Thursday, March 18, 2010
Jeevan Nidhi
LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. The premiums paid are exempt under Section 80CCC of Income Tax Act.
Salient Features: a . Guaranteed Additions: Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.
b. Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.
c. Benefit On Vesting:
1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.
2 . Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.
d. Annuity Options:On vesting, the annuity instalment, mode of annuity payment and type of annuity which shall be made available to the Life Assured (Annuitant) / Nominee will depend upon the then prevailing Immediate Annuity plan of the Life Insurance Corporation of India and its terms and conditions.
Currently the following options are available under LIC’s immediate annuities:
1. Annuity for life: The annuity is paid to the life assured as long as he/she is alive.
2. Annuity Guaranteed for certain periods: The annuity is paid to the life assured for periods of 5 or 10 or 15 or 20 years as chosen by him/her, whether or not he/she survives that period. After the chosen period, the annuity is paid to the life assured as long as he/she is alive.
3. Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.
4. Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.
5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.
e. Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.
Source: Life Insurance Corporation of India
Jeevan Akshay VI
Introduction:
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.
Options Available:
The following options are available under the plan
Type of Annuity:
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.
Options Available:
The following options are available under the plan
Type of Annuity:
- Annuity payable for life at a uniform rate.
- Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
- Annuity for life with return of purchase price on death of the annuitant.
- Annuity payable for life increasing at a simple rate of 3% p.a.
- Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
You may choose any one. Once chosen, the option cannot be altered.
Mode:
Mode:
- Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.
Salient features:
- Premium is to be paid in a lump sum.
- Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
| Mode | Minimum Annuity |
| Monthly | Rs. 500 per month |
| Quarterly | Rs. 1000 per quarter |
| Half-yearly | Rs. 2000 per half year |
| Yearly | Rs. 3000 per year |
- No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
- Age proof necessary.
Annuity Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
| Age last birthday | Yearly annuity amount under option | |||||
| | ( i ) | ( ii ) (15 years certain) | ( iii ) | ( iv ) | ( v ) | ( vi ) |
| 40 | 7510 | 7440 | 6930 | 5610 | 7310 | 7120 |
| 45 | 7770 | 7660 | 6960 | 5890 | 7500 | 7240 |
| 50 | 8140 | 7950 | 7000 | 6280 | 7760 | 7420 |
| 55 | 8650 | 8330 | 7050 | 6810 | 8130 | 7670 |
| 60 | 9350 | 8790 | 7110 | 7530 | 8640 | 8030 |
| 65 | 10410 | 9330 | 7180 | 8590 | 9400 | 8570 |
| 70 | 12080 | 9830 | 7260 | 10220 | 10560 | 9370 |
| 75 | 14510 | 10220 | 7360 | 12590 | 12240 | 10590 |
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.
Cooling-off period
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.
Paid-up value:
The policy does not acquire any paid-up value.
Surrender Value :
No surrender value will be available under the policy.
Loan :
No loan will be available under the policy.
Section 41 of Insurance Act 1938 :
- No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
- Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
New Jeevan Dhara-I
Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.
New Jeevan Suraksha-I
Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.
Special Plans
LIC’s Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!
Golden Jubilee Plan:
New Bima Gold
New Bima Gold
Special Plans:
Bima Nivesh 2005
Jeevan Saral
Jeevan Madhur
Health Plus
Jeevan Mangal
Bima Nivesh 2005
Jeevan Saral
Jeevan Madhur
Health Plus
Jeevan Mangal
Contact Us
1) If you want to Buy New Insurance Policies than call 9533395233(Hyderabad
2) Contact us on email: licindiapolicies@gmail.com
1) If you want to Buy New Insurance Policies than call 9533395233(
2) Contact us on email: licindiapolicies@gmail.com
ULIP Plans
Unit linked insurance plan (ULIP) is life insurance solution that provides protection and flexibility in investment. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). The policy value at any time varies according to the value of the underlying assets at the time.
