LIC's NEW MONEY BACK PLAN - 20 YEARS | PLAN 920

This is a limited payment, non-linked, with profits Money Back Plan

Features & Conditions NEW MONEY BACK PLAN – 20 YEARS

Minimum age at entry – 13 years Ibd

Maximum age at entry – 50 years nbd

Max. age at maturity – 70 years nbd

Policy term – 20 years

Premium Paying term – 15 years

Minimum S.A. – Rs. 1,00,000/- & in multiples of Rs. 5,000 thereafter.

Maximum S.A. – No limit

DEATH BENEFIT: 125% of Basic Sum Assured on Death + Vested Bonus + FAB if any.

SURVIVAL BENEFIT: 20% of Basic SA is payable after 5^th, 10^th and 15^th year.

MATURITY BENEFIT: 40% of Basic Sum Assured + Vested Bonus + FAB if any.

Available Riders: ADDB/AB Rider, Term Rider & Critical illness Rider.

Mode of Payment: Yearly,Half Yly, Qly & Mly (SSS & NACH) Rebates:

Mode Rebate: Yearly : 2%, Half Yly: 1 %

High Basic S.A. Rebate:

• Upto 1,95,000   : Nil
• 200000 to 4,95,000 : Rs. 2 % of Basic SA
• 500000/- & above : Rs. 3 % of Basic SA

Grace Period: 15 Days for monthly mode and 30 days for other modes.

Claim Concessions: Available under Base Plan only. Not apply to Riders and Death due to Suicide.

Paid up/Surrender/Policy Loan: After Premiums paid for 2 full years.

Revivals: Within 5 years of FUP.

Back Dating: Allowed with lean Month’s benefits. Proposal Form: 300, 340 or 360

Tax Benefits : On Basic Premiums : u/s 80C SB/Maturity/Death claim : u/s 10(10D)

Underwriting Rules: Without Term or CI Rider

Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA: 1.25 times of Basic S.A.

Non -Medical Schemes: All Allowed.

Age Proofs: All Allowed.

Female Lives : All Allowed.

Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.

Minor lives/Maior Students:

• Max TRSA inclusive of all plans Rs. 2crore & Standard Minor lives
• only. TRSA beyond Rs. 2crore/substandard minor lives at CUS
• only with MM’s recommendation. Standard Age Proof is must.

Sub-Standard Maior lives:

• Up to EMR Class Ten only.
• Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra: 1.50 times of Standard extra.
If Occupation extra is charged CIR/ADDB/AB
Rider will not be allowed.

Keyman/Partnership/Empl-Employee: Allowed only under Employer-Employee

NRIs & FNIOs Residence Group:

• Group 1 & II : Not Allowed.
• Group III & IV : Allowed with extra.
• Group V : Allowed without extra.
• House wives & Juvenile Lives: Group IV & V only.
• NMS : Group V only.
• Mailorder : Only NRIs of Group V.

With Term or Cl Rider: Underwriting Rules of Term or Cl Rider will be applicable.

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LICs SINGLE PREMIUM ENDOWMENT | PLAN 917

This is a single premium, non-linked, with profits Endowment Plan

Features & Conditions of SINGLE PREMIUM ENDOWMENT PLAN

Minimum age at entry  :90 days lbd

Maximum age at entry : 65 years nbd

Min. age at maturity    : 18 years lbd

Max. age at maturity   : 75 years nbd

Minimum term : 10 years

Maximum term : 25 years

Minimum S.A.  :    50,000/- & in multiples  of  5,000  thereafter.

Maximum S.A.  :   No limit

Available Riders: ADDB and Term Rider for full Policy Term.

Mode of  Payment:    Single Premium Rebates:

High S.A. Rebate

• Upto 95,000 : Nii
• 1,00,000  to 1,95,000 : 18 %0 SA
• 2,00,000  to 2,95,000  : 25 %0 SA
• 3,00,000/- & above : 30 %0 SA Policy

Loan :After one policy year.

Surrender:

• First Year: 75% of SP.
• 2nd Year  Onwards:  90% of  SP  + SV  of bonus

Commencement of Risk Cover for age at Entry:

• Less than 8 years nbd: 2 years after DOC or from policy anniversary coinciding with or immediately following attainment of 8 years of age, whichever is earlier.
• 8 years nbd and above: Immediate.

DEATH BENEFIT:

• Before commencement of risk: Return of SP excluding GST & Extra.
• After commencement of risk: SA on death + Vested Bonus + FAB if a

MATURITY BENEFIT: Basic SA + Vested Bonus + FAB if any.

Back Dating: Allowed without lean months benefit . Interest will be charged for exact no. of days from DOC to date of payment.

Proposal Form: 300, 340 or 360. Income

Tax Benefits :

• On Basic Prem : u/s 80C up to 10% of SA
• Maturity : Taxable
• Death  Claim   :u/s 10(10D)

Underwriting Rules: Without Term Rider

Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA: Basic S.A. less Single Premium paid.

