Jeevan Sangam is a close ended plan which will be open for 90 days
Jeevan Sangam Plan is a non linked, with profit, Single Premium plan
which provides high level of death cover during the policy term.
Benefits of Jeevan Sangam Plan (Table No 831):
- Death Benefit:
- On Death during first five years of policy –
- Before the date of commencement of Risk – Refund of single premium excluding service tax and extra premium, if any without interest
- After the date of commencement of Risk – Basic sum assured, i.e. 10 times of tabular single premium shall payable.
- On Death after completion of five years of policy but before the maturity date – Basic sum assured, i.e. 10 times of tabular single premium with loyalty addition shall payable if any.
- On Death during first five years of policy –
- Maturity Benefit : Maturity sum assured with loyalty addition.
- Loyalty Addition : This plan is eligible for share of surplus (Profits) in the form of loyalty addition.
Eligibility Conditions and Restriction :
- Minimum age at entry > 6 years (Completed)
- Maximum age at entry > 50 years (age near birthday)
- Policy Term > 12 yrs
- Minimum Sum Assured > 75,000 ( Will be multiple of 10,000)
- Maximum Sum Assured > No limit
- Mode of Premium Payment > Single
Surrender Value :
- First Year – 70% of single premium paid excluding service tax and extra premium paid
- Thereafter – 90% of single premium paid excluding service tax and extra premium paid
Rebates: High Maturity Sum Assured Rebate:
| Maturity Sum Assured (M.S.A) chosen under the policy | Reduction in Tabular premium (per Rs. 1000/- Maturity Sum Assured) |
| Below Rs.2,00,000 | Nil |
| Rs.2,00,000 to Rs. 3,90,000 | Rs. 15.00 |
| Rs.4,00,000 and above | Rs. 20.00 |
Loans: Loan
facility shall be available under the plan at any time during the
policy term after three months of the policy issuance subject to the
following conditions:
- Depending on the age at entry, the maximum loan that can be granted as a percentage of Surrender Value (S.V.) for different policy years in which the loan is applied is as under:
| Policy year | maximum Loan Amount as a % of surrender value for age at entry <=45 | maximum Loan Amount as a % of surrender value for age at entry >45 |
| *3 month to 3rd | 55% | 40% |
| 4th to 6th | 70% | 45% |
| 7th to 9th | 80% | 65% |
| 10th to 12th | 90% | 90% |
*3 month means loan can be availed after three months of the policy issuance.
- The rate of interest to be charged on loans granted under this plan would be determined from time to time by the Corporation.
- In case the policy shall mature or becomes a claim by way of death, the Corporation shall become entitled to deduct the amount of the loan or any portion thereof which is outstanding, together with all outstanding interest from the policy moneys.
- No foreclosure action should be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding along with the interest shall be recovered from claims proceeds at the time of exit.
Suicide Clause: The
policy shall be void if the Life Assured (whether sane or insane at the
time) commits suicide at any time within 12 months from the Date of
Commencement of Risk, an amount which is higher of 90% of the single
premium paid (excluding taxes and extra premium, if any) or Surrender
Value shall be payable. The Corporation will not entertain any other
claim under this policy.
This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years.
Jeevan Sangam Ttable No 831 – hindi
Jeevan Sangam Plan No 831