Jeevan Sugam

LIC’s Jeevan Sugam is single premium close ended plan. Its non-linked plan hence there is no market risk. LIC Jeevan Sugam is designed to keep in mind of people, who do not want regular premium commitment but still want to invest their money in LIC. Risk cover is 10 times of your investment.

lic jeevan sugam

Key Benefits:

  1. Guaranteed Doubles your money in 10 years (Actually more than double)
  2. Tex rebate on investment u/s 80C
  3. Tax free maturity u/s 10(10)D

Death Benefit:
In case of unfortunate death of policy holder, nominee will get the following maturity amount:

  • On death during first 5 years: Basic Sum assured (10 times of single premium)
  • On death after 5 years: Basic Sum assured (10 times of single premium) plus loyalty addition, if any.

Eligibility Conditions for LIC Jeevan Sugam

  • Min. Entry age: 8 years (Completed)
  • Max. entry age: 45 years (Nearest)
  • Sum Assured: 10 times of premium
  • Min. Maturity Sum Assured: Rs.60,000/-
  • Max. Maturity Sum Assured: No limit
  • Policy term: 10 years
  • Minimum investment amount approx. Rs.35,000/- (depending on age)

Maturity Sum Assured shall be available in multiples of Rs. 5,000/-.

Rebate for high sum assured:

  • Below Rs.150,000 : Nil
  • Rs.150,000 to Rs. 399,999 : 3.5%
  • Rs.400,000 and above : 4.5%

Loan on policy:
Loan on policy is allowed during the policy term. Policy holder can apply for loan anytime after getting the policy bond papers. Loan amount will be equal to 60% of the surrender value as on the date of sanction of loan.

Surrender:
LIC Jeevan Sugam can be surrendered anytime. Following is the guaranteed Surrender value:

  • First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.
  • Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.

Jeevan Sugam Launch date: 25th Feb 2013 Last date of application: 10th April 2013
Since this is closed ended plan, it will close on or before 10th April 2013. If you are interested in this plan then consider 31st March as last date.

New Jeevan Nidhi

LIC’s New Jeevan Nidhi Policy is a conventional with profits pension plan. Plan no. 812 covers death during the deferment period and offers annuity on survival to the date of vesting.

Death Benefit:

Death within 5 policy years: Basic Sum Assured plus accrued Guaranteed Addition would be paid as lump sum or
in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.

Death after 5 policy years: Basic Sum Assured plus accrued Guaranteed Addition plus Simple Reversionary and
Final Additional Bonus, if any, will be paid as lump sum or in the form of an annuity or partly in lump sum
and balance in the form of an annuity to the nominee.

Guaranteed Additions: Guaranteed Additions of Rs.50/- per thousand Sum assured for each completed year, for
the first 5 years.

Participation in profits: It will participate in LIC’s profit from the 6th year onwards. It shall also be
entitled to receive Simple Reversionary bonuses declared by LIC.

The pension will depend on vesting lum sum amount and immediate annuity rates at that time.

Maturity Benefit:

Benefit on Vesting: On vesting an amount equal to the Basic Sum Assured plus accrued Guaranteed Additions,
vested Simple Reversionary bonuses and Final Additional bonus, if any, will be paid to policy holder.

Eligibility Conditions for New Jeevan nidhi

Minimum Entry Age 20 yrs (nearest birthday)
Maximum Entry age 60 yrs (nearest birthday)
Minimum Vesting age 55 yrs (nearest birthday)
Maximum Vesting Age 65 yrs (nearest birthday)
Minimum SA Rs 1,00,000 for regular premium
  Rs 1,50,000 for single premiums
Maximum SA No Limit
Policy term 5-35 yrs
Premium Payment Monthly/Qrtrly/Half Yrly/Yrly/Single

What if you stop paying premium?

Your policy will lapse, if you do not pay your premiums withing grace period. A lapsed policy can be
revived within 5 years from the date of first unpaid premium and before the date of vesting by payment of
Arrears of premium plus Interest and subject to continued insurability.

Surrender:
The policy can be surrendered at any time on payment of at least 3 years’ premiums and after completion of
at least 3 policy years but before the date on which annuity vests.

 

Jeevan Vaibhav

LIC of India‘s new Jeevan Vaibhav plan (Table No.809) is a non-linked, single premium endowment assurance policy. Jeevan Vaibhav is an investment plan where you can invest a lump sum surplus money. LIC Jeevan Vaibhav will be available for sale from 21st May 2012 for a maximum period of 120 days.