Non-Medical Schemes: All Allowed, incl. Exclusive Single Premium NM Scheme.

Age Proofs: All Allowed.

Female Lives : All Allowed.

Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.

Minor lives/Major Students: Max TRSA inclusive of all plans Rs. 2 crore & Standard Minor lives only. TRSA beyond Rs. 2 crore /substandard minor lives at CUS only with MM’s recommendation. Standard Age Proof is must.

Third Gender: Standard Age proof is must. Proposal will be decided at CO NB&R Department.

Sub-Standard Major lives:

• Up to EMR Class Ten only.
• Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra:

Rating up factor for Standard Extra:

10 years : 7.75,  15 years : 10.15

20 years : 11.95,  25 years : 13.30

If Occupation Extra is charged ADDB Rider will not be allowed.

Keyman/Partnership/Employer-Employee: Allowed only under Employer-Employee

NRIs & FNIOs Residence Group:

Term up to 15 years: All Groups allowed without Extra for Max S.A. as applicable to each group.

Term above 15 years:

• Group I & II : Not Allowed.
• Group III to IV : Allowed with extra.
• Group V : Allowed without extra.
• Juvenile lives & House wives : Group IV & V only.

NMS & Exclusive SP Non-Medical Scheme: Group V only. Mailorder : Only NRIs of Group V.

With Term Rider: Underwriting Rules of Term Rider will be applicable

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LIC's NEW BIMA BACHAT | PLAN 916

This is a single premium, non-linked, with profits Money Back type Plan

Features & Conditions of NEW BIMA BACHAT PLAN

Minimum age at entry : 15 years Ibd Maximum age at entry : 50 years nbd

Policy Term – 9, 12 and 15 Years

Term	Max Age at Maturity nbd	Min Sum Assured
9 years	59 years	Rs.35,000
12 years	62 years	Rs.50,000
15 years	65 years	Rs.70,000

Maximum S.A. : No limit

SA in multiples of Rs. 5,000 only.

Available Riders: ADDB and Term Rider for full Policy Term.

Mode of Payment: Single Premium

High S.A. Rebate (As % of Tabular Premium)

Term 9 years:

• Up to Rs. 70,000 : Nil
• Rs. 75,000 to Rs. 1,45,000 : 6%
• Rs. 1,50,000 & above : 8%

Term 12 years:

• Up to Rs. 95,000 : Nil
• Rs. 1,00,000 to Rs. 1,95,000 : 4%
• Rs. 2,00,000 & above  : 6%

Term 15 years:

• Up to Rs.  45,000  :  Nil
• Rs. 1,50,000 to Rs. 2,95,000 : 3%
• Rs. 3,00,000 & above   : 5%

DEATH BENEFIT:

• During 1^st five years policy years : SA on Death
• From 6^th year onwards : SA on Death + Loyalty Addition, if any.

SURVIVAL BENEFIT:

• For Policy Term of 9 years : 15% of SA, after 3^rd & 6^th policy year.
• For Policy Term of 12 years: 15% of SA, after 3^rd,6^th & 9^th policy year.
• For Policy Term of 15 years: 15% of SA, after 3^rd ,6^th,9^th & 12^th policy year.

MATURITY BENEFIT: Single Premium Paid + Loyalty Additions, if any.

Policy Loan: Only after one policy year.

Surrender: First Year: 75% of SP. 2^nd Year Onwards: 90% of SP less SB Paid.

Back Dating: Allowed without lean months benefit. Interest will be charged for exact no. of days from DOC to date of payment.

Proposal Form: 300, 340 or 360

Tax Benefits :

• On Basic Premium : u/s 80C up to 10% of SA Maturity : Taxable
• Death Claim : u/s 10(10D)

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LIC's NEW JEEVAN ANAND | PLAN 915

This is a combination of Endowment and Whole life plan. Regular Premiums are payable for selected term only.

Features & Conditions of NEW JEEVAN ANAND PLAN:

Minimum age at entry : 18 years (Last Birth Day)

Maximum age at entry : 50 years (Near Birth Day)

Max. age at maturity : 75 years (Near Birth Day)

Minimum term :  15 years

Maximum term  :  35 years

Minimum S.A. : Rs. 1,00,000/- &  in multiples of Rs. 5,000 thereafter.

Maximum S.A.   : No limit

Available Riders: ADDB/AB Rider, Term Rider & Critical Illness Rider.

Mode of Payment: Yearly, Half Yly, Qly & Mly (SSS & NACH) Rebates:

Mode Rebate: Yearly: 2%, Half Yly : 1 %

High Basic S.A. Rebate:

• Upto 1.95 Lakhs : Nil
• 2 Lakhs to 4.95 Lakhs : 1.50 % of Basic SA
• 5 Lakhs to 9.95 Lakhs: 2.50 % of Basic SA
• 10 Lakhs & Above : 3.00 % of Basic SA

DEATH BENEFIT:

During Policy Term (i.e. Premium Paving Term): 1.25 times of  Basic Sum Assured on Death + Vested Bonus + FAB if any.

