Month: May 2017

25 May

Jeevan Mangal

LIC’s JEEVAN MANGAL PLAN – MICRO INSURANCE PRODUCT

(UIN: 512N257V01)

1. Introduction:

LIC’s Jeevan Mangal is a term assurance plan with return of premiums on maturity, where you may pay the premiums either in lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the term of the policy.

2. Eligibility Conditions and Other Restrictions:

 

1. Minimum age at entry : 18 years (completed)
2. Maximum age at entry : 60 years (nearest birthday)
3. Maximum age at maturity : 70 years (nearest birthday)
4. Term : 10 to 15 years for regular premium.
10 years for single premium.
5. Minimum Instalment Premium : Rs 15/-
6. Minimum Sum Assured : Rs. 10,000/-
7. Maximum Sum Assured  : Rs. 50,000/-(Sum Assured shall be in multiples of Rs. 1,000/-)

 

3. Mode of Premium Payment :

The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, Monthly including SSS, fortnightly, weekly and Single Premium. (Single premium is allowed for 10 year term only.)

4. Sample Premium Rates:

Following are some of the sample premium rates per Rs. 1000/- Sum Assured:
Annual Premium for Rs.1000 Sum Assured:

Age (yrs.) Term of the Policy (years)
10
15
20
39.90
24.35
30
41.30
25.95
40
49.25
32.55
50
69.65
47.75

Single Premium for Rs.1000 Sum Assured (Available for 10 year term only)

Age (yrs.) Term of the Policy (years)
20
99.60
30
105.20
40
136.65
50
220.70

25 May

Jeevan Chaya

Product summary:

This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

Premiums:

Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the earlier death.

Bonuses:

This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of 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. Bonuses for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

25 May

Jeevan Anurag

Benefits

LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

Assured Benefit

Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit

Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

25 May

Wealth Plus

LIC’s Wealth Plus is a unit linked plan that safeguards your investment from market fluctuations, so that your investments are protected in financially volatile times. This plan offers payment of Fund Value at the end of policy term, based on highest Net Asset Value (NAV) over the first 7 years of the policy, or the NAV as applicable at the end of the policy term, whichever is higher. NAV of the fund will be subject to a minimum of Rs. 10/-. The policy term is 8 years with an extended life cover for 2 years after the completion of policy term. This plan will be available for sale for a limited period.

You can pay the premium either in a single lump sum or for 3 years. You can choose the level of cover within the limits, which will depend on your age whether the policy is a Single premium or Limited premium contract and on the level of premium you agree to pay.

Premiums paid after allocation charge will purchase units of the Fund. 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, quarterly or monthly (through ECS mode only) intervals over the 3 years premium paying term. Alternatively, a Single premium can be paid.

2. Guaranteed NAV: In this product there is a guarantee of the highest NAV recorded on a daily basis, in the first 7 years of the policy, subject to a minimum of Rs. 10. This means the payment at the end of the policy term will be based on highest Net Asset Value (NAV) recorded over the first 7 years of the policy, or the NAV as applicable on the end of the policy term, whichever is higher. The guarantee will be applicable only for payment made at the end of the policy term irrespective of any partial withdrawals made during the policy term. The period of 7 years starts from the date of commencement of policy.

3. Eligibility Conditions and Other Restrictions:

 

(a) Minimum Age at entry – 10 (age last birthday)
(b) Maximum Age at entry – 65 years (age nearer birthday)
(c) Policy Term – 8 years
(d) Extended life Cover – 2 years after the completion of potrcy term
(e) Minimum Premium: -v – Rs. [20,000] p.a.
3 years Premium Paying potrcies
(Other than monthly (ECS) mode)
Monthly (ECS) mode – Rs. [2,000] p.m.
Single premium potrcies – Rs. [40,000] p.a./
(f) Sum Assured under the Basic Plan

Minimum Sum Assured:
3 years Premium Paying Term: 5 times the annualized premium
Single Premium: 1.25 times the single premium.

Maximum Sum assured:
3 years Premium Paying Term:
10 times the annualized premium if age at entry is upto 50 years
5 times the annualized premium if age at entry is 51 years and above
Single Premium:
5 times the Single premium if age at entry is upto 40 years.
2.5 times the Single premium if age at entry is 41 to 50 years.
1.25 times the Single premium if age at entry is 51 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. 500/-.

4. Other Features:

i) Partial Withdrawals: Youmay encash the units partially after the third policy anniversary subject to the following:

  1. In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
  2. Partial withdrawals will be allowed twice in a policy year.
  3. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units subject to a minimum amount of Rs. 2000/-.
  4. Under 3 years Premium Paying Term policies where less than 3 year’s premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
  5. Under 3 years Premium Paying Term policies where all the’ premiums have been paid, partial withdrawal will be allowed subject to Policyholder’s Fund Value being at least one annualized premium
  6. Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of 25% of the single premium in the Policyholder’s Fund Value.

ii) Increase / Decrease of risk covers:No increase or decrease of benefits will be allowed.

