Pradhan Mantri Vaya Vandana Yojana (Plan No. 842)

Pradhan Mantri Vaya Vandana Yojana (Plan No. 842)

LIC, Life Insurance

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. 842  for citizens aged 60 year and above.

Pradhan Mantri Vaya Vandana Yojana (Plan No. 842) is a pension plan with subsidized pension rates which will provide an assured return of 8% per annum payable monthly (equivalent to 8.30%  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) for 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 amount 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:          Rs. 83.00 p.a.

Half Yearly: Rs. 81.30 p.a.

Quarterly:    Rs. 80.50 p.a.

Monthly:      Rs. 80.00 p.a.

Other features and Benefits of Pradhan Mantri Vaya Vandana Yojana

  1. 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.
  2. 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.
  3. There will no exclusion on the count of suicide and full purchase price will be payable to the nominee.
  4. 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.
  5. 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 39 of Insurance Act 1938
  6. The pension will be paid through NEFT or Aadhaar Enabled Payment System. 

 

LIC’s New Plan Aadhaar Shila (Plan No. 844)

LIC’s New Plan Aadhaar Shila (Plan No. 844)

LIC, Life Insurance

Life Insurance Corporation of India is going to launch its new plan Aadhaar Shila (Plan No. 844) on 24/04/2017. LIC’s Aadhaar Shila is non-linked, with-profits, regular premium endowment assurance plan. LIC has designed this plan exclusively for females lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). Aadhaar Shila plan is only available for standard healthy lives without any medical examination. An individual can have a maximum of Rs. 3,00,000 Basic sum Assured in all policies issued under this plan.

LIC’s Aadhaar Shila (Plan No. 844) will be available for sale from 24/04/2017 and Unique Identification Number (UIN) of this plan is 512N309V01.

हिन्दी में पढें: एलआईसी की नयी योजना आधार शिला (प्लान न. 844)

Eligibility Conditions and Restrictions in LIC’s Aadhar Shila

Auto Cover in LIC’s Aadhaar Shila

“Auto Cover period” in a paid-up policy will be the period from the due date of first unpaid premium (FUP), which includes the grace period. “Auto Cover period” is the period during which full risk cover is available for the life assured even if the regular premium is not paid during this period.  The duration of “Auto Cover period” will be available as follows:

  1. If at least three full years’ but less than five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of six months from the due date of the first unpaid premium will be available
  2. If at least five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of 2 years from the due date of the first unpaid premium will be available.

Benefits in LIC’s Aadhaar Shila

Benefits which are payable in inforce LIC’s Aadhaar Shila Policy are

Death Benefits in LIC’s Aadhaar Shila

During the first 5 policy years: “Sum Assured on Death” will be paid to the nominee. Where “Sum Assured on Death” is equal to 110% of Basic sum assured.

After completion of 5 policy years but before the date of maturity: “Sum Assured on Death” and Loyalty addition (if any) will be paid to the nominee of the Life Assured.

The death benefit will not be less than the 105% of all the premium paid in the policy as at the date of death of the life assured. (The premium referred above will not include any taxes, extra amount charged due to underwriting decision and rider premium if any.)

Maturity Benefits in LIC’s Aadhaar Shila

If the Life Assured survives till the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any will be payable to the Life Assured.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Optional Benefits in LIC’s Aadhaar Shila

Proposer can opt for the optional riders by payment of additional premium. Benefits under the optional rider will be available during the policy term only.

LIC’s Accidental Benefit Rider UIN (512B203V02)

If this benefit is opted for, an additional amount equal to “Accidental Benefit sum Assured” is Payable on death due to Accident within 180 days of the accident, provided the rider is inforce at the time of the accident.  This rider can be taken at the inception of the policy or before the premium term is over.

Rebates in LIC’s Aadhaar Shila

Following rebates to proposer is available on the premium if he opts for the higher mode and takes the high-risk cover policy. Rebates available in LIC’s Aadhaar Shila are as follows:

 

Other Important features and condition in LIC’s Aadhaar Shila

  1. Loan facility is available in this plan, after the payment of premium for at least full 3 years (up to 90% of surrender value in inforce policy and up to 80% in paid-up policy).
  2. Policy can be revived within the 2 years of the FUP.
  3. Grace period in the policy is available; one calendar month, not less than 30 days in yearly, half yearly and quarterly mode and 15 days in monthly mode.
  4. The policy will acquire paid up value if the premium has been paid for 3 full years.
  5. Policy can be surrender after the 3 years if at least 3 full year premium is already paid.
  6. Free look period of 15 days from the date of receipt of the policy bond.
  7. Backdating is allowed within the same financial year.
  8. Nomination and Assignment are allowed in the policy as per Sec 39 and Sec 38 of Insurance Act 1938 respectively.

