10/03/2015
Jeevan Sangam is a Single Premium Endowment plan. It is a conventional / traditional plan (Savings cm protection policy).
Minimum Entry Age – 6 years
Maximum EntryAge – 50 years
Minimum Maturity Sum Assured (MSA) – Rs 75,000
Maximum MSA – No limit
Basic Sum Assured (BSA)- 10 times the tabular single premium
Policy / Plan Term – 12 years
Premium Mode - Single Premium
Maturity Benefit in Jeevan Sangam : On policy maturity, the Maturity Sum Assured along with Loyalty Addition (if any) shall be payable.
Maturity Benefit = Maturity Sum Assured + Loyalty Addition
Loyalty Addition : The Loyalty Addition shall be payable on death of the policy holder or on surrender of the policy, provided the policy has run for atleast five policy years, or on policyholder surviving till policy maturity.
Death Benefit in Jeevan Sangam :
On death during first five policy years:
Before the date of commencement of risk: Single premium amount paid will be refunded. After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable. (What is ‘Date of commencement of risk’ : In case the age at entry of the Life assured is more than 8 years or more, risk will commence immediately. If age is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years.)
On death after completion of five policy years but before the stipulated Date of Maturity: Death Benefit is Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
Surrender option & Surrender value : The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:
First year: 70% of the Single premium (excluding extra premiums paid and taxes).
Thereafter: 90% of the Single premium paid (excluding extra premiums paid and taxes). (If policy is surrendered after completion of 5 years, Loyalty addition (if any) will also be paid)