12
Benefits available under different scenarios:
(Amount in `)
End of
Year
Total
Premium
Paid till the
end of the
year (`)
Guaranteed Benefit
Non Guaranteed
Benefit
Total Maturity Benefit
inclusive of Final
Additional Bonus,
if any
Total Death Benefit
inclusive of Final
Additional Bonus,
if any
Survival
Benefit
Sum
Assured on
Maturity
Sum
Assured on
Death
(Simple Reversionary
Bonus)
Scenario 1 Scenario 2 Scenario 1 Scenario 2 Scenario 1 Scenario 2
5 31,875 0 0 1,25,000 2,500 16,000 0 0 1,27,500 1,41,000
10 63,750 0 0 1,25,000 5,000 32,000 0 0 1,30,000 1,57,000
15 95,625 15,000 0 1,25,000 7,500 48,000 0 0 1,32,500 1,73,500
16 95,625 15,000 0 1,25,000 8,000 51,200 0 0 1,33,000 1,76,700
17 95,625 15,000 0 1,25,000 8,500 54,400 0 0 1,33,500 1,80,400
18 95,625 15,000 0 1,25,000 9,000 57,600 0 0 1,34,000 1,84,100
19 95,625 15,000 0 1,25,000 9,500 60,800 0 0 1,34,500 1,87,800
20 95,625 0 25,000 1,25,000 10,000 64,000 35,000 91,500 1,35,000 1,91,500
Disclaimer:
i) This illustration is applicable to a standard (from medical, life style and
occupation point of view) life and wherein rider is not opted.
ii) Some benefits are guaranteed and some benefits which are Non
Guaranteed benefits with returns based on the future performance are
shown for two different rates of assumed future investment returns.
iii) The Non-guaranteed benefits in above illustration are calculated so
that they are consistent with the Projected Investment Rate of Return
assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2). In
other words, in preparing this benefit illustration, it is assumed that
the Projected Investment Rate of Return that LICI will be able to
earn throughout the term of the policy will be 4% p.a. or 8% p.a.,
as the case may be. The Projected Investment Rate of Return is not
guaranteed and they are not the upper or lower limits of what you might
get back, as the value of your policy is dependent on a number of factors
including actual future investment performance.
iv) The main objective of the illustration is that the client is able to
appreciate the features of the product and the flow of benefits in
different circumstances with some level of quantification.
SECTION 45 OF THE INSURANCE ACT, 1938 :
The provision of Section 45 of the Insurance Act, 1938 shall be as
amended from time to time. The simplified version of this provision is
as under:
Provisions regarding policy not being called into question in terms of
Section 45 of the Insurance Act, 1938 , are as follows:
1. No Policy of Life Insurance shall be called in question on any ground
whatsoever after expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy whichever is later.