LICs New ULIP Plan

LIC is going to launch new ULIP plan
Unit Linked, Non-participating, Regular Premium Life Insurance Plan

ULIP Plan Features
Available for Offline as well as Online sale
Minimum Premium : Rs. 40,000, Maximum Premium: No Limit
Basic Sum Assured (BSA):
Age below 55 years : Higher of, (10x AP) or (0.5x term*AP)
Age above 55 years : Higher of, (7x AP) or (0.25x term*AP)
Guaranteed Additions as a percentage of Annualized Premium (AP) shall be
added to the Unit fund on completion of specific duration

End of Policy Year Guaranteed Additions (as percentage of AP)
6 – 5%
10 – 10%
15 –  15%
20 20%
25 25%

Death Benefit: Highest of (Basic Sum Assured) or (Policyholder’s Fund Value)
or (105% of total premium paid)
Maturity Benefit: Policyholder’s Fund Value + Refund of total Mortality
Charges

Policy Term : 10 to 25 years
Minimum Age at entry : [90] Days
Maximum Age at entry: [65] years
Minimum Maturity Age : [18] years
Maximum Maturity Age: [85] years

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LIC’s New Jeevan Amar Plan 855

A Non-linked, Non-participating, Life Term Assurance Plan – Offline Term

LIC is soon launching its offline term life insurance LIC’s Jeevan Amar (No.855)

Jeevan Amar (Table No.855) – USP / Features

• It is an OFFLINE Term Life Insurance from LIC.
• Minimum Sum Assured – Rs.25 lakh
• Maximum sum assured – No limit
• Premium – Regular, Single &  Limited
• You can opt for a level sum assured, where the sum assured you opted will remain the same throughout the policy period.
• You can opt for an increasing sum assured also, where the death benefit will remain the same up to 5 years of the first policy period. After that, it will increases at a rate of 10% for the next 10 years. From the 16th year, it will remain the same.
• Death Benefits can be taken in installments also of 5 years, 10 years or 15 years.
• Coverage up to 80 years of age.
• Accidental Rider is available.
• Lower rates for Non-Smokers and special rates for women.

ELIGIBILITY CONDITIONS

• Entry Age – 18 to 65 years (LBD)
• Max Maturity Age – 80 years (LBD)
• Min BSA :Rs.50 Lakhs
• Max BSA : No Limit
• Policy Term – 10 to 40 years
• Premium Payment – Single, Regular/ Limited (Yearly / Half-Yearly)

LIC’s Tech-Term Vs. LIC’s Jeevan Amar

Product features and variants under both the plans are same. The differences are as under:

Minimum Basic Sum Assured:

• – Rs. 25 Lakhs under LIC’s Jeevan Amar
• – Rs. 50 Lakhs under LIC’s Tech-Term

BSA multiples under LIC’s Jeevan Amar:

• – Rs. 1,00,000/- BSA up to Rs. 40,00,000/-
• – Rs. 10,00,000/- BSA thereafter

High Sum Assured Rebate from:

• – Rs. 50 Lakhs under LIC’s Jeevan Amar
• – Rs. 1 Crore under LIC’s Tech-Term

High Sum Assured Rebate: LIC’s Jeevan Amar

Option I: Level Sum Assured

Age Band	As a % of Tabular Annual/Single Premium
(LBD)	Less than Rs. 50 Lakhs	Rs. 50 Lakhs to less than Rs. 1 Crore	Rs. 1 Crore and above
<= 30 years	Nil	12%	20%
31 – 50 years	Nil	10%	15%
>= 51 years	Nil	5%	7%

Option II: Increasing Sum Assured

Age Band	As a % of Tabular Annual/Single Premium
(LBD)	Less than Rs. 50 Lakhs	Rs. 50 Lakhs to less than Rs. 1 Crore	Rs. 1 Crore and above
<= 30 years	Nil	10%	18%
31 – 50 years	Nil	8%	13%
>= 51 years	Nil	4%	6%

