LIC- New Jeevan Anand T-815
Features of plan New Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented. Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra. Plan parameters Age at entry: Min.18 yrs Max. 50 yrs. PPT maturity age: Max. 75 yrs Sum assured: Min. 1,00,000 Max. No. Limit S.A. in multiples: 5000 Term: Min.15 yrs Max. 35 yrs Mode of payment: YLY/HLY/QLY/SSS/MLY Accident benefit: Incl. in. T.P. Policy loan: yes Housing loan: yes Assignment: yes Revival: yes Surrender of policy: yes Term rider: N.A. CIR: yes.
Lic Jeevan Saral T-165
Jeevan Saral Life Insurance Policy by LIC (Table No. 165) Feature of plan: This plan contains good feature of the conventional plans and the flexibility of unit linked plans. It provides higher cover, smooth return, liquidity and considerable flexibility. In this plan one has to choose the premium he wants to pay whereas in normal plans one chooses the S.A. under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry age and terms. This plan is very appropriate for employees seeking life cover through salary savings schemes. Surrender value: the policy can be surrender after it has been in force for at least 3 full years. The surrender value will be the greater then guaranteed surrender value or special surrender value as given below: Guaranteed surrender value (GSV): the GSV will be equal to the 30% of the total amount of premium paid excluding the premium for the first year and all the extra premiums and premium for accident / term riders. Maturity sum assured (MSA): has to be calculated on the basic premium only, before mode rebate & death accident benefit. Death benefit S.A. will be 250 times the monthly basic premium. To arrive at DAB we have to calculate death benefit S.A. E.G. if yearly premium is Rs.6000 The death benefit S.A. = 6000/12 x 250 = 1,25,000 for this DAB will be Re.1per thousand which come out to be Rs.125 Plan parameters Age at entry: Min.12 yrs (completed) Max. 60 yrs (NBD) Maturity age: Min.70 yrs Term: Min.10 yrs Max. 35 yrs Min. premium Age 12 to 49:Rs.250 P.M Age 15 to 60: Rs.400 P.M Max. Premium: No. Limits Premium in Multiples: Rs.50 P.M. Mode of payment: YLY/ HLY/ OLY/ SSS Accident benefit: Re. 1extra per (Max. 50 Lac inclusive all plan).
LIC's JEEVAN LAKSHYA
- Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
- Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and
LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Where “Sum Assured on Death” is defined as the sum of:
The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.
The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above exclude tax, extra premium and rider premium(s), if any.
“Sum Assured on Maturity” equal to 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.
In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.
In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.
Final Additional Bonus shall not be payable under reduced paid-up policies.
For more details on the above Riders, refer to the Rider brochure or contact LIC’s nearest Branch Office
- Policy Term : 13 to 25 years
- Premium Paying Term : (Policy Term – 3) years
- Minimum Age at entry : 18 years (last birthday)
- Maximum Age at entry : 50 years (nearest birthday)
- Maximum Maturity Age : 65 years (nearest birthday
To,Hem Chand Gupta