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Home » Products » Withdrawn Plans » Fortune Plus » Benefit Illustration
Benefit Illustration

Benefit Illustration

It is a unit linked assurance plan where premium payment term (PPT) is 5 years and the premium payable in the first year will be 50% of total premium payable under the policy. The level of cover will depend on the level of premium you agree to pay.

Four types of investment funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of the units may increase or decrease, depending on the Net Asset Value (NAV). The plan therefore serves the purpose of insurance-cum-investment.

1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals for 5 years. The minimum First year premium will be Rs.20,000/- and you may pay.


FREQUENCY OF PREMIUM PAYMENT : ANNUAL BASIC PLAN
AGE AT ENTRY: 35 years
TERM: 20 years
PPT: 5 years
FIRST YEAR PREMIUM: 20000
SUM ASSURED UNDER BASIC PLAN: 200000
 

 Scenario 1
End Of Policy Year Total Premium Paid DEATH BENEFIT PAYABLE AT END OF YEAR OF DEATH SURRENDER/ MATURITY VALUE
Guaranteed Variable Variable Payable Amount Payable Amount Payable Amount Payable Amount
      Scenario 1 Scenario 2 Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 20000 200000 16732 17384 200000 200000 0 0
2 25000 200000 22048 23602 200000 200000 0 0
3 30000 200000 27610 30360 200000 200000 27610 30360
4 35000 200000 33429 37706 200000 200000 33429 37706
5 40000 200000 39518 45692 200000 200000 39518 45692
6 40000 200000 40752 49048 200000 200000 40752 49048
7 40000 200000 42007 52671 200000 200000 42007 52671
8 40000 200000 43289 56592 200000 200000 43289 56592
9 40000 200000 44597 60838 200000 200000 44597 60838
10 40000 200000 45924 65433 200000 200000 45924 65433
11 40000 200000 47260 70403 200000 200000 47260 70403
12 40000 200000 48597 75778 200000 200000 48597 75778
13 40000 200000 49924 81591 200000 200000 49924 81591
14 40000 200000 51232 87884 200000 200000 51232 87884
15 40000 200000 52511 94702 200000 200000 52511 94702
16 40000 200000 53750 102096 200000 200000 53750 102096
17 40000 200000 54939 110129 200000 200000 54939 110129
18 40000 200000 56067 118870 200000 200000 56067 118870
19 40000 200000 57121 128399 200000 200000 57121 128399
20 40000 200000 58090 138809 200000 200000 58090 138809


Reduction in yield @ 6% 3.99%
Reduction in yield @ 10% 3.17%

FREQUENCY OF PREMIUM PAYMENT : ANNUAL BASIC PLAN +AB
AGE AT ENTRY: 35 years
TERM: 20 years
PPT: 5 years
FIRST YEAR PREMIUM: 20000
SUM ASSURED UNDER BASIC PLAN: 200000
 

 
End Of Policy Year Total Premium Paid DEATH BENEFIT PAYABLE AT END OF YEAR OF DEATH SURRENDER/ MATURITY VALUE
Guaranteed Variable Variable Payable Amount Payable Amount Payable Amount Payable Amount
      Scenario 1 Scenario 2 Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 20000 200000 16617 17266 200000 200000 0 0
2 25000 200000 21811 23356 200000 200000 0 0
3 30000 200000 27245 29974 200000 200000 27245 29974
4 35000 200000 32930 37166 200000 200000 32930 37166
5 40000 200000 38877 44985 200000 200000 38877 44985
6 40000 200000 39962 48158 200000 200000 39962 48158
7 40000 200000 41060 51580 200000 200000 41060 51580
8 40000 200000 42176 55282 200000 200000 42176 55282
9 40000 200000 43310 59289 200000 200000 43310 59289
10 40000 200000 44452 63621 200000 200000 44452 63621
11 40000 200000 45593 68303 200000 200000 45593 68303
12 40000 200000 46723 73361 200000 200000 46723 73361
13 40000 200000 47831 78828 200000 200000 47831 78828
14 40000 200000 48907 84738 200000 200000 48907 84738
15 40000 200000 49939 91135 200000 200000 49939 91135
16 40000 200000 50916 98065 200000 200000 50916 98065
17 40000 200000 51824 105585 200000 200000 51824 105585
18 40000 200000 52652 113757 200000 200000 52652 113757
19 40000 200000 53386 122657 200000 200000 53386 122657
20 40000 200000 54010 132368 200000 200000 54010 132368

Reduction in yield @ 6% 4.39%
Reduction in yield @ 10% 3.43%

Statutory warning
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. 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 dependant on a number of factors including future investment performance.”

i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

iv) LIC does not authorize its agents/intermediaries, staff and officials to express their opinion on the future performance of the “ULIP” fund, excepting the above illustrative rate of 6% and 10% growth.

SECTION 41 OF INSURANCE ACT 1938

(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.

 
Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
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