Category: Plans

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.