Jeevan Anurag: Plan designed for children
The Jeevan Anurag is a profit plan which is specifically designed for the educational needs of the children . This type of plan can be taken by its parents or on his or her life. It also provides immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. This policy provides assured benefits to the policy holder. This plan is not suitable for when occupation extra chargeable and to pregnant ladies.
The policy holder can deposit premium annually, half yearly, quarterly or through monthly basis. There is a 15 days cooling period in which one not satisfied with the plan can return back the plan. It has several advantages like death benefit as well as assured benefit.
The assured benefit: in this 20 % of the basic sum assured at the start of the every year. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable.
In the death benefit the payment of an amount is balanced to the sum assured under the basic plan just after the death of life assured. There is paid up value in this policy in which the premiums of three full years have been paid in respect to policy.
The Jeevan Anurag Has Several Features:
In this plan it covers basic plan as well as term assurance rider. In basic plan the minimum age is 20 and maximum is 60 years. The term of this plan is 10 to 25 years. In case of single premium the minimum term shall be 5 Years. Minimum sum assured is 50,000 and there is no limit for maximum sum assured. Sum Assured will be in multiples of Rs.5, 000 /- only. This plan can be deposited annually, half yearly, quarterly, monthly or through salary basis.
Term assurance rider: in this the minimum age is 20 years and maximum age is 50 years . The maximum maturity age is 60 years. The minimum sum assured is 1lac.
Critical illness rider: In this plan the minimum age is 20 years and maximum is 50 years. The minimum sum assured is 50,000. There are three alternatives of payment of this plan: Single Premium- One Year Regular Premium payable during (n-3) Years, where n is the policy term. Regular Premium payable throughout the policy term a grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums. Policy Loan is allowable under the policy after it attains a paid-up value but before starting of payment of assured benefits.Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.
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