NEW JANA RAKSHA PLAN TABLE NO. 91 A POLICY WITH IN-BUILT

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NEW JANA RAKSHA
PLAN TABLE NO. 91 A
POLICY WITH IN-BUILT

EXTRA COVER
ACCIDENT BENEFIT
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New Jana Raksha can be termed as one of the very
best endowment policies in Indian insurance
market !

• Accident Benefit is in-built in the plan!
• After payment of premiums for 2 years, risk
  continues for 3 years even after the policy has
  lapsed !!
• Within this period of 3 years, the policy can be
  revived without MEDICAL EXAMINATION and without
  even a DECLARATION OF GOOD HEALTH !!!
• Within this period of 3 years, even one or more
  premium/s can be paid accordingly extra risk
  cover period will extended to that extent !!!!
• (Please see example ahead! )

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• POLICY LOAN As under Table 14
• up to 90 of
  Surrender Value
• MATURITY BENEFIT S.A. Reversionary
  Bonus Final Additional Bonus
• DEATH BENEFIT S.A. Reversionary
  Bonus Final Additional Bonus
• In case of death by accident an amount equal to
  S.A. will be payable additionally.
• (No extra premium is charged for Accident Benefit
  ).

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Notes -

• Reversionary Bonus means bonus declared for each
  policy year as on 31st March.
• Final Additional Bonus is payable only in case of
  at least 17 years premiums having been paid.
• Overall limit of Accident Benefit under all the
  plans taken together is Rs.10 lacs.
• Maximum limit for A.B. under the plan has been
  increased from Rs.5 lac to Rs.7.50 lac in
  December 2002.

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EXAMPLE
Mr. NJR takes a policy ON 1-12-2002. AGE AT
ENRTY 30 YEARS TERM
21 YEARS MODE OF PREMIUM
PAY. YEARLY Natural Risk Cover
Rs.1 lac bonuses Accidental Risk
Cover Rs.1 lac (Additional)

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EXAMPLE
Risk Cover for Extended Period - Assuming that
he has paid 2 yearly premiums as following
First Premium On 1-12-2002. Second
Premium Due on 1-12-2003. Thus he has
paid premium for at least 2 full years ! Hence,
next premium falls due on 1-12-04.

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• He is not able to pay the due premium, some how
  ! Under other policies, risk cover would have
  ceased after one month i.e. from 2-01-04, in such
  a condition !
• Under this policy, risk will still be covered
  for further 3 years, from 1.12.04 (FIRST UNPAID
  PREMIUM---- F.U.P. ). This means that risk on his
  life will be covered for full S.A. ( along with
  Accident Benefit ) till 30.11.07-------- extra
  risk cover from 1-12-04 to 30-11-07 (for 3years
  ).
• Further, he can pay arrears of premium / one or
  more due premiums with interest thereon at any
  time till 30.11.07 and extend the period of risk
  cover accordingly.

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• C. If he so chooses, on or before 30.11.07, he
  can pay even one instalment of premium with
  interest without any proof of good health. In
  such a case, his risk cover will get extended by
  the period of the instalment premium paid.
• Here the mode of premium is YEARLY .
• Hence, the one instalment paid will be
  adjusted towards First Unpaid Premium (F.U.P.)
  due on 1.12.04 accordingly new F.U.P. is
  1.12.05.
• Risk is covered for 3 years from F.U.P.
  Hence, risk cover will be extended upto 30.11.08
  ( 1.12.05 plus 3 years )!

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• D. Again, till 30.11.08, he can pay one or more
  due premiums with interest and period of risk
  cover will be extended just as it is shown in ( C
  ).
• E. If he pays all the due premiums with interest
  during the extended period of risk cover, the
  facility of 3 years extra risk cover from the
  date of NEW F.U.P. will still be applicable in
  future, if he happens to miss payment of premium
  in future again ---The position will be like in A
  TO D above.

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Note -

• It is assumed that the policy is entitled for
  Accident Benefit within the overall limit of
  Rs.10 lac.
• In case of death, Reversionary Bonus will be
  payable according to the period for which
  premiums stand paid and not according to the
  period till date of death.

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MATURITY BENEFIT

• Term 21
  YEARS
• Entry Age 30
  YEARS (N.B.D.)
• Yearly Prem. Rs.
  4737/-
• Sum Assured Rs.
  1,00,000
• Reversionary Bonus Rs.
  1,49,100 (7121100)
• Final Additional Bonus Rs.
  20,000 (200100)
• 
  ------------------------
• Total Payable Rs.
  2,49,100
• IRR 8.333

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• Yearly Premium Rs.
  9475/-
• Sum Assured Rs.
  2,00,000
• Reversionary Bonus Rs.
  2,98,200 (7121200)
• Final Additional Bonus Rs.
  48,000 (240200)
  ----------------------
• Total Payable
  Rs. 5,46,200
• IRR 8.447
• Note Bonus rates as declared for valuation
  as on 31.3.02 have been assumed for
  calculation of maturity proceeds and I.R.R.
  
• Actual MATURITY PROCEEDS and
  I.R.R. will depend on bonus rates
  declared in future.

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• Yearly Premium Rs.
  23,686/-
• Sum Assured Rs.
  5,00,000
• Reversionary Bonus Rs.
  7,45,500 (7121500)
• Final Additional Bonus Rs.
  1,25,000 (250500)
  ----------------------
• Total Payable
  Rs. 13,70,500
• IRR 8.477
• Note Bonus rates as declared for valuation
  as on 31.3.02 have been assumed for
  calculation of maturity proceeds and I.R.R.
  
• Actual MATURITY PROCEEDS and
  I.R.R. will depend on bonus rates
  declared in future.

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• RESTRICTIONS
  
• Age at Entry 18 years (
  completed ) to 50 years (
  n.b.d.)
• Term 12 to 30
  Years
• Maximum Maturity Age 70 Years ( n.b.d.)
  
• Minimum Sum Assured Rs. 20,000
  
• Maximum Sum Assured Rs. 7,50,000
• Age Proof
• (i) For S.A. upto Rs. 50000 Self-declaration
  about age is in-built in the
  proposal form. No extra premium is
  charge on account of age-proof.
• (ii) For S.A. above Rs.50000 Standard Age Proof
  like School Certificate is
  required.

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• Females Sum Assured upto
  Rs.25000 is admissible to self
  earning literate ladies in
  Category III.
• Medical Exam / Non-medical Schemes
  
• (i) S.A. upto Rs.50000 Admissible under
  Non- medical (General)
  Scheme
• (ii) S.A. upto Rs.4 lac (a) Admissible
  under Non- medical
  (Special) Scheme
• (b) Commissioned Officers of Armed
  Forces NMS limit of Rs.5 lac is applicable.
  In other cases, medical examination
  will be required.
• NOTE Proposals under Non-medical Schemes
  will be considered within OVERALL limits of
  the respective schemes.

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• This presentation is not meant to be a
  pamphlet, brochure or advertisement .
• This presentation has been prepared with a view
  to explaining salient features of the plan to
  our officials.

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Script by
Mr.M.M.L .VERMA B . D . M .
(W . Z . O .)
Design by Ms.N.H.MITHBAOKAR
A. A .O.(Business Development)
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