Save Tax by saving in LIC's new Jeevan Anand,Money Back 20, 25 Yrs,Endowment(814 815 816 817 820821)

LIC’S NEW CHILDREN’S MONEY BACK PLAN (TABLE NO.832)

2015-03-03T18:01:00.000+05:30

LIC's New Children Money Back Plan (Table No 832)

Introduction:

It has been decided to introduce LIC’s NEW CHILDREN’S MONEY BACK PLAN (Plan No.832), which would be open for sale from 4th March, 2015.

The Unique Identification Number (UIN) for LIC’s New Children’s Money Back Plan is 512N296V01.This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc.).

LIC’s New Children’s Money Back Plan is a non-linked, with-profits, regular premium payment money back plan specially designed to meet various financial needs of children through Survival Benefits. It provides for the risk cover on the life of child during the policy term and number of survival benefits on surviving to the end of the specified durations. The benefits and other details of the plan are given below.

2.    Benefits:

The benefits payable under an inforce policy are as under:
a)    Death Benefit:

On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable.

On death After the Date of Commencement of Risk:
Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude tax, extra premium and rider premium, if any.

b)    Survival Benefit : On the Life Assured surviving on each policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the Basic Sum Assured on each occasion shall be payable provided the policy is in full force.

c)    Maturity Benefit: On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

d)    Participation in profits:
Depending upon the Corporation’s experience the policies shall participate in the profits and shall be eligible for Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation.

Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.

3.    Option to defer the Survival Benefit(s):
The policyholder will have the option to take the survival benefit (s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to

Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s)

These factors are enclosed as Annexure - I

This option shall be required to be intimated by the policyholder six months before the due date of the Survival Benefit (s) in writing.

4.    LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01)
LIC’s Premium Waiver Benefit Rider is available on payment of additional premium. This rider can be opted for along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years.

a)  If this rider is opted for, in case of death of the proposer, the payment of the premiums falling due after the date of death shall be waived;

b)  The Premium Waiver Benefit shall be granted on the basis of the proposer's age, personal declaration and other related documents. In case it is found that any untrue or incorrect statement is contained therein or any material information is withheld, then and in every such case but subject to the provisions of Section 45 of the Insurance Act, 1938, as amended from time to time, all claim to the benefit shall cease and determine;

c)  The Premium Waiver Benefit shall not operate if the proposer (whether sane or insane) commits suicide within 12 months from the date of issuance of First Premium Receipt or within 12 months from the date of revival;

d)  The additional premium shall not be taken into account in arriving at the amount to be refunded in the event of death of the Life Assured before the date of commencement of risk and in calculating the surrender value of the policy;

e)  The medical report and special reports, if required, at proposal stage or on revival, shall be at the proposer’s own expense from the Corporation's appointed Medical Examiner;

f)   The revival of the rider will be considered along with the revival of the basic policy. The rider can be revived at any time but within a period of two consecutive years from the due date of the said unpaid premium or before the date of expiry of policy term, whichever is earlier subject to evidence of health and habits of the proposer to the satisfaction of the Corporation

g)  The Premium Waiver Benefit shall cease to apply if policy is in lapsed condition;

5.    Eligibility Conditions and Restrictions:

For Basic Plan

(a)    Minimum Age at entry for Life Assured : [0] years (last birthday)

(b)    Maximum Age at entry for Life Assured :[12] years (last birthday)

(c)    Policy Term                                          : [25 – Age at entry] years

(d)    Minimum/Maximum Maturity Age          : [25] years

(e)    Minimum Basic Sum Assured                : Rs. [100] in ‘000’s

(f)     Maximum Basic Sum Assured              : No Limit

The Basic Sum Assured shall be in multiples of Rs. 10,000/-

Date of commencement of risk under the plan:
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Date of vesting under the plan:
The policy shall automatically vest in 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 the Life Assured.

For LIC’s Premium Waiver Benefit (PWB) Rider – optional:

(a)  Minimum Entry Age                                  : [18] years (completed)

(b)   Maximum Entry Age                               : [55] years (Nearer Birthday)

(c)   Premium paying term                           : Same as basic plan

(d)   Maximum cover ceasing age              : [70] years (Nearest Birthday)

6.    Mode of Premium Payment :
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly [ECS only or through salary deductions (SSS)].

7.    Premium Rates:

8.    Grace Period for Payment of Premium:
A grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.
If death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as inforce and the benefits will be paid after deductions of the said unpaid premium as also the unpaid premium/s falling due before the next anniversary of the policy.
If the premium is not paid before the expiry of the days of grace, the policy lapses.
If the policy has not lapsed and the claim is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from the claim amount.
The above grace period will also apply to rider premium as the rider premium is to be paid along with Basic Premium.
9.    Rebates:

Mode Rebate:
Yearly mode                             : 2% of tabular premium
Half-yearly mode                     : 1% of tabular premium
Quarterly and monthly                         : NIL

High Sum Assured Rebate:

Basic Sum Assured                  Rebate (Rs.)

1,00,000 to 1,90,000                 Nil

2,00,000 to 4,90,000                 2 per thousand Basic Sum Assured

5,00,000 and above                  3 per thousand Basic Sum Assured

10.  CEIS Rebate:

If an employee of the Corporation has taken the plan for the benefit of his/her child/children then he/she shall be eligible for a rebate on tabular premium under Corporation’s Employee Insurance Scheme (CEIS) provided policy is not taken through any Agent/ Corporate Agent/ Broker/ Direct Sales Executives etc and are as under:

Policy Term                  CEIS Rebate

13 and 14 years                        5%

15 years & above                     10%

This rebate shall be applicable for both basic plan as well as on rider premium if opted for.

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2014-08-20T13:13:00.000+05:30

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Difference Between Life Insurance and Bank Fixed Deposit

2014-07-25T15:32:00.000+05:30

New Investors always get confused about which investment they should choose, Here are some tips for new investors, so they can get quickly idea to choose good investment tool.

Bank Fixed Deposit : Several banks and Non Banking Financial Centers provides fixed deposit, Fix Deposit is the deposit for a period of time on fixed interest rate.

Difference Between Fixed Deposit and Life Insurance investment plans :

Fixed Deposits:

These are a few components investors ought to remember while putting resources into long haul bank fixed stores:

Taxable returns : Investors ought to look at different investment streets in the wake of considering the tax component. Premium salary is taxable in the hands of the financial specialist while profit wage is most certainly not.

To comprehend the distinction , let us accept that the returns from a fixed store and a few shares are 10 for every penny for 2011. For an individual in the most elevated tax section the returns from a fixed store are just 6.7 for every penny while the returns from shares are 10 for every penny.

For this situation, it doesn't bode well for the financial specialist to put resources into fixed stores regardless of the possibility that the investment rate is the most astounding today.

