LIC India for Me

Jeevan Vaibhav (Plan No. 809)

2012-08-16T23:44:00.003+05:30

JEEVAN VAIBHAV (PLAN No. 809)

Contact Number for North Zone(Punjab) Mobile No: +91 0000000000

It has been decided to introduce LIC’s JEEVAN VAIBHAV (Plan No.809), a close ended plan which would be open for sale from 21st May, 2012 for a maximum period of 120 days. //The Unique Identification Number (UIN) for LIC’s Jeevan Vaibhav plan is 512N269V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc.).

1. 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.

2. Benefits:

a) 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.

b) Maturity Benefit:

On maturity, the Sum Assured along with Loyalty Addition, if any, shall be payable.

c) 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.
3. Eligibility Conditions and Restrictions

a) Minimum Entry Age : 8 years (completed)

b) Maximum Entry Age : 65 years (nearest birthday)

c) Mode of Premium Payment : Single premium

d) Minimum Sum Assured : Rs.2,00,000/-

e) Maximum Sum Assured : No Limit

The sum assured shall be in multiple of Rs.10, 000/-

f) 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.

4. Premium Rates :

The tabular premium rates (excluding service tax) per thousand Sum Assured are given in Annexure1.
The class – I extra premium rates are given in Annexure 2.

5. 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%

6. 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.
7. 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.

8. 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.

9. 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.

10. Loans

Loan facility is available under this plan after completion of one policy year subject to following conditions:
a) Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.
b) 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.
c) No foreclosure action should be taken under this plan even if there is a default in payment of loan interest.
11. Underwriting, Age proof and Medical Requirements :
U & R Department will issue instructions.

12. 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.

13. 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.

14. 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.

15. 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:
1. Stamp duty on policy;
2. Actual cost of medical examination and special reports, if any;
3. 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.

16. 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.

17. Policy stamping :

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

18. Reinsurance

Normal procedure for Reinsurance will apply.

19. 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.

20. Accounting of Income and Outgo :

Instructions regarding the accounting procedure to be followed under the plan shall be issued separately by Finance & Accounts Department, Central office.

21. Proposal Form :

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

22. Policy Document :

The specimen Policy Document will be sent by the Corporate Communications Department, Central Office.
Executive Director (Marketing/Product Development) Patiala (PUNJAB) (INDIA)

Jeevan Akshay VI

2012-08-15T17:18:00.000+05:30

Jeevan Akshay VI

Table No. 189

Contact Number for North Zone(Punjab) Mobile No: +91 00000000

Jeevan Akshay VI plan no.189 is an Immediate Pension (Annuity) plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant (Policy holder). Various options are available for the type and mode of payment of annuities.

Options Available:
The following options are available under this pension plan.

Type of Annuity:

Pension (Annuity) payable for life at a uniform rate.

Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

You may choose any one option from above list. However once chosen, the option cannot be altered.

Mode:

Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.

Special Features:

    Premium is to be paid in a lump sum.
    Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
    Mode      Minimum Annuity
    Monthly                               Rs. 500 per month
    Quarterly      Rs. 1000 per quarter
    Half-yearly                              Rs. 2000 per half year
    Yearly                                       Rs. 3000 per year
    No medical examination is required under the plan.
    No maximum limits for purchase price, annuity etc.
    Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
    Age proof necessary.

Incentives for high purchase price:

If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
Age last birthday    Yearly annuity amount under option
         ( i )      ( ii ) (15 years certain)    ( iii )    ( iv )     ( v ) ( vi )
40    7510   7440      6930    5610    7310    7120
45    7770   7660        6960    5890    7500    7240
50    8140                     7950        7000    6280    7760    7420
55    8650                     8330                7050    6810    8130    7670
60    9350   8790    7110    7530    8640    8030
65    10410    9330                7180    8590    9400    8570
70    12080   9830                7260    10220 10560 9370
75    14510                   10220              7360    12590 12240 10590

The Unique Identification Number (UIN) for LIC’s Jeevan Akshay VI plan is 512N234V03.

Cooling off period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

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Jeevan Ankur

2012-08-15T16:46:00.001+05:30

Jeevan Ankur

(Plan no.807)

Contact Number for North Zone(Punjab)

Jeevan ankur is a latest insurance plan for the children. LIC Jeevan Ankur gives multiple financial assistance to your child when he/she needs in growing up years. In this plan parent is the Life Assured and child is the Beneficiary.

