Benefit Illustration
Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on the life insurance business. 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 future 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 dependent on a number of factors including future investment performance.”
Illustration 1 (Table 136)
Age ate entry: 35 years
Age of dependant: 5 years
Premium paying term: 1 years
Sum Asured: Rs. 1,00,000/-
Annual premium: Rs. 36,645/-
|
End of year
|
Total premiums paid till end of year
|
Benefit payable on death / maturity at the end of year |
| Guaranteed |
Variable |
Total |
| Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
| 1 |
36,645 |
100000
|
- |
- |
100000
|
100000
|
| 2 |
36,645 |
106000 |
- |
- |
106000 |
106000 |
| 3 |
36,645 |
112000 |
- |
- |
112000 |
112000 |
| 4 |
36,645 |
118000 |
- |
- |
118000 |
118000 |
| 5 |
36,645 |
124000 |
- |
- |
124000 |
124000 |
| 6 |
36,645 |
130000 |
- |
- |
130000 |
130000 |
| 7 |
36,645 |
136000 |
- |
- |
136000 |
136000 |
| 8 |
36,645 |
142000 |
- |
- |
142000 |
142000 |
| 9 |
36,645 |
148000 |
- |
- |
148000 |
148000 |
| 10 |
36,645 |
154000 |
- |
- |
154000 |
154000 |
| 15 |
36,645 |
184000 |
- |
- |
184000 |
184000 |
| 20 |
36,645 |
214000 |
- |
- |
214000 |
214000 |
| 30 |
36,645 |
280000 |
- |
10000 |
280000 |
290000 |
Age ate entry: 35 years
Age of dependant: 5 years
Premium paying term: 15 years
Sum Asured: Rs. 1,00,000/-
Annual premium: Rs. 4,008/-
|
End of year
|
Total premiums paid till end of year
|
Benefit payable on death / maturity at the end of year |
| Guaranteed |
Variable |
Total |
| Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
| 1 |
4008 |
100000 |
- |
- |
100000
|
100000
|
| 2 |
8016 |
106000 |
- |
- |
106000 |
106000 |
| 3 |
12024 |
112000 |
- |
- |
112000 |
112000 |
| 4 |
16032 |
118000 |
- |
- |
118000 |
118000 |
| 5 |
20040 |
124000 |
- |
- |
124000 |
124000 |
| 6 |
24048 |
130000 |
- |
- |
130000 |
130000 |
| 7 |
28056 |
136000 |
- |
- |
136000 |
136000 |
| 8 |
32064 |
142000 |
- |
- |
142000 |
142000 |
| 9 |
36072 |
148000 |
- |
- |
148000 |
148000 |
| 10 |
40080 |
154000 |
- |
- |
154000 |
154000 |
| 15 |
60120 |
184000 |
- |
1000 |
184000 |
184000 |
| 20 |
80160 |
214000 |
- |
10000 |
214000 |
224000 |
| 30 |
120240 |
280000 |
- |
31000 |
280000 |
311000 |
* 20% of the amount shall be paid in a lump sum and the balance 80% shall be utilized to pay an annuity on the life of handicapped dependant.
(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) The maturity benefit is the amount shown at the end of the policy term.