LIC Jeevan Vaibhav is a close-ended single premium endowment assurance plan which offers guaranteed benefits on death and maturity along with Loyalty Addition, if any, payable on maturity or on death in the last policy year. The plan will be open for sale for a maximum period of 120 days from the date of launch.
- Single premium plan
- Non-linked endowment policy
- Available for limited period only (close-ended)
- Offers loyalty additions on maturity
a) Death Benefit: On death during the policy term, excluding last policy year: Sum Assured shall be payable.
On death during last policy year: Sum Assured along with loyalty addition, if any shall be payable.
b) Maturity Benefit: On maturity, Sum Assured along with Loyalty Addition, if any, shall be payable.
c) Loyalty Addition: Depending upon the Corporation’s 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
a) Minimum Entry Age : 8 yrs (completed)
b) Maximum Entry Age : 65 yrs (nearest birthday)
c) Minimum Sum Assured : Rs. 200,000/-
d) Maximum Sum Assured : No Limit
e) Minimum Single premium : Rs. 95210/-
f) Policy Term : 10 years
g) Premium payment mode : Single premium only
High sum assured rebate:
Sum Assured Rebate (Rs.)
Up to 3, 90,000 Nil
4, 00,000 to 5, 90,000 2% of Sum Assured
6, 00,000 and above 3% of Sum Assured
Loan: Loan facility will be available under this plan, after completion of one policy year.
Surrender value: The policy can be surrendered for cash 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.
Sample illustrations of benefits: Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.
Exclusions: The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of a maximum of (i) 90% of the single premium paid excluding any extra premium paid or (ii) third party’s bonafide beneficial interest acquired in the policy for valuable consideration (but limited to applicable death benefit of this policy) of which notice has been given in writing to the branch where the policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.