LIC Jeevan Vaibhav

LIC Jeevan Vaibhav (Plan No.809) is a non-linked one-time premium endowment assurance policy. Jeevan Vaibhav is a guaranteed return plan. Being a non-linked plan share market risk is Nil.

Policy Availability:
LIC Jeevan Vaibhav is a close-ended plan. It will be available for sale from 21st May 2012 for a maximum period of 120 days.

Benefits:

Death Benefit:

• During Policy term, excluding last policy year: Sum Assured shall be payable to the nominee.
• During the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable to the nominee.

Maturity Benefit:
On the maturity date, the sum assured along with loyalty addition, if any, will be payable to the policyholder.

Eligibility Conditions and Restrictions for LIC Jeevan Vaibhav

• Minimum Entry Age: 8 years (completed)
• Maximum Entry Age: 65 years (nearest birthday)
• Mode of Premium Payment: Single premium
• Policy Term: 10 years
• Minimum Sum Assured: Rs.2 lakh
• Maximum Sum Assured: No Max Limit
• The sum assured would be in multiple of Rs.10,000/-
• Back-dating: Yes
• Loan: Available

Rebate:
Large SA rebate tabular premium per thousand sum assured is as under:
Upto Rs.3,90,000/- : Nil
Rs.4,00,000/- to Rs.5,90,000/- : 2.00
Rs.6,00,000/- and above :  3.00

Loan on policy:
A loan will be given after the completion of one policy year. The loan amount would be a maximum of 70% of surrender value at the rate of 10.25% p.a. compounding half-yearly.

Guaranteed Surrender Value (GSV):
GSV is available after the completion of one policy year. GSV will be 90% of the single premium paid excluding extra premium if any.

Special Surrender Value (SSV):
SSV will be payable if it’s more favorable to the policyholder. SSV is the discounted value to the sum assured. SSV will depend on the policy term and the duration elapsed since the commencement of the policy.

Proposal form:
Form No. 300 or 340

Update: LIC Jeevan Vaibhav Plan No. 809 Has Been Discontinued.