Friday, July 17, 2009

KOMAL JEEVAN (Table no.:159)

Features of plan: This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above policy has been introduced to provide the best education which can be very expensive for the proposer's children.
The payment of premium ceases on policy anniversary immediately after the child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26.
Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs. From the commencement of the policy, whichever is later.
POLICY AS A GIFT: the close relation such as grandparents, elder brothers or sister, uncles both from paternal or maternal side can gift single premium policy for love and affection under this plan, in such cases also, the policy will be proposed by father, mother or legal guardian. No medical examination is required for the child.
Premium waiver benefit: Premium waiver benefit can be availed by the proposer under this plan for which addition premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting requirements like production of proposer's standard age proof and medical exam. Of the proposer is must.
Term rider benefit: term rider benefit can be availed by the proposer to the extent of 20% of the basic S.A. under the policy not exceeding Rs.100000/- the benefit will be payable in case the proposer dies before the policy anniversary on which the child completes 18 years.Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal underwriting requirements.
Plan parameters
Age at entry: Min.0 yrs. LBD Max.10 yrs LBD
Maturity age: 26 yrs. LBDPPT: Min. 8 yrs. Max.18 yrs
Sum assured: min. 1Lac Max. 25Lac
S.A. in multiples: 25,000
Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium
Accidents benefit: N.A.
Policy loan: N.A.
Housing loan: N.A.
Revival: yes
Surrender of policy: yes
P.W.B.: yes
Term rider: yes
Underwriting Form no: 360
Age proof: Child 5 yrs. & above: school certificate
If not5yrs. And above: Birth certificate with parent joint declaration
Female lives category: I/II
Non-medical: Not required for L.A.
When PWB + TRB is: Medical exam. Is necessary withOpted by the proposer, Standard age proof and form no.300
Actual sum assured: Basic SA
Risk coverage: SA+GA+LA
Dating back @ 8%: Allowed
Maturity benefit: at the end of age 18 yrs, and 20 yrs.
20% of S.A. is paid and at the end of age 22 & 24 yrs.
30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Example: Mr. Rahul Gandhi aged 32 yrs. Takes a Komal Jeevan policy for his daughter Akanksha aged 4 years for Rs.2 Lac S.A. with PWB and TRB.
Risk cover of baby Akanksha starts from the policy anniversary after completion of 7th year. Akanksha will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000 respectively finally, at the age of 26 years she will get Rs.3,30,000 as Guaranteed Addition @ 75/- per thousand + loyally addition, if any.
If Akanksha dies after commencement of the risk i.e. 7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand S.A+ L.A , if any, will be given to the nominee without deducting earlier paid installments.

JEEVAN KISHORE, (Table no. 102)

Features of plan High bonus from day one child becomes owner of the policy automatically at the age of 18 yrs child's age should be between 0 & 12 yrs (LBD) risk commences after 2 years of age policy or on completion of 7 years of age, whichever is later.
No medical examination of the child if age less then 10 yrs. Else medical examination is necessary. Premium waiver benefit is available on payment of extra premium along with standard age proof and medical examination up up to 50 yrs of proposer's age.Parents of children who want provide a lump sum amount at a particular age of the child can also propose. If both parents are not alive, legal guardian can propose. Grand parents can also propose (w. e. f. 1- 12- 2003) provide premium are paid by grand parents from their own income and consent letter is given from parents. This amount can be used for any particular need of the child like marrige or start in life.
This policy is issued with profit, but bonus for waiting period will vest immediately on the policy anniversary from which risk is covered or at the end of 5 years from commencement of the policy whichever is later, provided the policy is in force.If children aged 5yrs. & above, not going to school, this plan is not allowed to them.W. e. f. 23-03-2005 this plan is allowed with single premium mode also.
Plan parameters
Age at entry: Min.0, Max. 12 yrsMaturity age: Max. 45 yrs.
Sum Assured: Min.5000Term: Min15yrs, Max. 35 yrs
Mode of payment: YLY/HLY/QLY/SP
Accident benefit: after 18 yrs. Age of child (Max. 50lac inclusive Re.1 extra perAll plans)Policy loan: N. A.
Housing loan: N. A.
Assignment: N. A,
Revival: yes
Surrender of policy: yes
Term rider: N.A.

Age proof 0 - 4 yrs: standard
5 yrs. & above: school certificate
Female lives category: I/II
Non-medical (Gen): N. A.
Non-medical (Prof): N. A.
Non-medical (special): N. A.
Actual sum assured: Basic SA
Risk coverage: SA + Bonus
Dating back @ 8%: Allowed
If aged at entry is less then 10 yrs. Then Max. S.A. will be Rs.15 Lac
Maturity benefit: on maturity the policy will get, the full S.A. + Accrued bonus + FAB, if any.
Death benefit: if death occurs after life risk has been commenced then the S.A.+ vested bonus + FAB, if any, will be payable on death. In case death occurs before commenced of risk, only deposited premiums will be given to the nominee.

