New LIC Plans Policies

LIC's JEEVAN VAIBHAV PLAN No. 809

Introduction: LIC’s Jeevan Vaibhav is a single premium non-linked endowment assurance plan which provides for payment of Sum Assured on maturity or on death. Loyalty addition, if any, is also payable on death during the last policy year or on maturity. The benefits and other details of this plan are given below.

Benefits:
Death Benefit:
On death during the policy term, excluding last policy year: Sum Assured shall be payable.
On death during the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.

Maturity Benefit:
On maturity, the Sum Assured along with Loyalty Addition, if any, shall be payable.
Loyalty Additions: Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.

Eligibility Conditions and Restrictions

Minimum Entry Age : 8 years (completed)
Maximum Entry Age : 65 years (nearest birthday)
Mode of Premium Payment : Single premium
Minimum Sum Assured : Rs.2,00,000/-
Maximum Sum Assured : No Limit

The sum assured shall be in multiple of Rs.10, 000/-
Policy Term : 10 years
Age at entry of the Policyholder is to taken as age nearest birthday except for minimum age at entry i.e. 8 years.

Rebates: Large Sum Assured Rebate on tabular premium per thousand Sum Assured is as under:

Sum Assured	Rebate (Rs.)
Upto Rs.3,90,000	Nil
Rs.4,00,000 to Rs.5,90,000	2.00
Rs.6,00,000 and above	3.00

Corporate Employees Insurance Scheme (CEIS) Rebate: The rebate for eligible employees of the Corporation shall be @ 2% of the Tabular premium provided policy is not taken through any Agent/ Corporate Agent/ Broker.
Commission For Agents / Corporate Agents / Brokers And D.O. Credit: Commission to Agents, Corporate Agents and brokers is payable @ 2% of the Single Premium received. Credit to Development Officers will be @ 5% of the Single premium.

Guaranteed Surrender Value: The Guaranteed Surrender Value will be available after expiry of one policy year. The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding extra premium, if any.

Special Surrender Value: Special surrender value will be payable, if it is more favorable to the policyholder.The Special Surrender Value will be the discounted value of the Sum Assured. The discount factors shall be the special surrender value factors used for LIC’s Endowment Assurance plan, which will depend on the policy term and the duration elapsed since commencement of the policy.
The Special Surrender Value factors per Rs. 100 Basic Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.

Loans: Loan facility is available under this plan after completion of one policy year subject to following conditions:

Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.
The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.
No foreclosure action should be taken under this plan even if there is a default in payment of loan interest.

Underwriting, Age proof and Medical Requirements: U & R Department will issue instructions.

Suicide Clause: The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of a maximum of (i) 90% of the single premium paid excluding any extra premium paid or (ii) third party’s bonafide beneficial interest acquired in the policy for valuable consideration (but limited to applicable death benefit of this policy) of which notice has been given in writing to the branch where the policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.

Service Tax: Under this plan, the amount of service tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any. Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time. The instructions regarding issues related to service tax will be issued by Finance & Accounts Department, Central office, separately.

Normal requirements for claim: The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured shall be the claim forms accompanied with original policy document, proof of title, proof of death, medical treatment prior to death, school / college / employer’s certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
On maturity or on earlier surrender, the Life Assured shall submit the discharge form along with the original policy document besides proof of age, if the age is not admitted earlier.
Cooling-off period: If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy.
The refund of single premium to the policyholder subject to following deductions:

Stamp duty on policy;
Actual cost of medical examination and special reports, if any;
Mortality charges as per c.o. circular ref: Actl/1819/4 dated 23.08.2002. For substandard lives, the mortality charge shall be increased by multiplying with the factor given in above said circular.

Back-dating interest: The policies can be dated back within the financial year, as usual. Back-dating interest will be charged at the rate of 10% p.a., at the time of completion of policy, for dating back in excess of one month. The interest shall be charged even where the policy is back dated to a lean month.

Policy stamping : Policy stamping charges will be 20 paisa per thousand Sum Assured under this Plan.

Reinsurance: Normal procedure for Reinsurance will apply.

Assignments/Nominations: It should be ensured that a nomination is made in the policy at the proposal stage necessarily. However, on a subsequent assignment or change of nomination, the notice of assignment or change of nomination should be submitted for registration to the office of the Corporation, where the policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.