LIC Jeevan Ankur Features:

Jeevan Ankur is the must plan for all parents.
Option of single premium/Regular premium
Parent is the Life Assured, child is the Beneficiary.
Death Benefit= Sum Assured + Income Benefit + Maturity Benefit*
Maturity Benefit= Sum Assured + Loyalty addition, if any.
Plan available for parents of a new born child also
3 Riders to customize Jeevan Ankur policy

Accident Benefit Rider

Critical Illness Benefit Rider( With an additional option of Premium Waiver Benefit)
Conventional with profits plan.

Death Benefits:

Immediate payment of an amount equal to the Basic Sum Assured plus income benefit plus maturity benefit*

* On death of the Life Assured, Basic Sum Assured shall be payable immediately followed by Income Benefit, in addition to this all Maturity Benefits will be payable on the scheduled date of Maturity.

Income Benefit:

Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of policy term to the nominee child.

Another lump sum equal to Basic Sum Assured with Loyalty Addition, on the maturity date.

Eligibility conditions for Jeevan Ankur:

Particular                         Minimum   Maximum
Entry Age Life Assured (Parent)   18 Years                      50 Years
Entry Age for child      0 Year    17 Years
Policy Term                                   18 minus age of child,    25 minus age of child.

or 8 years min.
Sum Assured Rs.100000/- No Limit

Premium modes:

Single Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)

Eligibility conditions – Accident Benefit Rider

Critical Illness Rider

Benefit Illustration

Bima Bachat

2012-08-15T16:23:00.002+05:30

Bima Bachat

Money back policy, Single Premium Insurance policy

Bima Bachat Summary:

LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family.

Benefits:

Death Benefits:

During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.

Survival benefits:

Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid alongwith Loyalty addition if any will be paid back.

Maturity Benefit/Survival benefit for 2 lakh SA: (30yrs age)
Policy Term    3rd Year    6th Year    9th Year    12th year        15th year
9 years 60,000    60,000    Final Maturity    -                       -
12 years      60,000    60,000 60,000    Final Maturity            -
15 years 60,000    60,000 60,000 60,000             Final Maturity

Eligibility Conditions and Restrictions LIC Bima Bachat:

Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (Nearest).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (Nearest).
Terms Available: 9, 12 or 15 years.
Modes Allowed: All
Dating Back @ 8%: Allowed
Term Rider Option: Not available
Critical Illness Rider: Not available
Policy Loan: Available

Surrender Values:

The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.

Bima Bachat Examples:

Let me give you an example to understand this policy. Mr. Dilip aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays single premium of Rs. 1,48,322. He receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by Dilip. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any. If Mr. Dilip dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from the SA). hence the total amount received would be Rs. 3,20,000.

Cooling off period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

Bima Nivesh 2005(Table No. 171)

2012-08-15T14:45:00.004+05:30

Table No. 171

Contact Number for North Zone(Punjab) India

Bima Nivesh 2005 Table No.171 is a plan with compound rate of guaranteed additions and loyalty additions . This is the revised version of our popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from our customers . It is a single premium, ideal investment plan for those who have no regular income but good periodical income . Bima Nivesh 2005 is available for terms 5 and 10 years. The guaranteed surrender value is payable after the policy has run for at least one year. Term Assurance Rider is also available by payment of a single premium at the option of the proposer.

The Life Insurance Corporation of India (LIC Of India) has always believed in providing value-added service and products. In tune with the changing economic scenario it offer’s multi-benefit schemes to fulfill the varied financial needs of the public. LIC’s ‘BIMA NIVESH 2005‘, is a short term, single premium life insurance plan that also provides safety, liquidity, attractive returns, and tax benefits.

Bima Nivesh 2005 Features:

1. Maturity Benefit: Sum Assured + compounded G.A. + Loyalty Addition, if any.
Guranted Addition at Rs. 50/- per 1000 S.A. for term 5 yrs, compounded annually is given.
Guranted Addition at Rs. 55/- per 1000 S.A. for term 10 yrs, compounded annually is given.
2. Death Benefit: On death, S.A. is given. Compounded G.A is given. L.A. is given.
3. Term Rider Benefit is also available at extra cost.
4. Policy can be assigned as security in bank, housing co. or any financial institute.
5. Backdating @ 9% of policy is allowed.
6. Loan @ 10.5% can be taken against policy.
7. Policy can be surrendered for an amount equal to 80% or 90% of Single Premium for term 5 and 10 respectively.
8. Only Single premium. is allowed.

General Conditions for Bima Nivesh 2005:

Min. age at entry: 13 years completed.
Max. age at entry: 70 years.
Min. S.A.: Rs. 25000.
Max. SA.: Any Amount.
SA in multiples: Rs. 5000.
Max. Maturity age: 75 years.
Modes Allowed: Single premium.
Terms Allowed: 5 and 10 years.

