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

LIC’s New Plan Jeevan Pragati (Plan No. 838)

LIC’s New Plan Jeevan Pragati (Plan No. 838)

LIC, Life Insurance

Jeevan Pragati, this is the name of New life insurance plan of Life Insurance Corporation of India, Table No. 838. It is going to be launched on 03/02/2016. Jeevan Pragati is a non linked, with profit endowment assurance plan, where death sum assured automatically increases after every five years during the term of the policy. Unique Identification number of Jeevan Pragati Plan is 512N306V01.

हिन्दी मे पढें: एल आई सी की नयी योजना जीवन प्रगति (तालिका क्र. 838)

Death Benefit in Jeevan Pragati Plan

On death of the Life assured during the policy term, death benefit equals to “Sum Assured on Death” along with vested simple reversionary bonus and Final Additional Bonus (FAB) if any will be payable.

Here “Sum Assured on Death” is defined as the higher of

  1. 10 times of annualized premium or
  2. Absolute amount assured to be paid on death, which is
    • During the first five policy years: 100% of Basic sum Assured (BSA)
    • During 6th to 10th policy years: 125% of Basic sum Assured (BSA)
    • During 11th to 15th policy years: 150% of Basic sum Assured (BSA)
    • During 16th to 20th policy years: 200% of Basic sum Assured (BSA)

Death benefit mentioned here will not be less than the 105% of total premium paid up to the death of life assured.

Premium mentioned here will not include any taxes, extra amount in the policy due to underwriting decisions and rider premium, if any.

Benefits payable on Maturity in Jeevan Pragati Plan

On survival to the end of the policy term, “Sum Assured in Maturity” along with vested simple reversionary bonus and Final Additional Bonus, if any, will be payable. “Sum Assured in Maturity” mentioned here is equal to Basic sum assured in the policy.

Optional Benefits available in Jeevan Pragati Plan

  • 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 accident, provided the rider is in full force at the time of the accident.

Other features of Jeevan Pragati

  1. Loan facility available after payment of full 3 years of premium.
  2. Policy can be surrendered after payment of full 3 years of premium.
  3. Policy can be revived with 2 years of FUP.
  4. Taxes are applicable as per prevailing rates
  5. Policy can be dated back in same financial year
  6. Assignment and nomination can be made in this policy
  7. Free look period of 15 days available from date of receipt of the policy bond.

To know about the premium rates of Jeevan Pragati please Click Here. For ready recknor please Click Here

 

LIC’s New Plan Jeevan Shikhar (Plan no. 837)

LIC’s New Plan Jeevan Shikhar (Plan no. 837)

LIC, Life Insurance

LIC of India is going to launch a new endowment plan Jeevan Shikhar (Plan No. 837) from 11/01/2016. Jeevan Shikhar is a non linked, with profit, saving cum protection, single premium, Close ended Plan.  In Jeevan Shikhar risk is 10 times of the tabular premium. Unique identification number (UIN) of Jeevan Shikhar plan is 512N305V01.

Death Benefit in  Jeevan Shikhar (Plan No. 837)

On Death during the first 5 Policy years

Before the date of commencement of the Risk: Refund of single premium without interest. Single premium mentioned here will not include any extra amount if charged under the policy due to underwriting decision and taxes.

After date of commencement of Risk: “Sum Assured on Death” equal to 10 times of tabular single premium will be payable.

Also Read: LIC’s New Plan Jeevan Labh (Plan No. 836)

On Death after completion of 5 policy years but before the date of Maturity

“Sum Assured on Death” equal to 10 times of tabular single premium along with Loyalty addition, if any, will be payable.

Tabular single premium calculated for chosen Maturity Sum Assured (MSA), Mentioned above does not include any extra amount chargeable under the policy due to underwriting decision or taxes and is before applying any rebate

Maturity Benefit in  Jeevan Shikhar (Plan No. 837)

On life assured surviving till the end of the policy term, the Maturity Sum Assured (MSA) along with Loyalty addition (LA), if any, will be payable.

Loyalty Addition

The policy under this plan will be eligible for share in surplus (profits) in the form of Loyalty  Addition, depending upon the experience of the LIC. The Loyalty Addition, if any, will be payable on death or surrender, provided the policy run for at least five policy year or on policy holder surviving to the maturity.

 

Other conditions and policy features of Jeevan Shikhar

  1. Policy can be surrendered at any time during the policy term: First year- 70% of Single Premium,Thereafter-90% of Single premium
  2. Loan facility is available under this plan, after 3 months of the issuance of the policy.
  3. Policy can be taken from back date upto same financial year
  4. Nomination and assignment in this policy is available.
  5. This plan is available for sale upto 31/03/2016.

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