Wealth Plus
Market Plus I
Profit Plus
Money Plus-I
Child Fortune Plus
Jeevan Saathi Plus
Market Plus I
Profit Plus
Money Plus-I
Child Fortune Plus
Jeevan Saathi Plus
Contact Us
1) If you want to Buy New Insurance Policies than call 9533395233(Hyderabad)
2) Contact us on email: licindiapolicies@gmail.com
1) If you want to Buy New Insurance Policies than call 9533395233(Hyderabad)
2) Contact us on email: licindiapolicies@gmail.com
Pension Plans
Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
Jeevan Nidhi
Jeevan Akshay-VI
New Jeevan Dhara-I
New Jeevan Suraksha-I
Contact Us
1) If you want to Buy New Insurance Policies than call 9533395233 (Hyderabad)
2) Contact us on email: licindiapolicies@gmail.com
About Us
We are an Authorized Insurance Agent appointed by Lic of India. We work to provide best and customized Insurance solution to all clientele. We work in such a way that you get good service and prompt payment during claim and maturity.
As a full-service insurance agency, our duty is to provide the latest products to our clients, as insurance agents, it is our accountability to offer you the most excellent service and the exact coverage, at the best feasible cost.
Contact Us:
1) If you want to Buy New Insurance Policies than call 9533395233 (Hyderabad)
2) Contact us on email: licindiapolicies@gmail.com
As a full-service insurance agency, our duty is to provide the latest products to our clients, as insurance agents, it is our accountability to offer you the most excellent service and the exact coverage, at the best feasible cost.
Contact Us:
1) If you want to Buy New Insurance Policies than call 9533395233 (Hyderabad)
2) Contact us on email: licindiapolicies@gmail.com
Wednesday, March 17, 2010
Jeevan Anand
Features of plan
Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.
Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.
Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000
Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: yes
UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed
BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)
Death benefit:
If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term.
Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate.
Searching the right agent is only the beginning… Contact us.
Jeevan Rekha
FeaturesIn order to give wider choice to our customers, it has been decided to introduce with effect from 22nd July , 2002, ‘Jeevan Rekha’. Basically, the plan is a combination of the Whole Life Plan and the Money Back Plan. Moderate Premiums High bonus High liquidity Savings oriented This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Dating Back:
A policy under this plan can be dated back within the same financial year. There will be no allowance for lean months. The rate of interest applicable will be as for Table 14.
Suitable For:
Being an whole life policy + money back , this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
Source - Life Insurance India, Licindia.
Dating Back:
A policy under this plan can be dated back within the same financial year. There will be no allowance for lean months. The rate of interest applicable will be as for Table 14.
Suitable For:
Being an whole life policy + money back , this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
Source - Life Insurance India, Licindia.
Whole Life Policy 2
FeaturesThis is the best form of life assurance for family provision since it enables the Life Assured to pay the premium during the ordinarily vigorous and most productive years of life, relieving him from the necessity of making payments later in life when they might become a burden. With Profits Single Premium policies do not cease to participate in profits after completion of the period for which premium has been paid ,but continue to share in the periodical Bonus Distribution until the death of the Life Assured.
Suitable For:
Being a limited-payment life assurance policy, this plan is suitable for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
Source - Life Insurance India, Licindia.
Suitable For:
Being a limited-payment life assurance policy, this plan is suitable for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
Source - Life Insurance India, Licindia.
Whole Life Policy 1
Whole Life Policy
Features
As the name says Whole Life Policy which means will continue until you are alive
This is the best form of life assurance for family provision since it enables the Life Assured to pay all the premiums during the ordinarily vigorous and most productive years of life. He need not pay any premium in the later stages of life if and when his conditions might become adverse. With Profits Limited Payments Policies do not cease to participate in profits after completion of the premium paying period but continue to share in the periodical Bonus Distribution until the death of the Life Assured.The Without-Profit option is available under Table no. 3. If the policyholder pays at least 3 years' premiums and then discontinues paying any more premium, a reduced paid-up assurance policy comes into force. Such a reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached thereto. The premium paying term under this plan is five years minimum and 55 years maximum.
Source - Life Insurance India, Licindia.
