Product
summary:
Some people, particularly the younger
ones, want to have high cover at a low
cost. Further, many of them do not want
commitment to pay premiums for a longer
duration. LIC's Jeevan Amrit is most
suitable for such persons. Under this
plan premium payment is limited to 3
or 4 or 5 years and the premium payable
during the first year is higher than
the premiums payable in subsequent years.
Options:
You may choose Sum Assured (S.A.), Premium
Paying Term, Policy Term and Mode of
premium payment.
Payment of Premiums :
You may pay premiums yearly or half-yearly
during the premium paying term of 3
or 4 or 5 years.
Death Benefit :
An amount equal to Sum Assured along with
vested Simple Reversionary Bonuses and
Final (Additional) Bonus (if any) is payable
in lump sum immediately on death of the
Life Assured during the term of the policy.
Maturity Benefit :
Payment of total amount of premiums
(excluding extra premiums, if any) paid
along with vested Reversionary Bonuses
and Final (Additional) Bonus, if any,
in case of Life Assured surviving to
the end of the term.
Eligibility Conditions and Other Restrictions
: Minimum Entry Age : 12 years (last birthday)
Maximum Entry Age : 60 years (nearest
birthday)
Maximum Maturity Age : 70 years (nearest
birthday)
Minimum Sum Assured : Rs. 1,00,000
Maximum Sum Assured : No limit
Premium Paying term : 3 to 5 years
Policy term : 10 to 30 years
Grace Period :
A grace period of one calendar month
but not less than 30 days will be allowed
for payment of premiums.
Participation in the Profits of the
Corporation :
This is a with-profit plan and your
policy shall participate in the profits
of the Corporation at the end of each
financial year. Simple Reversionary
Bonuses shall be declared at the rate
of per thousand total amount of premiums
(excluding any extra premium) paid.
Reduced paid-up policies shall also
participate in the profits. Final (Additional)
Bonus may also be declared provided
all premiums have been paid and policy
has run for certain minimum term.
Paid-up Value :
If at least one full year's premiums
have been paid and any subsequent premium
be not duly paid, the Policy shall not
be wholly void, but the Sum Assured
shall be reduced to such a sum, called
the Paid-up Sum Assured, and will be
equal to the total amount of premiums
paid (excluding any extra premium).
The policy so reduced shall thereafter
be free from all liabilities for payment
of the within mentioned premium, but
shall participate in the future profits
of the Corporation declared in the form
of simple reversionary bonuses payable
at the rate of per thousand total amount
of premiums paid (excluding any extra
premium). The existing vested reversionary
bonuses, if any, shall also remain attached
to the reduced paid-up policy.
In the event of death of Life Assured
during the policy term, the reduced
Paid-up Sum Assured as defined above,
along with vested reversionary bonuses,
if any, shall be payable. Provided the
Life Assured is then alive, the vested
bonuses and the reduced Paid-up Sum
Assured as defined above shall be payable
at the end of the policy term.
If after at least one full year's premiums
have been paid in respect of this policy
any subsequent premium be not duly paid,
in the event of death of the Life Assured
within six months from the due date
of first unpaid premium, the benefits
will be paid as if the Policy had remained
in full force after deduction of (a)
the premium or premiums unpaid with
interest thereon until the date of death,
and (b) the unpaid premiums falling
due before the next Policy anniversary.
Revival :
If the policy has lapsed, you can revive
it by paying arrears of premium together
with interest (rate fixed from time
to time) within a period of five years,
subject to the production of satisfactory
evidence of continued insurability.
Surrender Value :
You may surrender the policy for cash
after completion of at least one policy
year provided premiums for one full
year have been paid.
Higher of the following two will be
payable in that case:
Guaranteed Surrender Value being 30%
of the total amount of premiums paid,
excluding extra premium, if any, and
Special Surrender value being the discounted
value of Paid-up Sum Assured.
Cash value of any existing vested bonuses
will be paid in addition.
Loan :
You may avail loan within the surrender
value at the rate and terms determined
from time to time by the Corporation.
Presently the rate of interest is 9%
p.a. payable half-yearly.
Nomination :
You may nominate a person to receive
policy money on death as per Section
39 of Insurance Act 1938.
Cooling-off period :
If you are not satisfied with the "Terms
and Conditions" of the policy you
may return the policy to us within 15
days.
Exclusions :
Suicide is excluded for first year.
No other exclusions.
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