In every organization, there are a few key people who play a vital role in its working and profitability. Losing these key employees could have an impact on the future and profits of the organization. LIC’s JEEVAN PRAMUKH, is a Keyman Insurance Plan which would provide the much needed protection to your Company against such unfortunate loss. 

 BENEFITS:              

  Guaranteed Additions: Guaranteed Additions @ Rs.50%o Sum Assured for each completed year, for the first five years. 

Participation in profits : The policy shall participate in profits of the Corporation from the 6^th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation. 

Maturity Benefit:  Sum Assured together with accrued Guaranteed Additions and accrued simple reversionary bonuses and Final Additional Bonus, if any, will be paid to the Policyholder on surviving the term of the policy provided the policy is in full force for full sum assured. 

Death Benefit:  On death of the Life Assured during the term of the policy an amount equal to the Sum Assured along with accrued Guaranteed Additions and accrued Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid provided the policy is in full force for full sum assured.

 Grace Period

A grace period of 30 days will be available for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums. 

15 – days Cooling-off period

If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.

 Paid-up Value

The policy will acquire paid-up value after more than one year’s premiums have been paid subject to Terms and Conditions.

 Guaranteed Surrender Value

This policy can be surrendered for cash after more than one year’s premiums have been paid.

 The Guaranteed Surrender Value allowable under the policy will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and the extra premiums, if any. 

The cash value of any existing vested Guaranteed Additions and vested simple reversionary bonuses, if any, will also be payable after completion of 3 years.  

Revival

The policyholder can revive his lapsed policy by paying arrears of premium together with interest within a period of five years from the date of first unpaid premium subject to satisfactory evidence of health and continued insurability of the Life Assured. The rate of interest will be as determined by the Corporation from time to time. Currently, the rate of interest is 9% p.a.

 Loan:

Subject to Terms and Conditions loan is permissible after the policy has acquired paid-up value.  The rate of interest charged on such loan amount would be determined from time to time.  The present rate is 10.5% p.a. payable half-yearly.

 Payment of premium : Premiums under this policy are payable over a period of 3, 4 or 5 years. The following modes of payment of premium are allowed - Yearly, Half-yearly, Quarterly or Monthly.

 Policy Term:  5, 10, 15, 20 or 25 years

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:

 (a)  Minimum Age at entry                   -           18 years completed

(b)  Maximum Age at entry                  -           65 years (age nearer birthday)

(c)  Maximum Maturity Age                 -           75 years (age nearer birthday)

(d)  Policy Term                                  -           5, 10, 15, 20 or 25 years

(e)  Sum Assured                               -           Minimum Rs.10 lakh.  Thereafter in

                                                                        multiples of Rs.1,00,000

Rebate for Mode of Premium Payment:

 Yearly              …        2% of tabular premium

Half-Yearly       …        1% of tabular premium

Quarterly         …        Nil

Monthly            …        5% extra of tabular premium

 Sum Assured Rebate:

 Up to and including Rs.50 lakh:        Nil       

Above Rs.50 lakh:                             Rs. 0.50 per thousand Sum Assure