Tax Rebate on Deposit:

Under the proposed Direct Tax Code, five-year term stores with banks or post work places, or stores in senior subjects' reserve funds plan and non-unadulterated life insurance premiums will never again be qualified for rebate under Section 80c. The new tax code is required to be executed from April 2012.

Investors thus have a restricted timeline to put resources into long haul fixed stores that are entitled for rebate.

Inflation:

The genuine benefits or salary from fixed stores could be abrogated by a climbing expansion rate. Assume the swelling rate is at three for every penny and ascents to six for every penny, and the fixed store rate is 10 for every penny. The yearly returns will successfully be just four for every penny (10 for every penny short six for every penny). The returns would have been seven for every penny (10 for every penny less three for every penny) if the rate of expansion had not changed.

In nations, for example, the US, investors have a decision of swelling balanced bonds. The investment returns on these bonds are balanced upwards or modified downwards focused around the underlying swelling number. Investors here, however , need to sit tight for fixed wage markets to develop before such decisions are made accessible to them.

Tax deducted at source :

Not at all like profits, premium got from fixed stores is taxable in the hands of the collector, and henceforth tax is deducted by the bank after a limit. The bank considers the wage earned by the investor work the end of a money related year and after that deducts the tax on it.

Life Insurance -

Preferences of Life Insurance

Risk Cover - Life today is loaded with vulnerabilities; in this situation Life Insurance guarantees that your friends and family keep on appreciating a decent personal satisfaction against any unforeseen occasion.

Making arrangements for life stage needs - Life Insurance not just accommodates fiscal backing in the occasion of awkward passing additionally goes about as a long haul investment. You can meet your objectives, be it your kids' instruction, their marriage, assembling your fantasy home or arranging a loose resigned life, as indicated by your life stage and danger hankering. Conventional life insurance strategies i.e. conventional blessing arrangements, offer in-fabricated sureties and characterized development benefits through assortment of item alternatives, for example, Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.

Insurance against climbing well being costs - Life Insurers through riders or remain solitary well being insurance arrangements offer the benefits of assurance against discriminating illnesses and hospitalization costs. This benefit has expected basic significance given the expanding frequency of lifestyle ailments and heightening medicinal expenses.

Fabricates the propensity of thrift - Life Insurance is a long haul contract where as policyholder, you need to pay a fixed sum at a characterized periodicity. This assembles the propensity of long haul investment funds. Standard reserve funds over a long period guarantees that a good corpus is constructed to help at different life stages.

Sheltered and productive long haul investment - Life Insurance is a profoundly managed area. IRDA, the administrative body, through different tenets and regulations guarantees that the wellbeing of the policyholder's cash is the essential obligation of all stakeholders. Life Insurance being a long haul reserve funds instrument, likewise guarantees that the life guarantors concentrate on returns over a long haul and don't take unsafe investment choices for transient increases.

Guaranteed pay through annuities - Life Insurance is one of the best instruments for retirement arranging. The cash spared amid the acquiring life compass is used to give a relentless wellspring of wage amid the resigned period of life.

Assurance in addition to investment funds over a long haul - Since customary strategies are seen both by the wholesalers and also the clients as a long haul duty; these approaches help the policyholders meet the double need of insurance and long haul riches creation productively.

Development through profits - Traditional strategies offer a chance to partake in the monetary development without taking the investment hazard. The investment wage is disseminated among the policyholders through yearly declaration of profits/reward.

Office of advances without influencing the arrangement benefits - Policyholders have the choice of taking advance against the approach. This helps you help without unfavorably influencing the benefits of the strategy they have purchased.

Tax Benefits-Insurance arrangements give appealing tax-benefits for both at the time of section and passageway under the vast majority of the arrangements.

Contract Redemption- Insurance goes about as a viable device to blanket home loans and advances taken by the policyholders so that, in the event of any unforeseen occasion, the trouble of reimbursement does not fall on the dispossessed crew.

Save Tax by saving in LIC's new Jeevan Anand,Money Back 20, 25 Yrs,Endowment(814 815 816 817 820821): LIC Child Shiksha Plan - Complete Child Education Plan Combination

2014-06-19T13:24:00.001+05:30

Save Tax by saving in LIC's new Jeevan Anand,Money Back 20, 25 Yrs,Endowment(814 815 816 817 820821): LIC Child Shiksha Plan - Complete Child Education Plan Combination

LIC Child Shiksha Plan - Complete Child Education Plan Combination

2014-06-11T15:45:00.000+05:30

LIC Child Shiksha Plan - Complete Child Education Plan Combination : It is a complete package to your child which provides you money backs when your children need according to their educational needs. Below is the table which gives you the Idea of Money Backs provided yearly. To know more CLICK Here

LIC New Anand Money Back Package

2014-03-13T18:18:00.003+05:30

To Buy Click Here Or Call Manish Raghav - 9818837008
Life Insurance Corporation of India Presents:

New Jeevan Anand Money Back Package, this is the combination of three policies, Two New money back Policies and one New Jeevan Anand Policy. It gives you the unique benefits of all three plans, in this package you get regular money back after 4th, 5th, 9th, 10th, 14th, 15th, 19th, 20th, 21st and 25th year. In this plan we backdate one new money back for 20 years to 3 months so this plan gives you money back on different times. Below is the example in the following conditions;

Plan Number	Plan Name	Sum Assured
815	New Jeevan Anand	150,000
820	New Money Back 20 Years	150,000
821	New Money Back 25 Years	150,000

Below is the premium age wise and Money Backs and Other Benefits

Money Back Chart			Age	Yearly Premium Payable
1	After 4 years	30000		1-15 Years	16-20 Years	21 Years
2	After 5 years	22500	21	29863	17404	8265
3	After 9 years	30000	22	29744	17455	8302
4	After 10 Years	22500	23	29805	17503	8333
5	After 14 years	30000	24	29864	17553	8369
6	After 15 years	22500	25	29941	17614	8407
7	After 19 Years	225000	26	30025	17682	8453
8	After 20 years	22500	27	30115	17747	8496
9	After 21 years	423750	28	30205	17822	8541
10	After 25 years	285000	29	30312	17899	8588
			30	30433	17986	8638
			31	30561	18083	8691
Life Insurance			32	30706	18189	8751
1	Natural Death Cover	562500	33	30865	18299	8810
2	Accidental Death Cover	1012500	34	31032	18419	8870
3	Insurance After Maturity	150000	35	31222	18554	8945
			36	31418	18689	9012
			37	31645	18843	9093
			38	31889	19011	9177
			39	32145	19188	9265
			40	32428	19375	9355
			41	32723	19577	9452
			42	33055	19799	9556
			43	33404	20033	9669
			44	33783	20286	9788
			45	34185	20555	9908

Note: Anand Money Back Package is Available till 31st March 2014 only.

