JEEVAN ANAND LIFE INSURANCE POLICY

Features of plan

Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.

Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.CIR: yes

UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)

Death benefit:

If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. 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 rate.

Example: Mr. Ram 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Ram will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-).

Even after the premium paying term is over, risk cover continues till the death of Mr. Ram .But if, Mr. Ram dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Ram dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus.

Jeevan Nischay

It is a single premium policy:
(1) 6% guaranteed Compound Interest with
(2) possibility of some extra interest in form of Loyalty Additions.
(3) Insurance cover 5 times of premium if it happens in first year.
(4) In case of the death in subsequent years, the death benefit is equal to the maturity sum assured.
(5) In case of the death in last year of the policy, death benefit is equal to the maturity sum assured with declared loyalty additions.

Jeevan Mangal - A Micro Insurance Product

Jeevan Mangal is a term assurance plan with return of premium on maturity providing for a sum assured (risk cover) ranging from minimum of Rs.10,000/- to maximum of Rs.50,000/- with an optional accident benefit rider, together providing for total death benefit equal to double the sum assured, on death due to accident.

Flexible modes of premium payment have been provided ranging from weekly, fortnightly, monthly, quarterly, half-yearly, annually and a single premium payment option has also been provided.

Will you get complete insurance reimbursement

No, it is all subject to a deduction or depreciation at the rates mentioned below in respect of parts replaced

1 For all rubber/nylon/plastic parts 50%
2 For fiber glass components 30%
3 For all parts made of glass Nil

For all other parts depreciation will be as below
Age of the vehicle % of Depreciation
Below 6 months Nil
6-12 months 5%
1-2 Years 10%
2-3 Years 15%
3-4 Years 25%
4-5 Years 35%
5-10 Years 40%
Exceeding 10 Years 50%

Car Insurance Policy- What does it covers

Car Insurance Policy
Part1 - Loss of or damage to the vehicle insured
The company will reimburse the insured against the loss or damage to the vehicle insured for the following:
1) by fire, explosion, self ignition or lightning
2) by burglary, housebreaking or theft
3) by riot & strike
4) by earthquake
5) by flood, typhoon, hurricane, storm, tempest, inundation, cyclone
6) by accidental external means
7) by malicious act
8) by terrorist activity
9) whilst in transit by road, rail, inland-waterway, lift, elevator or air
10) by land slide, rockslide

Part II- Liability to third parties
1) Death of or bodily injury to any person including occupants carried in the vehicle (provided the occupants are not carried for hire or reward)
2) Damage to the property other than property belonging to the insured

Part III - Personal accident cover for owner diver

Due to bodily injury/death sustained by the owner-driver of the vehicle by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury results in

Nature of injury Scale of Compensation

Death 100%

Loss of two limbs or sight of two eyes or one limb & sight of one eye 100%

Loss of one limb or sight of one eye 50%

Permanent total disablement from injuries other than named above 100%

What should be the Insurance Amount

The rule of thumb in financial planning says that life cover should be worth 6-7 times of your current annual income.

If your current annual income is 4 lakh then the insurance policy should provide a cover of Rs 24 lakh.
This calls for a pure-risk policy, which offers an extensive cover at minimal cost. Hybrid investment products, with moiney back option cost several times more for the same amount of risk cover.

A term plan is the best option when the purpose is life cover.