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JEEVAN SATHI PLUS (PLAN 197)

Launch Date : 29.06.2009

Main Features:

• Unit Linked Plan


• Risk cover on the lives of wife and husband
• No riders

New Terminology used:

• The Proposer is called PLA (Principal Life Assured) and the spouse is called
SLA (Spouse Life Assured)

Benefits:

• On 1st death during the policy term:

If the death occurs of PLA then

i) Payment of PLA’s Sum Assured (to SLA)


ii) Waiver of all future premiums under the policy;
iii) Credit into the fund value an amount equal to the sum of (a) all
future premiums and (b) outstanding premiums under the policy
i.e. unpaid premiums pertaining to the policy year current at the
time of death of PLA.
iv) The policy continues.

If the death occurs of SLA then

i) Payment of SLA’s Sum Assured (to PLA)


ii) The policy continues.

• On 2nd death during the policy term:

i) Payment of Sum Assured (PLA/SLA sum assured as the case


may be.)
ii) Payment of Fund Value.
iii) The policy terminates.

(payment to the nominee)

• On simultaneous death of PLA and SLA during the policy term.

i) Payment of PLA sum assured.


ii) Payment of SLA sum assured.
iii) Payment of all future premiums and outstanding premiums for
the current Policy year.
iv) Fund Value of the policy.
v) The policy terminates.
(payment to the nominee)

• On maturity:

i) Fund Value of the policy. (to PLA & SLA on joint discharge if both are
alive, else to the surviving PLA/SLA)

Min-Max eligibility conditions :

Minimum age at entry 18 years completed


Maximum age at entry 55 years nearest birth day
Maximum Maturity Age 70 years nearest birth day
policy term 10 years & 15 to 20 years
Premium Payment Modes Yly, Hly, Qly, Mly(ECS), Single
Minimum premium Regular Premium Policies i.e. Yly, Hly, Qly Modes.
Annualized premium...Rs.15000/- p.a. for terms 15 to
20 yrs. & Rs.10000/- p.a. for term 10 yrs. and further in
multiple of 1000.

In case of Mly(ECS)..
Mly premium to be Rs.1000/- p.m. for terms 15 to 20
yrs. & Rs.1500/- p.m. for term 10 yrs. and further in
multiple of 250.

Single Premium policies: Rs.40000/- and further in


multiple of 1000.

Top up: Single Premium policies: Up to 25% of the


Single Premium. Regular Premium Policies: Up to 25%
of the Total amount of Regular premiums paid till the
time of making the top up payment. Minimum top up
Rs.1000/- Top up to be in the multiples of 1000.

No increase in sum assured as a result of top up.

Top up not allowed after death of PLA.

Minimum Sum Assured Regular Premium Policies.. 5 Times of the annualized


premium.
Single Premium Policies.. 1.25 times of the single
premium.
[For each of the lives assured]
Maximum Sum Assured Regular Premium policies.. 30 times of the
annualized premium, if the entry ages of both the lives
are up to 40 years.
If the entry age of either life is more than 40, then the
maximum sum assured is limited to 20 times of the
annualized premium.
Single Premium Policies.. 5 times of the single
premium, if the entry ages of both lives are up to 40
years. If the entry age of either life is more than 40,
then the maximum sum assured is limited to 2.5 times
of the single premium.

Note: The sum assured for the SLI shall be equal to or


less than the sum assured for the SLI (within the
minimum sum assured parameter).

Sum assured to be a multiple of 5000. In case the sum


assured works out to such that it is not multiple of 5000
than it shall be rounded off to the next multiple of 5000.

Increase/Decrease in Sum The PLI can decrease the sum assured for self/spouse or
Assured for both only once during the policy term. The sum
assured so reduced cannot be restored. No increase in
sum assured is allowed.
Partial Withdrawals • Allowed at any time after 3rd policy anniversary
(provided 3 years premiums have been paid in a
regular premium policy).
• In a regular premium policy, after withdrawal,
there should remain a balance equal to two years
annualized premiums. In a Single Premium
policy, there should remain a balance of Rs.5000
or 10% of the single premium, which ever is
higher.
• Partial withdrawals from out of the top up fund
shall be allowed only after 3 years of the top up
date.
Settlement Option The maturity claim amount can be taken in yearly/half
yearly installments spread over of period of 5 or 10
years.

Method of calculation of installments: The total


number of units in the fund value on the maturity date
shall be divided by the number of installments through
which the settlement option shall be received by the
PLI/SLI. The number of units so arrived at will be
multiplied by the NAV on the date on which the
settlement option payment is due and payment made.