To Buy : Click Here

For More Details : Click Here

LIC'S NEW TERM PLAN - ANMOL JEEVAN II TABLE NO 822

2014-03-08T18:41:00.000+05:30

LIC Presents Term Insurance Plan

Benefits:

LIC’s Anmol Jeevan - II is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.

Benefits:

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

Eligibility Conditions and Other Restrictions:

Minimum Sum Assured : Rs. 6,00,000
Maximum Sum Assured : Rs. 24,00,000
(The Sum Assured shall be in multiples of Rs. 1, 00,000/-)

Minimum age at entry : 18 years (completed)
Maximum age at entry : 55 years (nearest birthday)
Maximum cover ceasing age : 65 years (nearest birthday)
Minimum policy term : 5 years
Maximum policy term : 25 years

Payment of Premiums:

Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.

A grace period of one month but not less than 30 days will be allowed for payment of premiums.

Sample Premium Rates:

The sample premium rates (exclusive of taxes) are as under:

Additional Premium:

Revival:

Paid-up Value:

Surrender Value:

Taxes:

Cooling-off period:

Exclusion:

Suicide:

Section 45 of Insurance Act, 1938:

Prohibition of Rebates (Section 41 of INSURANCE ACT, 1938) :

LIC’S NEW BIMA BACHAT (TABLE NO 816)

2014-03-08T18:39:00.000+05:30

LIC’s New Bima Bachat

a) BENEFITS:

Death benefit

b)Survival Benefits:

For policy term 9 years:

For policy term 12 years:

For policy term 15 years:

c) Maturity Benefit:

d) Loyalty Addition

Benefit Illustration:

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

Notes:

The Single Premium shown above is exclusive of tax.

This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a.(Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

v) The amount shown under benefit payable on survival at the end of the policy term is the Maturity Benefit.

SECTION 45 OF INSURANCE ACT, 1938

(SECTION 41

OF INSURANCE ACT, 1938

)

No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

Note

“Insurance is the subject matter of solicitation”

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :

SAMPLE PREMIUM RATES:

The sample premium rates (exclusive of taxes) are as under: -

REBATE FOR HIGH SUM ASSURED :

High Sum Assured Rebates (As percentage of Tabular Premium) :

Term = 9 years

Term =12 years

Term =15 years

LOAN

SURRENDER VALUE:

TAXES:

COOLING-OFF PERIOD:

EXCLUSIONS:

LIC'S NEW MONEY BACK PLAN-25 YEARS (TABLE NO 821)

2014-03-08T18:37:00.000+05:30

LIFE INSURANCE CORPORATION OF INDIA LTD (LIC) Presents
LIC's New Money Back Plan-25 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Benefits:
Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude tax, extra premium and rider premium, if any.

Survival Benefits:
In case of Life Assured surviving to the end of the specified durations 15% of the Basic Sum Assured at the end of each of 5th, 10th, 15th & 20th policy year.

Maturity Benefit:
In case of Life assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.

Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity provided the policy has run for certain minimum term.

Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider can be opted for under an inforce policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this rider is attached, a proportion of additional premium charged in respect of cover after premium paying term shall be refunded.

Benefit Illustration:

Notes:

This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

PROHIBITION OF REBATES

(SECTION 41

OF INSURANCE ACT, 1938

)

No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

Note

“Insurance is the subject matter of solicitation”

Eligibility Conditions and Other Restrictions:

For Basic plan

Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : No Limit

Minimum Age at entry for Life Assured : 13 years (completed)
Maximum Age at entry for Life Assured : 45 years (nearest birthday)
Maximum Maturity Age for Life Assured : 70 years (nearest birthday)
Term : 25 years
Premium paying term : 20 years

For LIC’s Accidental Death and Disability Benefit Rider

Minimum Accident Benefit Sum Assured : Rs. 100,000
Maximum Accident Benefit Sum Assured : An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

Minimum Age at entry for Life Assured : 18 years (completed)
Maximum Age at entry for Life Assured : The cover can be opted for at any policy anniversary during the premium paying term.
Maximum cover ceasing age : 70 years (nearest birthday)

2. Payment of Premiums:

3. Sample Premium Rates:

4. Mode and High S.A. Rebates:

Mode Rebate:

High Sum Assured Rebate:

Basic Sum Assured (B.S.A)

Rebate (Rs.)

6. Paid-up Value

7. Surrender Value:

In addition, the surrender value of any vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to accrued bonuses multiplied by the surrender value factor applicable to accrued bonuses. These factors will depend on the policy year in which the policy is surrendered and specified as below:

8. Policy Loan:

9. Taxes:

10. Cooling-off period:

11. Exclusion:

Suicide: -

If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.
If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.

LIC'S NEW MONEY BACK PLAN-20 YEARS (TABLE NO 820)

2014-03-08T18:34:00.000+05:30

Life Insurance Corporation Of India Ltd. (LIC) Presents,
LIC's New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Benefits:
Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude tax, extra premium and rider premium, if any.

Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.

Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider can be opted for under an inforce policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this rider is attached, a proportion of additional premium charged in respect of cover after premium paying term shall be refunded.

Benefit Illustration:

Notes:

This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF INSURANCE ACT, 1938:

No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938):

No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.
“Insurance is the subject matter of solicitation”
Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021.

Eligibility Conditions and Other Restrictions

For Basic plan

Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : No Limit

Minimum Age at entry for Life Assured : 13 years (completed)
Maximum Age at entry for Life Assured : 50 years (nearest birthday)
Maximum Maturity Age for Life Assured : 70 years (nearest birthday)
Term : 20 years
Premium paying term (PPT) : 15 years

For LIC’s Accidental Death and Disability Benefit Rider

Minimum Accident Benefit Sum Assured : Rs. 100,000
Maximum Accident Benefit Sum Assured : An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

Minimum Age at entry for Life Assured : 18 years (completed)
Maximum Age at entry for Life Assured: The cover can be opted for at any policy anniversary during the premium paying term.
Maximum cover ceasing age : 70 years (nearest birthday)

Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.
However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.

Sample Premium Rates:
Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

Mode and High S.A. Rebates:

Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly & Salary deduction - NIL

High Sum Assured Rebate:
Basic Sum Assured (B.S.A) Rebate (Rs.)
1, 00,000 to 1, 95,000 - Nil
2, 00,000 to 4, 95,000 - 2.00 %o B.S.A.
5, 00,000 and above - 3.00%o B.S.A.

Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of maturity by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy and not in isolation.

2. Paid-up Value:

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall be equal to [(Number of premiums paid / Total Number of premiums payable) x Basic Sum Assured] less Total amount of survival benefits already paid under the policy.

The policy so reduced shall thereafter be free from all liabilities for payment of the premiums, but shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid-up policy.

Notwithstanding the benefits available under a fully inforce policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier.

