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Eligibility Conditions And Other Restriction

Eligibility Conditions and Other Restrictions

Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
: No Limit
Policy Term : 13 to 25 years
Premium Paying Term : (Policy Term – 3) years
Minimum Age at entry : 18 years (last birthday)
Maximum Age at entry : 50 years (nearest birthday)
Maximum Maturity Age : 65 years (nearest birthday)

Payment of Premiums:

Premiums can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly intervals (through ECS or through salary deductions).

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Sample Premium Rates:

Following are some of the sample annual tabular premium rates (in Rs.) (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

AGE/TERM
(in years)

13
(PPT = 10)

15
(PPT = 12)

20
(PPT = 17)

25
(PPT = 22)

20

100.75

82.80

57.60

43.40

30

101.20

83.30

58.35

44.55

40

103.25

85.70

61.70

48.85

50

109.95

92.95

-

-

Mode and High S.A. Rebates:

Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly & Salary deduction - NIL

High Sum Assured Rebate:
Basic Sum Assured - Rebate (Rs.)
1,00,000 to 1,90,000 - Nil
2,00,000 to 4,90,000 - 2%o Basic Sum Assured
5,00,000 to and above - 3%o Basic Sum Assured

1.Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

2.Paid-up Value:
If after at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.

The benefit payable in case of death under a paid-up policy called “Death Paid-up Sum Assured”, shall be equal to the sum of:

»[(Number of premiums paid/Total Number of premiums payable) x Absolute amount assured to be paid on death] which shall be payable on the date of maturity; and
» Reduced Income Benefit i.e. 10% of Basic Sum assured x (Number of premiums paid/Total Number of premiums payable) shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary prior to date of maturity.

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured” and shall be equal to Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable).

A paid-up policy will not accrue any further bonuses. However, the vested simple reversionary bonuses, if any, shall remain attached to the reduced paid up policy and shall be payable only on the date of maturity.

Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

3.Surrender Value:
The policy can be surrendered provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for rider(s), if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and is specified as below:

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

Policy Loan:
Loan can be availed under the policy provided the policy has acquired surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

In case of exit i.e. either by Surrender or Maturity, any loan outstanding along with interest shall be recovered from the claim proceeds. However, in case of death of the policyholder, until the loan is fully repaid, interest on such outstanding loan (principal amount with interest) as on the date of death shall be recovered from any immediate benefit(s) i.e. Rider Benefit(s) payable under the policy and Annual Income Benefits. The principal amount of loan outstanding shall be recovered from any rider benefit(s) if payable under the policy else from the final lumpsum payment.

Taxes:
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Cooling-off period:
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty.

Exclusion:
Suicide: - This policy shall be void

» If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy except for 80% of the premiums paid excluding any taxes, extra premium and rider premium(s) other than Term Assurance Rider, if any, provided the policy is inforce.

If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premium(s) other than Term Assurance Rider, if any,) or the surrender value shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.

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