Death after expiry of Policy Term (i.e. Premium Paving Term): Basic Sum Assured only.

MATURITY BENEFIT: At the end of Policy Term (i.e. Premium Paving Term): Basic Sum Assured + Vested Bonus + FAB if any.

Grace Period: 15 Days for monthly mode and 30 days for other modes.

Claim Concessions: Available under Base Plan only. Not apply to Riders and Death due to Suicide.

Paid up/Surrender/Policy Loan: Available after payment of premium of 2 full years.

Revivals: Within 5 years of FUP.

Back Dating: Allowed with lean Month’s benefits.

Proposal Form: 300 or 340

Tax Benefits :

• On Premium : u/s 80C
• Maturity/Death claim : u/s 10(10D)

Underwriting Rules: Without Term & Cl Rider

Actual Sum Assured (ASA) for SUC

For FMR, Special Reports, MHR & TRSA: 1.25 times of Basic S.A

Non -Medical Schemes: All Allowed. Age Proofs: All Allowed.

Female Lives : All Allowed.

Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.

Major Students: Max TRSA inclusive of all plans Rs. 2 crore. TRSA beyond Rs. 2 crore at CUS only with MM’s recommendation. Standard Age Proof is must.

Sub-Standard Major lives: Up to EMR Class Ten only.

Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra: 1.25 times of Standard extra. If Occupation Extra is charged CIR/ADDB/AB Rider will not be allowed.

Keyman/Partnership/Employer-Employee: Allowed only under Employer-Employee

NRIs & FNIOs Residence Group:

• Group I & II : Not Allowed.
• Group III & IV : Allowed with extra.
• House Wives: Allowed without extra. : Group IV & V only.
• NMS : Group V only.
• Mail Order : Only NRIs of Group V.

With Term & Cl Rider: Underwriting Rules of Term Rider will be Applicable.

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New proposal form 300 from LIC

A few points to take a note about new proposal form 300

• To be filled in block letters
• Section 1 deals with details of LA
• At the end need to collect LA mobile number, e mail and sign of LA 
• Here the number of PAN and last four digits of aadhar is required. ID proof is must
• Nominee/ appointee ID proof, details is required.
• Bank details with a copy of cancelled cheque leaf is required.
• Section 2 deals with proposed plan details and at the end need to get sign of LA
• Section 3 deals with the personal, family details and health n habits. At the end need to get the sign of LA
• Section 4 is declaration by the LA. At the end left side sign of witness n right side sign of LA is required
• Next comes sec 45 n sec 41 of ins.act. At the end of each sign of LA n agt is required
• Next comes two addendum of settlement options for maturity n death benefits. At the end of each get sign of LA.

In addition to the proposal, need to submit the suitability form(5 pages) with a prior date to the proposal.

More or less same data for 340 and 360 also in which need to get signs of both LP n LA. In 360 both the photos required. Suitability form is to be given for all proposals.

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LIC's NEW ENDOWMENT PLAN | Table No 914

This is a regular premium, non-linked, with profits Endowment Plan.

 

Features & Conditions  of NEW ENDOWMENT PLAN

Minimum age at entry – 8 years (Last Birth Day)

Maximum age at entry – 55 years (Near Birth Day)

Max. age at maturity – 75 years (Near Birth Day)

Minimum term – 12 years

Maximum term – 35 years

Minimum S.A. – 1,00,000 (in multiples of 5000 thereafter)

Maximum S.A. – No Limit

Available Riders: ADDB/AB Rider, Term Rider, Critical Illness Rider & PWB Rider-Up to age 25 of Child.

Mode of Payment: Yearly, Half Yly, Qly & Mly ( SSS & NACH) Rebates:

Mode Rebate: Yearly : 2%, Half Yly : 1 %

High Basic S.A. Rebate: 

• Upto 1,95,000  : Nil
• 200000 to 4,95,000 : 2 % of Basic SA
• 500000 & above : 3 % of Basic SA

DEATH BENEFIT: Sum Assured on Death + Vested Bonus + FAB if any.

MATURITY BENEFIT: Sum Assured + Vested Bonus + FAB if any.

Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.

Grace Period: 15 Days for monthly mode and 30 days for other modes.

Claim Concessions: Available under Base Plan only. Not apply to Riders and Death due to Suicide.

Paid up/Surrender/Policy Loan: Available after payment of premium of 2 full years.

Revivals: Within 5 years of FUP.

Back Dating: Allowed with lean Month’s benefits

Proposal Form: 300, 340 or 360.

