How to know FUP of your LIC policy using android app

How to know FUP of your LIC policy using android app

LIC, Life Insurance

Have you forgotten the FUP (First unpaid premium) of your  LIC policy? Now there is an easy way to know it using your android phone. So, what you need to do to know the FUP of your LIC policy?

My LIC android Application

My LIC is an android application. It is developed by LIC of India for only and only one thing, ie, to know FUP of your policy instantly. So where to get this app on your mobile?

You can download this app directly from Google Play or you can visit the link by clicking on the My LIC logo provided below from your android mobile and it will redirect you to My LIC application page in google play.

How to know FUP of you LIC policy with My LIC app?

After you have installed the app on your android mobile, start it. When the app start you will land on the first screen (please see the image below)

Press the continue button and you will be directed to the second screen where you have to input the details related to your policy.

Please take care following things in mind while entering the data

  1. your policy number is of nine digits (123456789)
  2. Enter premium without service tax. To know your exact premium refer your policy bond.
  3. Enter date of birth as per your policy record, you can again refer policy bond to know the date of birth in your policy record.

After entering the data, press SUBMIT button. Application will fetch the details and new screen will open with the relevant data as shown below

In this screen, you will get following data

  1. Your policy number
  2. Your premium without service tax (if any)
  3. The last premium paid date
  4. Next premium due date (FUP)
  5. Service tax rate (if applicable in your policy)
  6. Interest rate (for late payments)
  7. Cheque dishonor charges (if the last premium paid by cheque and cheque got dishonored)

this application is only to know the FUP of your policy. For more details you can use LIC Mobile app and you can register for LIC e-Services.

All You Need To Know About LIC E-Services

LICMobile – A Useful Mobile App For LIC Policyholders

LIC reintroduces Jeevan Akshay VI with modifications

LIC reintroduces Jeevan Akshay VI with modifications

LIC, Life Insurance

Life Insurance Corporation of India (LIC) has reintroduced its immediate annuity plan Jeevan Akshay VI with certain modification.  Though LIC have not changed the name and plan number of this modified version and will be available with same name and plan number i.e. Jeevan Akshay VI, Plan number 189.  IRDA UIN for this modified version is 512N234V05. This modified version of Jeevan Akshay VI is available for sale from 24/10/2016.

Types of Annuity and mode of payment available in Jeevan Akshay VI

Jeevan Akshay is an immediate annuity plan, proposer gets annuity immediately after the deposit of lump sum amount in this plan according to opted mode of annuity payment. Monthly, Quarterly, Half-yearly, and yearly mode are available for annuity payment.

Benefits of Jeevan Akshay VI

After the purchase of annuity in Jeevan Akshay VI, the first installment of the annuity will be paid after one year, six months, three months or one month depending upon the mode of annuity payment option yearly, half-yearly, quarterly or monthly respectively chosen by the annuitant at the time of the proposal. Annuity amount is assured throughout the period of which it’s payable. The annuity will be paid during the lifetime of the annuitant with following provisions on the death of the annuitant according to the option of the annuity chosen.

  1. Option A: Payment of annuity stops
  2. Options B, C, D, and E:
    1. On the death during the guaranteed period: Annuity is paid to the nominee till the end of the guaranteed period and thereafter annuity stops
    2. On the death after the guaranteed period: Payment of annuity stops
  3. Option F: Payment of annuity stops and the purchase price (excluding taxes) is paid to the nominee.
  4. Option G: Payment of annuity stops
  5. Option H: Payment of annuity stops and 50% of annuity paid to the surviving named spouse during his/her lifetime. If the named spouse has already died before the annuitant then on the death of annuitant annuity stops and nothing payable.
  6. Option I: Payment of annuity stops and 100% of annuity paid to the surviving named spouse during his/her lifetime. If the named spouse has already died before the annuitant then on the death of annuitant annuity stops and nothing payable.
  7. Option J: Payment of annuity stops and 100% of annuity paid to the surviving named spouse during his/her lifetime. After the death of the 2nd survivor payment of annuity stops and the purchase price (excluding taxes) is paid to the nominee. If the named spouse is already died before the annuitant then on the death of annuitant payment of annuity stops and the purchase price (excluding taxes) is paid to the nominee.

Surrender Condition in modified Jeevan Akshay VI

Changes in surrender condition are one of the major modifications of Jeevan Akshay VI. In the earlier version of this plan, surrender was not allowed. Now surrender of modified Jeevan Akshay VI is allowed after completion of at least on policy year. Surrender is only allowed only if Option F is chosen by the annuitant.  In other options, surrender is not allowed. Surrender is only allowed under the following circumstances.

