New LIC Plans Policies

New Bima Nivesh Plan

BENEFITS of New Bima Nivesh Plan

Maturity Benefit : The Basic Sum assured along with Guaranteed Additions will be payable. Loyalty addition, if any will be extra which is not included in figures given below.
The benefit structure:-
Term – 5 year
Sum Assured – 1000
Single Premium – 952
Term – 10 year
Sum Assured – 1000
Single Premium – 863
Guaranteed Additions: Benefits include guaranteed additions at the compound rate of
– 60%o Sum Assured per year for policy with 5 year term
– 65%o Sum Assured per year for policy with 10 year term.
Death Benefit : In case of the death of the Life Assured during the term of the policy
Sum Assured along with accrued guaranteed additions will be payable. If Term Assurance Rider has been taken, then the Term Assurance Sum Assured is also payable in addition.
Loyalty Addition: Depending upon the Corporation’s experience with regard to interest and expenses and based on term of the policy, Loyalty addition, if any, may be paid on maturity.
Special Surrender Value : Under this plan, Special Surrender value will be paid after the policy has run at least for one year.

LIMITATIONS
Basic Benefit

a. Minimum age at entry – 18 years completed
b. Maximum age at entry – 70 years
c. Maximum age at maturity – 75 years
d. Term allowed – 5 years and 10 years
e. Mode of premium – Single premium
f. Minimum Sum Assured – Rs.25,000
g. Maximum Sum Assured – Rs. 50,00,000

Term Assurance Rider
A term Assurance Rider benefit payable by a single premium will be available at the choice of the proposer. The restrictions and eligibility conditions are

Minimum Sum Assured Rs. 50,000
Maximum Sum Assured: Twice the Basic Sum Assured on the plan subject to a maximum of Rs.5,00,000
Minimum Age at entry : 18 years completed
Maximum Age at entry : 50 years

PREMIUM RATES
Basic Benefit
Single Premium rates for Rs.1000 Sum Assured are
Rs.952 for 5 years term
Rs.863 for 10 years term

HIGH PREMIUM REBATE
The following rebates in premium is proposed for high levels of premium

1% of basic premium on the premium in excess of Rs.25,000.
1.5% of basic premium on premium in excess of Rs 50,000.
2% of basic premium on the premium in excess of Rs.200,000

PREMIUM REBATE FOR SENIOR CITIZENS
A rebate of 0.5% of the basic premium in addition to the above rebate is available to employed persons who are of age 50 and above, have opted for early retirement under V.R.S.
A similar rebate is also available to Senior Citizens of age 60 and above.

REBATE FOR CORPORATION EMPLOYEES
The rebate for eligible employees of the Corporation will be 2% of the tabular single premium.

LOAN / ASSIGNMENT
No loan will be given by the Corporation to the policyholders under this plan. However, there would be provision for assignment in order that the policyholder may draw loan from other financial institutions.

UNDERWRITING
No Medical Underwriting will be required for sum assured of Rs.10 lakhs and below and such proposals will be accepted on the basis of a declaration of good health in the simplified proposal form used earlier, subject to the following conditions:
– Nothing in the proposal form indicates adverse health and occupation.
– Term Assurance Rider is not chosen.
When sum assured is above Rs.10 lakhs, or any of the above conditions are not satisfied, or Term Assurance Rider is desired, normal underwriting requirements and conditions will apply.

BACK-DATING
The policy can be back-dated within the same financial year on payment of interest at the rate of 11% p.a. No waiver of interest for back-dating will be allowed.

Bima Shree with profit - Plan No 848

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Plan No 848 - Bima Shree with profit

This is a non-linked LIMITED payment money back plan with inbuilt critical illness for high net worth individuals.

ELIGIBILITY CONDITIONS AND RESTRICTIONS FOR BASE PLAN:

Minimum Basic Sum Assured - Rs. 10,00,000/-
Maximum Basic Sum Assured - No Limit
(The Basic Sum Assured shall be in multiples of Rs. 100.000/-)
Policy Term -14, 16 , 18 and 20 years
Premium Paying Term (PPT) - (Policy term less 4) years
Minimum Age at entry -8 years (completed)
Maximum Age at entry -

55 years (nearer birthday) for policy term 14 years
51 years (nearer birthday) for policy term 16 years
48 years (nearer birthday) for policy term 18 years
45 years (nearer birthday) for policy term 20 years

Maximum Age at Maturity -

69 years (nearer birthday) for policy term 14 years
67 years (nearer birthday) for policy term 16 years
66 years (nearer birthday) for policy term 18 years
65 years (nearer birthday) for policy term 20 years

Age at entry for the Policyholder is to be taken as age nearer birthday (nbd) except for the minimum age at entry i.e. 8 years, where it is completed years.
Date of Commencement of Risk - Under this plan the risk will commence immediately from the Date of issuance of policy.
Date of issuance of policy is a date when a proposal after underwriting is accepted as a policy and the contract gets effected.
Date of Vesting under the plan (Applicable only if the Life Assured is below 18 years on the date of commencement of policy): The policy shall automatically vest on the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and Life Assured.