Rider(s) shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

3. Surrender Value:

The policy can surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for less any survival benefits already paid. This percentage will depend on the policy year in which the policy is surrendered and specified as below:

Policy Loan:

Taxes:

Cooling-off period:

Exclusion:

If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.
If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy

LIC’S NEW ENDOWMENT PLAN (PLAN NO. 814)

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Life Insurance Corporation of India Presents,
New Endowment Plan table no 814
1. INTRODUCTION:It has been decided to introduce LIC’s New Endowment Plan (Plan No. 814) with effect from 3rd January, 2014.

The Unique Identification Number (UIN) for LIC’s New Endowment Plan is 512N277V01. This number has to be quoted in all relevant documents furnished to the
Policyholders and other users (public, distribution channels).
This is a regular premium paying conventional WithProfits Endowment Assurance plan. The
benefits and other details of the plan are given below.

2. BENEFITS:
The benefits payable under an inforce policy are as under:
a) Benefits payable on death:

On death of the Life Assured during the policy term the Death Benefit, defined as sum of
“Sum Assured on Death”, vested Simple Reversionary bonuses and Final Additional bonus,
if any, shall be payable, where, “Sum Assured on Death” is higher of Basic Sum Assured or
10 times of annualised premium.
This Death Benefit (as defined above) shall not be less than 105% of total premiums paid as
on date of death.
The premiums mentioned above exclude taxes, extra premium and rider premiums, if any.

b) Benefits payable on maturity:
On survival to the end of the policy term, Basic Sum Assured along with vested Simple
Reversionary bonuses and Final Additional bonus, if any, shall be payable.

c) Participation in Profits:

Depending upon the Corporation’s experience the policies shall participate in the profits and
shall be eligible for simple reversionary bonus at such rate and on such terms as may be
declared by the Corporation.
Final Additional Bonus may also be declared under the policy which will be payable on the
expiry of the policy term or on earlier death provided the policy has run for certain minimum
term.

3. OPTIONAL BENEFIT:
This plan provides the following optional rider by payment of additional premium:
LIC’s Accidental Death and Disability Benefit Rider UIN ( 512B209V01): LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the term of the policy. If there be more policies than one and if the total Accident Benefit exceeds Rs.50 lakhs, the benefits shall apply to the first Rs. 50 lakhs Sum Assured in order of date of policies issued. If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable on death due to accident, provided the rider is in force at the time of accident. In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived. If the policy becomes a claim before the expiry of the said period of 10 years, the disability benefit installments which have not fallen due will be paid along with the claim amount.The premium rate for this rider is as under;

i) Rs. 1.00 per thousand Accident Benefit Sum Assured irrespective of age.

ii) Rs. 1.50 per thousand Accident Benefit Sum Assured, if the Life Assured is engaged in police duty (which excludes administrative assignments) in any police organization other than paramilitary forces and opts for this cover while engaged in police duty.
This benefit will be available only till the policy anniversary on which the age nearer birthday of the Life assured is 70 yrs or till the policy term, whichever is earlier. The premium for this benefit shall not be required to be paid from the policy anniversary at which the benefit ceases. Accidental Death and Disability Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply, if policy is in lapsed condition.
Beyond the specific details as mentioned in this circular in respect of this rider, additional details i.e. requirements of claim, definition of disability etc, may be referred from the rider circular.

4. ELIGIBILITY CONDITIONS AND RESTRICTIONS:
For Basic Plan:

1) Minimum Age at entry for Life Assured : 8 years (completed)

2) Maximum Age at entry for Life Assured : 55 years (nearest birthday)

3) Minimum Policy Term : 12 years

4) Maximum Policy Term : 35 years

5) Minimum Basic Sum Assured : Rs. 1,00,000/

6) Maximum Basic Sum Assured : No Limit

7) Maximum Maturity Age for Life Assured : 75 years (nearest birthday)

The Basic Sum Assured shall be in multiples of Rs. 5000/.

Age at entry for the Policyholder is to be taken as age nearest birthday except for the minimum

age at entry i.e. 8 years.

For Accident and Disability Benefit Rider:

1) Minimum Entry Age : 18 years (completed)

2) Maximum Entry Age : 55 years (nearest birthday)

1. Maximum Cover ceasing Age : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.

3) Minimum Accident Benefit Sum Assured : Rs. 1,00,000/

4) Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured

subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group policies including policies with in built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/.

5. MODE OF PREMIUM PAYMENT:
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly
(ECS or through salary deductions).

6. PREMIUM RATES:

The tabular premium rates per thousand Basic Sum Assured are enclosed as Annexure 1.

The Class – I extra premium rates per thousand Basic Sum Assured are enclosed as

Annexure 2.

The above premium rates are exclusive of taxes.

7. GRACE PERIOD FOR PAYMENT OF PREMIUM:
A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or halfyearly or quarterly premiums and 15 days for monthly mode of premium payment.
If the death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as in inforce and the benefits are paid after deduction of the said unpaid premium and also the unpaid premium/s falling due before the next policy anniversary. If premium is not paid before the expiry of the days of grace, the Policy lapses. If the Policy has not lapsed and the claim is admitted in case of death under the policy where the mode of Payment of Premium is other than yearly, unpaid premiums, if any, falling due
before the next policy anniversary shall be deducted from the claim amount. The above grace period will also apply to rider premiums as the rider premiums are to be paid along with Basic premium.

8. REBATES:

The rebates for basic plan are as under:
Mode Rebate:

Yearly mode : 2% of tabular premium

Halfyearly mode : 1% of tabular premium

Quarterly and monthly mode : NIL

High Basic Sum Assured Rebate:

Basic Sum Assured Rebate (Rs.)

1,00,000 to 1,95,000 : Nil
2,00,000 to 4,95,000 : 2.00 ‰ Basic Sum Assured
5,00,000 and above : 3.00 ‰ Basic Sum Assured
9. PAID-UP VALUE:
If, after atleast three full years’ premium have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paidup policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paidup Sum Assured, and shall bear the same ratio to the Basic Sum Assured as the number of premiums actually paid bears to the total number of premiums originally stipulated for in the policy i.e. Basic Sum Assured *(no. of premiums paid / Total number of premiums payable). Such Paid up policy shall thereafter be free from all liabilities for payment of the within mentioned premiums, but shall not be entitled to participate in future profits. However, the vested simple reversionary bonuses shall remain attached to the reduced paid up policy. This PaidUp Sum Assured along with vested Simple Reversionary bonuses accrued till the date of policy becoming paidup is payable on the expiry of policy term or on Life Assured’s prior death.
Notwithstating what is stated above, if at-least three full years’ premiums have been paid in respect of this policy, and any subsequent premium be not duly paid, in the event of the death of the Life Assured within six months from the due date of first unpaid premium, Basic Sum Assured along with vested Simple Reversionary bonuses and Final Additional bonus, if any, will be paid as if the policy had remained in full force after deduction of (a) the premium or premiums unpaid for the basic policy with interest thereon upto the date of death, on the same
terms as for revival of the Policy during such period and (b) the unpaid premiums for the basic policy falling due before the next Policy anniversary. Notwithstating what is stated above, if at least five full years' premiums have been paid in respect of this policy, and any subsequent premium be not duly paid, in the event of death of the Life Assured within 12 months from the first unpaid premium, Basic Sum Assured along with vested Simple Reversionary bonuses and Final Additional bonus, if any, will be paid as if the policy had remained in full force after deduction of (a) the premium or premiums unpaid for the basic policy with interest thereon upto the date of death, on the same terms as for revival of the Policy during such period and (b) the unpaid premium for the basic policy falling due before the next Policy anniversary. These provisions do not apply to Accidental Death and Disability Benefit rider as it does not acquire any paid up value and the rider benefit cease to apply, if policy is in lapsed condition.

