LIC Jeevan Sanchay
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
A Money Back Plan that assures periodic payment of basic Sum Assured in an installments on survival with increasing life cover. Added attractive features like Guaranteed and Loyalty Addition. No additional premium for accident cover, as it is a part of the policy.
Product Description
- Money back plan with both Death and Survival Benefits
- Money is paid as pre-decide intervals in 20 years term, i.e. 5th year(20% of SA),10th year(20% of SA), 15th year(20% of SA) and 20th year(40% of the SA plus accrued reversionary bonus)
- Choice of 4 different terms 12,15,20 and 25 years
COMPARE & BUY SIMILAR PLANS
Unique Features
- The product guarantees Rs. 7% sum assured for each policy year completed.
- Money Back Plan that assures guaranteed periodic payment of basic Sum Assured in installments on survival e.g. 20% of sum assured after 5th years, 20% after 10th years, 20% after 15th years, 40% with guaranteed & loyalty additions after 20th years
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 14 years | ||||
| Age at Entry (Max) | 58 years | ||||
| Max age of Maturity | 70 years | ||||
| Min Premium Payable | NA | ||||
| Min Sum Assured | Rs. 25,000 | ||||
| Max Sum Assured | No limit subject to medical and financial underwriting | ||||
| Mode Available | Annual, Semi Annual, Quarterly, Monthly, payroll savings program | ||||
| Terms | |||||
| Policy Term | Min | 12 years | |||
| Max | 25 years | ||||
| Premium Paying Term | Regular Pay | ||||
OneInsure App Benefits
Product Benefit
- Death Benefit:
- Before the end of the Policy Term, the Sum Assured + accrued Bonus is paid
- After the Policy Term, Sum Assured is paid as Death Benefit whenever the Life Insured dies
- Maturity Benefit:
At the maturity of the policy, the insured will get Sum Assured + accrued Bonus + Final Addition Bonus
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus Types | Guaranteed Addition | Calculated as Rs.70/- per thousand Sum Assured payable for each completed policy year during which the policy was inforce for the full Sum Assured. | ||||
| Loyalty Addition | Loyalty addition is paid with maturity, if the premiums are paid for atleast 5 years, loyalty addition may become available alongwith claim payments. Loyalty addition would depend on Company's experience. | |||||
| Premium Dis-continuance | ||||||
| Reduced paid-up | If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. | |||||
| Surrender | Under any of these options, the policy acquires a Guaranteed Surrender value from the end of the 3rd policy year onwards. Guaranteed Surrender Value will be 30% of all premiums paid – 1st year’s premium | |||||
| Bonus | This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. | |||||
| The plan participates in LIC's reversionary bonuses are declared per thousand Sum Assured annually at the end of each financial year. | ||||||
| A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period. | ||||||
Add-ons
Accidental Death Benefit(In built):- An additional Sum Assured (subject to a limit of Rs.5 lakh) is paid if death is due to accident till 70 years of age.
Exclusions
Exclusion in Jeevan Sanchay Plan:- If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of LIC Jeevan Sanchay Plan
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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