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Jeevan Vidhya
Plan Number: 352
 
Description
‘Jeevan Vidhya’ This is a with profits endowment assurance plan available for children of 10 years or less. There is an option to keep the maturity proceeds with the Company, which will earn interestis a unique plan having features of the conventional plans and a lot of flexibilities. To the policyholder it provides higher life cover, a smooth return, liquidity etc.
Death Benefit
  • Before commencement of risk :- In case of the death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the premiums for PWB) till death under the policy will be refunded in full.

  • After commencement of risk :- In the event of unfortunate death during the term of the policy after commencement of risk but before maturity, Sum Assured becomes payable together with the vested bonus.
 
Maturity Benefit
  • Sum assured plus vested bonus is payable on survival to the end of the term.

 
Option to keep the maturity proceeds with LIC
  • The policyholder has an option to keep the maturity proceeds with LIC. The amount kept in this way, will earn an interest as declared by the Company from time to time. The cover terminates at maturity date. The policy does not participate in profits after the maturity date. The interest will be declared by the Company every year as part of valuation of liabilities. It can be associated with the savings account interest rate.

 
Payment of premium in advance:
  • Payment of premium in advance is also allowed where renewal premiums can be paid at the current discounted value of 5%. This rate is to be reviewed at the end of each financial year. These advance premiums will be credited to a separate Advance Premium Deposit account from which these will be adjusted towards the premium payment cycle as and when they fall due. The rest of the amount (after the adjustment of each due) will remain in the Advance Premium Deposit account. Advance Premium payment can be opted for during Policy Issuance.

 
Refund of advance premium:
  • The Advance Premiums paid under Advance Premium Deposit Account, which have not fallen due yet can be refunded in either of the following cases:

  • Unadjusted amount in the Advance Premium Deposit Account at the time of the Death or exit due to any other reason.

  • Policyholder’s request to refund the unadjusted Advance Premium in the Advance Premium Deposit Account.

  • Refund within one year of date of advance premium is not eligible for any interest. If the date of refund falls after one year, then the remaining amount in the advance premium deposit account will be refunded along with the interest. Along with the interest which will be declared from time to time. Current interest rate is 5.5% p.a.
 

 

 


 
 
 
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