LIC Jeevan Sangam plan is a contributing non-linked single premium plan offering double benefits of savings and security. Here, the policyholder would have to pay a solitary premium only at the time of policy purchase. Thereafter, the amount would begin to grow depending on the policy tenure. So, by investing in this plan, the purchaser could make long-term savings at the same time he/she is securing the family against any unfortunate death. This solitary payable premium would be dependent on the purchaser’s age and the selected figure of Maturity Amount Assured. This plan is closed for sale from 01-06-2015.
Maturity Benefits in Jeevan Sangam
The life assured would enjoy a lump sum maturity amount in the form of Maturity Amount Assured added with any applicable Loyalty Addition at the end of Jeevan Sangam term.
Death Benefits in Jeevan Sangam
The policyholder is provided death benefit under the following format::
- Death Within First Five Policy Year but Prior to commencement of risk date: The solitary payment would be refunded without any interest. Also, there would be no added premiums or service tax on this amount.
- Death Within First Five Policy Year but Post-commencement of risk date: The family would receive Basic Amount Assured resulting in ten times the tabular solitary payment.
- Death After First Five Policy Year but Prior to Maturity Date: The family would receive the Basic Amount Assured resulting in ten times the tabular solitary payment added with any applicable Loyalty Additions.
Participation in Profit (Loyalty Additions)
As and when the Corporation experiences profit it would share its fortune with the policyholder in the form of Loyalty Additions. The Loyalty Amount would be given to the life assured along with the Maturity Amount Assured at the time of the maturity of plan 831. In case of death, Loyalty Amount would be given to the family along with the Basic Amount Assured provided the policy has completed a five-year term. The life assured could also receive Loyalty Addition along with the Surrender Value at the time of surrender of the plan provided the plan has completed five-year tenure. The rates and terms of the Loyalty Addition would be declared by the Corporation.
Policy Loan
The life assured could draw loan against LIC Jeevan Sangam plan at any time after the three months of issuance of the plan. This loan would be subjected to the terms and conditions of the Corporation and may change in future date.
Surrender Value
The life assured could surrender the plan at any time in the course of policy tenure. The predetermined surrender value would be as under:
- During the First Year: The policyholder would receive 70 percent of the solitary premium amount and would be exclusive of any added premiums.
- After First Year Till the Maturity Date: The policyholder would receive 90 percent of the solitary premium amount exclusive of any added premiums.
Eligibility for Jeevan Sangam and Premium Payments
| Smallest Basic Amount Assured | 10 X Tabular Solitary Payment |
| Greatest Basic Amount Assured | 10 X Tabular Solitary Payment |
| Smallest Maturity Amount Assured | 75 Thousand Rupees |
| Greatest Maturity Amount Assured | Unlimited |
| Policy Tenure | 12 Years |
| Premium Payment | Onetime payment at the time of purchasing the policy |
| Lowermost Eligibility Age | 6+ Years |
| Uppermost Eligibility Age | Below 50 Years on the nearest birthday |
Commencement of Risk Date
For candidates below the age of 8 years, the risk start date would be one day prior to the policy centenary corresponding to the attainment of 8 years of age or immediately starting with the 8 years of age.
For all other candidates who are 8 years or more, the risk would initiate immediately for them.
Cooling Off Duration
The Corporation gives a 15 day cooling off time. This time must be utilized to read the Terms and Conditions carefully. If the policyholder disagrees with the terms and conditions then he/she could easily submit the relevant documents and close the plan and receive a reimbursement on the policy premium within this time frame. The corporation would pay back the solitary premium paid after subtracting the appropriate risk premium, stamp duty levies and other expenses incurred in health checkup and creating a special report.
Exclusion
Suicide: The policy would attain to avoid status in the instance of the suicide of the policyholder. Under this clause, it would not matter if the policyholder is mentally fit or unfit but by committing suicide he/she would make the policy ineffective. In this instance, the nominee would just receive 90 percent of the solitary premium paid (exclusive of taxes or any rider premium) or the surrender amount which one is higher. The corporation would not consider any other claims.
This clause is not applicable for candidates whose age is below 8 years.