Features
As the name says Whole Life Policy which means will continue until you are alive
This is the best form of life assurance for family provision since it enables the Life Assured to pay all the premiums during the ordinarily vigorous and most productive years of life. He need not pay any premium in the later stages of life if and when his conditions might become adverse. With Profits Limited Payments Policies do not cease to participate in profits after completion of the premium paying period but continue to share in the periodical Bonus Distribution until the death of the Life Assured.The Without-Profit option is available under Table no. 3. If the policyholder pays at least 3 years' premiums and then discontinues paying any more premium, a reduced paid-up assurance policy comes into force. Such a reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached thereto. The premium paying term under this plan is five years minimum and 55 years maximum.
Source - Life Insurance India, Licindia.
Whole Life Policy
Features
This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.
The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later.
If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paid-up policy after the premiums are paid for 5 years.
Suitable For:
This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.
Bima Bachat
Bima Bachat
What is Bima Bachat?
LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.
What other benefits do I receive during the specified duration of the policy?
For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.
For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.
What additional benefits do I get upon maturity?
If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.
How much insurance do I get?
The policy holder is insured for an amount equal to the sum assured.
What about the installment received already?
The insurance cover is irrespective of the installments received.
When am I eligible for the guaranteed surrender value?
The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium).
What other benefits does this insurance cover offer?
Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.
It also offers other benefits like the 15 day cooling off period, grace period and revival.
Who is eligible for the policy? Are there other conditions or restrictions?
The following are the requirements that one needs to be aware of before applying for this
policy:
· The person applying for the policy should have completed 15 years and should not be older than 66 years.
· The policy will mature when the person is 75 years old.
· There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant.
· The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured.
· It is important to note that the sum assured should be in multiples of Rs 5000/- only.
· The policy requires the holder to pay a single premium.
Source - Life Insurance India, Licindia.
What is Bima Bachat?
LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.
What other benefits do I receive during the specified duration of the policy?
For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.
For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.
What additional benefits do I get upon maturity?
If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.
How much insurance do I get?
The policy holder is insured for an amount equal to the sum assured.
What about the installment received already?
The insurance cover is irrespective of the installments received.
When am I eligible for the guaranteed surrender value?
The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium).
What other benefits does this insurance cover offer?
Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.
It also offers other benefits like the 15 day cooling off period, grace period and revival.
Who is eligible for the policy? Are there other conditions or restrictions?
The following are the requirements that one needs to be aware of before applying for this
policy:
· The person applying for the policy should have completed 15 years and should not be older than 66 years.
· The policy will mature when the person is 75 years old.
· There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant.
· The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured.
· It is important to note that the sum assured should be in multiples of Rs 5000/- only.
· The policy requires the holder to pay a single premium.
Source - Life Insurance India, Licindia.
Jeevan Rekha
Whole Life Policy
FeaturesThis plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.
The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later. If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paid-up policy after the premiums are paid for 5 years.
Suitable For:
This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.
Source - Life Insurance India, Licindia.
FeaturesThis plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.
The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later. If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paid-up policy after the premiums are paid for 5 years.
Suitable For:
This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.
Source - Life Insurance India, Licindia.
Jeevan Surabhi 3
Jeevan Surabhi
Features
Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under Maturity term is more than premium paying term. Early and higher rate of survival benefit payment. Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Source - Life Insurance India, Licindia.
Features
Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under Maturity term is more than premium paying term. Early and higher rate of survival benefit payment. Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Source - Life Insurance India, Licindia.
Jeevan Surabhi 2
Jeevan Surabhi
Features
Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under Maturity term is more than premium paying term. Early and higher rate of survival benefit payment. Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Source - Life Insurance India, Licindia.
Features
Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under Maturity term is more than premium paying term. Early and higher rate of survival benefit payment. Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Source - Life Insurance India, Licindia.
Jeevan Surabhi 1
Jeevan Surabhi
Features
Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under Maturity term is more than premium paying term. Early and higher rate of survival benefit payment. Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Source - Life Insurance India, Licindia.
Features
Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under Maturity term is more than premium paying term. Early and higher rate of survival benefit payment. Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Source - Life Insurance India, Licindia.
Money Back 25 Years
Money Back with Profit
Features
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive. In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.
Source - Life Insurance India, Licindia.
Features
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive. In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.
Source - Life Insurance India, Licindia.
Monday, March 15, 2010
Money Back 20 Years
Money Back with Profit
Features
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive. In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.
