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Life Insurance Corporation |
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Plans for Handicapped Departments
Jeevan Adhar
Features
Product Summary
This plan may be offered to a person who has a handicapped dependant satisfying conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance cover throughout the lifetime of the purchaser. The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.
The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.
Benefits
Death Benefit:
On the death of the Life Assured, Sum Assured together with the Guaranteed Additions and terminal additions, if any, become payable. 20% of such benefit amount shall be paid in lump sum and the balance amount shall be utilized to provide an annuity of 15 years certain and for life thereafter on the life of the handicapped dependant. The annuity rates are guaranteed for this purpose.
If the handicapped dependant predeceases the Life Assured during the premium paying term of the policy, the contract ceases and the Life Assured will have the option of either keeping the policy for a reduced paid-up Sum Assured or receive the refund of premiums. Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.
Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to the end of the policy term.
Jeevan Vishwas
Features
Product Summary
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.
Benefits
Benefits on maturity or earlier death:
On surviving till the end of the term of the policy or earlier death, Sum Assured together with the Guaranteed Additions and Loyalty Additions, if any, become payable. 20% of such benefit amount shall be paid in a lump sum and the balance amount shall be utilized to provide an annuity on the life of handicapped dependant. A number of annuity options are available under the plan.
Supplementary / Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
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