Category Archives: Life Insurance

Plan :Limited Premium Endowment(830)

Product Summary :
LIC Limited Premium Endowment Plan (830) is a limited premium paying conventional With-Profits Endowment Assurance Plan.

Premium Payment Mode:
Yearly, Halfly, Quarterly, Monthly(ECS)

Term :
12 Year
16 Year
21 Year

P.P.T.
8 Year
9 Year

Minimum Entry Age :
18 Year Completed

Maximum Entry Age :
62 Year (Nearest Birthday)

Maximum Maturity Age :
75 Year

Minimum Sum Assured :
3,00,000

Maximum Sum Assured :
NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits :

On Death :
125%of Basic Sum-Assured,OR
10 times of Annualized Premium, OR
105%of all Premiums paid as on death,
WHICHEVER IS HIGHER.

On Survival :
On survival Basic Sum-Assured + Reversionary Bonus+ Final Additional Bonus.

Surrendered Value :
The Policy can be surrendered at any time during the policy term provided atleast two full years premiums have been paid.

Loan :
Loan Facillity is available under this plan, after payment of premiums for at least 2 full years.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).

Plan :Jeevan Rakshak(827)

Product Summary :
This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan.This plan shall be available to standard lives only without any medical examination andthe total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 2 lacs.

Premium Payment Mode:
Yearly, Halfly, Quarterly, Monthly(ECS)

Term :
10 to 20 Years

Minimum Entry Age :
8 Year Completed

Maximum Entry Age :
55 Year (Nearest Birthday)

Maximum Maturity Age :
70 Year

Minimum Sum Assured :
75,000

Maximum Sum Assured :
2,00,000

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits :

On Death :
On death of the Life Assured during the policy term ” Sum Assured on Death ” shall be payable, which is the highest of
• Basic Sum Assured; or
• 10 times of annualized premium; or
• 105% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after completion of 5th policy year.

On Survival :
On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any,shall be payable.

Surrendered Value :
The policy can be surrendered at any time during the policy term provided atleast three full years premiums have been paid.Guaranteed Surrender Value:
The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered

Loan :
Loan facility is available under this plan,after payment of premiums for at least 3 full years subject to following conditions :
a. The maximum loan as a percentage of surrender value shall be 70percent in case of inforce policies and 60percent in case of paid-up policies.
b. The rate of interest to be charged for the loan amount would be determined from time to time by the Corporation.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).

Plan :New Endowment Plan(814)

Product Summary :

LIC New Endowment Plan (814) is a regular premium, non-linked, with profits Endowment Plan.

Premium Payment Mode:
Yearly, Halfly, Quarterly, Monthly(ECS)

Term :
12 to 35 years

Minimum Entry Age :
8 Year Completed

Maximum Entry Age :
55 Year (Nearest Birthday)

Maximum Maturity Age :
75 Year

Minimum Sum Assured :
1,00,000

Maximum Sum Assured :
NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits :

On Death :
Sum Assured + Vested Bonus + FAB if any.,OR
10 times of Annualized Premium, OR
105%of all Premiums paid as on death,
WHICHEVER IS HIGHER.

On Survival :
On survival Basic Sum Assured + Vested Bonus + FAB if any.

Surrendered Value :
The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.

Loan :
Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).

Proposal Form : 300/340/360 shall be used under this plan.

Plan :New Jeevan Anand Plan(815)

Product Summary :

LIC New Jeevan Anand(815) Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his or her survival.

Premium Payment Mode:
Yearly, Halfly, Quarterly, Monthly(ECS)

Term :
15 to 35 years

Minimum Entry Age :
18 Year Completed

Maximum Entry Age :
50 Year (Nearest Birthday)

Maximum Maturity Age :
75 Year

Minimum Sum Assured :
1,00,000

Maximum Sum Assured :
NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits :

On Death :
Provided all due premiums have been paid, the following death benefit shall be paid:
• On Death during the policy term: Death benefit, defined as 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 higher of 125% of Basic Sum Assured or 10 times of annualised premium.
This death benefit shall not be less than 105% of all the premiums paid as on date of death.The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
• On death of policyholder at any time after policy term: Basic Sum Assured

On Survival :
Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Surrendered Value :
The policy can be surrendered for cash provided atleast three full years premiums have been paid.The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered

Loan :
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).

Proposal Form : 300 shall be used under this plan.

Plan :Single Premium Endowment(817)

Product Summary :

LIC Single Premium Endowment Plan (817) is a single premium, non-linked, with profits Endowment Plan.

Premium Payment Mode:
Single Premium

Term :
10 to 25 Years

Minimum Entry Age :
90days Completed

Maximum Entry Age :
65 Year (Nearest Birthday)

Maximum Maturity Age :
75 Year

Minimum Sum Assured :
50,000

Maximum Sum Assured :
NO LIMIT (Depending upon Income)

Policy Benefits :

On Death :
On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any
On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.

On Survival :
On survival Sum Assured + Vested Bonus + FAB if any.

Surrendered Value :
The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Loan :
Loan Facillity is available under this plan, after completion of one policy year.

Income Tax Benefit :
• u/s 80C up to 10% of SA.

Proposal Form : 300/340 shall be used under this plan.

Plan :Jeevan Lakshya (833)

Product Summary :

This is a limited premium paying term conventional With-Profits Endowment Assurance plan wherepremium paying term is less than policy term by three years.

Premium Payment Mode:
Yearly, Halfly, Quarterly, Monthly(ECS)

Term :
13 to 25 Years

P.P.T.
(Policy Term – 3) Years

Minimum Entry Age :
18Years Completed

Maximum Entry Age :
50Years (Nearest Birthday)

Maximum Maturity Age :
65 Year (Nearest Birthday)

Minimum Sum Assured :
1,00,000

Maximum Sum Assured :
NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 65.

Policy Benefits :

On Death :
Benefits payable on death:
Sum Assured on Death + Bonuses & Final Additional Bonus, if any, shall be payable in following manner.

Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity)

Assured Absolute Amount of 110% of Basic Sum Assured, payable  (on due date of maturity)

Along with Bonuses & Final Additional Bonus, if any, on maturity. (on due date of maturity)

On Survival :
On survival Basic Sum Assured + Vested Bonus + FAB if any.

Surrendered Value :
The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.

Loan :
Available after payment of premium of 3 full years.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).