Requirements in writing:

Risk Coverage: SA + GA
Age proof: Std./Non-Std
Form Number: 300/340
Dating Back @ 8%: Allowed
Medical Exam (when TAR is not opted): Not required for any SA.

Premium Rates:

Single Premium rates for Rs.1000 Sum Assured are Rs.995 for 5 years term and Rs. 976 for 10 years term;

Note:

The Term Rider Premium depends on the age nearer birthday and the term of the policy.

REBATES:

1% of basic premium on the premium in excess of Rs.50,000.
Rs.500 plus 1.5% of basic premium on the premium in excess of Rs.1,00,000.

LOAN

Loan will be available to the policyholders under this plan within the Surrender Value.

Bima Nivesh Example:

Mr. Jeevan takes a 5 year term Bima Nivesh 2005 policy for Rs.1 lakh Sum Assured. On maturity, Mr. Jeevan will receive Rs.1,27,628 (Rs.1,00,000 SA+ Rs 27628 being guaranteed Addition @ Rs 50 per 1000 SA compounded annually). In addition, he is also be eligible to receive loyalty Addition, if any, declared by LIC. In case, he dies before maturity, his nominee will receive Rs. 1 lakh SA + accrued GA at Rs 50 per 1000 SA per annum.

Money Back Plan(Table No: 75/20 & 93/25)

2012-08-15T13:51:00.002+05:30

MONEY BACK 20 & 25 YEARS INSURANCE POLICY BY LIC

75/20 & 93/25

Contact Number for North Zone(Punjab) India

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the end of the endowment period, this scheme provides periodic payments of partial survival benefits as follows during the term of the policy. Of course so long as the policyholder is alive this plan is best suitable for businessmen and professionals.

In case of a 20-year money-back policy (table 75), 20% of the S. A. become payable each after 5,10,15 year, and the balance 40% plus the accrued should have attained majority.

In case of a 25-year money-back policy (table 93), 15% of the S. A. become payable each after 5,10,15,20 year, and the balance 40% plus the accrued should have attained majority.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full S.A. without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.

Plan parameters

Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)
Maturity age: Max.70 yrs.
Sum. in Multiples: 5000, Min. Max No Limit
Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)
Mode of Payment: YLY/HLY/QLY/SSS/MLY
Accident Benefit: Rs.1 Extra per (Max. 50 Lac inclusive 1000 S.A. All plan)
Policy loan: yes,@ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes

Underwriting condition

Form no.: 300/340
Age proof: std /NSAP-1,2,3
Female lives category: I/II/III
Non-medical (Gen): allowed
Non-medical (pro): allowed
Non-medical (special): allowed
Actual sum assured: basic SA
Rusk coverage: SA + bonus
Dating back@ 8%: Allowed

Benefits
Death benefits: payment of full S.A. + bonus on full S.A. + FAB. If any is paid to the nominee The survival benefit already paid, if any is not deducted.

Maturity benefit: Balance survival benefit + bonus on full S.A. + FAB, if any

Example: Ms. Sania Mirza, aged 25 invests Rs.2lac in a money back policy (T.No-75) paying an annual premium of Rs.12,546/- for 20 years period. she receives Rs.40,000 at the end of each 5th, 10th, 15th year. On maturity balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate of 2005 i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB if Ms. Sania dies after 8 year, his nominee will receive S.A. +Bonus without deducting the survival benefit survival benefit already paid to Ms. Sania

Marrige Endoment/ Educational Annuity ( Table No. :90)

2012-08-15T13:16:00.002+05:30

MARRIAGE ENDOWMENT / EDUCATIONAL ANNUITY

(Table No.:90)

Contact Number for North Zone(Punjab)

Features of Plan:

This policy is suitable specially to meet the needs of marriage or higher education of the policyholder's children. It is a kind of an endowment policy in case of maturity. In case of early death of the policy holder the nominee will not get the S.A. and bonus immediately. Future premium are not payable after death of the policyholder the S.A. with bonus is payable only after the expiry of the term. In case of death caused by an accident, S.A. will be paid to the nominee immediately. At the maturity of the policy the policyholder can exercise option to take for the amount in lump sum or a convenient term can be chosen which can be used for future education of dependents.

In case the double accident benefit is availed then an additional sum equal to the basic S.A. become payable immediately on death due to accident during the policy term

The loan facility is available under this plan after 3 years of commencement of policy when premium are fully paid up for 3 yrs. The rate of interest is @ 10.5% p.a.