Proposal Form : Proposal Form No. 300 or 340, as the case may be, shall be used under this plan

Premium Table for Jeevan Vaibhav ( Plan No. 809)

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LIC's Jeevan Vaibhav ( Plan No. 809)
Premium Table for Jeevan Vaibhav ( Plan No. 809)
Age	Premium For 1000 Sum Assured ( Rs.)
8	476.05
9	476.15
10	476.25
11	476.40
12	476.55
13	476.70
14	476.85
15	476.95
16	477.05
17	477.10
18	477.20
19	477.25
20	477.35
21	477.40
22	477.40
23	477.45
24	477.50
25	477.50
26	477.55
27	477.55
28	477.60
29	477.65
30	477.75
31	477.85
32	478.00
33	478.20
34	478.40
35	478.65
36	478.95
37	479.30
38	479.65
39	480.05
40	480.55
41	481.05
42	481.60
43	482.25
44	483.00
45	483.85
46	484.80
47	485.85
48	487.00
49	488.25
50	489.55
51	491.00
52	492.50
53	494.15
54	495.85
55	497.70
56	499.75
57	501.95
58	504.30
59	507.05
60	510.15
61	513.55
62	517.40
63	521.60
64	526.25
65	531.40

Note: - The above premium rate is exclusive of Service Tax

Check list before submitting Proposal

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Check list before submitting Proposal Form:
(1) Proposal Form
For Insurance on own life: Form No. 300.
For insurance on life of other person and for minor lives “(Age 10 yrs & above): From No. 340 medical of minor life is compulsory.
For Insurance on life of minor (Age less than 10 yrs): form No.360 Without medical for any sum assured
For Jeevan Dhara & Jeevan Suraksha :
F. No. 440(J.D./J.S-1)
For Jeevan Akshay: F. No .440(J.A-1.),
For Varishtha Pension: F .No. 470(VPBY),
For Jeevan Balya: Form No.440 J.B,
For New Jana Raksha / up to 50,000/-s.a.:Form No.320 J.P.
(All the answer must be given in words, stroke of Pen/Dots/ Dashes will not be accepted)
(2) a) Vernacular Declaration over proposer’s signature in proposers own handwriting is required and declaration is to be signed by the person filling in the form, and in case of thumb impression in addition to declaration by the person filling in the form, declaration from 3rd person unconnected with corporation should be obtained. Below the thumb impression the identity i.e. the right hand/ left hand impression of Mr./Mrs. …………………………. Should be mentioned.
b) In case of married ladies maiden name declaration shall be given above Proposers signature or by separate letter.
(3) Agents confidential Report: Form No.380 along with each proposal. Under Non. Medical cases Physical Measurements should be given by the agent, duly mentioning the club membership or MHR authority.
(4) MHR should be obtained by the competent authority.
(5) Copy of Age proof duly signed by proposer as required under specific plans. and. for Non-standard age proof submit Annexure- A and consent for extra premium.
(6) a) FMR, and special reports as per SUC wherever required along with introduction to medical examiner by the competent authority.
b) Confirm Doctors and proposer’s signature on proposal form and special reports including ECG tracings.
c) Doctor is having the required limit as per SUC
d) Medical Report is valid for 6 months; additional proposal within 6 months from Date of medical is considered up to basis S.A. of Rs. 1/- Lac, subject to limit of medical examiner for substandard lives Medical is valid for 3 Months only.
e) Special report is valid for 1-Year, for proposal accepted at OR, otherwise for 6-months only. HIV report is valid for 6 months only in both cases.
(7) Date of proposal should not be after the date of Medical or any special report and date of medical should not be after date of ACR.
(8) Relevant query forms and Addendums:
(i) Occupational querry form is required in case of persons engaged in Army/ Navy/Air Force/ marine/any hazardous occupation.
(ii) In case of handicapped person personal History of accident: Deformity questionnaire is required.
(iii) In case of personal History of Asthma/ Bronchitis/ Ulcer/ Kidney disease/ Tuberculosis/ Gall bladder disease/ Hernia-or Hearing impartment etc : Additional questionnaire and reports are required along with treatment / operation records.
(iv) Habit of Smoking or Alcohol: Physician Report- Part-I.
(v) History of Diabetics/ Hypertension/ Heart Ailment: Physician report part I & II.
(vi) In case of NRI: NRI Questionnaire is required.
(viii) In case of Jeevan Sathi Plan: Joint Life Declaration required.
(ix) For policy under MWP ACT/HUF: Relevant Addendums are necessary.
(x) For Asha Deep/ Plans / Jeevan Bharti / jeevan Andhar/ Jeevan Vishwas Plans: Relevant Addendums are required.
(xi) For SSS Policies: Relevant authority letter in duplicate along with prior certification from employer wherever necessary is to be obtained.
Annexure for SSS policy in Triplicate are also required along with each proposal.
(xii) In case of minor lives with age 5 years & above, school going declaration is to be obtained duly singed by both parents or Bonafide certificate from school is required.
(9) Evidence of income in form of C.A. Certificate or I.T. returns are to be collected where ever necessary duly attested by the proposer and authorized person.
(10) Remit correct installment premium.

