Key features
- Single Premium plan with a fixed term of 10 years.
- No upper limit on premium
- Loyalty Addition, as applicable.
- Introduction:
- Jeevan Sugam is a hassle free par plan. You have to contribute the premium only once and the policy matures after duration of 10 years.
What do you mean by a par plan?
Par plan means that the policy participates in profits. In Jeevan Sugam the profits are distributed in the form of Loyalty Addition.
What are the benefits under the plan?
The key benefits under the plan are uninterrupted Life Cover throughout the term, Maturity Benefit at the end of the term and liquidity in the form of loan without any waiting period.
What is the Maturity Benefit under the plan?
At maturity the Maturity Sum Assured (MSA) and Loyalty Addition, depending on the Corporation’s experience, are payable to the Life Assured.
What is the Maturity Sum Assured?
Maturity Sum Assured is the amount you chose to receive at Maturity. Your premium is decided on the basis your age and the Maturity Sum Assured chosen by you. The minimum MSA is Rs.60000/- and there is no upper limit for MSA.
Is there any advantage of investing a higher amount?
Yes on investing a higher amount there shall be increase in Maturity Sum Assured. When the Maturity Sum Assured is between Rs. 1,50,000 to Rs. 3,99,999, the MSA shall be increased by 3.50% and when the MSA is Rs. 400000 and above, the MSA shall be increased by 4.50%. For example, let us assume that the Life Assured has chosen a MSA of Rs.5,00,000 then the increased MSA shall be Rs.5,22,500. This means that you pay premium for Rs.5,00,000 MSA but the amount payable to you at maturity shall be the enhanced amount of Rs.5,22,500 plus Loyalty Addition, as applicable.
What is the Basic Sum Assured under this plan?
The Basic Sum Assured is ten (10) times the Single Premium excluding extra premium, if charged.
What is the amount of Life Cover under Jeevan Sugam?
Risk cover is equal to the Basic Sum Assured. In event of unfortunate death of the Life Assured during the term, the Basic Sum Assured is payable. If death occurs after completion of 5 policy years, Loyalty Addition, if any, depending on the Corporation’s experience, is also payable.
Illustration:
Basic Sum Assured (BSA) = 10 x Single Premium excluding extra premium, if charged.
Single Premium for age 33 & Maturity Sum Assured of Rs.500000/- is 2,86,650/-(excluding service tax). Assuming that the policy is accepted at Ordinary Rates, then the Basic Sum Assured shall be Rs. 28,66,500/-. Which means the Life Assured enjoys a risk cover of Rs.28,66,500/- by paying a premium of Rs.2,86,650/-.
The Increased Maturity Sum Assured shall be Rs.5,22,500/-. Accordingly, amount payable at Maturity shall be Rs.5,22,500 plus Loyalty Addition.
Can I take a loan against the policy?
Sure, loan is available against the policy at any point of time during the policy. Loan can be granted to a maximum of 60% of Surrender Value.
What is the Surrender Value?
The Surrender Value shall be the greater of Guaranteed Surrender Value and Special Surrender Value.
The Guaranteed Surrender Value shall be 90% of the Single Premium excluding extra premium for all years except the first policy year where it shall be 70% of the Single Premium excluding extra premium.
The Special Surrender Value shall be the discounted value of Maturity Sum Assured (MSA).
There is no waiting period for availing a loan and it shall be at least 54% of premium paid except in the first year where it shall be 42% of premium paid.
Who can take the plan?
The age eligibility under the plan is 8 to 45 years. Parents can also take the plan for their minor children and children who are upto 25 years of age and undergoing studies. The minimum amount of Maturity Sum Assured can be 60000/- there is no upper limit on the Sum Assured.
Why should I opt for Jeevan Sugam?
You have to pay premium only once so you enjoy the convenience of onetime investment without the fear of forgetting the next premium due.
The plan has added advantage of Loyalty Addition.
The plan provides a very high level of financial security to your loved ones throughout the term.
For Further Details Contact: 9994865151