There shall be no life cover during the settlement option


period. It is apparent that the settlement option
method carries market risk.

During the settlement option period, no charges expect


Fund Management Charges shall be recovered.

No partial withdrawals are permitted after the


settlement option period commences.

Option to transfer the death Allowed if the surviving PLI/SLI so desires. There is no
benefit sum to the fund value. waiting period for making withdrawals from out of this
amount.

If the premiums are not paid within the days of grace,


the policy lapses.

If premiums have been paid for a period of 3 years,


then the life cover and Premium Waiver Cover will
continue during the Revival Period which is the least of
the following:

2 years from the F.U.P. Date.


Maturity date.
Till such time as the policy can be
Kept in force by application of fund value,
provided there remains a balance equal to one
year’s annualized premium.

The PLI has the option to get the cover continued beyond
the revival period. For this he/she has to apply at least
one month before the expiry of the revival period. The
cover will continue by application of fund value so long as
the balance in the fund value is more than one
annualized premium.
PREMIUM ALLOCATION CHARGES
Single Premium Up to 15,00,000 …. 4.25%
Over 15,00,000 ….. 4.00%

Premium per Annum First Year 2nd and 3rd year Subsequent year
Allocation allocation charge allocation charge
Charge
10,000 – 1,50,000 29.00% 5.00% 2.50%
1,50,001-2,50,000 28.00% 500% 2.50%
2,50,001 ONWARDS 27.50% 500% 2.50%
Charges for top up.. 1.25%
FUND TYPES
Fund Name Investment in Gov. Short term Investment in Fund goals
Securities/Govt. Investment such as Listed Equities
guaranteed Money Market
securities and instruments
Corporate Debt.
Bond Fund Not less than 60% Not more than NIL LOW RISK
40%
Secured Fund Not less than 45% Not more than Not less than 15% STEADY INCOME –
40% and not more than LOWER TO MEDIUM
55% RISK
Balanced Fund Not less than 30% Not more than Not less than 30% BALANCED INCOME-
40% and not more than and GROWTH- MEDIUM
70% RISK
Growth Fund Not less than 20% Not more than
Not less than 40% LONG TERM CAPITAL
40% and Not more than GROWTH – HIGH RISK
80%
THERE IS OPTION TO CHOOSE ONE FUND AT A TIME.

CHARGES
Mortality Charge i) on the life of PLA for the PLA sum assured;
ii) on the life of SLA for the SLA sum assured;

Waiver of Premium To be calculated for the age of PLA and the sum to be taken
Charge would be equal to the total of all future premiums and
outstanding premiums of the current policy year.
Policy Administration First Year.. Rs.60/- PM.
Charge 2nd Year….. Rs. 20/- PM
3rd year Rs.20/-PM + 3% of Rs.20/-.
4th year Rs.20/-PM + 6% of Rs.20/-.
5th year Rs.20/-PM + 9% of Rs.20/-.
[and so on increasing @ 3%]
Fund Management Bond Fund Secured Balanced Growth Fund
Charge Fund Fund
0.50% 0.60% 0.70% 0.80%
@ 10.30% of (i) Premium Allocation Charge(ii) Policy
Service Charge Administration Charge (ii) Mortality Charge (iii) Fund Management
Charge (iv) Switching Charge (v) Alteration charge .

COMMISSION RATES

Regular Premiums

Distributor Type First Year 2nd and 3rd Year Subsequent Years
Individual Agents 12% 4% 2%
Corp. Agents 12% 4% 2%
Brokers 18% 4% 2%

One time bonus commission @ 40% of the first year commission in regular premium
policies for Individual agents and Corporate Agents.

Single Premiums: 2% of the Single Premium.


Top Up: 1% of the top up amount.

No bonus commission on single premiums and top ups.


Mortality Rate table per 1000 sum assured.

age mortality rate age Mortality rate


18 1.15 44 3.54
19 1.2 45 3.89
20 1.25 46 4.3
21 1.29 47 4.77
22 1.33 48 5.3
23 1.36 49 5.9
24 1.39 50 6.56
25 1.42 51 7.27
26 1.43 52 8.05
27 1.45 53 8.9
28 1.46 54 9.8
29 1.46 55 10.76
30 1.46 56 11.79
31 1.46 57 12.87
32 1.5 58 13.78
33 1.56 59 14.94
34 1.64 60 16.34
35 1.73 61 17.99
36 1.85 62 19.88
37 1.99 63 22.01
38 2.15 64 24.39
39 2.33 65 27.02
40 2.57 66 28.4
41 2.81 67 32.02
42 3.02 68 36.03
43 3.25 69 40.47