1. LIC’S Jeevan Vaibhav
(Plan No. 809)

2. Features Single premium non-linked plan
Payment of Guaranteed Sum Assured along with Loyalty Addition, if any, on maturity or death.
Close ended plan which would be open for sale from 21st May, 2012 for a maximum period of 120 days.
Option for backdating is also available 

3. Eligibility Minimum Age at Entry for LA 8 years (completed)
Maximum age entry for LA
65 years (nearest birthday)
Mode of premium payment
Single premium
Minimum Sum Assured
Rs.2,00,000/-
Maximum Sum Assured
No Limit
( in multiples of Rs 10,000)
Policy Term
10 yrs

4. Assured maturity benefit = + Loyalty Addition, if any
Benefits payable on maturity
Assured maturity benefit =
Sum
Assured
+ Loyalty Addition, if any

5. Benefits payable on death
If life assured dies during the policy term except in the last policy year
Sum Assured shall be payable
If life assured dies during the last policy year
Sum Assured along with
Loyalty Addition, if any,
shall be payable

6. Surrender Value Guaranteed Surrender Value
Available after completion of atleast 1 policy year and is equal to 90% of the premium paid excluding extra premium, if any

7. Surrender Value Special Surrender Value
Payable, if it is more favorable to the policyholder.
The SSV will be the discounted value of the Sum Assured. The discount factors shall be the special surrender value factors used for Endowment Assurance plan, which will depend on the duration elapsed since commencement of the policy.
The SSV factors per Rs. 100 Basic Sum Assured for duration 1 and 1.5 years are and respectively.

8. Loans
Loan available after completion of one policy year subject to a maximum of 70% of Surrender Value.
The rate of interest % p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.
No foreclosure action applicable under this plan even if there is a default in payment of loan interest

9. Commission for agents
2% of the Single Premium received

10. Important - Service Tax
Under this plan, the amount of service tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any.