Tax Benefits:

• On Premium : u/s 80C
• Maturity/Death claim : u/s 10(10D)

Underwriting Rules: Without Term, Cl or PWB Rider:

• Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA: Basic S.A. only.
• Non -Medical Schemes: All Allowed.
• Age Proofs: All Allowed.
• Female Lives : All Allowed.
• Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.
• Minor lives/Maior Students:
  • Max TRSA inclusive of all plans Rs. 2 crore & Standard Minor lives only.
  • TRSA beyond Rs. 2 crore/substandard minor lives at CUS only with MM’s recommendation.
  • Standard Age Proof is must.
• Third Gender: Allowed, Standard Age Proof is must. Proposals will be decided by Central Office NB&R Department.
• Sub-Standard Major lives:
  • Up to EMR Class Ten only.
  • Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra: Standard extra applicable. If Occupation Extra is charged CIR/ADDB/AB Rider will not be allowed.

Keyman/Partnership/Employer-Employee: Allowed only under Employer-Employee

NRIs & FNIOs Residence Group:

• Group I & II : Not Allowed.
• Group III & IV : Allowed with extra.
• Group V    : Allowed without extra.
• Minors & Housewives: Group IV & V only.
• NMS   : Group V only.
• Mail order : Only NRIs of Group V.

With Term, Cl or PWB Rider: Underwriting Rules of Term, Cl or PWB Rider will be applicable.

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LICs NEW ENDOWMENT PLUS | PLAN 935

This is a regular premium Unit Linked Assurance Plan, which offers investment- cum-insurance. Policyholder can choose the amount of premium one desires to pay, depending on premium paid policyholder will get the equivalent level of risk cover.

Features & Conditions of NEW ENDOWMENT PLUS Plan:

Minimum age at entry :90 days

Maximum age at entry : 50 years Near Birth Day

Minimum Maturity age : 18 years Near Birth Day

Maximum Maturity age : 60 years Near Birth Day

Policy term :10 to 20 years

Minimum Premium :

• Yly – Rs. 20,000
• Hly- Rs. 13,000,
• Qly- Rs. 8,000,
• Mly ECS – Rs. 3,000
• and in multiple of Rs. 250 for Mly NACH and in multiple of Rs. 1,000 for other modes.
• Maximum Premium : No limit

Available Riders:

LIC’s Linked Accident Benefit Rider. Maximum Rs. 1 Crore under all plans.

Options:

1. Switching between any fund types.
   4 switches per annum are free.
2. Death Benefit in installments for 5 years.
3. Partial Withdrawal after 5 years.
4. Accident Rider can be cancelled.
5. Top Up not allowed.

Force Maieure Conditions:

In event of certain force majeure conditions declaration of NAV on day to day basis may be deferred and could include other actions as a part of investment strategy.

Mode of Payment: Yearly, Half Yly, Qly & Mly NACH only.

Rebates: Nil

Grace Period: 15 days for monthly mode and 30 days for other modes.

Policy Loan: Not Available

Surrender/Paid up : Allowed After 5 years.

Revivals: Within 3 years of FUP.

Suicide Clause: Within 12 months of DOC or Revival claim will be restricted to Fund Value.

Back Dating: Not Allowed.

Proposal Form: Separate form.

Tax Benefits :

On Basic Premiums : u/s 80C

Maturity/Death claim : u/s 10(10D)

DATE OF COMMENCEMENT OF RISK:

For age at entry less than 8 years LBD :

One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.

For age at entry 8 years LBD or more: Risk will commence immediately.

DEATH BENEFIT:

Before Commencement of Risk: Fund Value

After Risk Commences : Basic SA or Fund Value or 105% of Total Premiums Paid whichever is higher.

Basic SA = 10 times of annualized Premium.

MATURITY BENEFIT: Fund Value

Fund Options: Bond Fund, Secured Fund, Balanced Fund & Growth Fund.

Underwriting Rules:

Actual Sum Assured (ASA) for SUC:

For FMR, Special Reports, MHR & TRSA: Basic S.A. only.

Non -Medical Schemes: One time Stand Alone NM limit of 5 lakhs Basic SA is allowed to proposers of Age group 18 to 35 years. (Excluding Major Students). This 5 lakhs NM Basic SA is not to be added for calculation of SUC for subsequent proposals under this plan.

Age Proofs: All Allowed.

Female Lives : All Allowed.

Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.

Third Gender: Standard Age proof is must. Proposal will be decided at CO NB&R Department.

Minor lives/Maior Students: Max TRSA inclusive of all plans Rs. 2 crore & Standard Minor lives only. TRSA beyond Rs. 2 crore/substandard minor lives at CUS only with MM’s recommendation. Standard Age proof is must.

Sub-Standard Major lives:

Up to age 40 – Up to Class X,

Age 41 to 45 – Up to Class VIII, Age 46 to 50 – Up to Class I! Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra:

Standard extra is to be charged.
Max Permissible Extra: Rs. 15 upto age 45 and Rs. 4 for age 46 and above.

If occupation extra is charged, Accident rider will not be allowed.

