Life Insurance of India (LIC) has introduced a new single premium plan called “Jeevan Aastha” today. This plan is open only for 45 days. I would suggest this plan for those who prefer Bank Fixed Deposit (FD). Jeevan Aastha is as good as Bank deposit plus Insurance. You need to pay only a ONE-time premium.
Jeevan Aastha ( Plan No. 195)
Features and details:
1. Availability: 08-12-2008 to 21-01-2009
2. One-time payment plan
3. Guaranteed Returns + Loyalty Additions.
4. High-Risk Cover
5. convenient Terms (5 Yrs and 10 Yrs)
6. Tax Rebate and Tax-Free maturity
Maturity Sum Assured along with Guaranteed Addition and Loyalty Addition, if any, Shall be payable. ( Maturity Sum Assured shall be 1/6th of Basic Sum Assured)
During the first policy year: Basic Sum Assured with Guaranteed Addition
After 1st policy year excluding last policy year: 1/3rd of Basic Sum Assured with Guaranteed Addition
During last policy year: 1/3rd of the S.A. Guaranteed Addition and Loyalty Addition, if any.
Rs. 100 per thousand of Maturity Sum Assured per year for a policy of 10 years term.
Rs. 90 per thousand of Maturity Sum Assured per year for a policy of 5 years term.
Eligibility Conditions and Restrictions:
a:) Minimum Entry Age: 13 Years completed
b:) Maximum Entry Age: 60 Years ( Nearest birthday)
c:) Minimum Basic Sum Assured: Rs. 1,50,000/-
d:) Maximum Basic Sum Assured: No Limit
j:) Large Sum Assured Rebate: Available
e:) Policy Term: 5 or 10 years
f:) Mode of premium payment: Single Premium
g:) Loans: Available after 1 year
h:) Backdating interest: Allowed @ rate of 10% (for dating back in excess of one month)
Large Sum Assured Rebate: Calculated on per thousand basis.
|Basic Sum Assured||Rebate|
|Term – 5 years||Term – 10 years|
|Rs.3,00,000 to Rs.5,99,999||Rs. 2.00||Rs. 3.00|
|Rs.6,00,000 to Rs.11,99,999||Rs. 2.50||Rs. 3.50|
|Rs 12,00,000 and above||Rs. 3.00||Rs.4.00|
Example Single Premium rates per Rs.1000 Basic SA Table Below:
|Age at entry||Policy Term 5 years||Policy Term 10 years|
Update: Plan No.195 has been Discontinued.