  1. If the annuitant is diagnosed and suffering from any of the critic illness.
    1. Cancer of specified severity
    2. Myocardial infarction
    3. Open chest Coronary artery bypass grafting (CABG)
    4. Open heart replacement or repair of heart valves
    5. Kidney failure requiring regular dialysis
    6. Stroke resulting in permanent symptoms
    7. Major organ/bone marrow transplant
    8. Permanent paralysis of limbs
    9. Motor neuron disease with permanent symptoms
    10. Multiple sclerosis with persisting symptoms
    11. Angioplasty
    12. Benign brain tumor
    13. Blindness
    14. Deafness
    15. End stage lung failure
    16. End stage liver failure
    17. Loss of speech
    18. Loss of limbs
    19. Major head trauma
    20. Primary (idiopathic) pulmonary hypertension
    21. Third-degree burns
  2. If annuitant is shifting to another country permanently (evidence of visa or citizenship documents required)

Above mentioned surrender options are also allowed for annuitant under LIC’s Jeevan Akshay VI (UIN: 512N234V04) in respect of policy issued on or after 16/05/2012.

Other important condition of Jeevan Akshay VI

  1. This policy is available for online sale also (to buy Jeevan Akshay VI online Click Here)
  2. Statutory tax if any, are applicable as per the prevailing rates
  3. Free look period/cooling off period of 15 days available from the date of receipt of the policy bond.
  4. No loan available under this plan
  5. Backdating not allowed
  6. Assignment of this policy is not allowed
  7. Nomination is allowed as per the Section 39 of the Insurance Act, 1938

Annuity Payable in Jeevan Akshay VI Under Option(F)

Below is the chart showing the annuity payable for the purchase price of Rs. 100000 in Option-F ie. annuity for life with return of purchase price

Disclaimer: Actual annuity amount may vary slightly due to rounding off.

Below is the chart showing the annuity payable for the purchase price of Rs. 100000 in option F ie. annuity for life with return of purchase price

 

 

Now update your contact details online in your LIC policy

Now update your contact details online in your LIC policy

LIC, Life Insurance

Keeping your contact details updated in your insurance policy helps you to get important notification related to your policy on time. Till now you have to register your LIC policy on the LIC portal to update your contact details in your policy or send the request to servicing branch. But, in the recent initiative “Help us to serve you better” LIC of India now allowing the policyholder to update their contact details in their policies without registering on the LIC portal.

How to update your contact details in your LIC policy

To update your contact details you have to visit the website of LIC of India. On the home page of the website please look for the “Help us to serve you better”

 

 

Click on the link and you will be directed to a new page. Enter the required fields in the page which are, Full name, Date of Birth (DOB), Mobile number and your Email ID. Choose in how many policies you want to update your contact details, you can update in maximum 10 policies at a time. After entering all the details check the declaration and submit the form.

 

 

After submitting the form you will get the following screen. In the screen, you will see the name entered by you, date of birth entered by you, mobile number and the email ID you entered in the previous screen. Now you have to enter the LIC policy numbers in the provided field.

 

 

After entering the policy number click the “Validate Policy Details”. Please enter only your LIC policy, not of your family member. LIC server will validate the policy details with your name and date of birth you have provided and will return to the following screen.

 

 

In this screen, you will see your LIC Policy number and the request status in front of it. If the request is “Successful” then only your request will be sent to LIC for validation for that particular policy. You will also get this message below the “Send Request” button; “Kindly note that request will be generated only for policies showing request status as “Successful”. Click the “Send Request” button and your request will be sent to the LIC for the validation. After successful submission, you will get the following screen with your “Request Number” and the “Request Date”.

 

 

This request will be sent to the LIC officials for the verification. You will receive a verification call from the LIC to verify the details provided by you. After the successful verification, your contact details will be updated in your policy master. You will also receive the SMS and email after the successful verification of your contact details in the policy.

 

LIC declared one time Diamond Jubilee Bonus

LIC declared one time Diamond Jubilee Bonus

LIC, Life Insurance

Life Insurance Corporation of India has declared the Bonus rates for the valuation period 1st April 2015 to 31st March 2016. Along with it, LIC has also declared the one time Diamond Jubilee Bonus for its policyholders. Diamond Jubilee Bonus is declared from Rs. 5 per thousand sum assured to Rs. 60 per thousand sum assured. It mainly depends on the time of inception of the policy.