Kevman/Partnership/Empl-Emplovee:

Allowed only under Employer-Employee

NRIs & FNIOs Residence Group:

• Group I & II : Not Allowed.
• Group III & IV : Allowed with extra.
• Group V : Allowed without extra.
• House wives & Juvenile Lives: Group IV & V only.
• NMS : Group V only.
• Mail order : Only NRIs of Group V

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LIC का निजिकरण नहीं - LIC IPO

LIC के निवेशक एवं उनका लाभांश सुरक्षित हैं
LIC के अभिकर्ता एवं ग्राहक सुरक्षित हैं

LIC का निजिकरण नहीं

इस वर्ष के बजट में केन्द्र सरकार द्वारा LIC के IPO को बाजार में लाने की घोषणा की है। उल्लेखनीय है कि LIC एक सरकारी बीमा कम्पनी है एवं इसकी पूर्ण 100% हिस्सेदारी सरकार के पास है। IPO का मतलब यह कतई नहीं है कि LIC को पूर्ण रूप से बेचा जा रहा है या अब LIC सरकारी नहीं रहेगी, इसका 8-10% मालिकाना हक शेयर्स के रूप में पब्लिक को दिया जा रहा है। इससे LIC पहले की तरह सरकारी ही रहेगी और हमारे बीमा विक्रय पर इसका कोई प्रभाव नहीं पड़ेगा। एक सरकार देश की विभिन्न योजनाओं के लिए अपने कोष के लिए पैसा जुटाती है इसके लिए उसके पास कई विकल्प होते हैं वर्तमान में सरकार ने इस विकल्प को चुना है। चिंता की बात यह है कि यह मौका 1956 के बाद प्रथम बार आया है एवं इससे निश्चित रूप से भविष्य में यह विनिवेश की हिस्सेदारी बढ सकती है एवं एक बार LIC में यह रास्ता खुलने के बाद, आने वाली सरकारें भी इसी रास्ते पर चलेंगी। प्राइवेट बीमा कंपनियों का पूर्व में ही प्रारम्भ से ही शेयर IPO में विनिशेवित हैं। हमें बाजार में इस बात को गर्व के साथ रखना है कि आज विक्रय वाहिनी एवं ग्राहकों के विश्वास के कारण ही हम आने वाले बाजार के सूत्रधार हैं।

समस्त कर्मचारियों अधिकारियों एवं अभिकर्ता संगठनों के द्वारा सरकार के इस कदम का विरोध किया जा रहा है एवं निश्चित रूप से सरकार के पास और भी विकल्प थे धन जुटाने के लेकिन एक आसान रास्ता सरकार द्वारा चुना गया। पुरजोर प्रयास हम सभी का होगा कि LIC की स्वायत्तता पर कोई आंच नहीं आए एवं भविष्य में ज्यादा सरकार के कदम इस ओर न बढें। हम सबको ग्राहकों के हितों के प्रति चिंतित होने की कतई आवश्यकता नहीं हैं उनके सर्वाधिकार सुरक्षित हैं। हम एक विक्रेता हैं एक तरफ हमें इस कदम का विरोध भी करना है और हमारी विक्रय शक्ति और कस्टमरों के विश्वास को बनाए भी रखना है। हमारी पहले की तरह सरकारी सोविनियर गारन्टी अब भी सुरक्षित है। अतः किसी प्रकार के संस्था के प्रति दुश्प्रचार में अपनी भागीदारी नहीं रखें और निगम को मजबूत करने हेतु सकारात्मक माहौल का निर्माण करना हम सब LICIANS की सामूहिक जिम्मेदारी है ताकि बदलती हुई परिस्थितियों में हमारे और ग्राहकों के बीच तारतम्य बना हुआ रहे। इस बात का लाभ निजी कम्पनीयों द्वारा हमारी विक्रय शक्ति को कम करने के लिए प्रयास एवं प्रयोग में लिया जाएगा। 

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New Changes in LIC Plans

Major changes in new plans are given below.

No other change in features, benefits or premiums:-

1. Jeevan Umang (945)
Premium Waiver Rider allowed

2. Jeevan Labh (936)
(a) Two additional riders AB rider and PWB rider allowed
(b) Settlement option also provided both for maturity and death proceeds

3. Jeevan Anand (915)
(a) Quantum of policy loan as % of Surrender Value increased for terms beyond 24 years
(b) Settlement option also provided both for maturity and death proceeds

4. Jeevan Lakshya (933)
(a) Additional riders AB and CIR allowed
(b) Settlement option also provided both for maturity and death proceeds

5. Endowment Plan (914)
(a) Two additional riders AB rider and PWB rider allowed
(b) Settlement option also provided both for maturity and death proceeds

