LIC’s New Plan Jeevan Utkarsh (Plan No. 846)

LIC’s New Plan Jeevan Utkarsh (Plan No. 846)

LIC, Life Insurance

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 too 31/03/2018. LIC’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 LIC’s Bima Diamond Plan is 512N313V01. Continue reading “LIC’s New Plan Jeevan Utkarsh (Plan No. 846)”

LIC’s New Plan Bima Diamond (Plan No. 841)

LIC’s New Plan Bima Diamond (Plan No. 841)

LIC, Life Insurance

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. This policy is available for sale up to 31 August 2017. LIC’s Bima Diamond is a Non-linked, with profits,  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)”

LIC’s New Plan Jeevan Umang (Plan No. 845)

LIC’s New Plan Jeevan Umang (Plan No. 845)

LIC, Life Insurance

Life Insurance Corporation of India is going to launch its new plan Jeevan Umang (Plan No. 845) on 16/05/2017. LIC’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 “LIC’s New Plan Jeevan Umang (Plan No. 845)”

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.

 

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 of India’s New insurance plan “Jeevan Tarun” (Plan No. 834)

LIC of India’s New insurance plan “Jeevan Tarun” (Plan No. 834)

LIC, Life Insurance

The new policy is named as Jeevan Tarun (Plan No. 834), and it’s a non-linked, with profit, limited premium payment policy, specially designed to meet the requirement of growing children. Premium paying term is 5 years less that the policy term. In this plan, proposer can choose any of the four options for survival benefit between the 20 to 24 years of child age and the maturity at the age of 25 years of child’s age.

The four options are as follows:

OptionSurvival BenefitMaturity Benefit
Option 1No survival benefit100% of Sum Assured
Option 25% of Sum Assured every year for 5 years75% of Sum Assured
Option 310% of Sum Assured every year for 5 years50% of Sum Assured
Option 415% of Sum Assured every year for 5 years25% of Sum Assured

Benefits of Jeevan Tarun Policy:

Benefits payable to an inforce Jeevan Tarun (834)policy are as under

Death Benefit:

On death before the date of Commencement of risk:

The death benefit is paid as the total amount of Premiums paid excluding taxes, extra premium and rider Premiums (if any).

On death after the date of Commencement of risk: Death benefit is paid as Sum Assured on death + Vested Simple Reversionary bonuses and Final Additional Bonus (if any). Where “Sum Assured on death” is defined as higher of 10 times of the annualized premium or absolute amount assured to be paid on death ie 125% of Basic sum assured.

Survival Benefit:

Survival benefit is paid to the life assured in last five year of the policy if he/she survives between the next policy anniversary falling after life assured complete the age of 20 and up to24 years of age, amount of the survival benefit will depend on upon the option chosen by the proposer at the proposal stage. There are four options to choose from to get the survival benefit. Once the option is chosen at proposal stage it cannot be altered later on.

Policy Anniversary coinciding with/following completion of agesPercentage (%) of Sum assured to be paid as Survival Benefit
Option 1Option 2 Option 3Option 4
20 to 24 years Nil 5% each year10% each year15% each year

Maturity Benefit:

Under Maturity benefit, the policyholder will receive the Sum Assured on Maturity + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).

Sum Assured on maturity depends on survival benefit in which the option is chosen by the policyholder. If Policyholder opts for any of the four options then the maturity benefits given to policyholder are as follows.

Option 1: 100% of Basic Sum Assured

Option 2: 75% of Basic Sum Assured

Option 3: 50% of Basic Sum Assured

Option 4: 25% of Basic Sum Assured

Jeevan Tarun Policy will participate in the profit of corporation if, in inforce stage, No final additional bonus will be paid if the policy is in reduce paid up condition.

Premium Waiver Benefit Rider

Premium waiver benefit rider is available with this plan, and can be taken at the proposal stage by paying an extra premium or it can be taken later in policy term provided at least 5 years of premium paying term is left.

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, the risk will commence immediately.

Date of vesting under the plan: The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Eligibility Conditions of Premium Waiver Benefit Rider (Optional)

  1. Minimum age at entry:  18 years (LBD)
  2. Maximum age at entry:  55 years (NBD)
  3. Policy term:    20-age at entry of child at the time of opting the rider
  4. Cover ceasing age:  70 years

This plan is best suitable for the planning of higher education child.  To know more about Jeevan Tarun Please Visit the official website of LIC of India.

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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