Jeevan Bharati Insurance Policy for Woman

On international Women’s Day, life insurance corporation of India as a tribute to Indian women has launched an exclusive policy Jeevan Bharati. LIC has chosen the best way to honor women on this very special day by devising this very plan for then because LIC cares and understands the Indian women. Let’s know about Jeevan Bharati insurance policy for woman.

Women excel everywhere as an anchor at home, the achiever at work. They give life and LIC protects theirs. The woman takes care of so many lives that she is hardly ever left with time for own. LIC’s Jeevan Bharati policy protects and nurtures her he life.

All female lives including physically handicapped with certain conditions are covered. This policy is most suited for entrepreneurs and professionals like software engineers, doctors, managers, officials, self-employed, artists, salaried class, homemakers, and students in the age group of about 18 to 50 years.

What is so exclusive about this plan?

  1. Female Critical Illness (FCI) Cover

For the first time ever, FCI cover’s for the women will be available under the umbrella of this plan. No another Indian Insurer has a product having such a unique inbuilt feature. It is indeed a brave step taken by LIC in coming out with Jeevan Bharati with additional benefits.

In today’s world, the most prevalent cancer among women is Breast and Ovarian Cancer, which are covered under this plan. FCI benefit offers 100% of Sum Assured (maximum Rs. 2 Lakh) on diagnosis so such critical illness.

2. Congenital Disability Benefit (CDB) Cover

Some unfortunate women have to endure the pain of bringing up children born with congenital disabilities. To alleviate their hardships and to reimburse to a certain extent the expenses of treatment for rectifying the disability and the cost of bringing up such disabled child, CDB Cover offers 50% of sum assured (maximum Rs. 1 Lack – up to 2 children).

The payment of FCI benefit or CDB does not restrict the original benefit i.e., basic risk cover throughout the term and maturity benefit as well.

The plan provides for payment of 20% of sum assured at the end of 5 years and 10 years in a case of 15 years policy and at the end at the end of 5, 10 and 15 years in respect of 20 years policy.

Balance sum assured along with guaranteed addition at the rate of Rs. 50 per thousands sum Assured for the first five years and thereafter, reversionary bonuses in payable on maturity of the policy. The policy provides an option to the female policyholder to retain survival benefit with LIC and withdraw it after its due date subsequently depending upon her need.

This provision will take care of unforeseen contingencies like covering of medical expenses of family members, celebrating certain occasions like wedding, engagement, etc. of other beloved ones. the policyholders also exercise this option to plan for payment of fees for her child’s education.

3) Another feature of this plan is an option to receive maturity proceeds in the form of an annuity. People at advanced stage find it difficult to manage the investment of lump sum amount and at times there is an apprehension that the lump sum amount may be spent on luxury items etc. Instead, they prefer the safety of investment with a regular income for routine family maintenance without spending the capital amount.

4) Free risk cover for basic sum Assured for three years in a case of default of premiums after payment of the premiums for at least two years is another unique feature of this plan. the provision especially takes care of housewives and women with irregular income who may find it difficult to pay a premium in unavoidable circumstances.

5) As the mode of payment of premium is yearly only, for the of convenience who may not be able to pay the premium in a lump sum, a provision to deposit premium in advance in advance in maximum three installments is also available under the plan.

6) In a case of death of the policyholders during the term of the policy, basic sum assured along with guaranteed additions and reversionary bonuses, if any, is payable irrespective of survival benefits paid earlier.

The plan also provides for accident benefit and disability benefit up to an overall limit of Rs. 25 lakh sum assured.

Other Details

  • Diseases covered under critical Illness are breast Cancer, Ovarian/Fallopian Tube cancer, Cervical Cancer/Uterine Cancer/Vaginal/Vulval cancer.
  • The Congenital Disabilities on the life of new born child include Downs syndrome, spina Bifida, Tetralogy of fallot, Esophageal Atreasi & Tracheoesophageal Fistula, Anal Atresia, Imperforate anus, Cleft Palate with or without Cleft Lip.
  • Minimum and maximum sum assured is Rs. 50,000 and Rs. 25 lakh (in multiples of Rs. 5,000) respectively.
  • The plan is granted under Medial scheme only.
  • Being a money back plan, policy loan is not available.

(An attempt is made to give as much details as possible. For waiting period and exclusive original circular/plan brochure please be referred).

Specimen Premium calculation under Jeevan Bharati (Table No. 160)

I) Policy Particular

  1. Age of the life Assured: 30 years (last birthday)
  2. Term : 20 years
  3. Sum Assured : Rs. 2,00,000
  4. Mode : Yearly

Premium Calculation                                                             (Rs.)

  • Tabular Premium for Basic Plan (Table 1)                         : 71.45 x 200 = 14,290
  • Tabular Premium for Special Benefits of FCI (Table 2)      : 1.35 x 200   =      270
  • Tabular Premium for Special Benefits of CDB (Table 3)     : 2.75 x 200 =       550
  • Total Tabular Premium                                                      15,110
  • Less: Sum Assured Rebate for full sum assured                -400
  • Total Installment premium                                                 14,710

(i) Policy Particulars         

  1. Age of the life assured : 30 years (last Birthday)
  2. Term : 20 years
  3. Sum Assured : Rs. 5,00,000
  4. Mode : Yearly

Premium Calculation:

  • Tabular Premium for Basic Plan (Table 1)                       : 71.45 x 500 = 35,725
  • Tabular Premium for Special Benefits of FCI Table (2)     : 1.35 x 200    =     270
  • Tabular Premium for Special Benefits of CDB (Table 3)    : 2.75 x 200    =     550
  • Total Tabular Premium                                                    : 36,555
  • Less: sum Assured Rebate for full sum Assured               :-1000
  • Total Installment premium                                                : 35,545

(The maximum benefit available under FCI and CDB is Rs. 2,00,000/-)

Note:

  1. The total installment premium is to be rounded off to the nearest rupee.
  2. CDB premium is payable up to age 40 years and hence the total installment premium reduces by CDB premium from age 41 (e.g. in case (ii) premium of Rs. 35,545 reduces by Rs. 550 from age 41).
  3. Method in case (ii) is applicable for a sum assured of Rs. 2 lacs.

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