6. Aadhaar Shila (944) / Aadhaar Sthambh (943)
Settlement option provided both for maturity and death proceeds

7. Children Money Back (932) / Jeevan Tarun (934)
Settlement option provided both for maturity and death proceeds

8. Jeevan Shiromani (947) / Bima Shree (948)
Change in class-1 extra Premium for CIR

9. Money-Back 20 years (920) / 25 years (921)
(a) Additional rider for AB allowed
(b) Settlement option also provided both for maturity and death proceeds
(c) Max age at entry for ADDB rider increased to 60 years

10. Bima Bachat (916)
(a) Max entry age restricted to 50 years
(b) SA on death 1.25 times SP or BSA
(c) ADDB Rider and New Term Assurance rider allowed
(d) Settlement option for both maturity and death claims
(e) GSV increased to 75% premium in first year from 70%
(e) Loan value as %SV increased from 60% to 90%

11. Single Premium Endowment (917)
(a) Two additional riders ADDB rider and Term Assurance rider allowed
(b) Settlement option also provided both for maturity and death proceeds
(c) Loan value as % SV increased to 90% for all terms.

In addition to these plan-specific changes, following general changes also are applicable to new plans:-
1. Risk cover upto 7 times annualized premium instead of 10 times
2. Revival period increased to 5 years from 2 years
3. SV / paid-up/ Loan in 2 years
4. SV factors modified
5. Grace period 30 days for yrly, half yrly, qly modes
6. Change in claim relaxation in suicide cases
7. CIS rebate in place of CEIS rebate

 

*Short Forms

• SV – Surrender Value
• SA – Sum Assured
• ADDB – Accident Death & Disability Benefit Rider
• AB – Accident Benefit
• PWB – Waiver of Premium Rider
• CIR – Critical Illness Benefit Rider

 

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New version of LIC plans to be launch soon

New version of LIC plans to be launch soon

• New Endowment – 914
• New Jeevan Anand – 915
• Jeevan Labh – 936
• Aadhar Stambh – 943
• Aadhar Shila – 944
• Jeevan Lakshya – 933
• Jeevan Umang – 945
• Jeevan Tarun – 934
• Micro Bachat – 951
• SIngle Premium Endowment – 917
• Bima Shree – 948
• Jeevan Shiromani – 947
• 20 year Money Back – 920
• 25 year Money Back – 921
• Bima Bachat – 916
• Children’s Money Back – 932
• Jeevan Mangal – 940
• New Endowment Plus – 935

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Jeevan Amar Plan - Most Awaited Cheapest Term Insurance

LIC's  most awaited Cheapest Term Insurance Jeevan Amar Plan is going to be launched from Mon. 5th Aug

Let us in short understand the plan in brief.

• This is Non linked, without profit Term plan.
• Flexibility to Choose SA either Level SA or Increasing SA.
• Level SA is same like prev. Plan and our other plans.
• Increasing SA is For 1st 5 yrs it will be BSA then from 6th Year to 15th year it will increase 10% every year. Max. Double the BSA.
• Premium is different for Smokers and Non Smokers Male and Female. Of-course Premium will be lower for non smokers.
• At the inception Life Proposed has to choose Smoker or Non Smoker Category.
• If he/she selects Non Smokers Category, he/she has to under 1 extra Urinal Cotinine Test.

• Min. Age at Entry 18
• Max Age at entry 65 (Cover will be upto 80 yrs.)
• Max Premium Ceasing age 70.
• Policy Term  10 to 40.
• 3 modes of Premium allowed.
• 1 Regular
• 2 Limited Term (Term -5 or Term -10 yrs.)
• Single Premium.
• Mode of payment under Regular or Ltd payment are Yly and Hly only.
• Min. Premium.  3000 For regular or Ltd payment.
• SP it's 30,000/-
• Min. SA 25 Lakhs.
• Max no limit.

Optional Rider
Accident Benefit is allowed equal to BSA and Max. upto 1 Cr inclusive of AB availed under Existing all policies. (only AB under Jeevan Shiromani upto 1 Cr. will not be counted in this.) So incl. Shiromani and all plans Max 2 Crs AB is allowed per individual.

Premium Chart will be Different for
Male - Smoker
Male - Non Smoker
Female - Smoker
Female - Non Smoker.

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LIC’s Jeevan Amar (Table No 855) – Offline Term

LIC’s Jeevan Amar (Table No.855) – Offline Term Life Insurance Review

LIC’s Jeevan Amar (No.855) is a Non-Linked, Non-Participating Term Life Insurance Plan. After a long gap, LIC launching a term life insurance. It is mainly because of the competition in this field of product.

LIC’s Jeevan Amar (No.855) – Features

• It is an OFFLINE Term Life Insurance from LIC.
• Minimum Sum Assured is Rs.25 lakh and there is no limit for maximum sum assured.
• You can pay the premium as regular, single or 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.
• You can opt for Accidental Rider also.
• Lower rates for Non-Smokers and special rates for women.