Jeevan Vaibhav Benefits:

Death Benefit:

If the policy holder dies within the policy term, excluding last year of the policy, Sum Assured (SA) will be given to the nominee.

And, if the policy holder dies during the last the policy year,  Sum Assured (SA) along with loyalty addition, if any, will be payable to the nominee.

Maturity Benefit:

If the policy holder survives on the maturity of the policy, the sum assured (SA) along with loyalty addition, if any, shall be payable to the policy holder.

Loan on policy:
Loan on policy will be given after one policy year. Loan on policy will depend on your single premium amount. The amount of loan would be maximum of 70% of surrender value. The rate of interest on loan amount is 10.25% p.a. compounding half-yearly.

Surrender Value:
After one policy year, Jeevan vaibhav can surrendered. Surrender value after one policy year will be 90% of single premium paid while buying the policy excluding extra premium paid, if any. Depending on how old your policy is, special surrender value will be given to the policy holder. Special Surrender value will be the discounted value of the Sum Assured.

Eligibility Conditions and Restrictions:

  • Minimum Entry Age: 8 years (completed)
  • Maximum Entry Age: 65 years (nearest birthday)
  • Policy Term: 10 years
  • Minimum Sum Assured: Rs.2,00,000/-
  • Maximum Sum Assured: No Limit
  • The sum assured would be in multiple of Rs.10,000/-
  • Mode of Premium: Single premium
  • Proposal Form: 300 or 340
  • Back dating: Available
  • Loan on policy: Available

Jeevan vaibhav Premium Table:

                     Jeevan Vaibhav Table No. 809
    GUARANTEED SUM ASSURED AFTER 10 YEARS + Loyalty Additions
Sum Assured (SA)
2,00,000 4,00,000 6,00,000 1,00,0000
Age Premium
Per 1000 SA
Premium +
Service Tax
Premium +
Service Tax
Premium +
Service Tax
Premium +
Service Tax
8 476.05 95210 195479 292600 487667
9 476.15 95230 195520 292662 487770
10 476.25 95250 195562 292724 487873
11 476.40 95280 195624 292817 488028
12 476.55 95310 195685 292910 488183
13 476.70 95340 195747 293002 488337
14 476.85 95370 195809 293095 488492
15 476.95 95390 195850 293157 488595
16 477.05 95410 195892 293219 488698
17 477.10 95420 195912 293250 488750
18 477.20 95440 195953 293312 488853
19 477.25 95450 195974 293343 488904
20 477.35 95470 196015 293404 489007
21 477.40 95480 196036 293435 489059
22 477.40 95480 196036 293435 489059
23 477.45 95490 196057 293466 489111
24 477.50 95500 196077 293497 489162
25 477.50 95500 196077 293497 489162
26 477.55 95510 196098 293528 489214
27 477.55 95510 196098 293528 489214
28 477.60 95520 196118 293559 489265
29 477.65 95530 196139 293590 489317
30 477.75 95550 196180 293652 489420
31 477.85 95570 196222 293714 489523
32 478.00 95600 196283 293807 489678
33 478.20 95640 196366 293930 489884
34 478.40 95680 196448 294054 490090
35 478.65 95730 196551 294209 490348
36 478.95 95790 196675 294394 490657
37 479.30 95860 196819 294611 491018
38 479.65 95930 196964 294827 491378
39 480.05 96010 197129 295075 491791
40 480.55 96110 197335 295384 492306
41 481.05 96210 197541 295693 492822
42 481.60 96320 197768 296033 493389
43 482.25 96450 198036 296435 494059
44 483.00 96600 198345 296899 494832
45 483.85 96770 198696 297425 495708
46 484.80 96960 199087 298013 496688
47 485.85 97170 199520 298662 497770
48 487.00 97400 199995 299373 498956
49 488.25 97650 200510 300147 500244
50 489.55 97910 201046 300951 501584
51 491.00 101234 201644 301848 503079
52 492.50 101544 202263 302775 504626
53 494.15 101884 202943 303796 506327
54 495.85 102234 203644 304847 508079
55 497.70 102616 204407 305992 509986
56 499.75 103038 205252 307260 512100
57 501.95 103492 206159 308621 514368
58 504.30 103977 207128 310074 516790
59 507.50 104544 208262 311775 519625
60 510.15 105183 209541 313693 522821
61 513.55 105884 210943 315796 526326
62 517.40 106678 212530 318177 530295
63 521.60 107543 214262 320775 534625
64 526.25 108502 216180 323651 539418
65 531.40 109564 218303 326837 544728

LIC Jeevan Vriddhi

LIC Jeevan Vriddhi is a one time premium investment plan. This is also called as LIC FD plan because you get guaranteed return on your investment. This is the best plan for you if you are looking to invest your money for 10 years. LIC Jeevan Vriddhi (Table no. 808) offers guaranteed maturity amount plus Loyalty additions, if any. Along with the guaranteed return you also get 5 times insurance cover of the premium amount.

