LIC Jeevan Vishwas
What is the nature of this policy and what are the steps followed in this policy?
LIC Jeevan Vishwas is a specially designed endowment assurance plan particularly made for the benefit of the handicapped dependents. Under this, the benefits are payable either on the date of maturity or on the date of death.
What are the important features of this policy?
The salient features of this LIC Jeevan Vishwas plan are as follows. The basic assured sum is payable either on the survival till the term of policy or on the death before the term ends. The payment of the benefits is based on the 20% of the lump sum amount and the remaining 80% is secured to the annuity.
The guaranteed additions are given as Rs.60 at a fixed rate for every Rs.1000 sum assured. For each completed policy year, the loyalty additions are payable. Premium amount can be paid between 10 to 25 years at the intervals of yearly, quarterly, half-yearly thro' out the term of policy. Also single premium payment is also available and can be paid as lump sum amount.
The guaranteed additions are payable at the end of the LIC Jeevan Vishwas policy term or on the earlier death. This profit plan participates in the profits provided by the corporation's life insurance business and the profits are shared in terms of the loyalty additions. These are the terminal bonus that are payable along with the death or maturity benefit.
What are the benefits that are provided under this policy?
The benefits that are provided under this LIC Jeevan Vishwas plan are listed below: Maturity benefit, Earlier death benefit, Supplementary or extra benefit, Guaranteed surrender value, and Corporation's policy on surrenders.
Thus we can make use of the above said benefits.