Plan parameters

Age at entry: Min.18 yrs, Max.60 yrs
Maturity Age: Max. 70yrs
Sum assured: Min. 50,000, Max. No. Limit
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1extra per
(Max. 50lacs inclusive: 1000 S.A. All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Term: yes
CIR: yes

Under writing

Form no: 300
Age proof: std./ NSAP-1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic S.A.
Risk coverage: premium waived
Dating back @ 8%: Allowed
To calculate the mean age, the difference between the ages of the two lives is calculated by subtracting the ages of the two lives. For example, husband's age is 27 yrs. And wife's age is 22 yrs., then the Difference between ages will be 27__22=5 yrs. From the above chart we will see addition to younger age below 5 yrs. Which come out to be 3. by adding this number to younger age i.e.22 yrs the joint life age is 22+3=25 yrs. On this age the premium will be charged.
Benefit:
Maturity benefit: payment of S.A.+ Bonus+ FAB, if any.
Death benefit:
S.A. + bonus payable in lump sum or in 10 HLY instalments at the option of beneficiary. Moreover, the future premiums are waived.
Accident benefit:
Accident benefit equivalent to basic S.A. would be available immediately, in addition to death benefits stated above by paying appropriate additional premiums on that behalf.
Example: Mrs. Twinkle Khanna has a 2 years old daughter pooja. she opts for marriage endowment plan for Rs.2lac for 20 years, so that her daughter can be married around 22 years of age. But after 8 years his death occurs. Her nominee needs not to be worried about the premium of this plan. When her daughter pooja attains the age of 22 years, she will get Rs.3,80,000/- (basic S.A. Rs.2lac + bonus as per bonus rate of 2005 i.e. Rs.45/- per annum for 20 years which come out be to Rs.1,80,000/-). This policy can be gifted to someone you love.

Jeevan Anurag (Table No:168)

2012-08-15T12:57:00.001+05:30

JEEVAN ANURAG LIFE INSURANCE POLICY BY LIC

(Child Plan) (Table No. 168)

Contact Number for North Zone(Punjab)

Feature of Jeevan Anurag plan:

Jeevan Anurag is a with profit plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life benefits under the plan are payable at pre-specified duration irrespective on whether the life assured survives to the end of the policy tremor dies during the term of the policy. In addition, this plan also provides for an immediate payment of basic S.A amount on the life assured during the term of the policy. This plan is not allowed when occupation extra chargeable and to pregnant ladies.

15 - days cooling-of period: if you are not satisfied with the "term and conditions of the policy you may return the policy to us within 15 days.

Paid up value:

If at least three full year's premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the S.A. by it shall be reduced to such a sum, called the paid-up value, as shall bear the same ration to the full S.A. as the number of premium actually paid shall bear to the total number of premium originally stipulated in the policy. The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premium, but shall not entitled to the future bonuses.

Guaranteed surrender value:

This policy can be surrender for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the premium mode will be equal to
30% of the premium paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90% of the premiums paid excluding all extra premiums and the premiums paid for optional/ rider benefits.

Critical illness rider benefit:

Critical illness rider benefit will be available for an amount not excluding the S.A. under the basic plan subject to overall cover of 5lakh under all polices of the life assured with the corporation taken together.

If premium waiver benefit is opted for then in case of diagnosis by any of the critical illnesses condition covered under the policy, the total future premiums in respect of the policy will be waived S.A under such polices will not exceed Rs.5lakh.

Plan parameters

Age at entry: Min.20 yrs (NBD) Max.60yrs (NBD)
Maturity age: Max.70 yrs. (NBD)
Term: Min.5 yrs for S.P & 10 yrs for regular Max. 25 yrs
Sum assured: Min.50,000 Max. No Limit
S.A in multiples: 5000
Premium paying: policy term or
Term (PPT): policy term-3
Mode of payment: YLY/ HLY/QLY/SSS/MLY and single premium
Accident benefit: Allowed (with extra premium)
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yea
Surrender of policy: yes
Term rider: yes
CIR: yes

Underwriting condition

Form no: 300
Age proof: std/ NSAP-1 (WR 5Lac)
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: 1.5 times of S.A
Dating back @ 8%: Allowed

BENEFIT

Maturity benefit: 20% payment of the basic S.A at the start of every year during last 3 policy years before maturity. At maturity 40% of the along with revisionary bonus declared from time to the full term and the terminal bonus if any shall be payable

Death benefit:

Payment of an amount equal to S.A. under the basic plan immediately on the life assured is paid to the nominee. No. Premiums are payable thereafter. An amount equal to 20% of the basic S.A. at the start of every year during last 3 policy years is paid to the nominee. In addition he will also get 40% of the basic S.A + Accured Reversionary bonus for the full term & terminal bonus, is any is also paid.

