LIC Term Insurance for Disabled People

The disabled or differently-abled people face a lot of problems in day to day life. Due to the lack of facilities, it is tough for them to even fulfil 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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LIC has made a good start with the launch of the Jeevan Adhar Life Insurance Plan for physically challenged individuals. Subsequently, LIC came out with the Jiwan Vishwas policy that provides benefits to those families who cannot get any advantage from Jeevan Adhar.

These plans have an objective to meet the needs of disabled individuals by providing them with regular income. Jeevan Adhar and Jeevan Vishwas are the only options in LIC Term Insurance for Disabled people of 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 a limited payment whole life plan that can be used as a long term annuity plan after the demise of the life assured. Under this plan, the premiums must be paid for a maximum period of 35 years. However, the life coverage continues till the demise of the handicapped dependents. The death benefit is partly paid in lump-sum and partly in instalments. 

Key features of the policy are:

  • A person between the age group of 22-65 years can buy this policy.

  • The plan is a whole life plan for handicapped dependents.

  • The premium of the policy depends according to the age of the physically challenged dependents.

  • The sum assured has no maximum limit. Rs 100 per thousand sum assured are added for each completed policy year.

  • The premium paying tenure of the policy ranges from 10, 15, 20, 25, 30, 35 or till the early death. The plan also provides a single or lump sum premium option.

  • Up to the age of 65 of life assured or in case of early demise of the life assured, the guaranteed addition of Rs 100 per thousand on the sum assured accrue per annum.

  • Variable addition as terminal additions is applicable provided if the insured have paid a minimum 10-year premium. The rate depends on the future experience of the company.

  • In case of demise of the life insured, if the dependent is alive, 20% of the sum assured + guaranteed bonus+ terminal bonus is paid to the nominee. The 20% payment is made as a lump-sum amount. The remaining 80% of the sum assured is utilized to pay the 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 of the add-on benefits of the rider by paying an 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 benefit of handicapped people.

  • Under section 80DDA of the Income Tax Act, the tax benefit can be availed by the insured.

  • In case of handicapped dependents predeceasing the life assured, the contract of the policy ceases. The life assured will have an option either to keep the policy for reduced paid up or receive a 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

Specifically designed for handicapped individuals, LIC Jeevan Vishwas Plan is 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 policy maturity of the life insured during the policy term but before the demise of the handicapped person, the benefit is paid partly in instalments 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-year 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 an add-on benefit through accidental death benefit rider.

  • On policy maturity, 20% of the sum assured + guaranteed bonus+ terminal bonus (if any) is paid as a lump-sum amount to the insured. The rest 80% of the sum assured is utilized to pay annuity according to the chosen option (on the age of the handicapped dependent).

  • The plan also 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. The remaining 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 other traditional plans, LIC Jeevan Adhar offers a high return. There are 65 years of age restrictions to receive a guaranteed bonus lower the return of the plan if the person survives beyond it. 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 stringent. The norms for disability were under the rule of 11A of the Income Tax Act that did not cater to the needs of physically challenged dependents of lower degrees. 

To bridge this gap, LIC came up with the Jeevan Vishwas plan to empower the guardians to provide benefits to their disabled dependents left out of the Jeevan Adhar insurance plan.

Types of Term Plans

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