Life Insurance Corporation (LIC)

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• Premium collection with instant issue of receipt of all LIC policies.
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• Loan availability on your policies.
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• Free services to all your existing policies.
• Planning for your future needs like education for children, Health care, Wealth planning and most important for Retirement.
• And many more services...

LIC Jeevan Ankur
Plan 807

LIC Jeevan Ankur (Plan no.807) is a latest insurance plan for the children. LIC Jeevan Ankur gives multiple financial assistance to your child when he/she needs in growing up years. In this plan parent is the Life Assured and child is the Beneficiary.

LIC Jeevan Ankur Features:

• Jeevan Ankur is the must plan for all parents
• Option of single premium/Regular premium
• Parent is the Life Assured, child is the Beneficiary
• Death Benefit= Sum Assured + Income Benefit + Maturity Benefit*
• Maturity Benefit= Sum Assured + Loyalty addition, if any
• Plan available for parents of a new born child also
• 3 Riders to customize Jeevan Ankur policy
  • Accident Benefit Rider
  • Critical Illness Benefit Rider(With an additional option of Premium Waiver Benefit)
  • Conventional with profits plan

Death Benefits:

Immediate payment of an amount equal to the Basic Sum Assured plus income benefit plus maturity benefit*
* on death of the life assured, basic sum assured shall be payable immediately followed by income benefit, in addition to this all maturity benefits will be payable on the scheduled date of maturity.

Income Benefit:

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

Eligibility conditions for Jeevan Ankur:

• Particular Minimum Maximum
• Entry Age Life Assured (Parent) 18 Years 50 Years
• Entry Age for child 0 Year 17 Years
• Policy Term 18 minus age of child, or 8 years min. 25 minus age of child

New Jeevan Nidhi
Plan 818

• Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.
• A grace period of one calender month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
• Cooling-off period: If the Life Assured 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 stating the reason of objections.

• Plan Group: New Jeevan Nidhi Plan
• Product Type: Individual
• Plan Objective: RetirementPolicy
• Loan:No loan facility will be available under this plan.
• Policy Term : 5 to 35 years

Investment Objective:LICs New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

GRACE PERIOD:A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums

BENEFITS:

• Guaranteed Additions :The policy provides for Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.
• Optional Benefit :Accident Benefit Rider: Accident Benefit Rider is available as an optional rider by payment of additional premium under regular premium policies. In case of accidental death, the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental 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 monthly instalments spread over 10 years and future premiums shall be waived. If the policy becomes a claim either by way of death or the policy vests before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid in lump sum.The Accident Benefit Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 65 yrs or till the vesting age, whichever is earlier.
• Income Tax Benefit Premiums paid under life insurance policy are exempted from tax under Section 80 C and 1/3rd of the maturity proceeds are exempted from tax under Section 10 (10A). Annuity that is received is taxable.
• Benefit on Vesting :On vesting an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.

Death Benefit :

Death during first five policy years: Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee. Death after first five policy years : Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus, if any, shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee. The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.

SUM ASSURED DETAILS

Minimum Basic Sum Assured :Rs.1,00,000 under Regular Premium policies &Rs.1, 50,000 under Single Premium policies

Maximum Basic Sum Assured : No Limit (The Sum Assured shall be in multiples of Rs.5000/-)

ENTRY AGE DETAILS

• Minimum Entry Age : 20 years (nearest Birthday)
• Maximum Entry Age : 60 years (nearest birthday)

PREMIUM PAYMENT TERM

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid

Exclusion :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 90% of single premium paid excluding any extra premium (in case of single premium policies). Surrender Value :The policy can be surrendered at any time after completion of at least 3 policy years but before the date on which annuity vests.

The Guaranteed Surrender Value will be as under:

i) Single Premium Policies: The Guaranteed Surrender value is equal to 90% of the premium paid excluding extras, if any.

ii) Regular Premium Policies: The Guaranteed Surrender Value will be available provided atleast three full years premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.

The surrender value shall be the guaranteed surrender value along with cash value of any accrued Guaranteed Additions and vested simple reversionary bonuses, if any.

REVIVAL DETAILS:If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of vesting by paying all the arrears of premium together with interest within a period of five years, 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 life assured. Accident Benefit Rider, if opted for, shall be revived along with the basic plan and not in isolation.