Diamond Jubilee Bonus

One time Diamond Jubilee year special Reversionary bonus rates

Which policies are eligible for One time Diamond Jubilee Bonus?

The One Time Diamond Jubilee Year Special Reversionary Bonus Rates payable per Rs. 1000/- Sum Assured [Cash Option in case of New Jeevan Suraksha I (Plan 147) and New Jeevan Dhara-I (Plan 148), Death Benefit Sum Assured in case of Jeevan Madhur (Plan 182) & Premium Paid for Jeevan Amrit (Plan 186)] for policies in force as on 31.03.2016 and subject to below conditions are as under:

  1. The One Time Diamond Jubilee Year Special Reversionary Bonus Rates will be applicable for policies which were in force on 31.03.2016 by payment of full premium and eligible for regular reversionary bonuses and continuing in the books of the LIC of India on or after 01.09.2016. Therefore, One Time Diamond Jubilee Year Special Reversionary Bonus will not be payable to policies during the free cover period if free cover period started before 31.03.2016 even though policies are in force in such period.
  2. One Time Diamond Jubilee Year Special Reversionary Bonus will be decided in the same manner as simple Reversionary bonus rates are decided for the plan.
  3. One time bonuses (or their surrender value in case of surrender) will be payable under policies maturing or becoming death claim or surrendered on or after 01.09.2016. The date of death or the date of receipt of application of surrender will be taken to decide eligibility condition for One Time Diamond Jubilee Year Special Reversionary Bonus. The deaths occurring prior to 01.09.2016 and intimated later, policies maturing before 01.09.2016 and settled after 01.09.2016 and surrender applications received prior to 01.09.2016 but pending or settled on or after 01.09.2016 are not eligible for this One Time Diamond Jubilee Year Special Reversionary Bonus. Further, One Time Diamond Jubilee Year Special reversionary Bonus will not be payable for policies discounted back prior to 01.09.2016.
  4. Policies which are in paid-up condition or have lapsed without acquiring paid-up value as at 31st March 2016 will also be eligible for this One Time Diamond Jubilee Year Special Reversionary Bonus if they are later revived for full sum assured and otherwise eligible for reversionary bonus as per terms and conditions of the policy.
  5. The One Time Diamond Jubilee Year Special Reversionary Bonus is not payable to without profit policies, the policies under which guaranteed additions have been added during the inter-valuation period and policies under which loyalty additions are payable as per terms and conditions of the plan.

Disclaimer: For any ambiguity in details and confusion related to eligibility of one-time diamond jubilee bonus in your policy, please contact your concerned LIC servicing branch or contact any of these LIC Customer Zones.

 

Loyalty Addition in Jeevan Saral policy for 2016-17

Loyalty Addition in Jeevan Saral policy for 2016-17

LIC, Life Insurance

Bonus rates of LIC of India for the year 2016-17 has been declared on 1st September 2016 for all its participating policies. Loyalty Addition (LA) of all the eligible policies are declared too, including Jeevan Saral (Plan No. 165). Loyalty addition in Jeevan Saral Policy is available when the policy exit through death, maturity or surrender after 10 years.

Loyalty Addition (LA) in Jeevan Saral (Plan No. 165) of LIC of India

Loyalty Addition (LA) in Jeevan Saral policy depends on the duration of the policy completed with full sum assured and, the annual premium band of the policy. An annual premium band can be calculated on the basis of monthly premium in Jeevan Saral. Higher the premium, higher is the loyalty addition in Jeevan Saral. In the case of the partial surrender annual premium band must be calculated on reduced premium.

This year loyalty addition declared in Jeevan Saral is more than the loyalty addition declared last year, you can compare both the rates are given below.

Loyalty addition rates declared previous year (2015-2016) are given below

Loyalty Addition in Jeevan Saral  Policy (Plan No. 165) for the year 2015-2016

For the purpose of determining the rate of loyalty addition for exits by death or surrender or maturity the duration in completed years for which premiums have been paid shall be considered. In the case of partial surrender in policy, the benefits will be proportionately reduced.

How to calculate Loyalty addition in Jeevan Saral

There are two types of Sum Assured in Jeevan Saral a) Death Sum Assured, b) Maturity Sum Assured. To calculate loyalty addition in your policy refer your policy bond to know the Maturity Sum Assured. Also refer premium of your policy and calculated annual premium of your policy (if other than yearly Mode).