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

If the policy lapses, the Life Cover and Accident Benefit rider cover, 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:

1. In case of Death: The Policyholder’s Fund Value.

2. In case of death due to accident: Only, the amount as under A above.

3. In case of Surrender (including Compulsory Surrender): Policyholder’s Fund Value / monetary value of units 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.

4. In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.

iv)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. The period during which the policy can be revived will be called “Period of revival” or “revival period”.

The policy may be revived within two years from the due date of first unpaid premium. 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. The mortality charge thereafter shall be based on the age nearest birthday as on the date of revival. There will be a charge of Rs. 500/- at the time of revival.

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 Proposer / Life Assured.

Irrespective of what is stated above, if the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall be terminated and thereafter revival will not be entertained.

5. Reinstatement:

A policy once surrendered cannot be reinstated.

6. Risks borne by the Policyholder:

  1. LIC’s Wealth Plus is a Unit Linked Life Insurance products which is different from the traditional insurance products and are subject to the risk factors.
  2. 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.
  3. Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Wealth Plus 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.
  4. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
  5. 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.
  6. All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

13. 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 Sum Assured under Basic plan
Less   Actual cost of medical examination and special reports, if any.

  • »Loan:
  • No loan will be available under this plan.
  • »Assignment:
  • Assignment will be allowed under this plan.
  • »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 Policyholder’s Fund Value on death.

Aam Aadmi Bima Yojna 24 May

Aam Aadmi Bima Yojna

Ministry of Finance, Government of India has approved the merger of Social Security Schemes viz., Aam Admi Bima Yojana (AABY) and Janashree Bima Yojana (JBY).

The merged scheme is renamed “Aam Admi Bima Yojana” and has come into effect from 01.01.2013.

A) DETAILS OF THE SCHEME :

  • 1. Eligibility criteria :
  • 1. The members should be aged between 18 years completed and 59 years nearer birthday.

2. The member should normally be the head of the family or one earning member of the below poverty line family (BPL) or marginally above the poverty line under identified vocational group/rural landless household.

2. Nodal Agency

“Nodal Agency” shall mean the Central Ministerial Department/State Government / Union Territory of India/any other institutionalized arrangement/any registered NGO appointed to administer the Scheme as per the rules. In the case of “Rural Landless Households”, the nodal agency will mean the State Government/Union Territory appointed to administer the Scheme.

3. Age Proof :

  • a) Ration Card
  • b) Extract from Birth Register
  • c) Extract from School Certificate
  • d) Voter’s List
  • e) Identity card issued by reputed employer/Government Department
  • f) Unique Identification Card (Aadhar Card)

4. Premium :

The premium to be charged initially under the scheme will be Rs.200/- per annum per member for a cover of Rs.30,000/-, out of which 50% will be subsidized from the Social Security Fund . In case of Rural Landless Household (RLH) remaining 50 % premium shall be borne by the State Government/ Union Territory and in case of other occupational group the remaining 50% premium shall be borne by the Nodal Agency and/or Member and/or State Government/ Union Territory

New Endowment Plan 24 May

New Endowment Plan

LIC’s NEW ENDOWMENT PLAN (UIN: 512N277V01)

LIC’s New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:
Death benefit:
In case of death during the policy term provided all due premiums have been paid 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 Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Where premiums exclude service tax, extra premium and rider premiums, if any.

Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

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.

2. Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. 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 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.

Jeevan Labh 24 May

Jeevan Labh

LIC’s Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
1.      Benefits:
Death benefit:
In case of death during the policy term, provided all due premiums have been paid, 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 defined as the higher of 10 times of annualised 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 all the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Maturity Benefit:

“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

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.

2.      Optional Benefit:
The policyholder has an option of availing the following Rider benefit(s):

  1. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
  2. LIC’s New Term Assurance Rider (UIN: 512B210V01)

Rider sum assured cannot exceed the basic sum assured.
For more details on the above riders, refer to the rider brochure or contact LIC’snearest Branch Office.

LIC Jeevan Pragati 24 May

LIC’s Jeevan Pragati

LIC’s Jeevan Pragati Plan is a non-linked, with – profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.

 

1. Benefits:

Death benefit : In case of death during the policy term, provided all due premiums have been paid, 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 defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. 100% of the Basic Sum Assured during first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15 th policy years and thereafter 200% of the Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any.

Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

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 force. The Bonuses shall be declared on the Basic Sum Assured.

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.

2. Optional Rider:
The policyholder has an option of availing LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01). Rider sum assured cannot exceed the Basic Sum Assured.

For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.