VESTING AGE DETAILS

• Minimum Vesting Age : 55 years (nearest birthday)
• Maximum Vesting Age : 65 years (nearest Birthday)

LIC Launches New Term Plan Anmol Jeevan 2
Plan 822

Higher protection at very low premium

Anmol Jeevan is a regular premium paying conventional WITHOUT profit pure protection plan

Benefits of Anmol Jeevan 2 :

• Death BenefitOn death of Life Assured during the term of the policy, Sum Assured will be payable.
• Maturity / Survival BenefitOn Survival to the end of the policy term, no benefits shall be payable.

Eligibility Conditions and Restrictions

• Min Age at entry 18 years (Completed)
• Max Age at entry 55 years (Nearest Birthday)
• Age at Maturity Maximum 65 Years
• Min Policy Term 5 years
• Max Policy Term 25 Years
• Premium mode Yearly, Half-yearly
• Minimum Sum Assured 6,00,000 (6 Lacs)
• Maximum Sum Assured25,00,000(25 Lacs)
• Maximum insurance cover age limit 65 years (nearest birthday) Sum assured will be multiple of 1,00,000
• Additional Premium :2% of the tabular annual premium will be payable for HALF YEARLY mode
• Grace periodof one calendar month but not less than 30 days will be allowed
• Loan NO Loan will be granted
• Surrender Value- No surrender value
• Paid up value No paid up value
• Back datingallowed but no interest will be charged for back dating.

LIC Launches New Term Plan Amulya Jeevan 2 (Table No
Plan 823

Now higher protection at very low premium

Benefits of Amulya Jeevan 2:

• Death Benefit Sum Assured shall be payable.
• Maturity / SurvivalBenefit No benefits on maturity

Eligibility Conditions and Restrictions

• Min Age at entry 18 years (Completed)
• Max Age at entry 60 years (Nearest Birthday)
• Age at Maturity Maximum 75 Years
• Min Policy Term 5 years
• Max Policy Term 35 Years
• Premium mode Yearly, Half-yearly
• Minimum Sum Assured 25,00,000 (25 Lacs)
• Maximum Sum Assured No limit
• Maximum insurance cover age limit 70 years (nearest birthday)Sum assured will be multiple of 1,00,000
• Grace periodwill be not more than 30 days
• Loan NO Loan will be granted
• SurrenderValue- No surrender value
• Paid up value No paid up value

Limited Premium Endowment Insurance Plan
Plan 830

LIC has launchednew plan Limited Premium Endowment Insurance Plan. It is a participating non-linked plan that provides a combined facility of protection and saving. This insurance plan financially helps the family of policyholder if he/she dies unfortunately before maturity or a lump sum amount on maturity if the policyholder survives.

This is a very beautifully designed product, for a special segment wherein the prospective customers are not too keen on paying premium for a longer duration, but yet want to have a risk cover for a substantially longer period.

Limited Payment Endowment Plan 830 launched on9th December 2014

Features and Benefits :

• Minimum age at entry >18 years completed
• Maximum age at entry> 62 years (age near birthday)
• Maximum exit age>75 years
• Policy Term>12 yrs/ 16 yrs/ 21 years
• Premium Paying Term>8 & 9 years
• Minimum Sum Assured>Rs.3 Lacs. Thereafter, in multiples of Rs.10000/-
• Maximum Sum Assured>No limit

Benefits:

• Maturity Sum Assured>Basic Sum Assured + Vested Bonus + FAB, if any
• Death Sum Assured>Sum Assured + VB + FAB, if any, where SA is defined as Higher of-10 times of Annualized Premium
• OR125% of Basic Sum AssuredOR105% of all premiums paid

Riders:

• Accident Benefit Rider>Optional rider with minimum Rs.10000/- & maximum upto Rs.1 Cr, subject to max SA
• Term Assurance Rider>Optional, with min Rs.1 Lac & max Rs.25 Lacs

Rebates

• Mode Rebates> 2% for Yly &1% for Hly
• High SA Rebates>
• 5 Lacs to 9.90 Lacs=0.50%
• 10 Lacs & above= 0.75%0
• Revival of Lapsed policies>Within 2 yrs from date of FUP

Jeevan Sangam Plan
Plan 831

Jeevan Sangam is a close ended plan which will be open for 90 days Jeevan Sangam Plan is a non linked, with profit, Single Premium plan which provides high level of death cover during the policy term.

Benefits of Jeevan Sangam Plan (Table No 831):

Death Benefit:

On Death during first five years of policy

• Before the date of commencement of Risk Refund of single premium excluding service tax and extra premium, if any without interest
• Afterthe date of commencement of Risk Basic sum assured, i.e. 10 times of tabular single premium shall payable.
• On Death after completion of five years of policy but before the maturity dateBasic sum assured, i.e. 10 times of tabular single premium with loyalty addition shall payable if any.

