Bima Shree with profit - Plan No 848

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Plan No 848 - Bima Shree with profit 

This is a non-linked LIMITED payment money back plan with inbuilt critical illness for high net worth individuals.

ELIGIBILITY CONDITIONS AND RESTRICTIONS FOR BASE PLAN:
  • Minimum Basic Sum Assured - Rs. 10,00,000/-
  • Maximum Basic Sum Assured - No Limit
  • (The Basic Sum Assured shall be in multiples of Rs. 100.000/-)
  • Policy Term -14, 16 , 18 and 20 years
  • Premium Paying Term (PPT) - (Policy term less 4) years
  • Minimum Age at entry -8 years (completed)
  • Maximum Age at entry - 
    • 55 years (nearer birthday) for policy term 14 years
    • 51 years (nearer birthday) for policy term 16 years 
    • 48 years (nearer birthday) for policy term 18 years
    • 45 years (nearer birthday) for policy term   20 years
  • Maximum Age at Maturity -
    • 69 years (nearer birthday) for policy term 14 years
    • 67 years (nearer birthday) for policy term 16 years 
    • 66 years (nearer birthday) for policy term 18 years 
    • 65 years (nearer birthday) for policy term 20 years
  • Age at entry for the Policyholder is to be taken as age nearer birthday (nbd) except for the minimum age at entry i.e. 8 years, where it is completed years.
  • Date of Commencement of Risk - Under this plan the risk will commence immediately from the Date of issuance of policy.
  • Date of issuance of policy is a date when a proposal after underwriting is accepted as a policy and the contract gets effected.
  • Date of Vesting under the plan (Applicable only if the Life Assured is below 18 years on the date of commencement of policy): The policy shall automatically vest on the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and Life Assured.

BENEFITS UNDER THE BASE PLAN:
The benefits payable under an inforce policy are as under

Death Benefit:
On death during first five years: "Sum Assured on Death" along with accrued Guaranteed Additions shall be payable.
On death after completion of five policy years but before the date of maturity: "Sum Assured on Death" along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
Where "Sum Assured on Death" is defined as the higher of
10 times of annualized premium or
Absolute amount assured to be paid on death, i.e. 125% Basic Sum Assured
This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

Survival Benefit:
On the life assured surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary For policy term 20 years: 45% of Basic Sum Assured on each of 161/1 and 18th policy anniversary

Maturity Benefit:
On the life assured surviving to the end of the policy term. "Sum Assured on Maturity" along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
Where "Sum Assured on Maturity" is as under:
For policy term 14 years: 40% of Basic Sum Assured
For policy term 16 years: 30% of Basic Sum Assured
For policy term 18 years: 20% of Basic Sum Assured
For policy term 20 years: 10% of Basic Sum Assured

GUARANTEED ADDITIONS:
Provided the policy is inforce. a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum Assured for the first five years and Rs.55/- per thousand Basic Sum Assured from 6th policy year till the end of premium paying term will accrue at the end of each policy year for which full years premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.

In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received (i.e. wherein full year's premiums have not been received) will be added on proportionate basis in proportion to the premium received for that year.

PARTICIPATION IN PROFITS:
Provided the policy has completed five policy years and atleast 5 full years' premium have been paid, then depending upon the Corporation's expenence the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value
calculation on surrender of policy during the policy term, provided the policy has completed five
policy years and atleast 5 full years' premium have been paid. In case of surrender of policy,

LICs New Jeevan Shiromani Plan 847

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LIC is going to launch new plan specially crafted for Mumbai on 19 Dec 2017

Jeevan Shiromani 847 Plan

Minimum Sum Assured 1 Cr.
Non linked with profit money back limited premium paying Term
Guaranteed Returns ₹50/1000 for the first 5 years and thereafter ₹55/1000

Age  - 18 to 55

Term - PPT
14 - 10
16 - 12
18 - 14
20 - 16

Benefits of Jeevan Shiromani Plan 847
Death Benefit : Death SA + Guaranteed Additions+ LA.
14 years Term
30% on 10/12 Anniversary
16 years Term
35% on 12/14 Anniversary
18 years Term
40% on 14/16Anniversary
20years Term
45% on 16/18 Anniversary
Maturity Benefit : Balance SA plus GA plus LA.

CANCER COVER PLAN by LIC - Table No 905

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It is a non-linked, regular premium payment health insurance plan which provides fixed benefit in
case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer
during the policy term, subject to certain terms and conditions.
The policy can be purchased Offline as well as Online.

Click to know more about LICs Cancer Cover Plan 905 





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