LIC Jeevan Bharthi 1 Policy
LIC Jeevan Bharathi – 1 Plan is an amazing plan as it is a Life Insurance Policy for women only. It is basically a Money Back Plan which can be utilized to purchase an Annuity on maturity of the plan.
In this plan, premium needs to be paid for the entire policy term of 15 or 20 years, but Survival Benefits of 20% of the Sum Assured are paid every 5 policy years. The remaining amount of the Sum Assured along with accrued Reversionary Bonus and Final Addition Bonus is payable as Maturity Benefit. However, the policyholder may choose to withdraw the Survival Benefit at a later date than its due date and she would also get interest for that period as well. Hence she gets an opportunity to customize this plan according to her needs.
Moreover, the Maturity Benefit may be utilized to purchase an annuity instead of withdrawing the same in a lumpsum. In this plan, there are 3 additional riders that can be opted for where most female concerns are taken care of including common female diseases, childbirth complications, etc.
Hence this plan is a plan with varied options which caters to the needs of large number of women policyholders and is the answer to the needs of many.
Key Features
There are 3 Additional Riders available:
- Accidental Benefit Rider which is payable upon death or total and permanent disability due to accident during the policy term.
- Critical Illness Benefit Rider which is payable in case of diagnosis of any of the mentioned critical illnesses.
- Congenital Disabilities Benefit Rider which is payable if the Life Assured gives birth to a child with certain congenital disabilities like Down’s Syndrome, Tetralogy of fallot, Anal
- Atresia, Imperforate anus, etc. The Benefit is payable upto a maximum of Rs 5 lakhs and for 2 children.
Benefits
In case of death of the Life Insured, the nominee receives
- 100% of the Sum Assured +
- Accrued Reversionary Bonus +
- Final Addition Bonus, if any,
is payable irrespective of the Survival Benefits paid earlier, if any.
20% of the Sum Assured is payable every 5 years, i.e.
Survival Benefit Payable at the end of | 15 year Policy Term | 20 year Policy Term |
5 Years | 20% of the Sum Assured | 20% of the Sum Assured |
10 Years | 20% of the Sum Assured | 20% of the Sum Assured |
15 Years | - | 20% of the Sum Assured |
At the maturity of the policy, the insured will get the remaining Sum Assured + accrued Reversionary Bonus + Final Addition Bonus, if any.
Tenure | Maturity Benefit |
15 year Policy Term | 60% of the Sum Assured + accrued Bonus + Final Addition Bonus (if any) |
20 year Policy Term | 40% of the Sum Assured + accrued Bonus + Final Addition Bonus (if any) |
Check the Bonus rate of LIC Jeevan Bharthi 1 Policy
Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 50,000 | 25,00,000 |
Policy Term (in years) | 15 | 20 |
Premium Payment Term (in years) | 15 | 50 |
Entry Age of Policyholder | 18 | 55 |
Age at Maturity | - | 70 |
Single Premium (in Rs.) | NA | NA |
Payment modes | Yearly |
FAQs
If you stop paying the premiums after 2 policy years, the policy continues for the full Sum Assured for a period of 3 years from the first unpaid premium date. This period is commonly known as Premium Holiday.
If at least 3 years’ premiums have been paid, the policy acquires a Paid Up Value after 3 years of Premium Holiday else the policy lapses and all benefits cease.
However, the policy can be revived within a period of 5 years from the date of first unpaid premium.
There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
Loan facility is available under this policy