Jeevan Bharti Insurance Policy: This insurance policy is launched for women especially. This policy is quite special because it is actually a money-back plan with the reversionary bonus that can be converted into an annuity. The entire S.A. amount will be paid as death benefit with accrued bonuses irrespective of how much survival benefit has been paid by the insured. 20% of S.A. will be paid as survival benefit every 5th years under the policy. The remaining S.A. will be paid as maturity benefit with the accrued bonus at the end of the policy term. There is an optional higher cover under this policy through 3 additional riders and a high S.A. rebate is provided in this policy.
Female critical benefit (FCI)
If any of the critical illness (such as cervical cancer/breast cancer/fallopian tube cancer/ovarian cancer/uterine cancer/vulval cancer/vaginal cancer etc) happens then a benefit equals to S.A. (subject to a maximum of Rs. 2 Lacs) will be paid to the insured.
Congenital disability benefit (CDB)
If a born child of a policyholder suffers from any of the congenital disability ( such as spina bifida/ oesophageal atresia/ downs syndrome/ tetralogy of Fallot/ tracheo-oesaphageal fistula/ imperforate anus/anal atresia/ cleft palate, etc.) then a benefit equals to 50% of S.A. (subject to a maximum of Rs. 2 Lacs) will be paid to two children.
Paid-up/guaranteed special surrender value
If the insured has paid full premiums then this surrender value is eligible after the expiry of 3 years.
Parameters of the Jeevan Bharti Insurance Policy
| Entry age | Minimum 18 years / maximum of 50 years |
| Maturity age | Maximum 70 years |
| Policy term | 15 and 20 years |
| S.A. | Minimum 50,000 / maximum 25 Lacs |
| S.A. in multiples | 5,000 |
| Payment mode | YLY only |
| Accidental benefit | Rs. 1 extra per (max. 50 Lacs inclusive 1000 S.A. all plans) |
| Policy loan | N.A. |
| Housing loan | N.A. |
| Assignment | Yes |
| Revival | Yes |
| Surrender of policy | Yes |
| Term rider | N.A. |
| CIR | N.A. |
Underwriter conditions
| Form No. | 300 + Addendum |
| Age proof | Standard/NSAP – 1 |
| Female lives category | I/II/III |
| Medical exam | Must (female medical examiner only) |
| Actual S.A. | 1.5 times S.A. |
| Risk Cover | S.A. + G.A. + Bonus (bonus after 1st year) |
| Dating back @ 8% | Allowed |
Check also: Bima Bachat Insurance Policy: Table No. 175
Jeevan Bharti Insurance Policy Benefits
Survival benefit of the policy
Survival benefit will be payable as 20% of S.A. at the end of 5, 10 or 15 years for 20 years term plan remaining amount will be payable on maturity along with G.A if any).
Maturity benefit of the policy
Maturity benefit for the policy term years will be payable as 60% of S.A. along with G.A. and bonus (if any) after 1st year.
The death benefit of the policy
If the insured dies within the 1st year of policy term then the nominee will be payable as S.A. along with G.A. and bonus (if any) after 5 years, irrespective of all earlier survival benefit.