Jeevan Pram Ukh

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Jeevan Pramukh – The

Insurance Plans For High
Worth Individuals
Discontinued Plan, Endowment Policy
Jeevan Pramukh – The Insurance Plans For High Worth Individuals
LIC Jeevan Pramukh (Plan No. 167) is the best plan for high worth individuals i.e.
Managers, CEOs, corporates, professional, industrialist, estate owner, NRI, film
stars etc. Jeevan Pramukh plan comes with convenient premium paying term of 3,
4 and 5 years. However, Life insurance cover continues for a longer term even after
premium paying term.
Jeevan Pramukh also provides guaranteed addition of Rs.50/- per thousand Sum
Assured per year for first 5 years and revisionary bonus thereafter in addition to
your basic sum assured.
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Summary:
This is an Endowment Assurance plan offering the choice of three premium paying
terms. It provides financial protection against death throughout the term of the plan
with the payment of maturity amount on survival to the end of the policy term.
Modes of Premium Payment:

Premiums are payable yearly, half-yearly, quarterly or monthly, as opted by you,
throughout the premium paying term or till earlier death.
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per
thousand Sum Assured for each completed year for first five years of the policy.
The Guaranteed Additions are payable along with the Sum Assured at the time of
claim.
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Bonuses :
The policy participates in the profits of the Corporation’s life insurance business
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from the 6th year onwards. It will get a share of the profits in the form of bonuses.
Simple Reversionary Bonuses will be declared per thousand Sum Assured annually
at the end of each financial year. Once declared, they will form part of the
guaranteed benefits of the policy.
Maturity Benefit:
The Sum Assured along with accrued guaranteed additions and vested simple
reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on
survival to the end of the policy term.
Death Benefit:
On death of the Life Assured during the term of the policy an amount equal to the
Sum Assured along with accrued Guaranteed Additions and vested Simple
Reversionary Bonuses and Terminal Bonus, if any, shall be payable provided the
policy is in full force.
Paid-up Value:
If, after more than one full years’ premiums have been paid in respect of the Policy,
any subsequent premium be not duly paid, the Policy shall not be wholly void but
the Sum Assured shall be reduced to such a sum which shall bear the same ratio to
the full Sum Assured as the number of premiums actually paid shall bear to the
total number of premiums originally stipulated for in the Policy.
The policy so reduced shall thereafter be free from all liabilities for payment of the
within-mentioned premium and shall not be entitled to the future Guaranteed
Additions and bonuses.
However the existing accrued Guaranteed Additions and vested Simple

Reversionary Bonuses, if any, will remain attached to the reduced paid-up policy.
The paid up value along with accrued Guaranteed Additions and vested Simple
Reversionary Bonuses, if any, shall be payable on maturity or earlier death of the
Life Assured.
Surrender Value:
The policy can be surrendered for cash after more than one year’s premiums have
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been paid.
The Guaranteed Surrender Value allowable under this plan will be equal to 30% of
the total amount of premiums paid excluding the premiums for the
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extra premiums, if any.
The cash value of any accrued Guaranteed Additions and vested Simple
Reversionary Bonuses, if any, will also be payable after completion of 3 years.
Special Surrender Value will be available after the policy has completed 3 years
from the date of commencement. The cash value of any accrued Guaranteed
Additions and vested Simple Reversionary Bonuses, if any, will also be payable
after completion of 3 years.
Grace period for payment of premium:

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.
Revivals or reinstatements of lapsed policy:

If the policy has lapsed, it may be revived during the lifetime of the Life Assured,
but within a period of 5 years from the date of first unpaid premium and before the
date of maturity on submission of proof of continued insurability to the satisfaction
of the Corporation and the payment of all the arrears of premium together with
interest at such rate as may be prevailing at the time of the payment.
Transferability:
Where a policy under this plan has been taken by an employee under Keyman
Insurance and such Keyman leaves the services and joins another employer, the
policy may be transferred in favour of the new employer subject to fulfillment of the
following conditions:
1) The old employer requests for the transfer of the policy and is prepared to
execute an assignment in favour of the new employer
2) The Life Assured employee is a keyman of the new employer, and
3) The policy is in full force
The terms of transfer may be decided by both the employers mutually. Needless to
add that such transfer will be subject to the approval from LIC.
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Cooling-off period:
If a policy holder is not satisfied with the “Terms and Conditions” of the policy,
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he/she may return the policy to the Corporation within 15 days.
Loan:
Loan is permissible subject to the usual terms and conditions. The rate of interest
on loan shall be charged at the rate of 10.5% p.a. payable half-yearly. The
Corporation may revise the rate of interest in future.
Claim:
The normal documents which the claimant shall submit while lodging the claim in
case of death of the policyholder shall be the claim forms, as prescribed by the
Corporation, accompanied with original policy document, proof of title, proof of
death, proof of accident/disability, medical treatment prior to death, employer’s
certificate, whichever is applicable, to the satisfaction of the Corporation. If the age
is not admitted under the Policy, the proof of age of the Life Assured shall also be
submitted.
Where the policy results into a maturity claim or in case of surrender of the policy,
the Life Assured shall submit the discharge form along with the original policy
document. The Life Assured shall also submit proof of age, if the age is not
admitted earlier.
ELIGIBILITY & CONDITIONS:
Minimum Age at entry: 18 Years completed

Maximum Age at entry: 65 Years (Age nearer birthday)
Maximum Maturity Age: 75 Years (Age nearer birthday)
Policy Term: 5, 10, 15, 20, or 25 years
Sum Assured: Minimum sum assured 10 lakh, thereafter in multiples of Rs.
1,00,000
Rebate ( Discount on policy):
Yearly: 2% of tabular premium

Half yearly: 1% of tabular premium
Quarterly: Nil
Monthly: 5% extra of tabular premium
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Sum Assured rebate: Rs. 0.50 per thousand Sum Assured on above Rs.50 lakh
SA.
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Update: LIC Jeevan Pramukh Plan No. 167 Has Been Discontinued.
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Jeevan Shree 1 Jeevan Anand Endowment Jeevan Shiromani - Money
May 19, 2013 Plan Back Plan
In “Discontinued Plan” January 24, 2009 December 18, 2017
In “Discontinued Plan” In “Money back policy”

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22/04/2019 Jeevan Pramukh – The Insurance Plans For High Worth Individuals | My LIC India

We'd like to show you notifications for the latest

Jeevan Pramukh – The

Jeevan Pramukh – The Insurance Plans For High Worth Individuals

We'd like to show you notifications for the latest

Modes of Premium Payment:

However the existing accrued Guaranteed Additions and vested Simple

Grace period for payment of premium:

Revivals or reinstatements of lapsed policy:

2) The Life Assured employee is a keyman of the new employer, and

3) The policy is in full force

ELIGIBILITY & CONDITIONS:

Minimum Age at entry: 18 Years completed

Rebate ( Discount on policy):

Yearly: 2% of tabular premium

We'd like to show you notifications for the latest

*Disclaimer Non- Participating,

We'd like to show you notifications for the latest

Get Future Updates by Email

Income Tax NO THANKS ALLOW

Money back policy

Plan for Women

Single Premium policy

Whole Life plan

lic table no 167

Disclaimer: My Life Insurance Consultant India (MYLICINDIA) is not affiliated with

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