LIC's New Plan BIMA JYOTHI (Table No 860)

 BIMA JYOTHI

Table -860

Launching date: 22/02/2021

New Policy LAUNCHING....

LIC 's Bima Jyoti Plan ( Plan No: 860) Will be introduced with effect from 22/02/2021.

LIC Bima Jyoti is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance savings Plan.

Guaranteed addition of Rs.50/- per thousand Basic Sum Assured at the end of each policy year throughout the policy term

➕Age at entry: 90 days -60 years

➕Term: 15 years - 20 years

➕PPT : Term- 5 years

➕Min Maturity term: 18 years

➕Max Maturity term: 75 years

➕Min Sum Assured: : 1,00,000

(In multiples of 25,000)

➕Max Sum Assured: No limit

➕ Maturity benefits:

Basis Sum Assured+ Rs 50/- GA for full term

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LIC Jeevan Akshay 7 Pension Plan (Table 857) | Jeevan Akshay VII

LIC Jeevan Akshay 7 Pension Plan (Table 857) Key Features

• Minimum Purchase Price – Rs 1,00,000
• Maximum Purchase Price – No Limit
• Annuity Payable Mode – Monthly, Quarterly, Half-yearly & Yearly
• Minimum Entry Age – 30 years
• Maximum Entry Age – 85 years
• Joint life cover – Available
• Minimum Annuity – Rs.1000 / month
• Maximum Annuity – No Limit
• Joint Life Cover – Allowed
• Mode of Purchase – Online & Offline

LIC Jeevan Akshay VII offers 10 different annuity options that are classified into five different categories.

1. Immediate Annuity for Life – Annuity is payable immediately to the policyholder and annuity payment period is lifetime up to survival of policyholder.
2. Immediate Annuity with guaranteed period and life – Annuity is payable up to a guaranteed period of 5 to 20 years and life thereafter. The annuity amount would be higher for the guaranteed period and reduces thereafter.
3. Immediate Annuity for life with return of Purchase price –Immediate annuity for a lifetime along with the return of premium payment.
4. Immediate Annuity for life increasing at 3% – Annuity for a lifetime with an increasing rate of 3% until the survival of policyholder.
5. Joint Life Immediate annuity – Joint-life option is available with provision to pay an annuity to the second annuitant with various options.

Pension benefit – Policyholder receive a pension as per the choice of the annuity. There are 10 options for the selection of annuity

Maturity benefit – No maturity benefit available

Surrender Benefit – Pension holders are eligible to surrender this pension plan after 3 months.

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LIC’s NIVESH PLUS | PLAN 849

LIC’s NIVESH PLUS PLAN DETAILS: This is a Single Premium, Non-Participating, Unit Linked Assurance Plan, which offers insurance-cum-investment. Proposer can choose the amount of premium one desires to pay. Each premium paid shall be subject to allocation charges. Upon completion of specified duration, Guaranteed additions as a percentage of Single Premium shall be added to the unit fund under in force policy.

Basic SA Options

• Option -1: 1.25 times of Single Premium
• Option -2: 10 times of Single Premium

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 Opted (less any Partial Withdrawals made during last 2 years) or Fund Value whichever is higher.

MATURITY BENEFIT: Fund Value
Fund Options: Bond Fund, Secured Fund, Balanced Fund & Growth Fund.

Features & Conditions:
Minimum age at entry : 90 days
Minimum Maturity age : 18 years lbd
Minimum Premium : 1,00,000 and in multiples of  10,000 thereafter.
Maximum Premium : No limit
Available Riders: LIC’s Linked Accident Benefit Rider.

Options:

• 1. Switching between any fund types.
• 2. Death Benefit in instalments for 5 years.
• 3. Partial Withdrawal from 6th year.
• 4. Increase/Decrease in Benefits not allowed
• 5. Accident Rider can be cancelled.
• 6. Top Up not allowed.
• 7. Alteration to other Plan not allowed.

Mode of Payment: Single only.
Rebates: Nil
Policy Loan: Not Available
Surrender/Paid up : Allowed After 5 years.
Compulsory Termination: If after 5 years from commencement balance in Unit Fund is not sufficient to recover the relevant charges, the policy will be compulsory terminated.
Revivals: NA
Suicide Clause: Within 12 months of DOC claim will be restricted to Fund Value.
Back Dating: Not Allowed.
Proposal Form: Separate form.
Tax Benefits : On Basic Premiums : u/s 80C
Maturity –
Option 1 : Taxable
Option 2 : u/s 10 (10D)
Death Claim both options: Tax Free

 

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