10. SURRENDER VALUE: The policy can be surrendered at any time during the policy term provided atleast three full
years’ premiums have been paid. Guaranteed Surrender Value: The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premiums for rider, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered.

In addition, the surrender value of vested Simple Reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the Surrender Value factor applicable to vested bonuses.

Special Surrender Value: Corporation may however, pay Special Surrender Value as applicable as on the date of surrender, provided the same is higher than Guaranteed Surrender Value. The Special Surrender Value will be the discounted value of the sum of Paidup Sum Assured (as defined in Para 11) and the vested Simple Reversionary bonuses. The discount factors shall be the surrender value factors as provided in Table1A of Special Surrender Values booklet used for Endowment Assurance plan, and will depend on the policy term and the duration elapsed since the commencement of the policy.

11. REVIVALS:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy may be revived during the life time of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest (compounding halfyearly) at such rate as fixed by the Corporation from time to time.
The Corporation reserves the right to accept at original terms, accept at modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.
Revival of Accidental Death and Disability Benefit rider, if opted for, will also be considered only along with revival of the Basic Policy, and not in isolation.

12. LOAN:
Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following conditions:

a) The maximum loan that can be granted as a percentage of surrender value for different policy terms.

b) The rate of interest to be charged for the loan amount would be determined from time to time by the Corporation.

c) No foreclosure action under inforce policies shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding alongwith interest shall be recovered from the claim proceeds at the time of exit.

13. UNDERWRITING, AGE PROOF AND MEDICAL REQUIREMENTS :

U & R department will issue instructions in this regard.

14. SUICIDE CLAUSE:

This policy shall be void

a) If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.
b) If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.

15. FORFEITURE IN CERTAIN EVENTS:

In case of fraud or misrepresentation, the policy shall be cancelled immediately by paying the surrender value, subject to the fraud or misrepresentation being established by the Corporation in accordance with Section 45 of the Insurance Act, 1938.

16. TAXES:

Taxes including Service tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time. The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums and rider premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

The instructions regarding issues related to taxes will be issued by Finance & Accounts Department, Central office, separately, as applicable from time to time.

17. 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 claim forms, as prescribed by the Corporation, accompanied with original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, proof of accident/disability (as mentioned in the rider circular), medical treatment prior to the 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.
Where the policy results into a maturity claim or in case of surrender of a policy, the Life Assured shall submit the discharge form along with the original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account besides proof of age, if the age is not admitted earlier.

18. 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 premium to the Policyholder shall be subject to following deductions:

1. Stamp duty on policy;

2. Actual cost of medical examination and special reports, if any;

3. Proportionate risk premium (in respect of Base Plan and Rider, if opted for) for the period

on cover as per C.O. Circular Ref: CO/ PD/ 39 dated 31st

19. BACK-DATING INTEREST:The policies can be dated back within the same financial year. Backdating interest as applicable at the time of completion of the policy (at the rate as fixed by the Corporation from time to time) will be charged for the period in excess of one month. However, if the policy is back dated to lean months, viz. April, May, July & August, interest is to be charged for period in excess of three months. The period upto 14 days is to be ignored and 15 days or more is to be rounded to a month for this calculation.Any further instructions would be issued by Actuarial Department, Central Office, as applicable from time to time.

19. POLICY STAMPING:
Policy stamping charges will be 20 paise per thousand of Basic Sum Assured under this Plan.

20. REINSURANCE:
Normal procedure for Reinsurance shall apply as per applicable Reinsurance Treaty.

21. ASSIGNMENTS/NOMINATIONS:
It should be ensured that a nomination is made in the policy at the proposal stage as per Section 39 of Insurance Act, 1938. Further efforts should be made at the underwriting stage as well as on subsequent registration so as to eliminate the possibility of presence/involvement of moral hazard to a maximum extent. It should generally be insisted that the nominee should be spouse, children or very close relative of the Life Assured.
On a subsequent assignment as per Section 38 of Insurance Act, 1938 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.

LIC'S SINGLE PREMIUM ENDOWMENT PLAN (PLAN NO 817)

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LIC's Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where
premium is paid in lump sum at the outset of the policy. This combination provides financial protection
against death during the policy term with the provision of payment of lumpsum at the end of the selected
policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility
Death Benefit:

a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.

b) On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Maturity Benefit: Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Participation in profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.

BENEFIT ILLUSTRATION:

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of the corporation. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”
LIC’s Single Premium Endowment Plan

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :

Minimum entry age : 90 days (completed)
Maximum entry age : 65 years (nearest birthday)
Maximum maturity age: : 75 years (nearest birthday)
Minimum policy term : 10 years
Minimum age at maturity : 18 years (completed)
Maximum policy term : 25 years
Minimum Sum Assured : Rs.50,000
Maximum Sum assured : No limit

Sum Assured will be in multiples of Rs.5,000 /- only.

Premium payment mode : Single Premium only

Date of Commencement of risk:In case the age of Life Assured at entry is less than 8 years, risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

LOAN :

Loan can be availed under this plan any time after completion of first policy year and subject to terms and conditions as the company may specify from time to time.

SURRENDER VALUE:

Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.

The Guaranteed Surrender Value allowable shall be as under:

First year: 70% of the Single premium excluding service tax and extra premium, if any
Thereafter: 90% of the Single premium excluding service tax and extra premium, if any.

In addition, the surrender value of vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered and specified as below:

The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.

TAXES:

Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of tax payable as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.

COOLING-OFF PERIOD:

If the policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.

EXCLUSIONS:

The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.

LIC'S NEW TERM PLAN - ANMOL JEEVAN II TABLE NO 822

2014-03-08T12:32:00.001+05:30

Click Here to buy online

Additional Premium:

Revival:

Paid-up Value:

Surrender Value:

Taxes:

Cooling-off period:

Exclusion:

Suicide:

Section 45 of Insurance Act, 1938:

Prohibition of Rebates (Section 41 of INSURANCE ACT, 1938) :

LIC'S MARKET PLUS I TABLE NO 191

2014-03-08T12:22:00.000+05:30

Features:

“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”

This is a unit linked deferred pension plan. You can take the plan with or without life cover. You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.

Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly or quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.

2. Eligibility Conditions And Other Restrictions:

For Basic Plan without Life Cover
a) Minimum Entry Age              -     18 years (last birthday)
b) Maximum Entry Age             -     Regular premium: 75 years (nearest birthday)
                                               -     Single premium: 80 years (nearest birthday)

c) Minimum Vesting Age           -    40 years (completed)
d) Maximum Vesting Age          -    85 years (nearest birthday)
e) Minimum Deferment Term -    Regular premium: 10 years
                                               -    Single premium: 5 years
f)   Sum Assured                     -    NIL
g) Minimum Premium               -    Regular premium (other than monthly (ECS) mode):
                                                    Rs. [5,000] p.a. for deferment term 20 years and above
                                                    Rs. [10,000] p.a. for deferment term 15 to 19 years
                                                    Rs. [15,000] p.a. for deferment term 10 to 14 years

                                                    Regular premium (for monthly (ECS) mode):
                                                     Rs. [1,000] p.m. for deferment term 15 years and                                                      above
                                                     Rs. [1,500] p.m. for deferment term 10 to 14 years

                                                     Single premium: Rs. [30,000] for deferment term 5                                                      years and above
Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.
For Basic Plan with Life Cover
a) Minimum Age at entry         -18 years (last birthday)
b) Maximum Age at entry          - 65 years (nearer birthday
c) Minimum Age at vesting         -  40 years (completed)
d) Maximum Vesting Age           - 75 years (nearest birthday)
e) Minimum Deferment Term     - Regular premium: 10 years
Single premium: 5 years
f) Minimum Premium                    - Regular premium:
                                                   Rs. [5,000] p.a. for deferment term 20 years and                                                     above
                                                    Rs. [10,000] p.a. for deferment term 15 to 19 years
                                                    Rs. [15,000] p.a. for deferment term 10 to 14 years

                                                  Regular premium (for monthly (ECS) mode):
                                                  Rs. [1,000] p.m. for deferment term 15 years and above
                                                  Rs. [1,500] p.m. for deferment term 10 to 14 years

                                                  Single premium: Rs. [30,000] for deferment term 5                                                   years and above

g) Minimum Sum Assured          -            Rs. 30,000
h) Maximum Sum Assured          -
Single Premium :   Equal to single premium
Regular Premium :
                  If Critical Illness Benefit Rider is opted for:
                        10 times of the annualized premium if age at entry is upto 40 years.
                        5 times of the annualized premium if age at entry is 41 years and above.
                  If Critical Illness Benefit Rider is not opted for:
                        20 times of the annualized premium if age at entry is upto 40 years.
                        10 times of the annualized premium if age at entry is 41 years and above.

Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.

3.Other Features:
i) Top-up (Additional Premium) : You can pay additional premium in multiples of Rs.1,000 without any limit at anytime during the term of policy. In case of yearly, half-yearly, quarterly or monthly (ECS) mode of premium payment such Top-up can be paid only if all premiums have been paid under the policy.

ii) Switching: You can switch between any fund types during the policy term subject to switching charges, if any.

iii) Increase / Decrease of risk covers: No increase of covers will be allowed under the plan. You can, however, decrease any or all of the risk covers within the specified limit once in a year during the Policy term, provided all due premiums under the Policy have been paid. The reduced levels of cover will be available within the limits specified in para 4 above. Further, once reduction in risk cover is allowed, the same cannot be subsequently increased/ restored.

iv) Partial Withdrawal: No partial withdrawal of units will be allowed under this plan.

v) Discontinuance of premiums and revival: If premiums are payable either yearly, half-yearly, quarterly or monthly (through ECS) and the same have not been paid within the days of grace, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.

I. Where atleast 3 years’ premiums have been paid, the Life cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period.


During this period, the charges for Mortality, Accident Benefit and / or Critical Illness Benefit riders, if any, shall be taken, in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers:

for two years from the due date of first unpaid premium, or
till the date of vesting, or
till such period that the Policyholder’s Fund Value reduces to one annualized premium,

whichever is earlier.

The benefits payable under the policy in different contingencies during this period shall be as under:

In case of Death: Life cover Sum Assured plus the Policyholder’s Fund Value, if life cover is opted for. If life cover is not opted for, then only the Policyholder’s Fund Value is payable.
In case of Death due to accident: Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for.
In case of Critical Illness claim: Critical Illness Rider Sum Assured, if opted for.
On vesting: The Policyholder’s Fund Value.
In case of Surrender (including Compulsory Surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years.

II. Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover, Accident Benefit and Critical Illness Benefit rider covers, if any, shall cease and no charges for these benefits shall be deducted. However deduction of all the other charges shall continue. The benefits under such a lapsed policy shall be payable as under:

In case of Death: The Policyholder’s Fund Value.
In case of death due to accident: Only, the amount as under F above.
In case of Critical Illness claim: Nil
In case of Surrender (including Compulsory Surrender): Policyholder’s Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.

vi) Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before vesting, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.

If premiums have not been paid for at least 3 years, the policy may be revived within two years from the due date of first unpaid premium. If the life cover is opted for, the revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.
If life cover is not opted for, the revival shall be made on the payment of all the arrears of premium without interest.

If at least 3 years’ premiums have been paid and subsequent premiums are not duly paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of vesting, if earlier. No proof of continued insurability is required and all arrears of premium without interest shall be required to be paid, irrespective of whether life cover is opted for or not.

The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Policyholder.

Irrespective of what is stated above, if less than 3 years’ premiums have been paid and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall terminate and thereafter revival will not be entertained. If 3 years or more than 3 years premiums have been paid and the Policyholder’s Fund Value reduces to one annualized premium, the policy shall terminate and Policyholder’s Fund Value as on such date shall be refunded to the Life Assured and thereafter revival will not be allowed.

vii) Conversion to annuity at Vesting date: On surviving to the date of vesting, the Policyholder’s Fund Value will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option. An option will also be there to commute up to one-third of the Policyholder’s Fund Value at the time of vesting of the annuity, which shall be paid as a lump sum. In case commutation is opted for, the amount of annuity/pension available will be reduced proportionately. There will also be an option to purchase pension from any other life insurance company registered with IRDA subject to Regulatory provisions. If you opt to purchase pension from any other life insurance Company, you will have to inform it to the Corporation six months prior to the vesting date. In such case, LIC will transfer the Policyholder’s Fund Value directly to the chosen Company.

Notwithstanding the above mentioned, in case the amount at the vesting date is insufficient to purchase the minimum amount of annuity allowed by LIC, then the balance in the Policyholder’s Fund Value at the vesting date shall be refunded to the Policyholder.