Benefits:

Death benefit:
On death of policy holder, Basic Sum Assured shall be payable to the nominee. The Basic Sum Assured will be 5 times of the Single Premium excluding extra premium, if any.

Maturity Benefit:
On maturity date, the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, will be given to policy holder.

Loyalty Addition:
LIC will also pay loyalty addition on date of maturity, if any. Loyalty addition is over and above your guaranteed sum assured.

Eligibility conditions for LIC Jeevan Vriddhi Plan

Min Entry Age: 8 years (completed)
Max Entry Age: 50 years (nearest birthday)
Min Basic Sum Assured: Rs.150, 000/-
Max Basic Sum Assured: No Limit
Min Premium: Rs.30,000/-
Policy Term: 10 years
Premium payment mode: One time premium

Loan:
Loan facility will be available under Jeevan Vriddhi plan, after completion of one policy year.

Tax benefit:
Tax benefit is available under section 80C on your premium amount and maturity amount will be tax free under Section 10(10)D.

Example: Assume Mr. Ramesh aged 20 years invest Rs.30,000/-. On maturity Mr. Ramesh will receive Rs.58,665/- And if Mr. Ramesh dies before the maturity period his nominee will get Rs.1,50,000/-

Note: This is close ended plan and will be available for maximum of 120 days from 1st March 2012. Jeevan Vriddhi is NOT an ULIP Plan.

LIC Jeevan Ankur Child plan

LIC Jeevan Ankur is a child plan. Its conventional with profits plan, designed to meet the educational and other financial needs of your child. Jeevan Ankur is most suitable child plan for the parents of upto 17 years child. “LIC Jeevan Ankur” ensures that your responsibilities are met whether you survive or not and without depending on anyone else for financial assistance.

The policy will be on parents name however the child will be the nominee. The policy term will depend on the age of the child.

Death benefit:
Death during policy term: The nominee (your child) will get a basic sum assured and income benefit 10% of basic sum assured will be paid on every policy anniversary till the end of the policy term.

On death of child, Life Assured is alive: In this case, you will have the option to nominate another child and the policy will continue with the same benefit.

Maturity Benefit:
You will get the basic sum assured along with the loyalty additions if any.

Riders:
You have two riders to customize your Jeevan Ankur plan

  1. Accident Benefit Rider
  2. Critical Illness Rider

Eligibility conditions for Jeevan Ankur (Plan no.807)

Minimum Entry Age (Parents age): 18 years
Maximum Entry Age (Parents age): 50 years

Minimum Entry Age (Child age): 0 years
Maximum Entry Age (child age): 17 years

Minimum Term: 18 – Age of child or 8 years whichever is higher
Maximum Term:  25 – age of child

Minimum Sum Assured: 1 lakh
Max sum assured: No Limit

Premiums:
Premiums can be paid regularly at yearly, half yearly, quarterly or monthly (through ECS only). Alternatively, a single premium can also be paid.

Though LIC Jeevan Ankur is the child plan but policy holder will be the parents and not the child. This is the best plan for those who want to invest a lum sum in just one single premium instead of regular yearly premium. So why wait? Gift your child the special child insurance plan.

LIC Premium Collection Centre

Advantages of LIC Premium Collection Center

  • No lengthy Ques
  • Every query / service at one place

Now you can deposit your LIC premiums through Life Insurance Corporation (LIC) premium collection centers at your nearest place.

