Popularity Meter
17,77,352 policies
sold in 2003-04
in the very 2nd year
after introduction
Intro
features
benefits
illustrations
Intro
features
benefits
illustrations
Who can avail of this plan?
Intro
features
benefits
illustrations
Male lives and female
lives having their own
income aged between 18
years (completed) and 65
years (near birthday)
For how many years is
premium payable ?
You can choose
premium payment
terms between 5 and
57 years
For what sums is insurance
available under this plan ?
At what frequency can
premium be paid?
Minimum Rs. 1 lakh.
Maximum : no limit, but
depends upon income
Yearly, Half-Yearly,
Quarterly, SSS
Critical Illness Rider : Eligibility
(A) Minimum entry age : 18 yrs (completed)
Intro
features
benefits
illustrations
(B) Maximum entry age : 50 yrs (nearer birthday)
(C) Maximum maturity age : 60 years
(D) Minimum Sum Assured for the Critical illness Rider : Rs.50,000/=
(E) Minimum Sum Assured of the Main plan on which the Critical illness
Rider can be given: Rs.50,000
(F) Maximum Sum Assured : An amount equal to the Basic Sum for the
Critical Illness Rider Assured, subject to a maximum of Rs.5,00,000.
(G) Term : 10 to 35 years under regular premium
5 to 35 years under Single premium
and 15, 20 & 25 years under limited premium paying term policies.
This rider is allowed only if the maturity age under main policy is not
greater than 60 years.
The policy term and premium paying term of the rider should match with
the policy term and premium paying term under the main policy.
Critical Illness Rider : Benefits
Critical Illness Sum Assured is payable on life assured surviving for a
period of 28 days from date of occurrence of any of the following
critical illnessesIntro
features
benefits
illustrations
Heart Attack (Myocardial Infarction)
Stroke (Cerebro-vascular Accident)
Cancer
Kidney Failure
Major Organ transplant
Paralysis
3rd Degree Burns
Blindness
Coronary Artery By-pass Surgery
Heart Valve Replacement or Repair
Aorta Graft Surgery
Premium Waiver Benefit:
A policyholder has option to avail of a premium waiver benefit
whereby premiums falling due on or after the date of diagnosis of
critical illness are waived till maturity date of the main plan or earlier
death of the life assured.
Age
Term
Intro
features
Sum Assured Rs.
1 lakh
2 lakhs
5 lakhs
10 lakhs
20
10
11543
23,086
56965
112930
25
10
11766
23,532
58080
115161
30
20
5660
11,320
27550
54274
35
20
5873
11,747
28617
56408
40
30
3880
7,760
18650
36550
benefits
illustrations
When are benefits payable?
Survival Benefit :
Intro
features
benefits
illustrations
When the policyholder
survives till date of
maturity and policy is in
force,
Full sum assured +
vested bonuses +
final additional bonus,
if any, is payable.
Risk cover continues
after maturity,
without need to pay
premium
Risk Cover :
On death during premium
payment period,
Full sum assured +
vested bonuses +
final additional bonus,
if any, is payable.
On death after premium
paying period,
Full sum assured is
payable.
Illustrations
Age at entry: 35 years
Mode of premium payment: Yearly
Annual Premium: Rs.4,535 /-
Benefit payable on survival
to the end of selected term
Intro
End of
Year
features
benefits
illustrations
Premium paying term: 25 years
Sum Assured: Rs.1,00,000/-
Total
premium
paid till end
of year
Variable
Guaranteed
25
1,13,375
1,00,000
26
onwa
rds
1,13,375
1,00,000
**
Total
Scenario
1
Scenario 2
Scenario 1
Scenario 2
41500
141000
141500
241000
-
1,00,000
**
1,00,000
**
-
Illustrations
Age at entry: 35 years
Mode of premium payment: Yearly
Annual Premium: Rs.4,535 /-
Intro
features
benefits
illustrations
Premium paying term: 25 years
Sum Assured: Rs.1,00,000/-
Benefit payable on death during the selected term
End of
Year
Total premium
paid till end of
year
Guarantee
d*
1
4,535
2
Variable
Total
Scenar
io 1
Scenario 2
Scenari
o1
Scenario 2
1,00,000
1500
5100
101500
105100
9,070
1,00,000
3000
10200
103000
110200
3
13,605
1,00,000
4500
15300
104500
115300
4
18,140
1,00,000
6000
20400
106000
120400
5
22,675
1,00,000
7500
25500
107500
125500
6
27,210
1,00,000
9000
30600
109000
130600
7
31,745
1,00,000
10500
35700
110500
135700
8
36,280
1,00,000
12000
40800
112000
140800
9
40,815
1,00,000
13500
45900
113500
145900
10
45,350
1,00,000
15000
51000
115000
151000
15
68,025
1,00,000
22500
76500
122500
176500
20
90,700
1,00,000
33000
113000
133000
213000
25
1,13,375
1,00,000
41500
141000
141500
241000
Illustrations:
Assumptions and Disclaimer
The illustration is applicable to a non-smoker male/female standard
(from medical, life style and occupation point of view) life.
Intro
features
benefits
illustrations
The non-guaranteed benefits in the illustrations are calculated so that
they are consistent with the Projected Investment Rate of Return
assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2)
respectively. In other words, in preparing this benefit illustration, it is
assumed that the Projected Investment Rate of Return that LICI will
be able to earn throughout the term of the policy will be 6% p.a. or
10% p.a., as the case may be. The Projected Investment Rate of
Return is not guaranteed.
The main objective of the illustration is that the client is able to
appreciate the features of the product and the flow of benefits in
different circumstances with some level of quantification.
Future bonus will depend on future profits and as such is not
guaranteed. However, once bonus is declared in any year and added
to the policy, the bonus so added is guaranteed.