4. Reinstatement:

A policy once surrendered cannot be reinstated.

5. Risks borne by the Policyholder:

LIC’s Market Plus – I is a Unit Linked Life Insurance product which is different from the traditional insurance products and is subject to the risk factors.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Market Plus - I is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

6. Cooling off period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:
Value of units in the Policyholder’s Fund
      Plus     unallocated premium.
      Plus     PolicyAdministration charge deducted
Less    charges @ Rs.0.20per thousand Life Cover Sum Assured if life cover is opted for or @ Rs. 0.20per thousand of Total Premiums payable during entire term of policy, if life cover is not opted for.
      Less    Actual cost of medical examination and special reports, if any.

7. Loan:
No loan will be available under this plan.

8. Assignment:
Assignment is allowed under this plan during the deferment period.

9. Exclusions:
In case the Life Assured commits suicide at any time within one year, the Corporation will not entertain any claim by virtue of the policy except to the extent of the Fund Value of the units held in the Policyholder’s Unit Account on death.

Benefits:
You can get benefits details on below link

LIC'S JEEVAN NISCHAY - TABLE NO 199

2014-03-08T12:19:00.000+05:30

Introduction:
LIC’s JEEVAN NISCHAY TABLE NO. 199 (UIN : 512N258V01)

LIC's Jeevan Nischay is a single premium closed ended plan designed exclusively for our valuable policyholders like you who have at least one in force risk bearing policy with us accepted at our standard rate. You may choose the premium amount you wish to pay and the sum payable on maturity (Maturity Sum Assured) will depend on the premium amount, your age and the term selected.

1. ELIGIBILITY CONDITIONS

Minimum age at entry - 18 years (completed)

Maximum age at entry - 50 years (nearest birthday)

Policy term - 5, 7 and 10 years

Minimum Single Premium - Rs. 10,000/-

Maximum Single Premium - Rs. 10,00,000/-

(Premium shall be in multiples of Rs.1,000/-) Maximum Basic Sum Assured (First Year Death Benefit) : Lower of- Rs. 50,00,000, and 50% of total Sum Assured (total death benefit) under all existing in force policies
2. INCENTIVE FOR HIGH PREMIUM PAIDIf your premium amount is Rs. 25,000 or more, you will receive higher maturity sum assured due to available incentive.3. LOANYou can avail loan under this plan after completion of one policy year.4. SURRENDER VALUE:You may surrender the policy after it has run for at least one year. The Guaranteed Surrendered Value will be equal to 90% of the Single premium paid excluding the extra premium, if any. Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the guaranteed surrender value.5. EXCLUSIONS:Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of 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 the death benefit available under this policy) of which notice has been given in writing to the branch where this policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.6. COOLING OFF PERIOD:If you are not satisfied with the "Terms and Conditions" of the policy, you may return the policy to us within 15 days.

Benefits:

A) Death Benefit:
On death during the first policy year: Five times the single premium is payable. On death during the policy term after first policy year, excluding last policy year: An amount equal to the maturity sum assured. On death during the last policy year: An amount equal to the maturity sum assured along with loyalty addition, if any.

B) Maturity Benefit:
An amount equal to the Maturity Sum Assured along with loyalty addition, if any, is payable.

The specimen Maturity Sum Assured per Rs. 1000/- single premium is given below for some ages and terms:

C) Loyalty Addition:
Depending upon the Corporation's experience 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.

Benefit Illustration:
Statutory warning :

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

BENEFIT ILLUSTRATION :

Benefit Illustration is not available due to discontinue of the plan

For More details please visit here

LIC New Plans List

2014-03-08T12:10:00.000+05:30

Best Available LIC Policies for Individuals:
As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement. you can compare lic plans too.

LIC's Endowment Plans:

>> Single Premium Endowment Plan (Plan No 817)
>> New Endowment Plan (Plan No 814)
>> New Jeevan Anand Plan (Plan No 815)

LIC's Money Back Plans:

>> New Money Back Plan -20 years (Plan No 820)
>> New Money Back Pllan -25 years (Plan No 821)
>> New Bima Bachat (Table No 816)

LIC's Term Plans:
>> LIC's Anmol Jeevan ii - Term Plan Table no 822
>> LIC's Amulya Jeevan ii - Term Plan Table no 823

Life Insurance Corporation of India Ltd (LIC) Bonus Comparison of Different Plans

2014-03-01T16:03:00.001+05:30

LIC Announces Bonuses of the plans every year, Here is the historic comparison of the Loyalty additions and Guaranteed Additions Bonuses. Bonus Rate for LIC Jeevan Saral, LIC Jeevan Anand, LIC Komal Jeevan, Jeevan Saathi, Jeevan Mitra Etc.

List of LIC's closed plans

2014-02-10T12:42:00.000+05:30

Following Plans has been withdrawn by LIC of india.
And these plans are not available for sale after 31st December 2014

Jeevan Nischay
Market Plus I
Wealth Plus
Profit Plus
LIC Jeevan Aastha
LIC Money Plus-I
LIC Jeevan Varsha
LIC Child Fortune Plus
LIC Fortune Plus
LIC Jeevan Saathi Plus
lic Health Plus
LIC Samridhi Plus
LIC Pension Plus
LIC Jeevan Nidhi
lic New Jeevan Dhara-I
LIC New Jeevan Suraksha-I
Jeevan Vriddhi
LIC Jeevan Vaibhav (Single Premium Endowment Assurance Plan)
Jeevan Sugam
Two Year Temporary Assurance Policy
LIC Mortgage Redemption Flexi Plus
CDA Endowment Vesting At 21
CDA Endowment Vesting At 18
The Whole Life Policy-
Limited Payment Health Protection Plus
Jeevan Arogya
Bima Account 1
The Whole Life Policy
Bima Account 2
Jeevan Pramukh
Jeevan Mitra(Double Cover Endowment Plan)
Anmol Jeevan-I
New Jeevan Nidhi
Jeevan Amrit
Jeevan Surabhi-25 Years
Jeevan Bharthi-I
Jeevan Surabhi-20 Years
The Money Back Policy-25
Years Jeevan Mitra(Triple Cover Endowment Plan)
Jeevan Surabhi-15 Years
The Whole Life Policy- Single Premium
Jeevan Anurag
Komal Jeevan
Child Career Plan
Child Future Plan
Jeevan Kishore
Jeevan Chhaya
Marriage Endowment Educational Annuity Plan
Jeevan Saathi
Jeevan Shree-I
Jeevan Ankur
The Endowment Assurance Policy - Limited Payment
New Janaraksha Plan
The Money Back Policy - 20 Years
Jeevan Tarang
The Endowment Assurance Policy
Jeevan Anand
Bima Bachat
Jeevan Aadhar
Jeevan Vishwas
Endowment Plus
New Bima Gold
Bima Nivesh 2005
Jeevan Saral
Jeevan Deep
Jeevan Mangal
Jeevan Madhur
Jeevan Mangal
Amulya Jeevan-I

Know why should you buy an Insurance?

