Header Ads

Pradhan Mantri Vaya Vandana Yojna

Pradhan Mantri Vaya Vandana Yojna




Jeevan Rakshak (Plan No. 827)


LIC's Jeevan Rakshak Plan offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. 

This plan is basically for those who need a low premium risk cover and some maturity benefits in form of Loyalty Bonus.



Features

  • Life risk cover for the life insured
  • Additional accidental risk cover
  • Low Premium Rates
  • Loyalty  bonus
  • Loan Facility Available




Eligibility Conditions


Minimum age at entry
8 years
Maximum age at entry
55 years
Minimum Term  
10 years
Maximum Term 
20 years
Maximum age at maturity
70 years
Minimum sum assured
Rs 75,000/-
Maximum sum assured
Rs 2,00,000/-





Double Tax Benefit


U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)








Possible Events during policy duration


On Death
If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)



On Accidental Death
In case, the policy holder dies due to an accident, the nominee will get following, after which the policy will terminate.

1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Additional accidental sum assured (maximum upto Rs. 50 Lakhs)
3. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)




On Maturity
The policy holder will get the following returns at maturity:

1. Basic sum assured
2. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)


The policy will terminate after this.





Understand New Endowment Plan with an example


Mr. Ravinder aged 35 years, plans to take Jeevan Rakshak Plan for the term of 20 years and sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only). 

He is required to pay an annual premium of Rs 8,320.00 (Rupees Eight Thousand Three Hundred and Twenty only).


Possible Events


On Death
If Mr Ravinder dies during the policy term, his nominee will receive the Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonus. After this, the policy will terminate.

On Accidental Death 
If during the policy term, Mr. Ravinder dies due to an accident, his nominee will receive the Basic Sum Assured (Rs 2,00,000.00) + Additional Accidental Sum Assured (Rs 2,00,000.00) + Accrued Bonus. The policy will terminate after this event.

On Survival till maturity
If Mr. Ravinder survives till the end of policy term, he will get the Basic Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonus. The policy will terminate thereafter.





*** To buy a new LIC plan call Vikas 99111-70785 ***
Powered by Blogger.