LIC Jeevan Griha Policy Plan no – 104, 105 Review

LIC Jeevan Griha  Policy Review

Plan no:104 Double cover endowment policy

Plan no:105 Triple cover endowment policy

Introduction on LIC Jeevan Griha  Policy

LIC Jeevan Griha  Policy plan is similar to Jeevan Mitra in benefits but this policy will not participate in profits. lic Jeevan Griha is given to customers in the form of 2 plans.

1. Death cover is double under plan 104 and
2. triple cover under plan 105 of basic sum assured.

Plan 105 is available under medical only. Jeevan griha policy- plan 105 has been designed for giving the policy as a guarantee security for securing housing loan.If the loan amount is Rs 3 lakhs, they need to take a policy only for Rs 1.5 lakh, as twice the sum assured is payable on death.

LIC Jeevan Griha policy – plan no 104 and plan no 105 were introduced in 01/09/1991 and withdrawn on 14/12/2002

LIC Jeevan Griha policy Conditions

Sum Assured : Minimum – 50,000 /-

                        Maximum – 1 Crore

Entry age : Minimum  –  18 years

                  Maximum –  50 years

Maturity age : Maximum – 45 years

Policy Term: Minimum – 5 Years

Maximum – 30 Years

Premium paying term     : Minimum: 15 years

Maximum: 35 years

premium payment mode : Yearly, Half Yearly, Quarterly,Monthly,SSS

1.Plan 104 is allowed under Non-medical specially with some restrictions on maximum sum assured under high risk plan.

2.Plan 105 can be considered under medical only.

3. Female cat I and II are allowed. Females who have undergone cesarean delivery, single extra premium of Rs 2.00 per thousand will be imposed.

4. Only standard age proof is allowed.

5. Plan was allowed to physically handicapped person falling under group A only with loss of one limb.

LIC Jeevan Griha Policy Rebates

Rebates are divided into 2 types

1. sum assured rebate and
2. mode rebate (premium payment mode)

Premium payment mode Rebate: Yearly 3% of tabular premium

                                                      Half-yearly 1.5% of tabular premium

Sum Assured rebate :

SUM ASSURED GROUP	REBATE PER 1000 SUM ASSURED
FROM 1 LAKH < 2.5 LAKH	RS.1.00
FROM 2.5 LAKH < 5 LAKH	RS.2.00
FROM 5 LAKH < 20 LAKH	RS.3.00
FROM 20 LAKH < 50 LAKH	RS.4.00
FROM 50 LAKH & ABOVE	RS.5.00

LIC Jeevan Griha Policy Maturity Benefits

Maturity Benefit: In Jeevan Griha policy of plan no: 104 and 105  the maturity benefit on Survival will be

                       = Sum assured only

LIC Jeevan Griha Policy Death claim

In  Jeevan Griha  plan 104, twice the basic sum assured and

In  Jeevan Griha plan 105, three times of basic sum assured is payable as death claim.

If life assured expires after date of maturity and before receiving maturity claim, only basic sum assured is payable.

No bonus is payable in death claim, since policy is without profit policy.

Jeevan Griha policy guaranteed Surrender Value

Policy can be surrendered after paying premiums for at least of 3 full years.

In the above condition of 3 years, Guaranteed surrender value = 30% of  all the premiums paid – 1st year premium.

PAID UP VALUE :

After paying at least 3 full years premiums, policy will acquire paid up value as follows:-

                 = Sum Assured  x  No of years Premiums paid / No of  years Premiums payable

Riders Available in LIC  Jeevan Griha policy

DAB/EPDB cover is available under both plans. Sum assured under this policy will be counted for deciding maximum overall limit of DAB cover.

Bonus on LIC Jeevan Griha plan

LIC Jeevan Griha Policy of plan no: 104 and 105 are without profit. So no bonus will be payable here.

Additional Information

Loan under LIC Jeevan Griha policy plan – 104 and 105 are available.