Tag Archives: LIC Jeevan Vishwas premium

LIC Jeevan Vishwas: Features, Benefits & Illustration

LIC Jeevan Vishwas: This is an Endowment Assurance plan designed for the benefit of handicapped dependents.

Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).

Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum Assured for each  completed policy year while the policy is in full force. The Guaranteed Additions are  payable at the end of the policy term or on earlier death.

Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable from fifth year onwards depending on the experience of the Corporation.

Benefits of Jeevan Vishwas:

Benefits on maturity or earlier death:
On surviving till the end of the term of the policy or earlier death, Sum Assured together with the Guaranteed Additions and Loyalty Additions, if any, become payable. 20% of such benefit amount shall be paid in a lump sum and the balance amount shall be utilized to provide an annuity on the life of handicapped dependant. A number of annuity options are available under the plan.

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender value is available under the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more.  The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium.  In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.

Illustration of Jeevan Vishwas:

Age ate entry: 35 years
Age of dependant: 5 years
Premium paying term: 1 years
Sum Asured: Rs. 1,00,000/-
Annual premium: Rs. 36,645/-

 

End of year
Total premiums paid till end of year

Benefit payable on death / maturity at the end of year

Guaranteed

Variable

Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

1

36,645

100000

100000

100000

2

36,645

106000

106000

106000

3

36,645

112000

112000

112000

4

36,645

118000

118000

118000

5

36,645

124000

124000

124000

6

36,645

130000

130000

130000

7

36,645

136000

136000

136000

8

36,645

142000

142000

142000

9

36,645

148000

148000

148000

10

36,645

154000

154000

154000

15

36,645

184000

184000

184000

20

36,645

214000

214000

214000

30

36,645

280000

10000

280000

290000