Tag Archives: LIC Jeevan Bharati I benefit

LIC Jeevan Bharati I: Features, Benefits & Illustration

LIC Jeevan Bharati-I – a plan exclusively for women. It is a with profit plan having special features considering the needs of women. The plan also provides for Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as optional Riders

1. SPECIAL FEATURES

1. Encashment of Survival Benefit as and when needed:
The policyholder at her option may avail the survival benefit any time on or after its due date.  If opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable.

2. Flexibility to pay premiums in advance:
The mode of premium payment is only yearly under this plan. However, policyholder may pay the next yearly premium in advance in instalments (maximum upto 3 instalments) during the year. If premiums are paid in advance a premium rebate may be allowed as may be decided by the Corporation from time to time

3. Option to receive maturity proceeds in the form of an annuity: :
The policyholder shall have the option to receive the maturity proceeds in the form of annuity. The rate of annuity will be based on the annuity rates prevalent at the time of stipulated Date of Maturity.

4. Auto Cover::
After two years premiums have been paid, whenever premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.

If death occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest is payable along with the vested bonus, if any.

The auto cover shall not be available for rider benefits.

2. OPTIONAL RIDERS:
The following riders are available under this plan:

A. CRITICAL ILLNESS (CI) RIDER :
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum assured under the basic plan subject to the maximum of Rs 5 lakh overall limit taking all critical illness riders under all existing policies of the Life Assured.

(For details refer the sales brochure of Critical Illness rider)

B. ACCIDENT BENEFIT RIDER:
An additional amount equal to the Accident Benefit Rider Sum Assured is payable upon death or total and permanent disability due to accident during the policy term.

This benefit can be availed for a minimum sum of Rs 50000 and for a maximum sum  equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakhs.

C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:

This rider can be opted for by a female between the ages of 18yrs and 35 years.
An amount  equal to 50% of the CDB Sum Assured is payable if the Life Assured gives birth to a child  with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.
This benefit can be availed for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.

(For details refer the sales brochure of Congenital Disability Benefit Rider)
3. ELIGIBILITY CONDITIONS (For Basic Plan):

Minimum age at entry

: 18 years (completed)

Maximum age at entry

: 55 years (nearest birthday)

Maximum age at maturity

: 70 years  (nearest birthday)

Policy term

: 15 and 20 years

Minimum Sum Assured

: Rs. 50,000/-

Maximum Sum Assured
: Rs. 25,00,000/-
(Sum Assured shall be in multiples of Rs.5,000/-)

Benefit Illustration:

Benefit Illustration

Age of LA (Yrs.)

35

Term (Yrs.)

20

Sum Assured(Rs.)

100000

Annual Premium

6345

 

End
of
Year
Total premiums paid till end of year

Death Benefit during the year

Guaranteed

Variable

Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

1

6345

100000

2200

4500

102200

104500

2

12690

100000

4400

9000

104400

109000

3

19035

100000

6600

13500

106600

113500

4

25380

100000

8800

18000

108800

118000

5

31725

100000

11000

22500

111000

122500

6

38070

100000

13200

27000

113200

127000

7

44415

100000

15400

31500

115400

131500

8

50760

100000

17600

36000

117600

136000

9

57105

100000

19800

40500

119800

140500

10

63450

100000

22000

45000

122000

145000

15

95175

100000

36667

75000

136667

175000

20

126900

100000

48900

100000

148900

200000