Premium Rates in Jeevan Shila

Disclaimer: This is a summary of plan Aadhaar Shila (Plan No. 844), in the case of any ambiguity or to get the benefit illustration of this plan, please contact your LIC agent or LIC office.

 

LIC’s New Plan Aadhaar Stambh (Plan No. 843)

LIC’s New Plan Aadhaar Stambh (Plan No. 843)

LIC, Life Insurance

Life Insurance Corporation of India is going to launch its new plan Aadhaar Stambh (Plan No. 843) on 24/04/2017. LIC’s Aadhaar Stambh is non-linked, with-profits, regular premium endowment assurance plan. LIC has designed this plan exclusively for males lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). Aadhaar Stambh plan is only available for standard healthy lives without any medical examination. An individual can have a maximum of Rs. 3,00,000 Basic sum Assured in all policies issued under this plan.

LIC’s Aadhaar Stambh (Plan No. 843) will be available for sale from 24/04/2017 and Unique Identification Number (UIN) of this plan is 512N310V01.

हिन्दी में पढें: एलआईसी की नयी योजना आधार स्तंभ (प्लान न. 843)

Eligibility Conditions and Restrictions in LIC’s Aadhar Stambh

Auto Cover in LIC’s Aadhaar Stambh

“Auto Cover period” in a paid-up policy will be the period from the due date of first unpaid premium (FUP), which includes the grace period. “Auto Cover period” is the period during which full risk cover is available for the life assured even if the regular premium is not paid during this period.  The duration of “Auto Cover period” will be available as follows:

  1. If at least three full years’ but less than five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of six months from the due date of the first unpaid premium will be available
  2. If at least five full years’ premium have been paid and any subsequent premium is not duly paid: “Auto Cover period” of 2 years from the due date of the first unpaid premium will be available.

Benefits in LIC’s Aadhaar Stambh

Benefits which are payable in inforce LIC’s Aadhaar Stambh Policy are

Death Benefits in LIC’s Aadhaar Stambh

During the first 5 policy years: “Sum Assured on Death” will be paid to the nominee.

After completion of 5 policy years but before the date of maturity: “Sum Assured on Death” and Loyalty addition (if any) will be paid to the nominee of the Life Assured.

The death benefit will not be less than the 105% of all the premium paid in the policy as at the date of death of the life assured. (The premium referred above will not include any taxes, extra amount charged due to underwriting decision and rider premium if any.)

Maturity Benefits in LIC’s Aadhaar Stambh

If the Life Assured survives till the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any will be payable to the Life Assured.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Optional Benefits in LIC’s Aadhaar Stambh

Proposer can opt for the optional riders by payment of additional premium. Benefits under the optional rider will be available during the policy term only.

LIC’s Accidental Benefit Rider UIN (512B203V02)

If this benefit is opted for, an additional amount equal to “Accidental Benefit sum Assured” is Payable on death due to Accident within 180 days of the accident, provided the rider is inforce at the time of the accident.  This rider can be taken at the inception of the policy or before the premium term is over.

Premium rates of this Accidental Benefit Rider is

  1. Rs. 0.50 per thousand Accidental Benefit sum Assured irrespective of age
  2. Rs. 1.00 per thousand Accidental Benefit sum Assured if the life assured is engaged in police duty either in military, naval or police organization and opt for this cover while engaged in policy duty.

Rebates in LIC’s Aadhaar Stambh

Following rebates to proposer is available on the premium if he opts for the higher mode and takes the high-risk cover policy. Rebates available in LIC’s Aadhaar Stambh are as follows:

Other Important features and condition in LIC’s Aadhaar Stambh

  1. Loan facility is available in this plan, after the payment of premium for at least full 3 years (up to 90% of surrender value in inforce policy and up to 80% in paid-up policy).
  2. Policy can be revived within the 2 years of the FUP.
  3. Grace period in the policy is available; one calendar month, not less than 30 days in yearly, half yearly and quarterly mode and 15 days in monthly mode.
  4. The policy will acquire paid up value if the premium has been paid for 3 full years.
  5. Policy can be surrender after the 3 years if at least 3 full year premium is already paid.
  6. Free look period of 15 days from the date of receipt of the policy bond.
  7. Backdating is allowed within the same financial year.
  8. Nomination and Assignment are allowed in the policy as per Sec 39 and Sec 38 of Insurance Act 1938 respectively.

Premium Rates in Jeevan Stambh

Disclaimer: This is a summary of plan Aadhaar Stambh (Plan No. 843), in the case of any ambiguity or to get the benefit illustration of this plan, please contact your LIC agent or LIC office.