LIC’s Jeevan Amar (No.855) – Eligibility

• Minimum age of entry is 18 years.
• Maximum age of entry is 65 years.
• Maximum age of maturity is 80 years
• Minimum basic sum assured – Rs 25 Lakhs.
• Maximum sum assured – No limit
• This policy is available for 10 to 40 years tenure
• You can opt for 5 years or 10 years premium paying term

LIC’s Jeevan Amar (No.855) – Premium

• Sum Assured-Rs.1 Cr
• Term-10 Years.
• Premium Paying Term-10 Years.
• Mode-Yearly
• Sum Assured Option-Level Sum Assured
  Age-20 Years-Male-Rs.8,080, Age-20 Years-Female-Rs.7,760 (Yearly)
  Age-30 Years-Male-Rs.9280, Age-30 Years-Female-Rs.8720 (Yearly).
  Age-40 Years-Male-Rs.16065, Age-40 Years-Female-Rs.13260 (Yearly)
  (The above rates are exclusive of GST).

Death Benefit Options

Death Benefit Sum Assured

Level Sum Assured – This is a simple plan and in case of unfortunate death of insured, the nominee would get sum assured which is called as level sum assured

Increasing Sum Assured – This is different variant. In case of unfortunate death of insured, the nominee would get sum assured which would depend based on which year the insured died.

• Death happened 0 to 5 years of taking the policy – Sum Assured is payable to the nominee.
• From 6th policy year to 10th year, it will increase at the rate of 10% per year.
• From the 16th year of the policy period, it will remain the same throughout the remaining policy period.

Accordingly, your nominee will receive the death benefit during which period of the policy your death occurs.

Death benefit payment option to the nominee

• Your nominee can receive the death benefit as a lump sum or in installments. If you opted for installments, then LIC will pay the death benefit installments in 5 years, 10 years or 15 years.
• You can choose the full death claim amount be payable in installments or a certain portion of death claim in installments.
• You can choose this installment option either at the time of buying or during the policy period.

Maturity Benefits – Since this is a term insurance plan, there are no maturity benefits.

Surrender Benefits – There are no surrender benefits available for this term insurance plan.

Product Summary :
JEEVAN AMAR plan number 855 is a Non-Linked, Without Profit, pure protection plan. Under this plan there is flexibility to choose from two death benefit options viz. Level Sum Assured and Increasing Sum Assured.
Under this plan, there are two categories of premium rates viz. (1) Non-Smoker rates and (2) Smoker rates.

Premium Payment Mode: Premiums can be paid either under Regular Premium, Limited Premium or Single Premium payment options under this plan. In case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment yearly or half-yearly.

Term : 10 to 40 Years

Minimum Entry Age : 18 Years (Last Birthday)

Maximum Entry Age : 65 Years (Last Birthday)

Minimum Sum Assured : 25,00,000

Maximum Sum Assured : NO LIMIT

Premium Paying Term :

Policy Benefits :

On Death : On death of the Life Assured during the policy term Sum Assured on Death shall be payable.

For Regular premium and Limited premium payment policy, Sum Assured on Death is defined as the highest of:

• 7 times of annualised premium; or
• 105% of all the premiums paid as on the date of death; or
• Absolute amount assured to be paid on death.

For Single premium policy, Sum Assured on Death is defined as the higher of:

• 125% of Single Premium.
• Absolute amount assured to be paid on death.

Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as under:
Option 1: Level Sum Assured: Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.

Option II: Increasing Sum Assured: Absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till completion of fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. This increase will continue under an inforce policy till the end of policy term; or till the Date of Death; or till the fifteenth policy year, whichever is earlier. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death remains constant i.e. twice the Basic Sum Assured, till the policy term ends.

The option once chosen cannot be altered subsequently.

On Survival : On survival to the end of the policy term,no benefits shall be payable.

Surrendered Value : No surrender value will be available under this plan. However on surrender of policy in the following cases (for both Level Sum Assured (Option I) as well as Increasing Sum Assured (Option II) options), an amount shall be refunded as per underwriting terms. (For more details contact branch office.)

Loan : No loan will be granted under this plan.

Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80c.

Proposal Form : 511 and 512 shall be used under this plan.

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Withdrawal of LIC's Amulya Jeevan 2 Plan 823

LIC is withdrawing Term Plan -  Amulya Jeevan 2. Last sale of policy can be done on 4 Aug 2019.

Plan 823 Amulya Jeevan  will be withdrawn on 5th August.

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LIC’s Jeevan Amar (Table No.855) – New Offline Term Life Insurance Plan

LIC’s Jeevan Amar (Table No.855) – Offline Term Life Insurance Plan

LIC’s Jeevan Amar (Table No.855) is a Non-Linked, Non-Participating Term Life Insurance Plan.

Features of the LIC’s Jeevan Amar Plan

• OFFLINE Term Life Insurance
• Minimum Sum Assured - Rs.25 lakh
• Maximum sum assured. - No limit
• Premium Payment Option - Regular, Single or 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.
• You can opt for Accidental Rider also.
• Lower rates for Non-Smokers and special rates for women.

