LIC Jeevan Vishwas Plan is a special category plan as it is a Life Insurance Policy especially for the Handicapped dependents. It is basically an Endowment Plan which can be utilized as a long term annuity plan after the death of the Life Insured.
In this plan, premium needs to be paid till the end of the policy term.
On Policy Maturity or on earlier Death of the Life Insured during the policy term but before the death of the handicapped dependent, the Benefit is paid partly in lumpsum and partly in instalments. 20% of the Sum Assured is paid in Lumpsum and the remaining amounts of 80% of the Sum Assured along with additions are utilized to purchase an annuity which continues as long as the handicapped dependent is alive. There are 3 options provided for annuity- Life Annuity, Annuity Certain for 5, 10 or 15 years and life thereafter or Annuity with Return of Purchase Price.
However, if the handicapped dependent dies before the Life Insured, the Life Insured will have the option of either continuing the policy by paying the premium or surrender the same.
Hence this plan is a Limited Payment Endowment cum Annuity plan with Guaranteed and Loyalty Additions which caters to the needs and requirements of a handicapped dependent.