LIC JEEVAN VAIBHAV

LIC Jeevan Vaibhav is a close-ended single premium plan launched by L.I.C on 21st May 2012, offering guaranteed benefits on maturity along with Loyalty Addition, if any, payable on maturity or on the last policy year.

The plan will be open for sale for a maximum period of 120 days from the date of launch.

BENEFITS

• On death during the policy term, excluding last policy year: Sum Assured shall be payable.
• On death during the last policy year: Sum Assured along with loyalty addition if any shall be payable.
• On maturity, Sum Assured along with Loyalty Addition, if any, shall be payable.
• Depending upon the Corporations experience the policy will be eligible for Loyalty Addition during the last year of the policy at such rate and on such terms as may be declared by the Corporation.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

• Minimum Entry Age: 8 years (completed)
• Maximum Entry Age: 65 years (nearest birthday)
• Minimum Sum Assured: Rs. 200,000/-
• Maximum Sum Assured: No Limit
• Sum Assured shall be available in multiples of Rs. 10,000/-
• Minimum Single premium: Rs. 95210/-
• Policy Term: 10 years
• Premium payment mode : Single premium only

High Sum Assured Rebate :

Sum Assured Rebate (Rs.)
Upto 3, 90,000 Nil
4, 00,000 to 5, 90,000 2.00 %o S.A.
6, 00,000, and above 3.00 %o S.A.

LOAN

The loan facility will be available under LIC Jeevan Vaibhav, after completion of one policy year.

SURRENDER VALUE

The policy can be surrendered after the policy has run for at least one year. The minimum Guaranteed Surrender Value allowable is equal to 90% of the Single premium paid excluding extra premium if any.

LIC may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the guaranteed Surrender Value. The Special Surrender Value will be the discounted value of the Sum Assured as on date of surrender.

SERVICE TAX:

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time. The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium which is around 3.09% of the single premium paid.

COOLING-OFF PERIOD

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the risk premium, expenses incurred on medical examination, and stamp duty.

This plan will be open for sale only for a maximum period of 120 days from the date of launch. For more details please contact your L.I.C Agent or visit your nearest branch.