Example: Mr. Anil Kapoor aged 35 years takes a Jeevan kishor policy for his 3 years old son master sunny for S.A. 2 lac to be matured at the age of 22 of him son. He also opts for premium waiver benefit.Life risk will commenced from the policy anniversary after completion of 7 yrs. Of sunny's age.
On maturity master sunny will get Rs.3,89,000+FAB , if any (2 lac S.A. +Bonus as per bonus rates of 2005 i.e. Rs.45 per 1000 .S.A. per annum 45 x 200 x 21 = 1,89,000 + FAB if any).
In case of master sunny dies at the age of 12 after commencement of risk cover, then the nominee will get 2,81,000 (2 lac S.A. + Bonus i.e. 45 x 200 x 9 = 81,000).On attaining the age of 18 master sunny has the option to opt for accident benefit by paying Re. 1 extra per thousand S.A

Monday, June 1, 2009

JEEVAN SARAL (Table No.:165)

Feature of plan: This plan contains good feather of the conventional plans and the flexibility of unit linked plans. It provides higher cover, smooth return, liquidity and considerable flexibility. In this plan one has to choose the premium he wants to pay whereas in normal plans one chooses the S.A. under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry age and terms. This plan is very appropriate for employees seeking life cover through salary savings schemes.

Surrender value: the policy can be surrender after it has been in force for at least 3 full years. The surrender value will be the greater then guaranteed surrender value or special surrender value as given below:

Guaranteed surrender value (GSV): The GSV will be equal to the 30% of the total amount of premium paid excluding the premium for the first year and all the extra premiums and premium for accident / term riders.

Special surrender value (SSV): The special surrender value under the policy shall be paid as the sum of (a) and (b) gives as under:

Discounted value or accumulated value, as the case may be, of the following: 80% of maturity S.A. if 4 years premium have been paid, 90% of the maturity S.A. if or more years but less then 5 years premiums have been paid and 100% of the maturity S.A. if 5 or more years premium have been paid.
The loyalty additions, if any as announced while declaring the results of the corporation's valuation as on 31st march, immediately preceding the date of surrender.

Auto cover: The plan offers auto cover of 12 month after the policy has been in force for a period of 3 years or more.

Flexible term: The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.

Partial surrenders: The plan will allow partial surrender from 4th year onwards subject to certain conditions for which please refer to policy document. Due to existence of the flexible term and partial surrender the policyholder will enjoy a lot of liquidity under the plan. The plan also provides for 15 days free look period".

Optional rider: Term assurance rider, accidental death and disability benefit rider is available by the payment of an addition premium.

Maturity sum assured (MSA): Has to be calculated on the basic premium only, before mode rebate & death accident benefit.

Death benefit S.A.: will be 250 times the monthly basic premium. To arrive at DAB we have to calculate death benefit S.A. e.g. if yearly premium is Rs.6000
The death benefit S.A. = 6000/12 x 250 = 1,25,000 for this DAB will be @ Re.1per thousand which come out to be Rs.125

Plan parameters
Age at entry: Min.12 yrs (completed) Max. 60 yrs (NBD)
Maturity age: Min.70 yrs
Term: Min.10 yrs Max. 35 yrs
Min. premium
Age 12 to 49:Rs.250 P.M
Age 15 to 60: Rs.400 P.M
Max. Premium: No. Limits
Premium in Multiples: Rs.50 p.m.
Mode of payment: YLY/ HLY/ OLY/ SSS
Accident benefit: Re. 1extra per (max. 50 Lac inclusive all plan)
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term: yes

Underwriting condition
Form no: 300/340
Age proof: Std/ NSAP-1
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: Death benefit S.A. + return of premium paid + LA (if any)
Dating back @ 8%: Allowed Benefit

Maturity benefit: Maturity sum assured (MSA) + Loyalty additions, if any
Death benefit: 250 times the monthly premium + Return of premiums
(Excluding extra/rider premium and first year premium),+ the Loyalty Addition, if any

Example: Mr. ashok is 25 years old and is working in auto industry. He opts for jeevan saral plan for 15 years term and chooses monthly basic premium of Rs.500/- after adding DAB premium of Rs.510 (500 x 250 = 1,25,000 x 1/1000 x 1/12 = 10 + 510). On maturity he will receive Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium paid for 4 years - first year premium = 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty Addition, if any.

JEEVAN ANAND (Table no.:149)

Features of plan
Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.
Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.
Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000
Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: yes

Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)
Death benefit:
If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased.
An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term.
Accident benefit:
The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate.

Surrender Value: Buying a life insurance contract is a long-term commitment. However, surrender values are available on 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. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded.
Corporation’s policy on surrenders: In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid. The Corporation’s surrender value will be reviewed from time to time and may change depending on the economic environment, our experience and other factors.
Example: Mr. Sharad Pawar 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Sharad Pawar will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-). Even after the premium paying term is over, risk cover continues till the death of Mr. Sharad Pawar.
But if, Mr. Sharad Pawar dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Sharad Pawar dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus.
Note: The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.