Source - Life Insurance India, Licindia.
Features
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive. In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.
Source - Life Insurance India, Licindia.
New Janaraksha Plan
Features
Ideal for Farmers and Workers, since farmers have to depend on the vagaries of the climate while workers are subject to changes in trade cycles, depressions, strikes, labour disputes, etc Provides full life insurance cover for 3 years even when the premiums are not paid. (This benefit is available after at least 2 years premiums are paid). Non-medical General up to Rs.1,00,000/- with declaration of age up to 45 without any extra premium. Non-medical Special is allowed up to a limit of Rs.2,00,000/- upto age 45 years and 1,00,000 between age 46 to 50 years. Accident benefit available without payment of any extra premium.
Special Features:
The non-medical limit is exclusive to this policy. Double Accident benefit and Bonus is also granted. A special feature of the New Jana Raksha Policy is that it continues to provide full life insurance cover to the assured for three years, even when the premium payments are stopped due to certain reasons, provided that at least 2 years premiums have been received.
Source - Life Insurance India, Licindia.
Ideal for Farmers and Workers, since farmers have to depend on the vagaries of the climate while workers are subject to changes in trade cycles, depressions, strikes, labour disputes, etc Provides full life insurance cover for 3 years even when the premiums are not paid. (This benefit is available after at least 2 years premiums are paid). Non-medical General up to Rs.1,00,000/- with declaration of age up to 45 without any extra premium. Non-medical Special is allowed up to a limit of Rs.2,00,000/- upto age 45 years and 1,00,000 between age 46 to 50 years. Accident benefit available without payment of any extra premium.
Special Features:
The non-medical limit is exclusive to this policy. Double Accident benefit and Bonus is also granted. A special feature of the New Jana Raksha Policy is that it continues to provide full life insurance cover to the assured for three years, even when the premium payments are stopped due to certain reasons, provided that at least 2 years premiums have been received.
Source - Life Insurance India, Licindia.
Jeevan Anand
Features
In order to give wider choice to our customers, it has been decided to introduce with effect from 1 February, 2002, ‘Jeevan Anand’, a With Profit Assurance Plan. Basically, the plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death. Moderate Premiums High bonus High liquidity Savings oriented. Premiums are usually payable for the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Special Features:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Source - Life Insurance India, Licindia.
In order to give wider choice to our customers, it has been decided to introduce with effect from 1 February, 2002, ‘Jeevan Anand’, a With Profit Assurance Plan. Basically, the plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death. Moderate Premiums High bonus High liquidity Savings oriented. Premiums are usually payable for the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Special Features:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Source - Life Insurance India, Licindia.
Jeevan Mitra(Triple Cover Endowment Plan)
Features
The benefits of this policy can be considered only for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Individuals engaged in dangerous pursuits will be rated against the revised tabular occupational extra rates.
Suitable For:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Special Features:
This policy covers the risk for triple the sum assured. Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover two times the sum assured in the event of a policy holder’s death during the term of the policy. In other words, the death claim in the case of this policy is thrice the basic sum assured. For instance, if a person insured for Rs.1,000 under this policy were to die before its maturity, the death claim payable would be Rs.3,000 plus the accrued bonus on Rs.1,000, the basic sum assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.1,000 plus the accumulated bonus.
Source - Life Insurance India, Licindia.
The benefits of this policy can be considered only for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Individuals engaged in dangerous pursuits will be rated against the revised tabular occupational extra rates.
Suitable For:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Special Features:
This policy covers the risk for triple the sum assured. Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover two times the sum assured in the event of a policy holder’s death during the term of the policy. In other words, the death claim in the case of this policy is thrice the basic sum assured. For instance, if a person insured for Rs.1,000 under this policy were to die before its maturity, the death claim payable would be Rs.3,000 plus the accrued bonus on Rs.1,000, the basic sum assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.1,000 plus the accumulated bonus.
Source - Life Insurance India, Licindia.
