Who can avail of this plan ? Those aged between 14 years and 57 years Are policy terms flexible ? Yes, The options are 12, 16 or 20 years. Upto what age is risk cover available ? The maximum age at maturity is 75 years. How much sum assured can be chosen ? Minimum sum assured : Rs.50,000. aximum sum assured : No limit.
For a policy of Rs. 2,00,000 & above, you get a r rr rebate of Rs. 7.5 per thousand sum assured. For a policy of Rs. 1,00,000 to 1,95,000 you get a r rr rebate of Rs. 5 per thousand sum assured.
Death Cover : On unfortunate death of the life assured, during the term of the policy, an amount equal to Sum Assured under the Basic Plan is paid provided the life cover is in force.
…… all these and periodical benefits too !!! Yes, On survival upto end of the specified durations, the following benefits shall be paid provided the policy is in force : Policy Term % of Sum Assured payable At the end of years 1215%4 th and 8 th years 1615%4 th, 8 th and 12 th years 2010%4 th,8 th, 12 th and 16 th years
What do you get when policy matures ? Total amount of premiums paid (excluding extra/optional rider premiums) plus loyalty additions, less amount of survival benefits paid earlier, shall be paid on survival to end of the term, if policy is in force.
…and the (L) icing on the cake - Loyalty Addition !!! This is a with-profits Plan and the policy participates in the Corporation’s with-profit assurance business Share of profits in form of loyalty addition (one-time) is a payable on maturity.
There is a misconception that Loyalty addition is just a little sweetener and the main growth comes from bonus / G.A. But it will not be so in the case of Jeevan Saral. Actuarial analysis will show that the actual L.A. that can be paid will not be less than the total regular bonus payable on death claim, surrender or maturity. In fact the policy holder will stand to gain more due to this concept Loyalty
Reversionary bonus is declared after assessment of surplus. On this surplus first a tax of 12.5% + 10% surcharge on tax and 2% educational cess, i.e. a total of 14% has to be paid. Thereafter 5% is the government share Then there is also a Solvency Margin provision to be made The remainder is then distributed as bonus to the policy holders
Loyalty Additions and Final Addition Bonuses are not based on assessment of surplus. Hence there is NO TAX, NO GOVERNMENT SHARE AND NO SOLVENCY MARGIN PROVISION to be made. The result naturally is substantially higher benefit to the policy holder
Accident Cover: Accident cover is available as an optional benefit for an amount not exceeding sum assured in the Basic Plan subject to an overall limit of Rs. 50 lakhs.
Auto Cover (Premium Holiday) If 2 years’ premium has been paid, and subsequent premiums not paid, full death cover shall be continue for a period of 2 years from date of First Unpaid Premium. This period of 2 years is called Auto Cover period. During the Auto Cover period, one or more instalments of premium can be paid with interest but without revival requirements and the Auto Cover period shall be available for 2 years from the revised date of FUP.
Another Mega Benefit EXTENDED TERM: The Extended Term will be half of the policy term and shall commence immediately on the expiry of the policy term. For example, for a 16 years policy term, the Extended Term will be 8 years with the result the total term will be 24 years. No premiums are payable during the Extended Term of the plan. During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.
Commission 1st Year 2nd & 3rd Year Renewal 15% 7.5%5% Bonus Commission : 40% of 1st year commission