Life Insurance Corporation of India (LIC) has more than 12 lac agents. To motivate the agents, LIC has made different club according to the business procured by agents and club membership rules. These clubs mainly are, Distinguish Club, Branch Managersâ€™ Club (BM Club), Divisional Managersâ€™ Club (DM Club), Zonal Managersâ€™ Club (ZM Club), Chairmansâ€™ Club (CM Club), Newly introduced Galaxy club and Corporate Club. Continue reading “Relaxations in club membership conditions for LIC agents”
LIC of India is going to launch its new Life Insurance Plan Bima Shree (Plan No. 848).Â Bima Shree is a Non-Linked, with profit, limited premium payment money back policy which has the provision of guaranteed addition. Bima Shree is specially designed for High Networth Individuals having minimum basic sum assured of Rs. 1000000.
Bima Shree provides guaranteed addition at the rate of Rs 50 per thousand sum-assured in first five policy year and from the 6th year up to premium payment term Rs. 55 per thousand sum-assured. Unique Identification Number (UIN) of Bima Shree isÂ 512N316V01 Continue reading “LIC’s New Plan Bima Shree (Plan No. 848)”
Indian Life Insurance Giant Life Insurance Corporation of India is going to launch its new health insurance related policy LIC Cancer Cover, Plan No. 905 on 14/11/2017. Unique Identification Number of LIC Cancer Cover Plan is 512N314V01.Â This policy will also be available for online sale on LIC of India’s Portal
It is a non-linked, regular premium payment health insurance plan which provides fixed benefit in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term. Continue reading “LIC Cancer Cover (Plan No. 905 )”
Like past many occasions, Life Insurance Corporation of India (LIC) has come up with a new Revival Campaign with the motive of reducing lapsation of policies and renewing the relation with old policyholders. This special campaign is from 11/12/2017 to 28/02/2018. During this campaign, policyholders can revive their lapsed policies with concession in the late fee. Continue reading “Special campaign for revival of lapsed policies of LIC of India”
Jeevan Arogya plan is a Health Insurance Plan offered by LIC of India. Jeevan Arogya is a fixed benefit plan ie on hospitalization you will get the fixed amount related to your number of days of Hospitalization and surgery. There are two Jeevan Arogya plans which are currently serviced by LIC of India; one is Jeevan Arogya, Plan No. 903 and Jeevan Arogya, Plan No. 904. Jeevan Arogya, Plan no. 903 is now discontinued for sale. After hospitalization, Principal Insured has to claim the amount from LIC of India by submitting the claim form along with the treatment papers in original or with attested copies of all the treatment papers. Continue reading “How to make a claim in LIC Jeevan Arogya”
Have any policy enquiry related to your LIC insurance policy, and you want to know the status and other details on the phone? Are you in a different city than where your policy servicing branch is and confused whether you will get all the details of your policy in another branch? If yes, then answer if LIC Customer Zone. Continue reading “LIC policy enquiry-Just call LIC Customer Zone”
LIC of India has launched its new Single Premium, Closed-ended plan Jeevan Utkarsh, Plan No. 846. This plan will be available for sale from 06/09/2017 up tooÂ 31/03/2018. LICâ€™s Jeevan Utkarsh is a Non-linked, with profits, saving cum protection plan in which risk cover is 10 times the single premium. Unique Identification of LICâ€™s Bima Diamond Plan is 512N313V01. Continue reading “LICâ€™s New Plan Jeevan Utkarsh (Plan No. 846)”
This year from 01/09/2016 Life Insurance Corporation of India (LIC) is celebrated it’s Diamond Jubilee year. On this occasion, LIC had launched plan “Bima Diamond” Table No. 841.Â This policy is available for sale up to 31 August 2017.Â LIC’s Bima Diamond is a Non-linked, with profits, Â limited premium payment money back plan. It provided money back at an interval of every 4th year. LIC’s Bima Diamond provided extended life cover up to the half of the policy term after the completion of the policy term. Unique Identification of LIC’s Bima Diamond Plan is 512N307V01. Continue reading “LIC’s New Plan Bima Diamond (Plan No. 841)”
Life Insurance Corporation of India is going to launch its new plan Jeevan Umang (Plan No. 845) on 16/05/2017. LICâ€™s Jeevan Umang is non-linked, with-profits, whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sum payment at the time of maturity or on the death of the policyholder during the policy term. Continue reading “LICâ€™s New Plan Jeevan Umang (Plan No. 845)”
As announced by the Government of India regarding the pension plan for senior citizen of India (Aged above 60 years) in last financial year, the Government of India has announced the Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan No.Â 842Â Â for citizens aged 60 year and above.
Pradhan Mantri Vaya Vandana Yojana (Plan No.Â 842) is a pension plan with subsidized pension ratesÂ which will provide an assured return of 8% per annum payable monthly (equivalent to 8.30% Â per annum) on the pensioner surviving during the policy term of 10 years.
This plan is available for sale from 04/05/2017 through LIC of India. This plan will be available for sale up to 03/05/2018 (one year). Unique Identification Number (UIN) forÂ Pradhan Mantri Vaya Vandana Yojana is 512G311V01.
Eligibility Conditions and Restrictions:
Purchase Price in Pradhan Mantri Vaya Vandana Yojana (PMVVY)
This plan can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amountÂ of pension or the Purchase Price.
This plan is also available for online sale from LIC of India website, you can visit the page directly by following this link.
The minimum and maximum Purchase Price under different mode of pension is given below
Benefits of Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Benefits payable under PMVVY are
1. Pension Payment
Pensioner will get the pension during the policy term, pension in arrears (at the end of each period as per mode is chosen by the pensioner) will be payable.
2. Death Benefit
On the death of the pensioner during the policy term, the Purchase Price will be refunded to the nominee (or legal heirs in absence of nominee)
3. Maturity Benefits
On survival of pensioner to the end of the policy term, Purchase Price and final installment of the pension will be paid to the pensioner.
Mode of pension payments and Pension rates in PMVVY
The pensioner can choose the pension mode as per his requirements, pension modes which are available are Yearly, Half-yearly, Quarterly or Monthly.
Pension rates for different modes of pension payments for Rs. 1000/- Purchase price are
Yearly: Â Â Â Â Â Rs. 83.00 p.a.
Half Yearly: Rs. 81.30 p.a.
Quarterly: Â Â Rs. 80.50 p.a.
Monthly: Â Â Â Rs. 80.00 p.a.
Other features and Benefits of Pradhan Mantri Vaya Vandana Yojana
- Policy can be surrendered during the policy term under exceptional circumstances like pensioner requires money for treatment of any critical/terminal illness of self or spouse. Surrender value payable will be 98% of purchase price.
- Loan Facility available after completion of 3 policy years, maximum loan payable will be 75% of purchase price. Interest on the loan will be recovered from the pension amount.
- There will no exclusion on the count of suicide and full purchase price will be payable to the nominee.
- Free look period, 15 days available from the date of receipt of policy bond if the policyholder is not satisfied with the “Terms and Conditions” of the policy.
- Assignment as per Sec 38 of Insurance Act 1938 allowed only in favor of LIC of India (in the case of Loan taken on policy). Nomination required as per Sec 39Â of Insurance Act 1938
- The pension will be paid through NEFT or Aadhaar Enabled Payment System.Â