted for and is in force. Further, it will be available up to the Sum Assured under the Basic Plan, subject to an overall limit of Rs.25 lakh under all policies of the Life Assured with the Corporation taken together.
B) Critical Illness Benefit Rider:
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness Benefit cover is opted for and is in force. The maximum cover for this rider will be Rs.5 lakh under all policies of the Life Assured with the Corporation taken together. The Critical Illness Rider Sum Assured shall also not exceed the Sum Assured under the Basic Plan. Further, this benefit shall be available so long as no claim for Critical Illness Benefit arises. Once a claim under Critical Illness Benefit has been admitted, the benefit ceases and no subsequent charge shall be deducted.
