LIC Jeevan Shagun Table No. 826
Close ended plan available for sale from 1st Sep 2014 for period of 90 days Non-linked, with-profit, single premium, money back type of plan Policyholder has the option to choose maturity sum assured PLAN HIGHLIGHTS
BASIC CONDITIONS Minimum Age at Entry8 Years Maximum Age at Entry45 limit Policy Term12 years Minimum Maturity Sum Assured 60,000 Maximum Sum AssuredNo Limit (in multiples of 5000) Premium ModeSingle
BENEFITS SURVIVAL BENEFIT SURVIVAL BENEFIT 15% of Maturity Sum Assured at the end of the 10th policy year 20% of Maturity Sum Assured at the end of the 10th policy year MATURITY BENEFIT MATURITY BENEFIT 65% of Maturity Sum Assured + Loyalty addition (if any)
BENEFITS On death during first 5 policy years: Basic sum assured ie 10 times the Tabular Single Premium On death during the policy term after 5 years: Basic sum assured ie 10 times the Tabular Single Premium + Loyalty Addition (if any)
REBATE HIGH MATURITY SUM ASSURED REBATE Maturity Sum Assured RebateReduction in Tabular Premium (per Rs1000/- M.S.A Below Rs.1,50,000/-Nil Rs.1,50,000/- to Rs.3,95,000/-Rs Rs.4,00,000/-Rs.20.00
LOAN OPTION Available after 1st policy year The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below Foreclosure action shall not be taken under fully paid up and enforce policies even if there is default of loan interest Policy Term 2 nd to 3 rd yr4 th to 6 th yr7 th to 9 th yr10 th to 12 th yr Loan as % of S.V 50%60%70%90%
SURRENDER OPTION Policy can be surrendered any time during policy term after realization of premium cheque GSV shall be 70% of the single premium paid exclusive of taxes and extra premium during the first year From 2 nd year onwards GSV shall be 90% of the single premium paid exclusive of taxes and extra premium Special Surrender Value will be discounted value of the Maturity Sum Assured less Survival Benefit if paid earlier.
OTHER BACKDATING BACKDATING Policy can be backdated within the same financial year POLICY STAMPING POLICY STAMPING Policy stamping charges will be 20 paisa per thousand of Basic Sum Assured
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