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Home » Products » Withdrawn Plans » LIC's Jeevan Deep (Plan No. 810, UIN No. 512N270V01) » Benefit Illustration

Benefit Illustration 

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 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 the 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."

LIC's Jeevan Deep
(UIN:512N270V01)

 
Age at entry 35 Years
Policy Term 10 Years
Annual Premium(Rs.) 1078
Basic Sum Assured 10000
Guaranteed Addition(Rs.) 20 Per Rs.1000/-Basic Sum Assured

 

 
End Of Policy
Year
Total Premium paid
till end of year
Amount payable on Death during the year or at maturity
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 1078 10200 0 0 10200 10200
2 2156 10400 0 0 10400 10400
3 3234 10600 0 0 10600 10600
4 4312 10800 0 0 10800 10800
5 5390 11000 0 0 11000 11000
6 6468 11200 0 0 11200 11200
7 7546 11400 0 0 11400 11400
8 8624 11600 0 0 11600 11600
9 9702 11800 0 0 11800 11800
10 10780 12000 0 1950 12000 13950

 

LIC's Jeevan Deep
(UIN:512N270V01)

 
Age at entry 35 Years
Policy Term 10 Years
Annual Premium(Rs.) 7904.50
Basic Sum Assured 10000
Guaranteed Addition(Rs.) 20 Per Rs.1000/-Basic Sum Assured

 

End Of Policy
Year
Total Premium paid
till end of year
Amount payable on Death during the year or at maturity
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 7904.50 10200 0 0 10200 10200
2 7904.50 10400 0 0 10400 10400
3 7904.50 10600 0 0 10600 10600
4 7904.50 10800 0 0 10800 10800
5 7904.50 11000 0 0 11000 11000
6 7904.50 11200 0 0 11200 11200
7 7904.50 11400 0 0 11400 11400
8 7904.50 11600 0 0 11600 11600
9 7904.50 11800 0 0 11800 11800
10 7904.50 12000 0 3700 12000 15700
 

Notes :
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

SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.
 
EXTRACT from Section 41 of the Insurance Act :
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 bonafide insurance agent employed by the insurer.
Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 /-

Note : Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.

 


Last modified date :11/02/2021
 
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