These centers are opened to assist policy holders to pay the premium rapidly and easily. The LIC centers functions around the clock. Premium paid in these centers will be

brought by the agents to the LIC Office and paid. Thus the agents act as mobile bankers. Only a dedicated and successful lic agents are given permission to collect the

premiums on behalf of the LIC. Other than LIC Agents, you may also pay your LIC premiums to other Authorized Collection Center

Payment through Authorized Collection Center

You can pay LIC premium payment using one of the following authorized collection centers:

One Stop Shop -One stop shop is available 24×7 and it has more than 50000 collection centers around the country. You may locate the nearest center at

http://www.licindia.in/altpay/alch8002_files/oss-addresses.htm For any query or assistance dial 022 4238 4238/022 6684 6684 or visit nearest one stop collection center

Easy Bill Limited – You may pay LIC premiums at your nearest Easy Bill Ltd collection center. Locate the Easy Bill collection center in your area at

http://www.licindia.in/altpay/alch8002_files/EBP-Outlets.htm For any query or assistance for easy bill centers call 1800-11-75-75 (Toll free)

Suvidha Infoserv Pvt. Ltd. – This is an e-commerce agency and you can use this to pay your LIC premium. To locate the nearest collection center, visit

http://www.licindia.in/altpay/alch8002_files/suvidhaa-addresses.htm For any query or assistance call 180022 5225 (Toll free)

APOnline – Andhra Pradesh policy holders can use this government agency to pay their LIC premium. Find your nearest APOnline collection center, visit

http://www.licindia.in/altpay/alch8002_files/APOnlineFranchises.htm. For further information visit http://www.aponline.gov.in

MPOnline – Madhya Pradesh policy holders can pay LIC premium through this agency. To find the nearest MPOnline collection center, visit

http://www.licindia.in/altpay/alch8002_files/MPOnlineFranchises.htm. You can find further information at http://www.mponline.gov.in

You can pay the premiums by cash at any of the authorized collection center mentioned above. Premium for ULIP or SSS policies can not be paid using these collection center.

The authorized Collection center will issue a signed payment receipt. This will be treated as a valid receipt and LIC will not provide any other separate receipt.

LIC Bonus Rates

As we all are aware that LIC gives bonus on few selected insurance plans. These bonus rates are declared every year and once declared it will be added to your policy. The bonus is payable on maturity.

LIC of India, recorded 10.3% increase in the net actuarial surplus, which is Rs.22,716 crore for 2010-11, compared to Rs.20,586 crore in the last year. LIC will distribute Rs.21,580 crore amongst LIC policy holders as an annual bonus. LIC pays 95% of its profit to policy holders and remaining 5% to the government.

The new higher bonus will be applicable to all policies which are due in claims on or after January 1, 2012.

LIC policy holders will be getting higher bonus for the following plans:

  • Jeevan Anand
  • Jeevan Tarang
  • Jeevan Madhur
  • Child Future Plan
  • Jeevan Shree I
  • Jeevan Bharti I
  • Jeevan Pramukh.

LIC has also brought seven other plans under loyalty additions, these plans are:

  • Jeevan Saral
  • Jeevan Aastha
  • Jeevan Sneha
  • Jeevan Sanchay
  • Children’s money back
  • Jeevan Vishwas
  • Bima Nivesh Triple Cover

The final additional bonuses and bonus for rest of the plans with profit have been remained as last year.

Jeevan Arogya

LIC Jeevan Arogya (Table No. 903) is a unique non linked Health Insurance plan, which provides health insurance cover against certain specified health risks. This health insurance also provides term assurance and accident benefits as rider.

LIC of India’s Jeevan arogya offers fixed benefits for hospitalization and almost all types of surgical procedures.

LIC Jeevan Arogya features:

  • Financial protection in case of hospitalization and surgery.
  • Increasing Health cover every year.
  • Lump sum benefit irrespective of actual medical costs.
  • No claim benefit
  • Flexible benefit limit to choose from
  • Flexible premium payment options
  • Spouse, Children, Parents and Parents-in-law can also be covered under this policy
  • Term Assurance Rider and Accident Benefit Rider available

LIC Jeevan Arogya benefits:

  • Hospital cash benefit (HCB)
  • Major Surgical Benefit (MSB)
  • Day Care Procedure Benefit
  • Other Surgical Benefit
  • Ambulance Benefit
  • Premium waiver Benefit (PWB)

There wont be any maturity/death benefit unless term assurance rider has been opted.

Premium for basic plan will be guaranteed for 3 years only and it can be renewed every third year.

 

LIC Samridhi Plus

LIC Samridhi Plus is a Guaranteed Highest NAV ULIP plan. LIC Samridhi Plus (Plan No.804) is a close ended plan which is available for a maximum period of 3 months.