Formula to calculate loyalty addition: (Maturity Sum Assured/1000)* Rate of Loyalty Addition as per                                                                                                                                         annual premium band

Note: Maturity Sum Assured on policy bond is written according to the term you have chosen at proposal stage. It will not be used to calculate loyalty addition while surrendering the policy before term.

Under Plan 165, provided at least 10 years premiums have been paid under the policy and policy has been in force for at least 10 years, the loyalty addition is payable on exits by maturity or death or surrender per thousand maturity sum assured for the complete duration for which the premiums have been paid.

Where a policyholder discounts the policy within one year preceding the date of maturity, the policy will be eligible for Loyalty Additions provided other qualifying conditions are satisfied

LIC of India’s Bonus rates declared for 2016-17

LIC of India’s Bonus rates declared for 2016-17

LIC, Life Insurance

This year LIC of India has declared Bonus rate for all its with profit policies before the usual time as LIC is celebrating its Diamond Jubilee year. Every year Actuarial Department of LIC do the valuation and declares the bonus rates. These bonus rates are applicable for policy year entered upon during the inter-valuation period i.e. 01/04/2015 to 31/03/2016 and in force for full sum assured as on 31/03/2016. It will be applicable to policies resulting from claims by death or maturity (including those discounted within one year of maturity) or surrendered on or after 01/01/2016.

Life Insurance Corporation of India has also declared the One time Diamond Jubilee Bonus.

Latest: LIC of India’s Bonus rate declared for 2017-18

Final additional bonus (FAB) and Loyalty addition (LA) are also declared with reversionary bonus rate. FAB and LA are not applicable to each policy. They are paid as per the policy conditions and depend on the Sum assured and policy term.

How to calculate Bonus in your policy

Example: If you have a New Jeevan Anand Policy (Table No. 815), Sum Assured: Rs. 500000, Term: 21 years.  Bonus calculations Formula: (Sum Assured/1000)*Bonus rates

Bonus in above mentioned plan: (500000/1000)*49 = Rs. 24500.

Bonus Rates declared by LIC of India

The rates of Simple Reversionary Bonus declared in respect of participating policies issued by Life Insurance Corporation of India are as given in the table below

The above reversionary bonus rates are applicable for policy year entered during the inter-valuation period i.e. 01/04/2015 to 31/03/2016 and in force for full sum assured as on 31/03/2016. Bonus rates will be applicable to the policies resulting from claims by death or maturity (including those discounted within one year of maturity) or surrendered on or after 01/01/2017.

No cash bonus rate has been declared in respect of New Jeevan Akshay – I (Plan 146).

For General Annuity / Pension policies (Plans 147, 148 & 169), the bonus rates are applicable only during the deferment period. The bonus rates in case of Plan 147 & 148 are not applicable for policies exiting by death during the deferment period. However, the cash value of bonuses is payable in case of surrenders during the deferment period.

No bonus has been declared for any other General Annuity or Pension plans.

Disclaimer: I have taken utmost care while entering the bonus rates, but in the case of error or any ambiguity please consult your LIC Branch. 

LIC changed agency MBG criteria for agents

LIC changed agency MBG criteria for agents

LIC Agents, Life Insurance

Ahead of its Diamond Jubilee year Life Insurance Corporation of India has given a good gift to its agents by changing various norm related to MBG criteria and eligibility norms related to recruitment of agent. This step will be beneficial for both agents as well as Development Officer of LIC. Earlier the MBG criteria for the LIC agents was 12 lives and . 100000/- FYPI  in an agency year.

It will not only help the LIC to retain more agents but also help its Development Officers to recruit more agents as the overall eligibility criteria of minimum qualification of agent reduced to 10th compared to 12th in urban areas and 10th in rural areas. Other than the changes made by LIC, all the other conditions will be governed by the LIC Agents Rules (1972)

Here are the key changes which were approved by the LIC board related to agency matter:

Agency Performance Review policy (MBG Criteria):

  1. The Minimum Business Guarantee norms (MBG Criteria) to be achieved by agents during the agency year :
    An agent has to procure –
    EITHER 6 lives AND .50,000/- FYPI
    OR  12 lives
    OR . 1 Lac FYPI.                                                                                                                                                           Notwithstanding the above, an agent shall be exempt from bringing in the business
    required of him, if he has continually worked for the Corporation as an agent for a
    period of:

