In
every organization, there are a few key people
who play a vital role in its working and profitability.
Losing these key employees could have an impact
on the future and profits of the organization.
LIC’s JEEVAN PRAMUKH, is a Keyman Insurance
Plan which would provide the much needed protection
to your Company against such unfortunate loss.
BENEFITS:
Guaranteed Additions: Guaranteed Additions @ Rs.50%o
Sum Assured for each completed year, for the
first five years.
Participation
in profits : The policy shall participate
in profits of the Corporation from the 6th
year onwards and shall be entitled to receive
bonuses declared as per the experience of the
Corporation.
Maturity
Benefit:
Sum Assured together with accrued Guaranteed
Additions and accrued simple reversionary bonuses
and Final Additional Bonus, if any, will be
paid to the Policyholder on surviving the term
of the policy provided the policy is in full
force for full sum assured.
Death
Benefit:
On death of the Life Assured during the term
of the policy an amount equal to the Sum Assured
along with accrued Guaranteed Additions and
accrued Simple Reversionary Bonuses and Final
Additional Bonus, if any, will be paid provided
the policy is in full force for full sum assured.
Grace Period
A
grace period of 30 days will be available for
payment of yearly, half-yearly or quarterly
premiums and 15 days for monthly premiums.
15
– days Cooling-off period
If
you are not satisfied with the “Terms and Conditions”
of the policy you may return the policy to us
within 15 days.
Paid-up Value
The
policy will acquire paid-up value after more
than one year’s premiums have been paid subject
to Terms and Conditions.
Guaranteed Surrender Value
This
policy can be surrendered for cash after more
than one year’s premiums have been paid.
The
Guaranteed Surrender Value allowable under the
policy will be equal to 30% of the total amount
of premiums paid excluding the premiums for
the first year and the extra premiums, if any.
The
cash value of any existing vested Guaranteed
Additions and vested simple reversionary bonuses,
if any, will also be payable after completion
of 3 years.
Revival
The
policyholder can revive his lapsed policy by
paying arrears of premium together with interest
within a period of five years from the date
of first unpaid premium subject to satisfactory
evidence of health and continued insurability
of the Life Assured. The rate of interest will
be as determined by the Corporation from time
to time. Currently, the rate of interest is
9% p.a.
Loan:
Subject
to Terms and Conditions loan is permissible
after the policy has acquired paid-up value.
The rate of interest charged on such loan amount
would be determined from time to time.
The present rate is 10.5% p.a. payable half-yearly.
Payment
of premium : Premiums under this policy
are payable over a period of 3, 4 or 5 years.
The following modes of payment of premium are
allowed - Yearly, Half-yearly, Quarterly or
Monthly.
Policy Term: 5, 10, 15, 20 or 25 years
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:
(a)
Minimum Age at entry
-
18 years completed
(b)
Maximum Age at entry
-
65 years (age nearer birthday)
(c)
Maximum Maturity Age
-
75 years (age nearer birthday)
(d)
Policy Term
-
5, 10, 15, 20 or 25 years
(e)
Sum Assured
-
Minimum Rs.10 lakh. Thereafter in
multiples of Rs.1,00,000
Rebate
for Mode of Premium Payment:
Yearly
…
2% of tabular premium
Half-Yearly
…
1% of tabular premium
Quarterly
…
Nil
Monthly
…
5% extra of tabular premium
Sum Assured Rebate:
Up
to and including Rs.50 lakh:
Nil
Above
Rs.50 lakh:
Rs. 0.50 per thousand Sum Assure