Samridhi Plus Features:

  • Entry age 8 to 65 years
  • Policy Term 10 years
  • Lock in period 5 years
  • Limited Premium Payment (5 years or single premium)
  • Guaranteed Highest NAV of the first 100 months at Maturity
  • Partial Withdrawals after 5 year

LIC Samridhi Plus come with limited premium payment and Highest NAV Guarantee.

Death Benefit:
The nominee will get Sum Assured or Policyholder’s Fund Value whichever is higher.

Maturity Benefit:
On maturity the policyholder will receive Highest NAV Fund Value Or Maturity Fund Value Whichever is higher.

Highest Guaranteed NAV:
Guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of Rs. 10/-. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for guarantee of NAV shall be 100 months from the date of commencement of policy.

Eligibility condition and restrictions for LIC Samridhi Plus

Risk Cover
5 year Premium paying term policies:
For age at entry below 45 years: 10-20 times the annualised premium
For age at entry 45 years and above: 7-10 times the annualised premium

Min Risk cover Single Premium:
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium

Max Risk cover Single Premium:
5 times the Single premium, if age at entry is upto 55 years.
1.25 times the Single premium, if age at entry is 56 to 65 years

Top-up: No Premium Top-up is allowed under this plan.

Entry age: 8-65 years
Maturity age 18-75 years
Policy Term 10 yrs
Premium paying term: 5yrs or single premium

Min Premium:

Yearly Premium: Rs.15000/-
Half Yearly: Rs.8,000/-
Quarterly: Rs.4,000/-
ECS Monthly Rs.1500/-

Min. Single Premium: Rs.30,000/-

Maximum premium:
Single Premium: No Limit
Regular Premium: 1 lac p.a.

Accident Benefit: Accident Benefit is availabe at extra Rs.0.50 per thousand Sum Assured

Premium Allocation Charge
For Single premium policies: 3.3%

For Regular Premium policy:
First year: 6%
2nd-5th year: 4.50%

Misc. Charges:
Policy Admin charges: Rs.30/month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy.
Fund Management Charges (FMC): 0.90% p.a
Guarantee Charge: 0.40% p.a

LIC Bima Account II

LIC Bima Account 2 (Table No.806)  is a simple non-linked plan. Its similar to Bima Account 1 with some minor term differences. Its a unique plan with Insurance and investment with guaranteed return.

LIC Bima Account 2 features:

  • Simple endowment plan
  • High Liquidity
  • Guaranteed minimum return
  • Transparent charges
  • High Risk cover
  • Term 10 to 15 years

Under LIC Bima Account, (Plan No. 806) the premiums paid by you, after deduction of charges, will be credited to the the Bima Account.

Policyholder’s Account will consist of 2 parts:

  1. Bima account Regular Premium Account
  2. Top-up Premium Account

Your regular premiums will be credited in your regular account and if you top up your account it will be credited to your top up account.
LIC Bima Account
Loan:
Loan facility will be available immediately after first policy anniversary.

Top-up Premium:
You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

6% guaranteed Interest:
Bima Account will earn an annual interest of 6% p.a. provided the policy is in force and 5% p.a. if the policy is paid-up. These interest is guaranteed for whole policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under Bima account plan.

Benefits:

Benefits payable on death:
In case of death of the Life Assured during the policy term, when the policy is inforce, the nominee will get the Sum Assured along with the balance in the Policyholder’s Account.

Benefits payable on maturity:
On life assured  surviving the date of maturity an amount equal to balance in the Bima Account is payable.

Eligibility conditions and terms of Bima account 2:

Minimum Entry Age: 8 (completed)
Maximum Entry Age: 60 (nearest birthday)
Policy Term: 10 to 15
Minimum Maturity Age: 18 (completed)
Maximum Maturity Age: 70 (nearest birthday)
Minimum Premium:
Yearly Rs.15,000
Half-yearly Rs.8,000
Quarterly Rs.4,000
Monthly (ECS) Rs.1250
Top-up premium: Rs. 1000

Minimum Sum Assured: 10 times the annualized premium.

Maximum Sum Assured:

  • 30 times of the annualized premium up to age 35 years
  • 20 times of the annualized premium for age between 36 to 45years
  • 10 times of the annualized premium for age between 46 to 60 years

Expense charges:

Expenses charge (including commission)
First Year 2nd & 3rd Years Thereafter
27.5% 7.5% 5%

Expense charge for top-up Premium:      2.5%