Eligibility

• 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)

Death Benefit Options

Death Benefit Sum Assured
Level Sum Assured : Your nominee will receive the Sum Assured you opted while buying the policy.It will remain the same throughout the policy period.

Increasing Sum Assured : Under this feature,the death benefit will be the same as that of the initial sum assured you have chosen for the first five years.

From 6th policy year to 10th year,it will increase at the rate of 10% per year.
From the 16th year of the policy period,it will remain the same throughout the remaining policy period.

Accordingly,your nominee will receive the death benefit during which period of the policy your death occurs.

Death benefit payment option to the nominee

Your nominee can receive the death benefit as a lump sum or in installments.If you opted for installments,then LIC will pay the death benefit installments in 5 years,10 years or 15 years.You can choose the full death claim amount be payable in installments or a certain portion of death claim in installments.You can choose this installment option either at the time of buying or during the policy period.

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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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LIC Plans - RIDERS & BENEFITS

RIDERS & ITS BENEFITS

• PWB (Premium Waiver Benefit)
• A.B (Accident Death Benefit)
• A.D.& D.B (Accidental Death & Disability Benefit)
• T.R (Term Rider)
• C.I.R (Critical Illness Rider)

1. PWB (Premium Waiver Benefit)
   Plans available: 832, 834 & 848
   • IT CAN BE INCLUDED at time of INCEPTION or LATER (atleast min 5 years ppt/term must be left before Date Of Maturity (DOM)
   • The death of the proposer must be before the completion of 18 yrs of age.
   • All the future premiums will be waived till Prem Paying Term/Policy Term.
2. A.B (Accident Death Benefit)
   Plans available: 827, 835, 843, 844, (845, 847 & 848)
   • It covers Accidental death before the DOM or 70 yrs of age.
   • For plans in the bracket till PPT only.
3. A.D.& D.B (Accidental Death & Disability Benefit)
   Plans available: 814, 815, 820, 821, 830, 833, 836, 838, 845, 846, 847 & 848
   AD & DB covers both Accidental death and disability due to Accident. Disability means due to any of the 4 out of 6 activities couldn’t be performed mention below.
   Dressing, Feeding, Washing, Toileting, Mobility & Transferring
   Benefits
   • Waiver of future premiums
   • AB sum assured divided by 120 and payable mly for 10 yrs
   • SB if any payable
   • Maturity benefits payable.
   • If Death occurs before maturity Death Claim also payable.
4. T.R (Term Rider)
   Plans available: 814, 815, 820, 821, 830, 833, 836, 845, 847 & 848
   Benefits– An Additional S. A is payable on Death of the P.H before maturity by any way.
5. C.I.R (Critical Illness Rider)
   Plans available: 814, 815, 820, 821, 830, 836, 838, 845, 847 & 848.
   Benefits– On the 1st diagnosis of any of the 15 diseases mentioned in the circular dt 19.12.2016 N.B Dept.
   The CIR S.A is payable to the PH ON survival after 30 days of the Diagnosis.
   Min. 1 lakh
   Max. S.A. Overall limit 25 lakhs per person.
   If we take Cancer Cover plan this benefit is upto 50 lacs

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Jeevan Rakshak Benefits - Simplifying

Benefits	Jeevan Rakshak (Endowment)
Age At Entry	Min. 8yrs
	Max. 55yrs
Policy Term	Min. 10yrs
	Max. 20yrs
Maturity Age	Max. 70yrs
Sum Assured	Min. 75000
	Max. 200000
Riders	Accident Rider
Death Benefit	Sum Assured/10 times of annual premium/105% of all premium paid which ever is higher plus Loyalty addition (if the death occur after 5yrs)
Maturity	Sum Assured plus Loyalty Addition

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NAV Jeevan | New Plan | Table no 853

*LIC's NAV Jeevan*

Non linked SP Plan and 5 years Limited PPT Plan

Sum assured on death :
Two options
For ages less than 45 ;
Under SP: 10 times of tabular single premium
Under Ltd Ppt : 10 times of Annualised premium AP
For ages 45 and above :
Option 1: 10 times of AP
Option 2: 7 times of AP
Where SA on death is 10 times of SP/AP may be eligible for tax exemption under section 80CC and Sec 10(10D) of income tax
On maturity basic SA with loyalty addition
 Settlement option for death & maturity benefits
Min age at entry age :
1) SP : 90 days
2) Ltd PPT : 90 days under option 1
                      45 years under option 2
Maximum entry age :
SP :44years
Ltd Ppt : 60 years under option 1
                65 years under option 2
Max maturity age
SP: 62
Ltd ppt : 75 under option 1
                85 under option 2
Policy term 10-18 years
Minm SA. Rs 1lakh
Maxm SA no limit
Loan after 3 months under SP
Loan after two full years premiums are paid under ltd ppt

AB rider available
Settlement option available


*Likely launch date will be 18-3-2019*

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