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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