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Jeevan ShagunPlan No. 826

Features

LIC's Jeevan Shagun is a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium.

The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.

A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified durations and on maturity.  This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 90 days from the date of launch.

Benefit

Death Benefit: (deal with sudden financial crisis)

On death during first five policy years:Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years:Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

Benefit

Survival Benefit: (near term-end benefit)On Life Assured surviving to the end of the specified

durations, the following Survival benefit shall be payable.

At the end of 10th policy year: 15% of the Maturity Sum Assured.

At the end of 11th policy year: 20% of the Maturity Sum Assured.

Benefit

Maturity Benefit: (Term-End Benefit)On maturity,  65% of the Maturity Sum Assured

along with Loyalty Addition, if any, shall be payable.

Benefit Illustration

Details ValueAge 10 yearsTerm 12 yearsPremium Paying Term SingleSum Assured Rs 1,00,000Premium Paid (incl. ST) for 1st yr Rs 51,024 (Rs 49,495 + Rs 1,529)End of 10th yr – 15% MSA Rs 15,000End of 11th yr – 20% MSA Rs 20,000Loyalty Additions Rs 5,000Risk Covered - 10 times of Premium paid

Rs 4,94,950

TOTAL Maturity Amount Rs 70,000Notes :This illustration is applicable to a non-smoker male/female standard (from medical, life style

and occupation point of view) life.In preparing this benefit illustration it is assumed that the Projected CAGR ie Compounded

Annual Growth Returns will be 6% p.a. to 10% p.a., as the case may be.  The Projected CAGR is not guaranteed.

Eligibility Conditions & Other Restrictions

Details ValueMinimum Entry Age 8 years (completed)Maximum Entry Age 45 years (nearest birthday)Policy Term 12 yearsMinimum / Maximum Basic Sum Assured

10 times of tabular single premium 

Minimum Maturity Sum Assured Rs 60,000Maximum Maturity Sum Assured No LimitSum Assured will be in multiple of Rs 5,000Premium Payment Mode Single

Sample Premium Rates

Specimen tabular Single Premium rates for some of the ages per Rs.1000/- Maturity Sum Assured are as under

Age Terms10 494.9520 508.2030 521.2540 595.40

Rebate for High Sum Assured & Payment Mode

Maturity Sum Assured (in Rs) Reduction in Tabular premium per 1000/- Maturity Sum Assured (in Rs)

Below 1,50,000     Nil

1,50,000 to 3,95,000 154,00,000 and above 20

Surrender Value

The policy can be surrendered for cash at any time during the policy term.  The minimum Guaranteed Surrender Value allowable shall be as under:

First year: 70% of the Single premium excluding extra premiums and taxes, if any.

Thereafter: 90% of the Single premium excluding taxes, any extra premium paid and survival benefits, if paid earlier.

The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.

If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.

Loan

Loan can be availed under this plan any time after completion of one policy term and subject to terms and conditions as the Company may specify from time to time. 

Cooling-off Period

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.

Claims Settlement Report of all Life Insurance Companies in India (IRDA Annual Report 2012-13)

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