LIC India to Launch Jeevan Aastha on Sep 01 2011
LIC India is planning to launch Jeevan Aastha Single Premium Life Insurance starting Sep 01, 2011. This endownment plan was closed in 2009.
Below are the benefits LIC provided when the plan was effective in 2009. Let us hope to have the same benefits when LIC confirms the re-open of the Insurance plan on Sep 01, 2011
1. Benefits:
A)Death Benefit:
On death during the first policy year: Basic Sum Assured with Guaranteed Addition.
On death during the policy term after first policy year, excluding last policy year: 1/3rd of Basic Sum Assured with Guaranteed Addition.
On death during last policy year: 1/3rd of Basic Sum Assured with Guaranteed Addition along with loyalty addition, if any
B)Maturity Benefit:
On maturity, the maturity Sum Assured along with Guaranteed Addition and Loyalty Addition, if any, shall be payable.
Maturity Sum Assured shall be 1/6th of Basic Sum Assured.
C)Guaranteed Addition:
The policy provides for Guaranteed Addition at the following rates:
-
Rs. 100 per thousand Maturity Sum Assured per year for a policy of 10 years term.
-
Rs. 90 per thousand Maturity Sum Assured per year for a policy of 5 years term.
D)Loyalty Addition:
Depending upon the Corporation’s experience the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation
2.Premium rates
Specimen Single Premium rates per Rs.1000 Basic Sum Assured for some of the ages are as under:
| Age at entry | Policy Term 5 years |
Policy Term 10 years |
|
20 |
174.50 |
165.00 |
|
30 |
174.70 |
165.40 |
|
40 |
176.10 |
167.95 |
|
50 |
180.85 |
175.90 |
3.Rebate
High Sum Assured Rebates per Rs. 1,000 Basic Sum Assured :
| Basic Sum Assured | Rebate | |
|
Term – 5 years |
Term – 10 years |
|
|
Below Rs.3,00,000 |
Nil |
Nil |
|
Rs.3,00,000 to Rs.5,99,999 |
Rs. 2.00 |
Rs. 3.00 |
|
Rs.6,00,000 to Rs.11,99,999 |
Rs. 2.50 |
Rs. 3.50 |
|
Rs 12,00,000 and above |
Rs. 3.00 |
Rs.4.00 |
4.Loan
Loan facility will be available to you under this plan , after completion of one policy year.
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