New-jeevan-anand

NewJeevanAnand1

LIC’s New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:

Death benefit :

Provided all due premiums have been paid, the following death benefit shall be paid:

· On Death during the policy term: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.

· On death of policyholder at any time after policy term: Basic Sum Assured

Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during policy term provided the policy is in full force.

Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.

2. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

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Jeevan Arogya

LIC’s Jeevan Arogya is a unique non-participating non-linked plan which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.

Health has been a major concern on everybody’s mind, including yours. In these days of skyrocketing medical expenses, when a family member is ill, it is a traumatic time for the rest of the family. As a caring person, you do not want to let any unfortunate incident to affect your plans for you and your family. So why let any medical emergencies shatter your peace of mind.

LIC’s Jeevan Arogya gives you:

  • Valuable financial protection in case of hospitalisation, surgery etc
  • Increasing Health cover every year
  • Lump sum benefit irrespective of actual medical costs
  • No claim benefit
  • Flexible benefit limit to choose from
  • Flexible premium payment options

Very easy to choose your plan
           

Step 1 Choose the level of Health cover you need
Step 2 Work out the premium payable along with our Representative

Step 1: Choose the level of Health cover you need:

You can choose the amount of Initial Daily Benefit (i.e. the daily Hospital Cash Benefit applicable in the first year of the policy) as per your need from out of the following choices:

` 1000 per day ` 2000 per day ` 3000 per day ` 4000 per day

This is the amount that will be payable to you in the event of hospitalisation in the first year on a per day basis. The Major Surgical Benefit that you will be covered for will be 100 times the Initial Daily Benefit you have chosen. Thus the initial Major Surgical Benefit Sum Assured will be ` 1 lakh, 2 lakh, 3 lakh, 4 lakh respectively. Other benefits such as Day Care Procedure Benefit, Other Surgical Benefit and Premium waiver Benefit (PWB) mentioned below shall also be payable depending upon the daily Hospital Cash Benefit chosen.

Step 2: Work out the premium payable along with our representative
Your premium will depend on your age, gender, the Health cover option you have chosen, whether you are Principal Insured or other insured life and the mode of payment.

 

Tables below give an indicative annual premium, payable yearly, for all health benefits corresponding to an Initial Daily Benefit of ` 1000 per day, for some of the ages in respect of  various lives that can be covered under a single policy:

PRINCIPAL INSURED (Male)

Age at entry

Premium (`)

20

1922.65

30

2242.90

40

2799.70

50

3768.00

         SPOUSE (Female) / PARENT (of PI/Spouse) (Female)

Age at entry

Premium (`)

20

1393.15

30

1730.65

40

2240.60

50

2849.10

CHILD

Age at entry

Premium (`)

0

792.00

5

794.75

10

812.35

15

870.75

(Premiums indicated are exclusive of Service Tax)

Who can be insured?
You (as Principal Insured (PI)), your spouse, your children, your parents and parents of your spouse can all be insured under one policy. Quite a relief isn’t it, to have all insured under one policy!
The minimum and maximum age at entry is as under:

 

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new-moneyback-plan-821

 

LIC New Money Back Plan – 25 Years – Table no 821

 

LIC New Money Back Plan – 25 Years is a non-linked life insurance policy which offers guaranteed returns and bonus. Premium in this plan needs to be paid for a period of 20 years while the policy continues for 25 years. Policy can be taken for anyone between 13 to 45 years of age for a fixed tenure of 25 years.

15% of the Sum Assured is paid to the Life Insured on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.

 

 

Key Features of LIC New Money Back Plan – 25 Years

 

§  Money Back Plan for a tenure of 25 years

§  15% of Sum Assured is paid at the end of 5th, 10th 15th and 20th Year as Survival Benefit

§  Simple Reversionary Bonus is payable on maturity or earlier death

§  Large Sum Assured is available in this plan

§  LIC’s Accidental Death and Disability Benefit Rider is available

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new-moneyback-plan-820

 

LIC New Money Back Plan – 25 Years – Table no 821

 

LIC New Money Back Plan – 25 Years is a non-linked life insurance policy which offers guaranteed returns and bonus. Premium in this plan needs to be paid for a period of 20 years while the policy continues for 25 years. Policy can be taken for anyone between 13 to 45 years of age for a fixed tenure of 25 years.

15% of the Sum Assured is paid to the Life Insured on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.

 

 

Key Features of LIC New Money Back Plan – 25 Years

 

§  Money Back Plan for a tenure of 25 years

§  15% of Sum Assured is paid at the end of 5th, 10th 15th and 20th Year as Survival Benefit

§  Simple Reversionary Bonus is payable on maturity or earlier death

§  Large Sum Assured is available in this plan

§  LIC’s Accidental Death and Disability Benefit Rider is available

 

 

Benefits you get from LIC New Money Back Plan – 25 Years

 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the Nominee would be paid the “Sum Assured on Death” along with vested Bonuses as Death Benefit and the policy would be terminated.

The Sum Assured on Death has been defined as higher of 125% of Basic Sum Assured or 10 times the Annualized Premium subject to a minimum of 105% of all Premiums paid.

 

Survival Benefit – On survival, the Life Insured will get 15% of Sum Assured at the end of every 5th, 10th 15thand 20th Policy Year and the policy continues till the end of the Policy Tenure of 25 years.

 

Maturity Benefit – On survival till the end of the Policy Tenure, the policyholder will get the remaining 40% of the Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any) as Maturity Benefit and the policy will be terminated.

 

Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.

 

 

Eligibility conditions and other restrictions in LIC New Money Back Plan – 25 Years

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000, in multiples of 5000

No Limit

Policy Term (in years)

25

Premium Payment Term (in years)

20

Entry Age of Life Insured (in years)

13

45

Age at Maturity (in years)

-

70

Payment modes

Yearly, Half Yearly, Quarterly or Monthly

 

 

Sample illustration of premium of LIC New Money Back Plan – 25 Years

 

Illustration across Age for same Sum Assured of Rs 1 Lakh:

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000

 

Additional Features and Benefits of LIC New Money Back Plan – 25 Years

 

Riders – There is an option to buy rider with this plan by paying additional premium:

Accidental Death and Disability Benefit Rider

LIC Accidental Death and Disability Benefit Rider is available by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

 

Bonus:

There are 2 types of Bonuses are available in this plan:

1) Simple Reversionary Bonus- is declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Simple Reversionary Bonus accrues during the premium paying term and is paid at the end of the premium paying term or on earlier death along with the final additional bonus, if any. No bonus is paid on death after the premium paying term.

2) Final Addition Bonus may also be payable provided the policy has run for certain minimum period.

 

 

What happens if?

 

You stop paying the premium –If the premiums are not paid within Grace Period, the policy lapses and all benefits cease. However, if at least 3 years’ premiums have been paid, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

Reduced Sum Assured = Basic Sum Assured *(Number of Premiums Paid / Total Number of Premiums Payable)

The policy can however be revived within 2 consecutive years from the date of first unpaid premium.

 

You want to surrender the policy –The policy can be surrendered only after it accrues Cash Value after at least 3 years’ premiums have been paid.This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as per the table mentioned.

 

You want a loan against your policy – Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions.

 

 

Some Money Back Plan from other insurance companies

 

AEGON Religare Flexi Money Back Advantage Insurance Plan

Bharti AXA Life Monthly Income Plan+

 

 

Other Money Back Plans from Life Insurance Corporation of India

 

LIC New Money Back Plan – 20 Years

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single-premium-endowment-plan

Death Benefit:

a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.

b) On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Maturity Benefit:

Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Participation in profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.

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Jeevan-akshay-vi

Introduction:

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

  • Type of Annuity:
    • Annuity payable for life at a uniform rate.
    • Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
    • Annuity for life with return of purchase price on death of the annuitant.
    • Annuity payable for life increasing at a simple rate of 3% p.a.
    • Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    • Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    • Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

  • Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features:

    • Premium is to be paid in a lump sum.
    • Minimum purchase price :
      • Rs.100,000/- for all distribution channels except online.
      • Rs.150,000/- for on line sale.
    • No medical examination is required under the plan.
    • No maximum limits for purchase price, annuity etc.
    • Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
    • Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last
birthday

Yearly annuity amount under option

( i )

( ii ) (15 years certain)

( iii )

( iv )

( v )

( vi )

(vii)

 

30

7190

7160

6890

5250

7080

6970

6860

 

40

7510

7440

6930

5610

7310

7120

6890

 

50

8140

7950

7000

6280

7760

7420

6930

 

60

9350

8790

7110

7530

8640

8030

7010

 

70

12080

9830

7260

10220

10560

9370

7130

 

80

17880

10440

7480

15890

14600

12340

7290

 

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

Cooling-off period:

If you are not satisfied with the ?Terms and Conditions? of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 Of Insurance Act 1938:

      • No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

    • Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of Insurance Act 1938:

      • No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

    • Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Note : For full details please refer to the Policy document or contact our nearest Branch Office.

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New-bima-bachat

LIC’s New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.

a) BENEFITS:

Death benefit:

On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.

b)Survival Benefits:

Payable as given below in case of Life Assured surviving to the end of the specified durations:

For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year

For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year

For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year

c) Maturity Benefit:

Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.

d) Loyalty Addition

Depending upon the Corporation’s experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.

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new-endowmentplan

LIC’s NEW ENDOWMENT PLAN (UIN: 512N277V01)

LIC’s New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

      1. Benefits:

Death benefit:
In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Where premiums exclude service tax, extra premium and rider premiums, if any.

Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

      1. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider:  LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

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