Jeevan Mitra(Double Cover Endowment Plan)
Features
The benefits of this policy are considered normally for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Female lives under Category I & II allowed. Non-medical special is allowed only if the Sum Assured does not exceed Rs.1,00,000/- Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover equal to the sum assured in the event of a policy holder’s death during the term of the policy. In other words, the death claim in the case of this policy is twice the basic sum assured. The survival claim, on the other hand, is the basic sum assured, plus the accrued bonuses. Bonus is, similarly, calculated only on the basic sum assured at rates applicable to endowment policies. For instance, if a person insured for Rs.10,000 under this policy were to die before its maturity, the death claim payable would be Rs.20,000 plus the accrued bonus on Rs.10,000, the basic sum assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.10,000 plus the accumulated bonus.
Suitable For:
Being a high-risk endowment assurance policy, this plan is suitable for people of young ages who wish to protect their families from a financial setback that may occur owing to their premature death. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Source - Life Insurance India, Licindia.
The benefits of this policy are considered normally for standard and substandard lives Class I and II. It cannot be allowed for people engaged in hazardous occupations. Female lives under Category I & II allowed. Non-medical special is allowed only if the Sum Assured does not exceed Rs.1,00,000/- Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover equal to the sum assured in the event of a policy holder’s death during the term of the policy. In other words, the death claim in the case of this policy is twice the basic sum assured. The survival claim, on the other hand, is the basic sum assured, plus the accrued bonuses. Bonus is, similarly, calculated only on the basic sum assured at rates applicable to endowment policies. For instance, if a person insured for Rs.10,000 under this policy were to die before its maturity, the death claim payable would be Rs.20,000 plus the accrued bonus on Rs.10,000, the basic sum assured. If the policy holder survives the full term of the policy, the payment on maturity would be Rs.10,000 plus the accumulated bonus.
Suitable For:
Being a high-risk endowment assurance policy, this plan is suitable for people of young ages who wish to protect their families from a financial setback that may occur owing to their premature death. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Source - Life Insurance India, Licindia.
The Endowment Assurance Policy-Limited Payment
Features
Just as in the case of limited payment whole life polices, here, too, the payment of premium can be limited either to a single payment or to a term shorter than the policy. The endowment is, however, payable only at the end of the policy term, or on death of the policy holder if it takes place earlier. If payment of the premiums ceases after at least three years' premiums have been paid, a free paid-up Policy for an amount bearing the same proportion to the sum assured as the number of premiums actually paid bears to the number stipulated for in the policy, will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs.250. Such reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached hereto.
Source - Life Insurance India, Licindia.
Just as in the case of limited payment whole life polices, here, too, the payment of premium can be limited either to a single payment or to a term shorter than the policy. The endowment is, however, payable only at the end of the policy term, or on death of the policy holder if it takes place earlier. If payment of the premiums ceases after at least three years' premiums have been paid, a free paid-up Policy for an amount bearing the same proportion to the sum assured as the number of premiums actually paid bears to the number stipulated for in the policy, will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs.250. Such reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached hereto.
Source - Life Insurance India, Licindia.
The Endowment Assurance Policy
Features
Moderate Premiums High bonus High liquidity Savings oriented. This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time. Premiums are usually payable for the selected term of years or until death if it occurs during the term period.
Suitable For:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Special Features:
Disability Benefit: In case policy holder becomes totally and permanently disabled due to an accident before reaching the age of 70 and the policy is in full force, he will not be required to pay further premiums, (the Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and the policy will continue to be in force.
Accident Benefit: By paying a small extra premium of Rs.1 per Rs.1000/- sum assured per year he or his family are entitled to the following benefits on death or permanent disability caused by accident. Even students above the age of 18 years can avail of this benefit.
Source - Life Insurance India, Licindia.
Moderate Premiums High bonus High liquidity Savings oriented. This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time. Premiums are usually payable for the selected term of years or until death if it occurs during the term period.
Suitable For:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Special Features:
Disability Benefit: In case policy holder becomes totally and permanently disabled due to an accident before reaching the age of 70 and the policy is in full force, he will not be required to pay further premiums, (the Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and the policy will continue to be in force.
Accident Benefit: By paying a small extra premium of Rs.1 per Rs.1000/- sum assured per year he or his family are entitled to the following benefits on death or permanent disability caused by accident. Even students above the age of 18 years can avail of this benefit.
Source - Life Insurance India, Licindia.
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