LIC Term Insurance for Disabled People

The disabled or differently abled people face a lot of problems in day today life. Due to the lack of facility for them in country, it is tough for them even to fulfill the basic amenities of life. Though the government has taken many initiatives to entitle the weak section of the society (Disabled and Mentally Challenged people) with all the facilities, it has a long way to go.

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Nevertheless, LIC has made a good start and has launched Jeevan Aadhaar Life Insurance Plan for physically challenged dependents. Subsequently, LIC came out with policy Jiwan Vishwas that provide benefits to those families who are not able to get any advantage from Jeevan Aadhaar.  These plans work with an objective to meet the needs of the disabled dependents by providing them a regular flow of income. Jeevan Aadhaar and Jeevan Vishwas are the only options in LIC Term Insurance for Disabled People our country today.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Jeevan Adhar Whole Life Insurance

This plan is basically limited payment whole life plan that can be used also used as a long term annuity plan after the demise of the life assured. Although, under this plan the premiums needs to be paid for a maximum period of 35 years but the life coverage continues till the demise of the handicapped dependents. Apart from this, the death benefit is partly paid in lump-sum and partly in installments. 

Key Features of the Policy are:-

  • A person between the age group of 22-65 years can buy this policy.
  • The plan is whole life plan for handicapped dependents.
  • The premium of the policy depends according to the age of the physically challenged dependents.
  • The sum assured amount of the policy ranges from Rs50,000 to Max- no limit.
  • The premium paying tenure of the policy ranges from 10,15,20,25,20, 35 or till the early death. The plan also provides single premium options.
  • Up to the age of 65 of life assured or in case of early demise of the life assured a guaranteed addition as Rs100 per thousand per annum has been paid.
  • Variable addition as terminal additions is applicable provided if the insured have paid minimum 10 year premium. The rate depends on the future experience of the company.
  • In case of demise of the life insured when the dependent is alive 20% of the sum assured + guaranteed bonus+ terminal bonus if any is paid to the nominee as lump-sum amount and the rest 80% of the sum assured is utilized to pay annuity for 15 years and life thereafter depending upon the age of the handicapped dependent.
  • An optional benefit is provided under the plan that can be added to the basic plan to provide extra coverage. One can avail the add-on benefits of the rider by paying extra premium.
  • The benefit is payable to the beneficiary of the policy. The beneficiary can either be a handicapped person or any other person or trust. It is compulsory to utilize the proceeds from the policy for the benefits of handicapped person.
  • Under section 80DD of Income Tax Act, tax benefit can be availed by the insured.
  • In case of handicapped dependents predeceasing the life assured the contract of the policy ceases and the life assured will have an option either to keep the policy for reduced paid up or receive refund of premium payment.

Eligibility Condition in LIC Jeevan Adhar Plan

 

Minimum

Maximum

Sum Assured

Rs50,000

No limit

Policy Tenure( In Years)

Whole Life

Premium Payment Term

1

35

Entry Age of the Insured

22

65

Maturity Age

-

75

Payment Mode

Single, Yearly, Half-yearly, quarterly, monthly

 You may also like to read: What is an Annuity | Types of Annuity

Jeevan Vishwas Endowment Assurance

Especially designed for handicapped individuals LIC Jeevan Vishwas Plan is basically an endowment plan that can also be utilized as a long term annuity plan after the demise of the life insured. Under this plan the premium needs to be paid till the end of the policy tenure. In case of early demise or in case of policy maturity of the life insured during the tenure of the policy but before the demise of the handicapped person, the benefit is paid partly in installments and partly in lump-sum.

Key Features of LIC Jeevan Vishwas Plan are:-

  • A person between the age group of 20 to 65 years can buy this policy.
  • The plan is an endowment plan that can also be used as a long term annuity plan after the demise of the insured person.
  • The sum assured of the policy ranges from minimum 50,000 to maximum no limit.
  • The premium of the policy can be paid till the end of the policy tenure or as single pay.
  • A Guaranteed addition is paid to the insured if the insured have paid at least 10 years premiums.
  • Loyalty addition is provided in case of life assured surviving the date of the maturity or in case of early death after 5 years.
  • The plan provides higher coverage as add-on benefit through accidental death benefit rider.
  • On the maturity of the policy 20% of the sum assured + guaranteed bonus+ terminal bonus (if any) is paid as a lump-sum amount to the insured and the rest 80% of the sum assured is utilized to pay annuity according to the chosen option (on the age of the handicapped dependent)
  • As applicable I endowment plan the plan offers guaranteed or special surrender value.
  • In case of demise of the life insured during the tenure of the policy, when the disabled person is alive. 20% of the sum assured is paid as a lump-sum amount and the rest 80% of the sum assured + Guaranteed addition+ terminal addition is utilized to pay annuity for the physically challenged dependents.

Eligibility Condition in LIC Jeevan Vishwas Endowment Assurance

 

Minimum

Maximum

Sum Assured

50,000

No limit

Policy Tenure(in years)

10

40

Premium Payment Term

1

Equal to Policy Term

Entry age of the Policyholder

22

65

Maturity Age

-

75

Premium

800

No limits

Payment Mode

Single, Yearly, Half-yearly, Quarterly, Monthly

What is the Difference between the Two Plans?

As compared to any other traditional plan, LIC Jeevan Adhar offers very high return. However, the 65 years of age restriction to receive guaranteed bonus lower the return of the plan as the person can live beyond this age. On the other hand in Jeevan Vishwas the bonus rates are higher as compared to any traditional plan but lower than Jeevan Anand. 

 Initially Jeevan Adhar was introduced keeping in mind to provide benefits to the physically challenged people, but the rules were very stringent. The norms for disability were under rule of 11A of Income Tax Act. Which ultimately did not cater the needs of physically challenged dependents, whose degree of handicap was lower. To bridge this gap, LIC came up with Jeevan Vishwas plan that empowers the guardian to provide benefits to their disabled dependents whose degree of disability does not match the norms in Jeevan Adhar.

Written By: PolicyBazaar

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