This plan is most popular form of life assurance. This is Limited Payment Endowment with profits plan . In this plan one can secure their children’s life through single premium payment .
It makes provision for the family of the Assured in the event of early death, as also assures a lump sum amount at a desired age.
Plan Name: NLIC Jeevan Jyoti Plan
Entry Age Level: 1 Years to 65 Years
Maximum Maturity Age : 70 Years
Minimum Sum Assured : 5,000/-
Maximum Sum Assured: According to the income of the assurance.
Policy Term: Minimum 5 Years to Maximum 30 Years.
Premium Paying Term: Policy Term and Premium payment term are different .
Rider Benefit: ADB/PWB/PTD Available for Age at entry 16 years to 65 years.
Premium Payment Mode : Single, Yearly, Half-Yearly & Quarterly .
Provision for child:
Minimum Sum Assured : From 1 - 10 years of age, Minimum Sum Assured is 1,00,000/- .
Maximum Sum Assured : Age from 1 - 10 years, Maximum sum assured is 20,00,000/- .Above 20, 00,000/- of Sum Assured of a child is subject to having equal amount of sum assured of a proposer.)
Policy Term : Age group 1 – 10, Policy Term will be Minimum 15 Years to Maximum 30 Years. Age group 6 – 10, Policy Term will be 10 only .
Premium Payment Mode : Children form age 1 to 10 can have Single Mode only .
Accidental Benefit : ADB/PWB/PTD is not available for the child .
Commencement of Risk :
Risk of the child will commence from 2 years after the date of commencement of from the policy anniversary falling immediately after completion of 6 years of child’s age , whichever is later . But in case of child’s age at entry is 10 years risk will commence from one year after date of commencement.
- At the time of maturity of policy, Basic Sum assured with Bonus will be paid to the insured.
- In case child dies after commencement of risk, Basic Sum assured with Bonus will be paid to the beneficiary of the insured.
- If child dies before commencement of risk, single premium received, excluding any extra, will be refunded along with simple interest @ 5% .
Optional Benefits (Rider Benefits):
With payment of additional premium, following additional benefits can be taken:
1.Accidental Death Benefit (ADB) Only:
This is a rider benefit which offers protection on occurrence of death of the policyholder due to accident . It can be taken with payment of additional premium per thousand. In case of death due to accident, additional benefit equal to basic sum assured or maximum Rs. 1,00,00,000 whichever is less is payable to the beneficiary of assured.
2. Accidental Death Benefit, Accidental Total Permanent Disability, Premium Waiver Benefit – ADB, TPD & PWB:
This is a rider benefit which offers protection on occurrence of death or disability of the policyholder due to accident . This rider is to be offered as a package along with premium waiver rider . It can be taken with payment of an additional premium. Total coverage amount under this benefits will be equal to basic sum assured or Maximum Rs. 100,00,000/- whichever is less. In case of permanent and total disability of the policyholder during the policy term caused by an accident the Rider Sum Assured will be paid to the policyholder in 120 equal monthly instalments and all future payable premium will be waived.
3. Critical Illness Benefit:
This is a Rider benefit . If the life assured is diagnosed with specific illness defined under this plan during the policy term, lump sum amount equal to basic sum assured or maximum up to Rs. 50,00,000 will be paid to the insured. Undermentioned conditions should be followed to have Critical Illness ;
Entry age: Minimum 18, Maximum : 65, Policy maturity age: 70, Coverage: Minimum Rs.50, 000 ,Maximum : Rs. 50,00,000 , Policy Term : Minimum 5 Years to Maximum 20 years .