Maturity Benefit: Maturity sum assured with loyalty addition.

Loyalty Addition: This plan is eligible for share of surplus (Profits) in the form of loyalty addition.

Eligibility Conditions and Restriction :

• Minimum age at entry >6 years (Completed)
• Maximum age at entry> 50years (age near birthday)
• Policy Term>12 yrs
• Minimum Sum Assured> 75,000 ( Will be multiple of 10,000)
• Maximum Sum Assured> No limit
• Mode of Premium Payment> Single

Surrender Value :

• First Year 70% of single premium paid excluding service tax and extra premium paid
• Thereafter 90%of single premium paid excluding service tax and extra premium paid

Rebates:High Maturity Sum Assured Rebate:

Loans:Loan facility shall be available under the plan at any time during the policy term after three months of the policy issuance subject to the following conditions:

Depending on the age at entry, the maximum loan that can be granted as a percentage of Surrender Value (S.V.) for different policy years in which the loan is applied is as under:

*3 month means loan can be availed after three months of the policy issuance.

The rate of interest to be charged on loans granted under this plan would be determined from time to time by the Corporation.

In case the policy shall mature or becomes a claim by way of death, the Corporation shall become entitled to deduct the amount of the loan or any portion thereof which is outstanding, together with all outstanding interest from the policy moneys.

No foreclosure action should be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding along with the interest shall be recovered from claims proceeds at the time of exit.

Suicide Clause:The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the Date of Commencement of Risk, an amount which is higher of 90% of the single premium paid (excluding taxes and extra premium, if any) or Surrender Value shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years.

New Children Money Back Plan
Plan 832

LICs New Children Money Back Plan Table No. 832 (Launched on 4th March 2015)

LICs New Childrens Money Back Plan is a non-linked, with-profit, 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.

Basic Features of New Childrens Money Back Plan (Table No 832)

• Minimum Age at Entry: 0 Years (Last Birthday)
• Maximum Age at Entry: 12 Years (Last Birthday)
• Proposers age:
  • Minimum 18 years
  • Maximum 55 years
• Min Sum Assured: 1 Lac
• Max Sum Assured: No limit
• Sum Assured Rebate:
  • upto 1.90 L = Nil
  • 2 to 4.90 L = Rs 2/-
  • 5 L & above = Rs 3/-
• Mode: All modes
• Mode rebate:
  • YLY- 2%
  • HLY- 1%
• Policy Term: 25 minus age i.e. 25 Age
  eg. Childs age is 4 years then Policy term will be 25-4=21 Years
• Premium Term: 18 minus age
  eg. Childs age is 4 years then Premiumterm will be 18-4=14 Years
• PWB available (Premium Waiver Benefit Rider)
• Maturity for below Child Age
  At 18 = 20% of SA
  At 20 = 20% of SA
  At 22 = 20% of SA
  At 25 = 40% of SA + Bonus+ Final Additional Bonus
• 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.
• Surrender Value:The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
• Loan:Loan facility is available under this plan after the payment of premiums for atleast three full years and after obtaining the declaration from the proposer to the effect that loan is raised for the benefit of the minor life assured.
• Suicide Clause:This 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, the Corporation will not entertain any claim under this policy except for 80% of the premiums paid excluding any taxes and extra premium, if any, provided the policy is in force. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years.
• 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 and extra premium, if any,) or the surrender value shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable:
• i. in case the age of the Life Assured is below 8 years at the time of revival; or
• ii. for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.

Jeevan Lakshya
Plan 833

• LICs New Plan Jeevan Lakshya (Plan No.833) Launching today 12 March 2015
• with profit Endowment plan
• Age : 18 to 50 yrs.
• Maturity Age : 65 yrs.
• Policy Term :13 to 25 yr
• Premium Term =Policy term minus 3 yrs.
• S.A. : Min 1 Lac &Max- No limit.
• Accident Rider (DAB): upto 1 Cr. (Over all limit)
• Term Rider: Min -Basic SA ,Max- 25 Lacs
• On Maturity :110% SA + Bonus + FAB

On Death :

• 10% SA payable on every policy anniversary after Death till Maturity.
• And on Maturity date again110%SA + Bonus + FAB.
• Loan : After 3 Yrs.
• Tax Benefits : u/s 80c
• Maturity /Death claims: Tax free u/s 10 (10)D