Jeevan Anurag Plan is a with profits plan under which benefits are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, the plan provides for an immediate payment of Sum Assured under the Basic Plan on death of the Life Assured during the term of the policy. This plan is therefore suitable to take care of the educational and other needs of children.
Benefits
Death Benefit:
An amount equal to the Sum Assured under the Basic plan shall be payable immediately on the death of the life assured during the term of the policy, provided the policy is in full force.
Assured Benefits:
Provided policy is in full force, an amount equal to 20% of the Sum Assured under the Basic Plan at the start of every year during last 3 policy years before maturity shall be payable. At maturity, 40% of the Sum Assured under the Basic Plan along with Reversionary Bonuses declared from time to time for the full term and the Terminal Bonus, if any, shall be payable.
This amount is payable both in case of life assured surviving to the end of policy term provided policy is kept in force by payment of premiums or dying during the policy term when policy was in force.
For example, if term of the policy is 20 years, 20% of the Sum Assured under the Basic Plan will be payable at the end each of the 17th,18th and 19th policy year and the balance 40% of the Sum Assured under the Basic Plan along with the vested Reversionary Bonus and the Terminal Bonus, if any, at the end of the 20th year.
Participation in profits:
The policy shall participate in profits of the “With Profit Assurance Policies” at such rates as may be declared by the Corporation provided the policy is kept in force for full Sum Assured
In case of death of the policyholder when the policy is in full force, the policy shall participate in profits for the balance of the term after payment of death claim of Sum Assured under the Basic Plan.
Terminal Bonuses, if any, may also be declared under the policy depending upon the experience of the Corporation and shall be payable at maturity.
Options:
The plan offers the following optional riders by payment of additional premium –
Accident Benefit Option:
Accident Benefit as optional rider will be available under this plan for a sum not exceeding the Sum Assured under the Basic Plan. This will be called the Accident Benefit Sum Assured, the maximum limit of which shall be Rs.25 lakh for all policies of the Life Assured with the Corporation taken together. An amount equal to the Accident Benefit Sum Assured shall be payable on death if the same occurs as a result of accident provided the policy is in full force. This benefit will be available for the full term of the policy or till the policy anniversary on which the age nearer birthday of the Life Assured is 70 years, whichever is earlier.
Term Assurance Rider Option:
Term assurance as optional rider will be available under this plan for a sum not exceeding the Sum Assured under the Basic Plan. This will be called the Term Assurance Rider Sum Assured, the maximum limit of which shall be Rs.25 lakh for all policies of the Life Assured with the Corporation taken together. An amount equal to the Term Assurance Rider Sum Assured shall be payable on death during the policy term provided the policy is in full force.
Critical Illness Rider Option:
Critical Illness as optional rider will be available under this plan for a sum not exceeding the Sum Assured under the Basic Plan. This will be called the Critical Illness Rider Sum Assured, the maximum limit of which shall be Rs. 5 lakh for all polices of the Life Assured with the Corporation taken together. An amount equal to the Critical Illness Rider Sum Assured shall be payable in case of diagnosis of a defined categories of critical illness during the term of the plan subject to the terms and conditions of Critical Illness Rider provided the policy is in full force.
Premium Waiver Benefit Option:
This is an optional benefit which may be opted in case of following:
i)If critical illness rider has been opted for ; and
ii)The Sum Assured under the Basic Plan is equal to the Critical Illness Rider Sum Assured.
In case, the Life Assured is diagnosed with any of the critical illnesses covered under the policy, the total future premiums (i.e. premium for Sum Assured under the Basic Plan and the premiums for the Riders opted for) in respect of the policy shall be waived provided the policy is in full force.
Loan
Loan is permissible subject to the usual terms and conditions. The rate of interest on loan shall be charged at the rate of 10.5% p.a. payable half-yearly. The Corporation may revise the rate of interest in future.
Eligibility Conditions and Features
FOR BASIC PLAN:
Minimum age at entry 20 years (age nearest birthday)
Maximum age at entry 60 years (age nearest birthday)
Maximum age at maturity 70 years (age nearest birthday)
Minimum term 5 years for Single Premium &10 years for Regular Premium.
Maximum term 25 years
Minimum sum assured Rs. 50,000 /-
Maximum sum assured No limit
The Sum Assured under the Basic Plan shall be in multiples of Rs. 5,000/-
FOR TERM ASSURANCE RIDER OPTION :
Minimum age at entry 20 years (age nearest birthday)
Maximum age at entry 50 years (age nearest birthday)
Maximum age at maturity 60 years (age nearest birthday)
Minimum term 5 years for single premium & 10 years for others.
Maximum term 25 years.
Minimum sum assured Rs. 1,00,000 /-
Maximum sum assured An amount not exceeding the Sum Assured
under the Basic Plan subject to the maximum of Rs.25 lakh
overall limit taking all Term Assurance Riders availed under all
existing policies of the life assured with the Corporation .
The Term Assurance Rider Sum Assured shall be in multiples of Rs. 25,000/-
FOR CRITICAL ILLNESS RIDER OPTION :
Minimum age at entry 20 years (completed)
Maximum age at entry 50 years (age nearest birthday)
Maximum age at maturity 60 years (age nearest birthday)
Minimum Term 10 years.
Maximum Term 25 years.
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured An amount not exceeding the sum assured under
the Basic Plan subject to the maximum of Rs.5 lakh overall
limit taking all Critical Illness Riders availed under all existing
policies of the life assured with the Corporation and the Critical Illness Rider
under the new proposal into consideration.
The Critical Illness Rider Sum Assured shall be in multiples of Rs. 10,000/-
Modes of premium Payments
Premiums are payable either by Single Premium or regularly during the premium paying term with modes of premium payment Yearly, Half-Yearly, Quarterly, Monthly or through Salary deductions.
Premium Paying Term ( PPT )
Following premium paying terms are available
Premium Paying Term (PPT) may be equal to the policy term or
PPT = Policy Term – 3.
Premiums may also be paid as a Single Premium.
Grace period for payment of premium
A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
Back-dating interest
The policies can be dated back within the financial year, as usual. Back- dating interest will be charged at the rate of 9% p.a. for dating back in excess of one month. This rate is subject to revision. The interest shall be charged even where the policy is back dated to a lean month.