JEEVAN ANAND

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Jeevan Anand Re: Introduction of Jeevan Anand – A With Profit Assurance Plan Table No. 149. Introduction: In order to give wider choice to our customers, it has been decided to introduce with effect from 1 February, 2002, ‘Jeevan Anand’, a With Profit Assurance Plan. Basically, the plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death. Benefits: Survival Benefits: Sum assured along with all vested bonuses payable at the end of the premium paying term ( Endowment term). Death Benefit: Sum Assured along with vested bonuses are payable on death during the premium paying term and policy ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term. Bonuses : Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with Final Additional Bonus, if any. No Bonus is paid on death after the premium paying term. Accident Benefit: The double Accident Benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum Accident Cover available under this plan will be Rs. 5 lakh ( this limit excludes accident benefit taken under other plans). Salient Features Age : 18 - 65 years. Maximum age at the end of the Premium Paying Term : 75 years. Premium Paying Term : 5 - 57 years. Minimum Sum Assured : Rs.1,00,000. Frequency of Premium Paying Term : Monthly, Quarterly, Half yearly, Yearly and also SSS. Disability Benefit: Available. Rebates for High Sum Assured: Sum Assured Rebates in Tabular Premium % o S.A. Less than Rs. 3,00,000 NIL 3,00,000 and above but less than Rs. 5,00,000 Re. 1.00 5,00,000 and above but less than Rs. 10,00,000 Rs. 1.50 Rs. 10,00,000 and above Rs. 1.75 In addition to the above, a rebate as per details given below will be available on Sum Assured in excess of Rs. 5 lac reduced by the Accident Benefit availed under this plan earlier. (e.g.) If Rs. 2 lac Sum Assured has been taken in Jeevan Anand earlier and Rs. 5 lac is currently being proposed, then the Total Sum Proposed (including previous policy) under Jeevan Anand would be Rs. 7 lac. However, as the Maximum Accident Benefit available under this plan is Rs. 5 lac, this rebate will applicable on the excess of the Total Sum Proposed (Rs. 7 lac) over Rs. 5 lac i.e. Rs. 2 lac. (e.g) If Rs. 7 lac Sum Assured has been taken earlier and Rs. 7 lac is being proposed now, the Rebate will apply on the full Rs. 7 lac. Premium Paying Term ( in years) Rebate ( Rs.) 5 - 9 2.25 10 - 14 1.50 15 - 19 1.25 20 - 24 1.15 25 and above 1.00 In addition to the above, a rebate as per details given below will be available on Sum Assured in excess of Rs. 5 lac reduced by the Accident Benefit availed under this plan earlier. (e.g.) If Rs. 2 lac Sum Assured has been taken in Jeevan Anand earlier and Rs.5 lac is currently being proposed, then the Total Sum Proposed (including previous policy) under Jeevan Anand would be Rs. 7 lac. However, as the Maximum Accident Benefit available under this plan is Rs. 5 lac, this rebate will applicable on the excess of the Total Sum Proposed (Rs. 7 lac) over Rs. 5 lac i.e. Rs. 2 lac. (e.g) If Rs. 7 lac Sum Assured has been taken earlier and Rs. 7 lac is being proposed now, the Rebate will apply on the full Rs. 7 lac. Premium Paying Term ( in years) Rebate ( Rs.) 5 - 9 2.25 10 - 14 1.50 15 - 19 1.25 20 - 24 1.15 25 and above 1.00 Benefit illustration : Jeevan Anand Age at Entry: 35 years. Sum Assured in Rupees Premium paying Term Yearly Premium payable p.a. during the Premium Paying Term Amount payable on Death during the Premium Paying Term Amount payable on Survival at the end of the Premium Paying Term Amount payable on Death after the end of the Premium Paying Term Additional Amount payable on death due to accident, during the Term of the policy up to age 70 1,00,000 10 years Rs.12,435.40 Sum Assured plus likely accrued Reversionary Bonus ** @Rs.4,000/- p.a. plus Terminal Bonus *** if any Sum Assured plus likely accrued Reversionary Bonus ** Rs.40,000/- plus Terminal Bonus *** if any Rs.1,00,000/- Rs.1,00,000/- 5,00,000 15 years Rs.39,917.25 Sum Assured plus likely accrued Reversionary Bonus ** @Rs.20,000/- p.a. plus Terminal Bonus *** if any Sum Assured plus likely accrued Reversionary Bonus ** Rs.3,00,000/- plus Terminal Bonus *** if any Rs.5,00,000/- Rs5,00,000/- Rs.10,00,000 20 years Rs.56,408.50 Sum Assured plus likely accrued Reversionary Bonus ** @Rs.40,000/- p.a. plus Terminal Bonus *** if any Sum Assured plus likely accrued Reversionary Bonus ** Rs.8,00,000/- plus Terminal Bonus *** if any Rs.10,00,000/- Rs.5,00,000 /- * The illustration assumes that all premiums are paid when due. ** Reversionary Bonuses assumed for this illustration at the rate of Rs.40/- per thousand Sum Assured per annum. However, Bonus depends on the future experience of the Corporation. *** Terminal Bonus may be paid for certain term and duration only, depending on future experience of the Corporation.