 

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

Varishtha Pension Bima Yojana 2017

Varishtha Pension Bima Yojana 2017

Life Insurance

Govt of India on 24/01/2017 approved the launch of Varishtha Pension Bima Yojana 2017 for senior citizens aged over 60. Like previously launched Varishtha pension bima yojana this scheme provide pension to senior citizens with a rate higher than the prevailing market rates of the annuity. Varishtha Pension Bima Yojana will provide 8% guaranteed return to the annuitant for 10 years as part of government’s financial inclusion program and social security schemes.

VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.

The Union Cabinet chaired by Prime Minister Narendra Modi gave its post-facto approval for the launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017).

“The scheme will provide an assured pension based on a guaranteed rate of return of 8 per cent per annum for ten years, with an option to opt for a pension on a monthly/ quarterly/half-yearly and annual basis,”

The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.

The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for the pension on a monthly/quarterly/half-yearly and annual basis. The differential return, i.e., the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as

The government’s statement on Varishtha Pension Bima Yojana 2017 does not mention the maximum amount that can be invested under the scheme and may be announced later with all the details. In the Varishtha Pension Bima Yojana launched earlier have the ceiling of Rs. 666665 that can be invested in the scheme.

Death Claim Settlement Ratio Of Life Insurers In Year 2015-2016

Death Claim Settlement Ratio Of Life Insurers In Year 2015-2016

IRDA Updates, Life Insurance

On 15/12/2016 Insurance Regulatory and Development Authority of India (IRDAI) have published its annual report for the year 2015-2016. Along with all the other data related to life insurers, general insurers, and health insurer, IRDAI has also published the data related to individual death claim settled by all the 24 Life Insurance companies in the year 2015-2016.

Individual death Claim Settlement Ratio of Life Insurers 

Death claim settlement ratio is the percentage of claim settled by a life insurer out of the total claim raised in a particular year. In the year 2015-2016, the industry average of death claim settlement ratio was 97.43% in numbers and 91.32% in amount. This year both the ratios are increased by.46% compared to 96.97% of last year in numbers and .41% increase in the amount paid compared to 90.91% of last year.  In the financial year, 2015-2016 claim settlement ratio for private life insurers was 91.48% for numbers of claim settled, while 79.60% of claimed amount paid by private life insurers. Claim settlement ratio of the state-owned insurer, Life Insurance Corporation of India (LIC) was 98.33% of the number of claim paid and  95.59% of claimed amount paid in the year 2015-2016.

Life insurers having claim settlement ratio above industry average

In the year 2015-2016, the industry average of death claim settlement ratio was 97.43% in numbers and 91.32% in amount. Let us see how many companies were above the industry average:

In number of Claim settled in the year 2015-2016: Industry average- 97.43%

  1. Life Insurance Corporation of India (LIC): 98.33%

In Claimed amount settled in the year 2015-2016: Industry average- 91.32%

  1. Life Insurance Corporation of India (LIC): 95.59% (Rs. 9690.17 Crore)
  2. Tata AIA: 94.24% (Rs. 87.09 Crores)
  3. Aegon Religare: 94.16% (Rs. 40.15 Crores)
  4. Max Life: 93.19% (Rs. 261.91 Crores)
  5. Canara HSBC OBC: 91.37% (Rs. 30.05 Crores)

Claim settlement data of other life insurers is given below

Individual death claims for the year 2015-2016 (Number wise)

Individual death claims for the year 2015-2016 (Amount wise)

How does death claim ratio help policyholders?

Ultimate motive of buying a life insurance by a customer is to provide a financial security to his/her dependent after the untimely demise of the life assured. Death claim ratio provides a view about a insurer’s ability to pay the claim and its ratio of rejection of the claim.

  • Though the majority of claims which are repudiated are due to suppression of material facts by the life assured at the time of taking policy, but higher rejection ratio reduces the credibility of the insurer and put a question mark on its underwriting practices. 
  • A low rejection and outstanding in number but higher in amount show that an insurer is not able to pay claims of higher sum assured policy on time.
  • A Higher percentage is also not enough to compare insurer, life assured must also compare that what is the total amount the insurer is paying in that particular year and the total amount of claim arisen. Higher the amount higher the policies are being serviced by the insurer.

Though this ratio helps the policyholder to choose a good life insurer for taking a life insurance policy but this is not the only thing that a policyholder should rely on, he/she must also consider various factors like, insurers reputation in market, number of branches, servicing aspects, convenience of depositing premium and ultimately the conditions of the policy which they are buying.

 To download the full annual report of IRDAI please Click Here

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.