LIC Jeevan Rekha Plan Table No 152:
Premium Ceasing Age : 100 Premium Ceasing Term : 0
LIC’s Jeevan Rekha is a combination of the Whole Life Plan and the Money Back Plan. The plan offers high bonus, is highly liquid and is savings oriented. Also the premium under the plan is moderate.
This policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
A policy under this plan can be dated back within the same financial year. There will be no allowance for lean months. The rate of interest applicable will be as for Table 14.
Accident Benefit is available up to a maximum of Rs.10 lakh. This is inclusive of the maximum limit of Rs 10 lakh placed under other life insurance plans. Premiums for accident benefit are quoted separately for various ages at entry and premium paying terms.
Ten percent of the basic Sum Assured will be payable to the life assured on survival after every five years from the date of commencement.
A policy under this plan will acquire paid-up value after at least 3 full years’ premiums have been paid. The policy will continue as single premium without profit whole life policy for the sum assured which will be arrived at by applying single premium equal to higher of the guaranteed surrender value and special surrender value as declared by the Corporation from time to time, based on the age nearer birthday at the date of lapse. Existing Bonus additions, if any, will remain attached to the paid-up policy, provided the policy has been in force for at least 5 years.
Sum Assured along with vested Bonuses are payable on death of the life assured whenever it occurs, irrespective of survival benefits paid already.
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