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Money Back Policy-25 year

JEEVAN MITRA 3 LIFE INSURANCE POLICY BY LIC

(Plan No. 133)

Features of Jeevan Mitra 3

Product summary

This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the policy term.

Premiums :
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or earlier death.

Bonuses : This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period.

 

Plan parameters
Age Entry : Min. 18 yrs L0BD, Max. 50yrs
Maturity age: At entryMax.70 yrs.
in multiples:: Min. 50,000, Max. No Limit
Term: Min.15 yrs, Max.30 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1 extra per
(Max. 50Lacs 1000 S.A.
Inclusive all plan)
Policy lone: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: N.A.
Term rider: N.A.
CIR: Yes

Under writing condition

Form no: 300
Age proof: std./NSAP-1
Female lives category: I/II
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Twice of SA
Risk coverage: SA+ bonus
Dating back@ 8%: Allowed

BENEFIT

Maturity benefit: S.A.+ bonus + FAB, if any

Death benefit: Triple the S.A. +bonus on the basic SA+FAB, if any

Accident benefit: 3 times of the S.A.+ Bonus + FAB, if any.

Example: Mr. Salman Khan, aged 40 invests Rs.2lac in a annual premium. (T. No-88 with profit) for a term of 20 years, He pays Rs.12332/- as annual premium. On maturity he will get Rs.3,84,000/- [basic S. A . i. e. Rs.2lac+ (accrued bonus i. e. Rs.46 per thousand for 20lac years i.e. 46 x 200 x 20=1,84,000)].

In case he dies due to heart attack after 5 years his nominee will get Rs.6,46,000 (3 time basic S. A. i. e. 6,00,000 + bonus @ 46 per thousand per. As per bonus rate of 2005 i.e. 46 x 200 x 5 = 46,000)

In case he dies to accident after 5 years his nominee will get Rs.6,46,000/- (3 time basic S.A. i.e. 6,00,000 + bonus @ 46 per thousand S.A. p.a. as per bonus rate of 2005 i.e. 46 x 200 x 5 = 46,000.

 


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