LIC’s Jeevan Amar: Sample Premium

Policy Term= 10 Years

Sum Assured= Rs. 1,00,00,000/-

PPT=10 Years

Mode= Yearly (Regular Premium Policy)

Category = Non-Smoker

Option 1: Level Sum Assured

Age (LBD)	Male	Female	Remark (Per Month Equivalent Premium)
20	Rs. 8,080	Rs. 7,760	Male=673, Female=647
30	Rs. 9,280	Rs. 8,720	Male=773, Female=727
40	Rs. 16,065	Rs. 13,260	Male=1339, Female=1105

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LIC’s New Tech-Term Plan 854

Online Term Assurance Plan – Tech-Term (Table No 854)

USPs / Features of the Tech-Term Plan

• A Non-linked, Non-participating, Life Term Assurance Plan
• Lower rates for Non-Smoker lives
• Special rates for women
• Attractive High Sum Assured Rebate
• Coverage until age of 80 Years
• Accident Benefit Rider available during PPT under Regular and Limited Premium Policies
• Option to pay premium as Regular, Single or for Limited Period
• Option to take Death Benefit in lump sum and/or installments

ELIGIBILITY CONDITIONS

Entry Age – 18 to 65 years (LBD)
Max Maturity Age – 80 years (LBD)
Min BSA :Rs.50 Lakhs
Max BSA : No Limit
Policy Term – 10 to 40 years
Premium Payment – Single, Regular/ Limited (Yearly / Half-Yearly)

BSA multiples:

• Rs. 5,00,000/- BSA up to Rs. 75,00,000/-
• Rs. 25,00,000/- thereafter

Minimum installment premium:

• Rs. 3,000/- for Regular/ Limited premium policies
• Rs. 30,000/- for Single premium policies

Death Benefit Option

• Level Sum Assured: Death Benefit remains level throughout the Policy Term.
• Increasing Sum Assured: Death Benefit remains level during First 5 Policy Years, increases by 10% of BSA every year for the next 10 years and then remains at that level for the remaining Policy Term.

Premium Payment Options

• Regular Premium (PPT= Policy Term)
• Limited Premium (PPT= Policy Term – 5)
• Limited Premium (PPT= Policy Term – 10)
• Single Premium (PPT= 1)

Premium Rate Differentiation

• Non-Smoker (Male / Female)
• Smoker (Male / Female)

Option to take DB in Installments

• Death Benefit may be taken in installments over chosen period of 5/10/15 yrs instead of lump sum amount
• Flexibility to exercise the option in respect of full or part of claim proceeds
• Installments will be paid in advance subject to minimum installment amount
• Flexibility to exercise this option at proposal stage or during currency of the policy

High Sum Assured Rebate: LIC’s Tech-Term

Option I: Level Sum Assured

	As a % of Tabular Annual/Single Premium
Age Band (LBD)	Less than Rs. 1 Crore	Rs. 1 Crore  to less than Rs. 2 Crore	Rs. 2 Crore and above
<= 30 years	Nil	12%	20%
31 – 50 years	Nil	10%	15%
>= 51 years	Nil	5%	7%

Option II: Increasing Sum Assured

Age Band (LBD)	Less than Rs. 1 Crore	Rs. 1 Crore  to less than Rs. 2 Crore	Rs. 2 Crore and above
<= 30 years	Nil	10%	18%
31 – 50 years	Nil	8%	13%
>= 51 years	Nil	4%	6%

LIC’s Tech-Term: Sample Premium

Policy Term= 10 Years

PPT=10 Years (Regular Premium Policy)

Sum Assured= Rs. 1,00,00,000/-

Mode= Yearly

Category = Non-Smoker

Option 1: Level Sum Assured.

Age (LBD)	Male	Female	Remark (Per Month Equivalent Premium)
20	Rs. 5,456	Rs. 5,192	Male=455, Female=433
30	Rs. 6,248	Rs. 5,896	Male=521, Female=491
40	Rs. 10,260	Rs. 8,460	Male=855, Female=705

 

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