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Live the ‘Plus’ Life with LIC’s Jeevan Plus – a unique Unit Linked Whole Life plan that offers the twin benefits of investment plus insurance cover through out your life. You can choose the level of cover you are most comfortable with. Selecting your premium payment options from either single premium or a regular premium. You can even decide the level of premium you wish to pay. Welcome to a life of convenience. Welcome to the ‘Plus’ Life!
The premium will be applied to purchase units as per the Fund type chosen by you . The unit account will be subject to deduction of charges as specified in the Policy conditions. The value of the units in the Unit Fund may increase or decrease , depending on the investment return of the assets representing the chosen Fund.
1. Premiums: Regular premium can be paid either in yearly, half-yearly or quarterly instalments. The minimum annual premium will be Rs.5,000/- increasing thereafter in multiples of Rs.1,000/-.
Alternatively, a Single premium can be paid subject of a minimum of Rs.25,000 and thereafter in multiples of Rs.1,000.
i) Auto-cover:
The charges for Life Cover and Accident Benefit / Critical Illness Benefit cover, if any, shall be taken by canceling an appropriate number of units out of the Policyholder’s Unit Account every month. This will continue to provide relevant risk covers even if premiums have not been paid as and when due under the policy.
During the period of Auto-cover any / all unpaid premiums that have fallen due may be paid at anytime without interest.
The Auto-cover facility will compulsorily be available throughout the term of the policy. However, for Regular premium policies where less than 3 years’ premiums have been paid and Single premium policies if at any time, the Policyholder’s Unit Account falls below the monthly charges, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Unit Account, if any, will be refunded to you.
Not withstanding what is stated above, the balance in the Policyholder’s Unit Account should be sufficient to cover the relevant charges. However, for all Regular Premium policies where at least 3 years premiums have been paid, the Policyholder’s Unit Account, at all times, shall be subject to a minimum balance of one annualized premium. In case the Policyholder’s Unit Account falls below this limit, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Unit Account will be refunded to you.
ii) Top-up (Additional Premium):
You can pay additional premium in multiples of Rs.1,000 at anytime during the term of the policy subject to the overall amount of Top-up as under:
i. In case of Single Premium – equal to Single Premium
ii. In case of Regular Premium – Total premiums payable during the term of the policy.
In case of yearly or half-yearly mode of premium payment such Top-up can be paid only if all premiums have been paid under the policy.
iii) Switching:
You can switch between any fund types during the policy term. Within a given policy year 4 switches will be allowed free of charges. Subsequent switches in that year shall be subject to a switching charge of Rs.100 per switch.
iv) Minimum Guaranteed Growth rate:
For the “Bond“ fund, the allocated premiums, net of all charges and deductions, will have a guaranteed minimum growth rate of 3% p.a. compounding yearly, provided the policy is held till the maturity without any switching to any other fund in between and all premiums under the policy are duly paid in time. The guarantee shall not apply to any Top-up premiums paid under the Policy. There will be no guarantee under other funds.
v) Paid-up Value:
If premiums are payable either yearly, half-yearly or quarterly and the same have not been duly paid under the Policy, the Policy shall become paid-up.
A policy once surrendered cannot be reinstated.
The Value of the units and hence the Benefit relating to the policyholder’s unit account is subject to market and other risks and there can be no assurance that the objectives of any of the above funds will be achieved. Further, the value of units within each Fund can go up or down depending on the different factors affecting the capital markets and may also be affected by changes in the general level of interest rates and other economic factors. All benefits under the policy are also subject to the Tax Laws and other Financial enactments as they exist from time to time.
If policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to us within 15 days from the date of receipt of the Policy Bond.
No loan will be available under this plan.
Assignment will be allowed under this plan.
No risk claim will be paid in case the Policyholder commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under this policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of the Bid Value of the Policyholder’s Unit Account on the date of death, subject to deduction of the charge for premature surrender as mentioned under Section 8 above.
No dating back of the policy will be allowed under this plan.
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