    • not less than 21 years ; or
    • at least fifteen years and he is at least 55 years of age; or
    • fifteen years and at any time subsequent thereto there is a business in force in the books of the Corporation under his agency yielding a renewal premium income of not less than Rs. 2,00,000 per annum.
  2. The criteria for termination of agency for failure to achieve the Minimum Business Guarantee:
    If an agent fails to bring in the business required of him as specified in 4(a) above in
    an agency year, his appointment shall stand terminated at the end of such agency year
    under the provisions of Agents Rules, 1972.
  3. The criteria for re-appointment / reinstatement of agents terminated for failure to achieve the Minimum Business Guarantee: As per Agents Rules, 1972 and amended from time to time
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Eligibility conditions for Appointment of Insurance Agents:

  1. Eligible Age:

    An applicant must be at least 18 years of age on the date of the application.

  2. Eligible Educational Qualifications:

    Passed minimum Class X (matriculation examination), or equivalent examination from
    a recognized Board or Institution.

  3. Interview Procedure :

    Branch Manager to interview all applicants.

Pre-Recruitment training on Insurance to Applicants:

Pre-recruitment Insurance Training (online or offline) to equip the prospective agents
with the insurance, knowledge to appear for insurance agency examination –

  • for life insurance agent –

    25 hours of classroom training; and 25 hours of practical training in accordance with the syllabus prescribed by the authority in life [in Branch Office – the respective Development Officer to impart training and certificate of successful practical training to be issued either by Development Officer or ABM(S)]or BM (S) ; 25 hours of classroom training at the time of renewal of agency (as appointment will have to be renewed after every 3 years);

  • for a composite agent with respect to the Life aspect –

    25 hours of classroom training; and 25 hours of practical training in accordance with the syllabus prescribed by the authority in life As regards Non-Life part, training needs will depend upon the respective Insurers. The Training will be valid for a period of 6 months.

Skill Development Training:

Agents shall be exposed to various training for the purpose of Skill Development including those conducted by National Skill Development Council (NSDC), Government of India, BFSI SSC Financial Sector Skill Council in a phased manner.

Other than MBG criteria and  above-mentioned points all other conditions related to LIC agents are according to LIC agents rule 1972 and other circular related to agency conditions and benefits issued later on by LIC. To know more about other changes approved by Board of LIC click the link provided next Board Approved Policy on Agency Matters

Types of revival for lapsed LIC policies

Types of revival for lapsed LIC policies

LIC, Life Insurance

To keep the risk cover in force in your LIC policy a policyholder must pay his/her insurance premium on time or within the grace period. If a policyholder failed to do so then his policy became lapse, and no risk cover is available under that policy.

To restart the risk cover in the policy, a policyholder has to revive the policy by paying all the due premiums up to the date of revival.

Nowadays policies can be revived in other branches if the policy is to be revived on DGH and Medical Report only. If there is any special medical report is called for then policyholder has to visit his servicing branch to revive his/her policy. But sometimes it’s not possible for the customer to deposit all the due premiums to revive his/her policy, to make the revival process easy and convenient, LIC have different types of revival scheme so that customers can revive their policy to restart the risk cover.

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Types of Revival Schemes in LIC

There are five types of  schemes are available in LIC of India. These are Ordinary Scheme, Special Scheme, SB cum Revival scheme, loan cum revival scheme and installment revival scheme.

Ordinary Revival Scheme

Its the simplest scheme of all, all you have to do is to visit your servicing branch, get the revive quotation from the branch and deposit all the due premiums in your policy with DGH (Declaration of Good Health) or special medical report wherever applicable as per age and sum to be revived.

Special Revival Scheme

Sometimes it is not possible to pay all the due premiums due to huge amount to revive policy, and policy holder do not want to loose the money he has already paid as premium in particular policy (Majority of the policies acquire paid up value after premium have been paid for full three years and 3 years completed in policy). For customer who’s policy have not acquired paid up value (Premium is not paid for 3 years) and policy is in lapsed condition for not less than 6 months and not more than 3 years (6 months < FUP > 3 years), the policy can be revived under Special Scheme.

