LIC Jeevan Vishwas Policy

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LIC Jeevan Vishwas Plan

 

LIC Jeevan Vishwas Plan is a special category plan as it is a Life Insurance Policy especially for the Handicapped dependents. It is basically an Endowment Plan which can be utilized as a long term annuity plan after the death of the Life Insured.

 

In this plan, premium needs to be paid till the end of the policy term.

On Policy Maturity or on earlier Death of the Life Insured during the policy term but before the death of the handicapped dependent, the Benefit is paid partly in lumpsum and partly in instalments. 20% of the Sum Assured is paid in Lumpsum and the remaining amounts of 80% of the Sum Assured along with additions are utilized to purchase an annuity which continues as long as the handicapped dependent is alive. There are 3 options provided for annuity- Life Annuity, Annuity Certain for 5, 10 or 15 years and life thereafter or Annuity with Return of Purchase Price.

However, if the handicapped dependent dies before the Life Insured, the Life Insured will have the option of either continuing the policy by paying the premium or surrender the same.


Hence this plan is a Limited Payment Endowment cum Annuity plan with Guaranteed and Loyalty Additions which caters to the needs and requirements of a handicapped dependent.

 

 

Key Features of LIC Jeevan Vishwas Plan

 

§  This plan is basically an Endowment Plan for handicapped dependents.

§  The Death Benefit of the Life Insured for the handicapped dependent is 20% of the Sum Assured as lumpsum benefit and the remaining 80% along with additions would be utilized to provide an annuity for the handicapped dependent.

§  There are Guaranteed Additions if at least 10 years’ premiums have been paid

§  Loyalty Additions are also provided in this plan from 5th year onwards

§  Optional higher cover through Accident Benefit rider

 

 

Benefits you get from LIC Jeevan Vishwas Plan

 

Death Benefit – In case of death of the Life Insured when the Handicapped dependent is alive, 20% of the Sum Assured is paid as a lumpsum to take care of immediate expenses. The remaining 80% of the Sum Assured + Guaranteed Additions + Terminal Additions is utilized to provide an annuity for the handicapped dependant though a trustee or a nominee. The actual Annuity is calculated at the time of claim. There are 3 types of Annuity Options:

·         Life Annuity

·         Annuity Certain for 5, 10 or 15 years and life thereafter and

·         Annuity with Return of Purchase Price

If the handicapped dependent dies before the Life Insured and during the premium paying term, then the Life Insured has an option of either continuing the policy or Surrender the same.

 

Maturity Benefit – 20% of the Sum Assured is paid as a lumpsum to take care of immediate expenses. The remaining 80% of the Sum Assured + Guaranteed Additions + Terminal Additions is utilized to provide an annuity for the handicapped dependant though a trustee or a nominee.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80DDA

 

 

Eligibility conditions and other restrictions in LIC Jeevan Vishwas Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

10

40

Premium Payment Term (in years)

1

Equal to Policy Term

Entry Age of Policyholder

22

65

Age at Maturity

-

75

Premium (in Rs.)

800

No Limit

Payment modes

Single, Yearly, Half-Yearly, Quarterly, Monthly and SSS

 

 

Sample illustration of premium of LIC Jeevan Vishwas Plan

 

The below illustration is for a healthy Male opting for a Sum Assured = Rs 1,00,000 and Policy Term = 25 years respectively. 

 

LIC Jeevan Vishwas Plan Sample Premiums

 

 

Additional Features and Benefits of LIC Jeevan Vishwas Plan

 

Riders – There is 1 Additional Riders available:

·         Accident Benefit Rider

 

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured.

 

You want to surrender the policy – There is Guaranteed Surrender Benefit under this plan

Guaranteed Surrender Value= (30% of the Total Premiums paid till date – 1st years’ premium) and (90% of Single Premium paid)

 

You want a loan against your policy – Loan facility is not available under this policy

 

 

Alternate Endowment Plans from Other insurance companies

 

1.     Aviva Dhan Vriddhi

2.     Bajaj Allianz Super Saver

3.     ICICI Prudential Save "n' Protect  

 

 

Other Endowment Plans from Life Insurance Corporation of India

 

1.     Endowment Assurance - with profits

2.     Endowment Assurance Limited.  Payment - with profits

3.     Endowment Assurance Policy - with profits

4.     Jeevan Saral

5.     New Jana Raksha Plan

6.     Jeevan Mitra Triple Cover

7.     New Jeevan Shree 1

8.     Jeevan Pramukh

9.     Bima Nivesh 2005

10.   LIC's Jeevan Amrit

11.   LIC's Bima Account -I

12.   LIC's Bima Account -II

13.   LIC's Endowment Plus

14.   Jeevan Mitra Plan

 

 

 

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Jeevan Vishwas Policy brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Vishwas Policy Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

Is this policy, "Jeevan Vishwas" comes under the section 80DDA?

This is mentioned in this site but it is not mentioned in LIC's site. I am confused about it.

Please let me know about the confirmation of this policy whether it is under section 80DDA or not.

Can I get your contact number?

Thank you.

By Chitra Chaudhari on Apr 23, 2012 Reply

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