BENEFITS UNDER THE BASE PLAN:

The benefits payable under an inforce policy are as under

Death Benefit:
On death during first five years: "Sum Assured on Death" along with accrued Guaranteed Additions shall be payable.
On death after completion of five policy years but before the date of maturity: "Sum Assured on Death" along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
Where "Sum Assured on Death" is defined as the higher of
• 10 times of annualized premium or
• Absolute amount assured to be paid on death, i.e. 125% Basic Sum Assured
This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

Survival Benefit:
On the life assured surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:
For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary For policy term 20 years: 45% of Basic Sum Assured on each of 161/1 and 18th policy anniversary

Maturity Benefit:
On the life assured surviving to the end of the policy term. "Sum Assured on Maturity" along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.
Where "Sum Assured on Maturity" is as under:
For policy term 14 years: 40% of Basic Sum Assured
For policy term 16 years: 30% of Basic Sum Assured
For policy term 18 years: 20% of Basic Sum Assured
For policy term 20 years: 10% of Basic Sum Assured

GUARANTEED ADDITIONS:
Provided the policy is inforce. a Guaranteed Addition at the rate of Rs.50 per thousand Basic Sum Assured for the first five years and Rs.55/- per thousand Basic Sum Assured from 6th policy year till the end of premium paying term will accrue at the end of each policy year for which full years premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.

In case of a paid-up policy or on surrender of a policy the Guaranteed Addition for the policy year in which the last premium is received (i.e. wherein full year's premiums have not been received) will be added on proportionate basis in proportion to the premium received for that year.

PARTICIPATION IN PROFITS:
Provided the policy has completed five policy years and atleast 5 full years' premium have been paid, then depending upon the Corporation's expenence the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value
calculation on surrender of policy during the policy term, provided the policy has completed five
policy years and atleast 5 full years' premium have been paid. In case of surrender of policy,

NEW BIMA SHREE - LIC Plan No 848

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बीमा श्री टेबल 848 लॉन्चिंग 16 मार्च

LIC is launching new insurance plan – NEW BIMA SHREE, Table No 848.

LIC’s Bima Shree plan is a non-linked, with-profits, limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 10 lakh especially designed for targeted segment of High Net-worth Individuals. Under this plan Guaranteed Additions shall accrue at the rate of Ra.50 per thousand Basic Sum Assured for the first five years and Rs.55/- per thousand Basic Sum Assured from 6th policy year till the end of premium paying term

In short this is a mini J.Shiromani plan where SA reduced from 1 cr to 10 Lacs.

Best plan covering all things, GA, Money back, short term.
Starting on 1⃣6⃣⛔3⃣⛔1⃣8⃣

Plan No 848 – Bima Shree with profit
This is a non-linked LIMITED payment money back plan with inbuilt critical illness for high net worth individuals.

Benefits:

GA payable every year @ Rs 50/- per 1000 SA for 1st 5 years and Rs 55/- till end of PPT and LA if any.

Death benefit:

1st 5 years: 125% of Basic Sum assured + Accrued Guaranteed Addition
Thereafter: 125% of Basic Sum Assured + Accrued Guaranteed Addition + Loyalty Addition

Additional features:

Option to defer payment of Survival benefit with payment of increased S B due at any time.
Settlement option: To take maturity amount in 5, 10 or 15 years installment.
Option to take death benefit in installment in 5, 10 or 15 years installment.

Eligibility & Features:

Mini Sum assured – Rs 10 lakhs.
Maximum Sum assured – No Limit (Depends of Income)
Policy term – 14, 16, 18, 20 years
Premium term – Policy term less 4 years. (i.e., 10, 12, 14 and 16 years.)
Minimum Age at entry – 8 completed. For rest age nearer Birthday.
Maximum age – 55yrs (NBD) for 14, 51yr for 16, 48yr for 18 and 45 yr. for 20 years term
Maximum Maturity – Age 69 yrs. (NBD) for 14, 67 yr. for 16, 66 yr. for 18 and 65 yr. for 20 years term
Rider – PWB, DAB& EPDB, DAB, Term and critical illness riders allowed.
Mode – Yearly, Half yearly, Qly, SSS AND monthly under NACH.
Grace period – 30 days.
Paid value – After payment of 2 yearly premium, PAID VALUE acquired and proportionate
benefit like SB due, Maturity value or death payable based on such
“Maturity Paid Value Sum assured” or “death paid up sum assured”.
Loan/Surrender – Allowed.
Medical – Non-Medical and Medical as per age and sum proposed (Juvenile or Chart 1 or 2).
Female category – Categories A 1, A-2, A-3 & B 1 and B 2 allowed.
Back date – Allowed with lean month benefit.
Age proof – Only standard proof acceptable.
Cooling off – As per IRDAI rules allowed.
NRI & FNIO – NRI from Gr 5 allowed. FNIO & Mail order NOT allowed.

Survival Benefit