Pradhan Mantri Vaya Vandana Yojna
Pradhan Mantri Vaya Vandana Yojna
Jeevan Rakshak (Plan No. 827)
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 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)
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)
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)
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.
1. Basic sum assured
2. Loyalty Bonus (Payable if the death occurs after completion of 5th policy year)
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.
Other LIC Plans | |||
---|---|---|---|
Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
Anmol Jeevan | New Endowment Assurance | Money-Back 20 years | Jeevan Tarun |
Amulya Jeevan | New Jeevan Anand | Money-Back 25 years | Children's Money Back |
Jeevan Lakshya | |||
Limited Premium Endowment |