Under this scheme Date of commencement can be increased up to 2 years of original date of commencement and

  • other requirements will be same as of ordinary scheme
  • the difference of new and old premium must be deposited with any due premium
  • Since DOC and maturity date will shift, consent of policyholder is required
  • endorsement fee of Rs. 50 and policy bond for endorsement is required
  • this type of revival can be done once in policy term
  • Policies under withdrawn plans can be revived under this scheme, even if the new date of commencement falls beyond the date of withdrawal of the plan provided the other conditions applicable for the scheme are satisfied.
  • Some policies are not allowed under this scheme.
  • For policies issued before 01/01/2014, a new date of commencement (DOC) should not be later than 31/12/2013. (As per LIC circular CO/CRM/1012/23 dated 17/03/2016)

As per the LIC of India circular CO/CRM/1012/23 dated 17/03/2016, Special Revival scheme is not available to new plans launched on or after 01/01/2014.

Loan-cum-Revival Scheme

Under this scheme, the policyholder can take the loan in his/her policy and that loan amount is adjusted in premiums. It is not necessary that your policy has acquired paid up value, even policy where paid up value is not acquired can be revived. The loan amount is calculated as if the policy is in force condition till the date of revival. Very useful scheme if the policyholder is not able to pay lump sum revival amount from his pocket at that time.

Survival Benefit cum Revival Scheme

The revival of money back policies can be allowed under ordinary revival by taking into account the amount of survival benefit that had fallen due. The policyholder has to submit usual revival requirements, S.B. discharge form and policy document.

This scheme is allowed for

  1. Survival benefit amount is more than revive amount and balance amount after utilizing amount for revivel is payable to policyholder
  2. Survival benefit amount is less than revival amount. However, shortfall amount will be required to be paid by policyholder

Revival By Installment Method

Under this scheme, the amount is spread over the next two year. Revivl under this scheme will be permitted-

  • for the policyholder who is not in a position to pay the arrears of premiums in one lump sum and policy cannot be revived under special scheme.where the arrears of premiums are for more than 1 year.
  • There is no loan outstanding under the policy at the time
  • No survival benefit falls due during the installment paying period of revivl
  • The arrears of premiums will be calculated in the usual manner as under ordinary scheme. Depending upon the mode of payment, life assured has to pay initially 6 Monthly premiums, 2 Quarterly premiums, 1 Half-premium , or ½ of Yearly premium. Balance of the arrears will be spread over in the remaining premium due date in current policy anniversary and two full policy anniversary thereafter

To download DGH (Declaration of Good Health) Form No. 680 Click Here

LIC’s New Plan Jeevan Labh (Plan no. 836)

LIC’s New Plan Jeevan Labh (Plan no. 836)

LIC, Life Insurance

LIC of India’s Jeevan Labh (Plan No. 836) is a limited premium paying, non-linked, with-profit endowment assurance Plan. Unique identification number (UIN) of Jeevan Labh plan is 512N304V01. This policy is available from a child of 8 years old to a person of age 59. The main feature of this plan is a very limited premium payment option, for the 16-year policy term customer have to pay the premium for 10 years and for 21 and 25 years of policy term policyholder have to pay the premium for 15 and 16 years respectively.

Benefits of Jeevan Labh Plan

Benefits payable under an inforce policy are:

Death Benefit

On the death of the life assured during the term of the policy, the Death Benefit defined as the 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 the 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.

Premium mentioned above will not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium if any

हिन्दी में पढें: एल आई सी की नयी योजना जीवन लाभ (तालिका क्र. 836)

Maturity Benefit in Jeevan Labh

On survival to the end of the policy term, “Sum Assured on Maturity” along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable. Where Sum Assured on Maturity is equal to Basic Sum Assured (BSA)

Optional Benefits

  1. LIC’s Accidental Death and Disability Rider UIN (512B209V01): If this benefit is opted for an additional amount equal to the Accidental Benefit Sum Assured is payable on death due to an accident, provided the rider is in full force at the time of the accident.
  2. LIC’s New Term Assurance Rider UIN (512B210V01): If policyholder opts for this rider then, an amount equal to Term Assurance Rider sum assured will be payable to on the death of the Life Assured during the policy term, provided the rider cover is in full force at the time of death.

Other conditions and policy feature of Jeevan Labh

  1. Policy will acquire paid up value if at least 3 full years’ premiums have been paid
  2. Jeevan Labh policy can be surrendered at any time during the policy term provided at least three full years’ premium have been paid
  3. Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to conditions: Maximum loan for inforce policy-90% of surrender value and for paid up policies 80% of surrender value.
  4. Policy can be taken from backdate up to current financial year
  5. Nomination and assignment in this policy are available
  6. policy can be revived within the 2 years of First Unpaid Premium (FUP) by paying all the due premiums