LIC’s MDRT Agency

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LIC’s MDRT Agency is what I am here to talk about.” You must be wondering what is this MDRT agency and how would it fulfill your dreams isn’t it? Therefore let’s look at some of the facts.

Therefore let’s look at some of the facts :
MDRT Agency offers you Rs. 7,00,000/- first year commission. That Means You will start making money from the very first year itself. Isn’t it Exciting?
MDRT Agency offers you renewal commission. Which means you shall start building your retirement fund from the very second year. Isn’t it wonderful ?
MDRT Agency offers you Hereditary commission. Which means your family members shall be getting receiving continuous income upon your efforts foe a long time even when you shall be no more. Isn’t it Great ?

You become MDRT Agent now, attend the 100 hour training, start up your activity, 3 years from now drive your DREAM CAR home with your wife and children. In summer you are relaxing at Switzerland in the hill resorts, snowfalls everywhere around and you are searching for sun in the afternoon sky, having coffee in your right hand you are watching your wife and children are throwing snow at each other. Isn’t that a pretty picture to be in? But I am not sure whether you will be in it or not. Much depends on the decision you are about to take few seconds from now.

Now lets look at reasons that motivate you to take up the agency. We saw MDRT Agency offers you 700000 commission,’ we saw you are getting renewal commission, we saw you are getting hereditary commission, we saw you are getting hereditary commission, we saw you are enjoying interest free advances for your Car, Home and Laptops, we saw that you are flying to US every year,

We also saw that at least 1790 people in India have been enjoying it. Isn’t it obvious THAT the reasons motivating you to sign up the agency far outweigh the reasons causing you to hesitate? Therefore let’s complete the formalities.

LIC's Commission rates

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LIC's Commission rates are dependent on the following factors :-

Premium being paid
Type of insurance plan
Total duration of premium payment under the plan

UNDER ENDOWMENT PLANs, INCLUDING JEEVAN ANAND PLAN, if the TOTAL PERIOD OF PREMIUM PAYMENTs is 15 years or more commission rates are :

1st Year Prem.	2nd & 3rd Years’ Prem.	Subsequent Years
35% including bonus commission	7.5% on each prem.	5% on each prem.

If the TOTAL PERIOD OF PREMIUM PAYMENTS is 10 to 14 years, rates are :

1st Year Prem.	2nd & 3rd Years’ Prem.	Subsequent Years
28% including bonus commission	5% on each prem.	5% on each prem.

If the TOTAL PERIOD OF PREMIUM PAYMENTS is 05 to 09 years, rates are :

1st Year Prem.	2nd & 3rd Years’ Prem.	Subsequent Years
14% including bonus commission	5% on each prem.	5% on each prem.

Under Money Back Plans ( TOTAL PERIOD OF PREMIUM PAYMENTs 15 years or more ) commission rates are :

1st Year Prem.	2nd & 3rd Years’ Prem.	Subsequent Years
21% including bonus commission	10.0% on each prem.	6% on each prem.

Single Premiums Bonds: If mode of premium payment is SINGLE PREMIUM, i.e. entire premium is payable at the inception, like under Bima Nivesh Triple Cover commission rate is 2% of premium