2014-01-08T17:59:00.001+05:30

Why should I invest in insurance?
click here to know more

Saving is very important, we will have to save to secure our future financial goals, like our personal retirement, children marriage, child higher education, Families financial protection in case of any mis happening, etc. So you must think which saving tool is good to fulfill your financial goals.
Buying Life Insurance linked saving plan is the best among all other options because of the following reasons -

You will save tax under section 80 (C).
Your Returns will also be tax free under section 10(10D).
You will get life insurance cover to protect your family from financial losses in case of any mis happening with you.
You can choose flexible payment mode options from yearly, half-yearly, Quarterly or Monthly.
Because Insurance plans are mostly for long term so you are bound to save your money for a longer time which is good because your long term savings will ensure to fulfill your long term financial goals.
Everyone loves their dear and nearer ones and nobody wants to make hand to mouth their dear ones after his unfortunate death. If someone is responsible to his family and cares them so he should buy a life cover which suites according to his earnings and family needs because when you die, there are three deaths: the husband, the father and the income. You can ensure not to die the income after you, emotional loss no one fulfill but financial losses can be fulfilled by you.
Whatever excuse you may have for not buying life insurance now, u will only sound ridiculous to your widow. Because you are your family's trustee the question is are you a good trustee.
You don't buy Life Insurance because you are going to die, but because those you love are going to live after you. And they need a lifestyle as you always want them to live.
But think about this, your widow's most cherished memories of your good intentions will not pay the rent or the bills.
One of two things is certain; you will live or you will die. If you live you will need money; if you die, your family will.
Should you plan to provide for your family for as long as you live? Or for as long as they live.
If there is anything worse than a home without a family, it is a family without a home.
Plan for life as though you will live forever. Plan for death as though it will come tomorrow.
Would you agree? The only person who can take care of the older person you will someday be - is the younger person you are now? SO invest now for your older age.
And last - Death comes everyday to someone and someday to everyone.

So act now before it’s too late. CLICK HERE TO BUY
Sources:
http://licofindiadelhi.weebly.com/why-we-need-insurance.html

LIC's New Plans

2014-01-08T17:23:00.000+05:30

LIC launches new Plans, Following are new plans and details are linked, Please click on the name of the plan to know more

LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.

Endowment Plans:

>> Single Premium Endowment Plan (Plan No 817)
>> New Endowment Plan (Plan No 814)
>> New Jeevan Anand Plan (Plan No 815)

Money Back Plans:

>> LIC's New Money Back Plan -20 years (Plan No 820)
>> LIC's New Money Back Pllan -25 years (Plan No 821)
>> LIC's New Bima Bachat (Table No 816)

LIST OF LIC PLANS CLOSING ON 31ST DECEMBER 2013

2013-12-10T12:48:00.000+05:30

http://licofindiadelhi.weebly.com/3/post/2013/12/list-of-lic-plans-closing-on-31st-december-2013.html

2013-11-14T13:20:00.003+05:30

Golden Money Back Package

A Unique Money Back Package

with

12 time Money Back

Call Us Now 011 43045475

Golden Money Back Package

Feel Free to contact us at 011 43045745

2013-10-09T13:02:00.003+05:30

New Customer care number for New Policies of LIC Vir Savarkar Block Shakarpur New Delhi branch, For new policy only is 011-43045745

For LIC Policy Enquiry Call us @ 011 43045745

2013-05-10T14:32:00.000+05:30

If you are looking for a LIC Policy please call us @ 011 43045745

LIC Jeevan Surbhi

2012-09-21T14:01:00.000+05:30

Jeevan Surabhi - Table No 107 (20 Years Money Back Policy)

Jeevan Surabhi plan is similar to other money back plans. However main differences in regular money back plans and Jeevan Surabhi are:

Maturity term is more than Premium Paying Term.
Early and Higher rate of Survival Benefit payment.
Risk cover Increases every Five years.

This plan is suitable for each and every person, who wish to provide for their old age and family feel the need for lump sum benefits at periodical intervals. When we plan for saving our hard earned money, our focus is always to ensure that they are not impacted by market volatility and that the risk adjusted returns are in line with our financial aims. We also want our savings to be tax efficient and want liquidity so that we can overcome any eventuality.

Security : This plan guarantees return of your capital by means of theGuaranteed Maturity Benefit.

Safety : Your Death Benefit increases with each passing year and ensures that if the unexpected happens, you will be covered.

Extra Savings : Through Survival Benefits, which are over and above the Guaranteed Maturity Benefit.

Smart Savings : Through Survival Benefits accumulating and growing over time. Once accumulated Survival Benefits are Guaranteed!

Liquidity : Through withdrawals from your accumulated Survival Benefits.

Tax Benefits : As per applicable tax laws under Section 80C and 10(10D).

Plan Parameters

Policy Term: 20 Yrs

Prem Paying Term: 15 Yrs

Age at Entry: Min. 14 Yrs Max. 50 Yrs

Sum Assured: Min. 50,000 Max. No Limit

Mode of Payment: Yearly/HYly/Qly/Mly/SSS

Sum Assured (S.A):

0-5 Yr 6-10 Yr 11-15 Yr 16-20 Yr

Only S.A 1.5 S.A 2 times S.A 2.5 times S.A

Survival Benefit:

At the end of 4 Yrs - 25% of Sum Assured

At the end of 8 Yrs - 25% of Sum Assured

At the end of 12 Yrs -25% of Sum Assured

At the end of 15 Yrs -25% of Sum Assured

At the end of 20 Yrs - Total Bonus (Bonus rate x 20 x S.A)

Benefits:

Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term. Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

Bonuses :

This is a with-profit plan and participate in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Death Benefit:

The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.

Illustration:

Mr Rahul age 29 starts a Jeevan Surabhi (Table 107) of Sum Assured 2 Lacs. He pays Rs. 18,123/- as yearly premium. He will pay premium for only 15 years and at the end 18 years he will get all his Sum Assured amounts. But risk cover continues upto 20 yrs and at the end of 20th policy year he will get all Bonus for his policy.

At the end of 4 Yrs - 25% of 2 Lacs = 50,000/-

At the end of 8 Yrs - 25% of 2 Lacs = 50,000/-

At the end of 12 Yrs - 25% of 2 Lacs = 50,000/-

At the end of 15 Yrs -25% of 2 Lacs = 50,000/-

At the end of 20 Yrs - Rs. 1,84,000/- (Total Bonus)

Death Benefit:

Mr Rahul has already taken 2 times survival benefit Rs. 50,0000/- and if he expires after 11 policy year then, his nominee will get 2 times S.A+Bonus

=Rs. 5,01,200/- (4,00,000+1,01,200)