LIC Jeevan Vishwas Plan
The LIC Jeevan Vishwas is an endowment assurance plan specifically designed such that any individual or any member of a Hindu Undivided Family (HUF) can avail an insurance upon their life to provide not just a lump sum to the handicapped dependant but also provide an annuity.
The sum assured is paid part in a lump sum and part in an annuity and is among the few insurance policies that cater to handicapped dependents. The LIC Jeevan Vishwas is an easy-to-acquire policy with convenient premium paying terms and offers many benefits such as guaranteed additions and loyalty additions.
Eligibility Criteria for LIC Jeevan Vishwas
The below table highlights the eligibility criteria required for this LIC endowment insurance policy:
Criteria | Requirement |
Minimum age of entry of the Proposer | The minimum age is 20 years as at last birthday |
Maximum age of entry of the Proposer | The maximum age is 65 years as at last birthday |
Minimum age at Maturity | - |
Maximum age at Maturity | When Proposer attains 75 years of age |
Key Features of LIC Jeevan Vishwas
Feature | Description |
Plan Type | Endowment Assurance Plan |
Plan basis | Individual basis |
Premium paying terms | Single premium payment term or yearly, half-yearly or quarterly throughout the policy term |
Minimum Premium Instalments | The minimum premium instalment for yearly mode of premium is Rs800, for half-yearly mode it is Rs 400 and for quarterly mode it is Rs 200 |
Policy term | The minimum policy term is 10 years with maximum policy term being 40 years |
Sum Assured | The minimum sum assured is Rs 50,000 and thereafter the sum assured will increase in multiples of Rs 25,000 |
Medical Tests | Extensive medical tests are not required but basic medical information is to be provided |
Nomination | Nomination facility is provided for in this insurance policy |
Loan facility | This insurance policy does not provide a loan facility |
Policy Coverage | The policy covers death, maturity, surrender and Supplementary cover if opted for |
Guaranteed Additions | The policy provides for guaranteed additions that are payable at the end of the policy term |
Loyalty additions | Loyalty additions are shares of the profit of the company and are terminal bonuses. If any additions are acquired by the policy it will be paid out either on death of assured or on maturity |
Surrender Value | Policy acquires surrender value upon completion of pre-determined number of policy years and is payable upon surrender of the policy. The period for policy to acquire surrender value is if premiums have been paid on time for three policy years |
Rebates | The policy provides for premium rebates except for single premium payment mode and also provides rebates on high sum assured |
Maturity Benefits | Paid upon assured surviving till maturity date of policy and includes any guaranteed additions or loyalty additions |
Death Benefits | Paid to the nominee/dependent upon death of the assured includes any guaranteed additions or loyalty additions |
Accident Benefits | Available for those policies with annual premium payment modes |
Benefits of the LIC Jeevan Vishwas Policy:
- Death Benefit: The policy will pay the basic sum assured along with any loyalty additions accrued and any guaranteed additions accrued to the nominee or dependent upon the unfortunate demise of the assured. 20% of the sum assured plus loyalty and guaranteed additions if any are paid as a lump sum to the dependent whereas the other 80% is paid as annuity for life to the handicapped dependent
- Maturity Benefit: If the proposer survives till the maturity date of the policy or the term of the policy then they are paid the basic sum assured along with accrued loyalty additions and guaranteed additions, if any
- Guaranteed and Loyalty Additions: Guaranteed additions will accrue at the rate of Rs 60 per thousand of the basic sum assured at the end of every policy year and will be paid on maturity of the policy or on death of life assured if death occurs after completion of 5 policy years. The loyalty additions if any accrued are considered as terminal bonuses and will be paid out either on death of the life assured if death occurs after the completion of 5 policy years or upon the maturity of the policy.
Riders available for LIC Jeevan Vishwas:
The rider for extra benefits or cover is available only on annual premium policies and will require that the proposer pay an additional premium to avail the extra cover. The benefit provided by the rider would pay out either on death of the assured or on maturity of the policy.
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