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.
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.
- During Policy term, excluding last policy year: Sum Assured shall be payable to nominee.
- During the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable to nominee.
On maturity date, the sum assured along with loyalty addition, if any, will be payable to the policy holder.
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
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:
Loan will be given after completion of one policy year. Loan amount would be 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 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 its more favorable to policy holder. SSV is the discounted value to the sum assured. SSV will depend on the policy term and the duration elapsed since commencement of the policy.
Form No. 300 or 340