Jeevan Aadhar

Jeevan Aadhar Eligibility Minimum age at entry 22 years Maximum age at entry 60 years Maximum premium ceasing age 70 years Minimum sum assured Rs 50,000 Other conditions No surrender value is allowed. No loan is granted on this policy. The proposer has to submit an addendum to proposal declaring the disability of the handicapped duly certified by a government doctor and can claim separate relief under section 80 DDA of IT Act 1961. Premiums are based on the age of the handicapped dependant as well as the life assured. Handicapped dependant is defined. Any amount paid to the life assured on the dependant pre-deceasing life assured the same is treated as income of the assessee and hence taxable.  Features It is a limited payment whole life plan specifically designed to make provision for the maintenance of handicapped dependants. The plan has been designed to assure a handicapped dependant to have a secured life. Benefits can be availed of only in the event of death of life assured. In the event of the death of the life assured, the benefits are payable partly in lump sum and partly in the form of an annuity to the handicapped through a nominee or a trustee. The policy is a whole life plan with limited premiums. Premium paying terms are 10, 15, 20, 25, 30 and 35 years. Benefits On death of life assured 20% of the notional sum assured is paid immediately to the nominee. The remaining 80% of the notional sum assured is utilized to provide an annuity certain for 15 years and life thereafter of the handicapped dependant. The actual annuity is calculated at the time of claim. Notional sum assured: Basic sum assured + guaranteed additions + terminal addition. Guaranteed additions: Guaranteed additions of Rs.100 per Rs. 1,000 sum assured, for each completed policy year for which the policy was in full force. Such guaranteed additions will accrue up to age 65 years or till the life assured's death, whichever is earlier. Terminal addition: Payable only if 10 years' premiums have been paid and policy is in force. Amount payable on death of life assured depends on the rates declared by LIC on favorable working experience. Handicapped dependant pre-deceasing the life assured In the event of the handicapped dependant pre-deceasing the life assured during the premium term the contract ceases. The life assured then has the option of : Making the policy paid-up or. Refund of premiums (excluding extra premium).