The Jeevan Vishwas Plan from Life Insurance Corporation of India (LIC) is a endowment insurance policy that is especially catered towards handicapped dependents. The Jeevan Vishwas, being a “with-profits” plan, also provides Loyalty Additions and Guaranteed Additions. The premiums for this plan will vary as per one’s age at the time of purchasing the policy, sum assured, add-ons purchased, etc. Customers who purchase this plan are also eligible to claim tax deductions, annually.
The sum assured is a monetary figure that a policy buyer opts for before the inception of the risk cover. Thus, in case of an eventuality, this is the minimum amount of money the insurer will pay you or your nominee.
When you purchase any insurance plan, you are expected to pay a certain amount of money, called the premium, to the insurer. The premium has to be paid according to premium payment mode that you selected at the time of purchasing the policy.
|Policy Tenure||As per policy brochure|
|Premium Payment Mode||
* Premiums vary based on age, location, plan term, and other factor.
|Death Benefit||Upon the death of the life assured, the sum assured, Guaranteed Additions, and Loyalty Additions will be paid as the death benefit. 20% of this sum will be paid as a lump sum amount and the remaining will be paid as annuity to the handicapped dependent.|
|Maturity Benefit||At the end of the policy tenure, the life assured will receive the maturity benefit from the insurer. Maturity benefit will include the guaranteed sum assured, Loyalty Additions, and the Guaranteed Additions.|
Supplementary benefits or add-ons can be purchased for an additional premium, in order to customise one’s policy.
|Surrender Value||The Jeevan Vishwas Plan can be surrendered after 3 years of purchasing it. The insurer will pay you the Guaranteed Surrender Value or the Special Surrender Value, based on whichever is the higher amount.|
|Guaranteed Additions||Guaranteed Additions, at the rate of Rs.60 per thousand of the sum assured amount, is paid for each policy year.|
|Loyalty Additions||Loyalty additions/the terminal bonus may be declared by LIC from the fifth policy year onwards.|
Tax benefits, in accordance with the Income Tax Act, 1961, can be availed by the policyholder/nominee for total premiums paid and benefits received, respectively.
The Jeevan Vishwas Plan from LIC provides security to your dependent by way of their lump sum and annuity payments, thus ensuring that they have a regular source of income, even in your absence. LIC is one of the most preferred insurance companies in the country, due to their strong product portfolio, high claim settlement ratio, and pan-India presence. The insurer also has decades of product-management and customer relationship experience in this field, thus making them an attractive choice, to prospective policy buyers.
Note: This policy has been withdrawn by LIC.