Accident benefit :

Accident death and disability benefit will be available for an amount not exceeding the S.A under the basic plan subject to overall cover of 50 lac under all policy of the life assured with the corporation taken together.

Example: Mr. Tushar Kapoor aged 35 years opted for jeevan anuurag plan, S.A 2 Lac, for a term of 15 years. He pays an annual premium of Rs.15,323/- if the policy is in full force, Mr. Tushar Kapoor Will get 20% of S.A i.e. Rs.40,000/- at the start of 12th, 13th & 14th policy year and the balance 40% of S.A i.e. Rs.80,000 will be given at the end of 15th year along with revisionary bonuses declared from time to time for the full term, plus terminal bonus, if any shall be payable. in case Mr. Tushar Kapoor dies during 10th year his nominee will receive Rs.2 lac.

No premiums are payable thereafter Moreover the nominee will get Rs.40,000/- at the start of 31th, 14th & 15th policy year and on maturity Rs.80,000 + Reversionary Bonus + terminal bonus, if any.

Komal Jeevan (Table No: 150)

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Komal Jeevan Summary:

(Table No.159)

Contact Number for North Zone(Punjab)

LIC Komal Jeevan is a children’s Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. Komal Jeevan can be purchased by any of the parent or grand parent or legal guardian for a child aged between 0 year to 10 years. The payment of the premium stops at the age of 18 years.

Who should buy Komal Jeevan?

In today’s competitive world, every parent dream for best education for their son/daughter. This policy is suitable for parents who dream to secure money for their children’s higher education.

Benefits:

The policy matures when the child grows up to be 26. Once the child attains majority, the survival benefit is paid in four installments.

    20% on policy anniversary after completing age 18.
    20% on policy anniversary after completing age 20.
    30% on policy anniversary after completing age 22.
    30% on policy anniversary after completing age 24.
    Guaranteed addition + Loyalty Addition on completing age 26 (Maturity date)

Guaranteed additions :

The policy gives guaranteed additions at Rs 75 per Rs 1,000 sum assured on every policy anniversary till age 26.

Commencement of risk cover:

The risk commences only after the child attains age seven or two years after the commencement of the policy, whichever is later.

Premium Waiver Benefit:

Premium Waiver Benefit available with some extra premium amount.

Term Rider Benefit:

Term Rider Benefit can be availed by the proposer to the extent of 20% of the basic sum assured under the policy not exceeding Rs.1,00,000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child is 18 years last birthday.

Death Benefits

    In case of death of life assured before the commencement of risk, the policy is canceled and premiums paid are refunded.
    After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.
    Special benefit in maturity: Loyalty additions depending on policy duration and sum assured are paid on maturity.

Premiums:

Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in lump sum (Single premium).

Medical Exam:

No Medical Examination is required for the child. However, proposer’s medical examination is compulsory.

Eligibility Conditions and Restrictions for LIC Komal Jeevan:

Min. age at entry: 0 year (Last Birthday)
Max. age at entry: 10 years (Last Birthday).
Min. S.A.: 1 lakh.
Max. SA.: 25 lakhs.
SA in multiples: Rs. 25,000
Max. Maturity age: 26 years (lbd).
Modes Allowed (Premium Payment): Yly/Hly/Qly/SSS/Sp
Min. PPT: 8 years. (Premium Paying term)
Max. PPT: 18 years.
Accident benefit: NA
Premium Rebate: Yly 2%; Hly 1%; Qly/SSS – Nil
Term Rider Option: Available
Critical Illness Rider: No
Policy Loan: No
Revival: Yes
Surrender of Policy: Yes
Survival Benefits: Yes
Housing Loan: No
P.W.B.: Yes

Jeevan Anand Table 149

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JEEVAN ANAND LIFE INSURANCE POLICY BY LIC (table: 149)

Contact Number for North Zone(Punjab)
Features of Jeevan Anand plan

Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.

Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.

Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000
Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: yes

UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

BENEFITS

Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)

Death benefit:

If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term.

Accident benefit:

The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate.

Example:

Mr. Sharad Pawar 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Sharad Pawar will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-). Even after the premium paying term is over, risk cover continues till the death of Mr. Sharad Pawar.

But if, Mr. Sharad Pawar dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Sharad Pawar dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus.