Archive for the ‘LIC Policy’ Category

LIC’s New Jeevan Nidhi Plan

Published by Philip George on January 30th, 2013 - in LIC Policy, Life Insurance

LIC’s New Jeevan Nidhi Plan is a

conventional with profits pension plan

which provides for death cover during the deferment period and offers annuity on
survival to the date of vesting.

 



1.    Eligibility
Conditions and Other Restrictions

 (For Basic Plan):

a)           
Minimum Basic Sum Assured           :  Rs.1,00,000 under Regular Premium
policies

         Rs.1,
50,000 under Single Premium policies

b)           
Maximum Basic Sum Assured    :  No Limit

      (The Sum
Assured shall be in multiples of Rs.5000/-)

c)           
Minimum Entry Age                           :  20 years (nearest
Birthday)

d)           
Maximum Entry Age                         :  60 years (nearest birthday)

e)           
Policy Term                                       :  5 to 35 years

f)            
Minimum Vesting Age                       :  55 years (nearest birthday)

g)           
Maximum Vesting Age          :  65 years (nearest Birthday)

 



2.    Payment of
Premiums:


Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly
(through ECS only) or through SSS mode over the term of policy. Alternatively, a
single premium can be paid.

A
grace period of one calendar month but not less than 30 days will be allowed for
payment of yearly or half-yearly or quarterly premiums and 15 days for monthly
premiums.

 



3.   


Sample Premium Rates:


Following are some of the sample premium rates (exclusive of service tax) per
Rs. 1000/- S.A.:

 

Single Premiums

Age at entry

Policy term


 


10


20


30


25

-

-


435.80


35

-


612.00


456.15


45


852.55


632.80

-

 

Annual Premiums

Age at entry

Policy term


 


10


20


30


25

-

-

32.75


35

-

53.60

34.80


45


115.25

57.15

-



 



4.   


Mode and High S.A. Rebates:


Mode Rebate:


Yearly             -        2% of tabular premium

Half-Yearly      -       1% of tabular premium

Quarterly         -        Nil



 

Sum
Assured Rebate:


For Regular Premium policies:


Sum Assured
                               
    Rebate


1, 00,000 to 2, 95,000                           Nil


3, 00,000 and above                         2%o S.A.

 


For Single Premium Policies:


Sum Assured
                               
    Rebate


1, 50,000 to 2, 95,000                           Nil


3, 00,000 and above                         5%o S.A.

 



5.   


Revival:

If premiums are
not paid within the grace period then the policy will lapse. A lapsed policy can
be revived from the date of first unpaid premium and before the date of vesting
by paying all the arrears of premium together with interest within a period of
five years, subject to submission of satisfactory evidence of continued
insurability.

The Corporation
reserves the right to accept at original terms, accept at revised terms or
decline the revival of a discontinued policy. The revival of discontinued policy
shall take effect only after the same is approved by the Corporation and is
specifically communicated to the life assured. Accident Benefit Rider, if opted
for, shall be revived along with the basic plan and not in isolation.


 
 



6.      Policy Loan:

 No loan facility will be available under this plan.

 



7.      Service
Tax: 


Service tax, if any, shall be as per the Service Tax laws and 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 on premium(s) as and when the premiums are paid.

 



8.      Cooling-off
period:

If
the Life Assured is not satisfied with the ‘Terms and Conditions’ of the policy,
he/she may return the policy to the Corporation within 15 days from the date of
receipt of the policy stating the reason of objections. On receipt of the same
the Corporation shall cancel the policy and return the amount of premium
deposited after deducting the risk premium, expenses incurred on medical
examination and stamp duty.

 



9.      Exclusion:



Suicide:

This policy shall be void if the Life Assured commits suicide (whether sane or
insane at that time) at any time within one year from the date of commencement
of risk and the Corporation will not entertain any other claim by virtue of this
policy except to the extent of a maximum of 90% of single premium paid excluding
any extra premium (in case of single premium policies).

Jeevan Ankur ::: A Must have Children Policy

Published by Philip George on January 23rd, 2012 - in Insurance Plans, LIC Policy, Life Insurance

LIC’s JEEVAN ANKUR (UIN: 512N267V01)

LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.

The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.

1. Benefits

i) Death benefit:

On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term.

On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy.

On death of child/nominee after Life Assured’s death: The policy shall continue and the benefits shall be payable to the legal heir(s).

ii) Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.

iii) Loyalty Addition: Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

2. Optional Benefits: You may choose  the following optional riders by payment of additional premium-

i) Accident Benefit Rider:  This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.

  ii) Critical Illness Rider:  An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age.

Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.

3. Eligibility Conditions and Other Restrictions (For Basic Plan):

a) Minimum Sum Assured                               :   Rs. 100,000

b) Maximum Sum Assured                              :   No Limit

(The Sum Assured shall be in multiples of Rs. 5000/-)

c) Minimum Age at entry for Life Assured   : 18 years (completed)

d) Maximum Age at entry for Life Assured  : 50 years (nearest birthday)

e) Maximum Maturity Age for Life Assured : 75 years (nearest birthday)

f) Minimum Age at entry for child                : 0  years (last birthday)

g) Maximum Age at entry for child               : 17 years ( last birthday)

h) Minimum Term                                        : Higher of (18 – age of child, 8) years

i) Maximum Term                                       : (25 – age of child) years

4. Sample premium Rates:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.

A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

5. Sample premium Rates:

 Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:

Single Premium

Age

Policy term

 

10

15

20

25

         20

615.45

494.95

405.95

348.00

30

618.80

503.35

422.10

375.30

40

638.75

541.60

483.60

463.60

 

 

 

 

 

 

Annual Regular Premium

Age

Policy term

 

10

15

20

25

       20

90.65

56.45

39.70

31.10

       30

91.20

57.50

41.35

33.50

      40

94.70

62.35

47.80

41.75

 

 

 

 

 

6. Mode and High S.A. Rebates:

Mode Rebate:

Yearly mode                            -    2% of Tabular Premium

Half-yearly mode                     –   1% of the Tabular premium

Quarterly & Salary deduction   –     NIL

Sum Assured Rebate:

Single Premium:

Sum Assured                         Rebate (Rs.)

1,00,000 to 1,95,000               Nil

2,00,000 to 4,95,000               4.00 %o S.A.

5,00,000 and above                6.00 %o S.A.

 

Regular Premium:

Sum Assured                         Rebate (Rs.)

1,00,000 to 1,95,000               Nil

2,00,000 to 4,95,000               2.00 %o S.A.

5,00,000 and above                3.00 %o S.A.

7. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of maturity by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Riders shall be revived along with the basic plan and not in isolation.

8. Paid-up Value:

Under regular premium policies, if after atleast three full years’ premium have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy for a reduced paid-up sum assured. This Paid-Up Sum Assured shall be payable on the date of maturity or on Life Assured’s prior death.

Further, in case of death during the term of the policy, the paid up value shall be paid immediately on death. But, neither income benefit nor paid up value on maturity shall be payable.

Accident Benefit and Critical Illness riders do not acquire any paid-up value.

9. Surrender Value:

The Guaranteed Surrender Value will be as under:

  1. Single Premium Policies: The Guaranteed Surrender value will be available after completion of atleast one policy year and is equal to 90% of the premium paid excluding premium for optional rider and extras, if any.
  1.    Regular Premium Policies: The Guaranteed surrender value will be available after completion of three policy years and atleast three full years’ premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.

 

Corporation may, however, pay Special Surrender value, as the discounted value of the Paid-up Sum Assured as applicable on date of surrender, provided the same is higher than Guaranteed Surrender value.

10. Policy Loan:

No loan facility will be available under this plan.

11. Service Tax: 

Service tax, if any, shall be as per the Service Tax laws and 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 on premium(s) as and when the premiums are paid.

12. 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.

13. Exclusion:

Suicide:- This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).

 

Why LIC Investments are better than other investments?

Published by Philip George on November 18th, 2011 - in Investments, LIC Policy, Life Insurance

1) Government guaranteed.

2) Life Cover

  • No other savings provide insurance cover for their investors.

3) Money in proper hands.

  • Investor can choose for nomination, assignment and re-assignment. So maturity amount or claim amount will go to the right people.

4) Form of benefit can be pre-decided.

  • Benefit of the insurance can be pre-decided under Marriage         Women’s Property act (MWP Act).

5) Business successions.

  • Partnership insurance

(i)    Firm will be the policy holder or proposer.

(ii)  Life assured will be the partners.

6) Default risk covered

  • Key man insurance policy. : In Key-man insurance, company will be the policy holder and proposer but Life assured will be Key-man. On the death of the Key-man money will come to the company.

7) Encourage thrift.

  • LIC encourages saving habit of the people, because LIC savings are compulsory savings.

8 ) Creation of large estate by investing small amount.

  • SIP- Regular savings.

9) Raise money in emergency.

  • Loan available
  • Surrender available

10) Age group of 1 to 80 can invest.

11) Benefits with variety of options.

  • Mode of payment options
  • Settlement options.
  • Premium can be paid in advance.

12) Easy accessible

  • Like payment of premium, claim settlement etc. In LIC numbers of outlets are increasing but in other case, numbers of outlets are decreasing due to cost cutting.

13)  Steady returns

14)  Tax benefit

  • Deduction allowable from income for payment of life insurance premium (sec.80.c)
  • Deduction under section 80D. Health insurance premium up to 15000/p.a.
  • Deduction under section 80D.D. Jeevan Adhar premium up to 50000/p.a.
  • Exemption under section 10 (10) A
  • Exemption under section 10 (10) D.

Pension Plans

Published by Philip George on August 23rd, 2011 - in Insurance Plans, LIC Policy, Life Insurance

Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.

Pension Plans

Children’s Plans from LIC

Published by Philip George on August 13th, 2011 - in LIC Policy, Life Insurance, Videos

Wide range of policies from LIC ::: Why go anywhere else?

Published by Philip George on August 12th, 2011 - in LIC Policy, Life Insurance, Videos

LIC Endowment Plus ::: Unit linked insurance policy with wide range of options

Published by Philip George on August 11th, 2011 - in LIC Policy, Life Insurance, Videos

LIC Pension Plans ::: Peace of mind always

Published by Philip George on August 9th, 2011 - in LIC Policy, Life Insurance, Videos

Plan your future with LIC

Published by Philip George on August 9th, 2011 - in LIC Policy, Life Insurance, Videos

Be Responsible , Be Insured

Published by Philip George on August 9th, 2011 - in LIC Policy, Life Insurance, Videos

© Philip George
Tuesday, 12 December 2017