LIC's New Jeevan Rakshak Plan (Table No. 827)

LIC's New Jeevan Rakshak Plan (Table No. 827)
With effect from 19th August 2014. 

This is a regular premium paying Non-linked, with-profit, endowment assurance plan. This plan shall be available to standard lives only under non-medical limit and the total Sum Assured under all the policies issued to an individual under this plan shall not exceed Rs. 2 lacs. The benefits and other details of the plan are as follows:

Eligibility Conditions and Restrictions

• Age at entry : 8 to 55 Years.
• Age at Maturity : 70 Years.
• Plan Term : 10 to 20 Years.
• Premium Mode : Yearly, Half Yearly, Quaterly, Monthly(SSS or ECS).
• Basic Sum Assured minimum Per Life : 75000 and above (In multiples of 5000).
• Basic Sum Assured mmaximum Per Life : 2,00,000.

Mode	Rebate
Yearly	2% of tabular premium
Half-Yearly	1% of tabular premium
Quaterly	Nil

Basic Sum Assured	Rebate
1,50,00 to 2,00,000	1.50‰ BSA
75,000 to 1,45,000	NIL

LIC's Jeevan Rakshak Plan - Loan

  Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following condition :
♦ a) The maximum loan as a percentage of surrender value shall be 70% in case of inforce policies and 60% in case of paid-up policies.
♦ b) The rate of interest to be chaged for the loan amount would be determined from time to time by the Corporation.
♦ c) No foreclosure action Under Inforce policies shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding alongwith interest shall be recovered from the claim proceeds at the time of exit.

LIC's Jeevan Rakshak maturity benefits

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

LIC's Jeevan Rakshak deth benefits

♦ 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 Loyalety Addition, if any, shall be payable if death occurs after completion of 5th policy year.

LIC's New Jeevan Rakshak Plan - Surrender Value

  The policy can be surrendered at any time during the policy term provided atleast three full years´ premium have been paid. 

Guaranteed Surrender Value (GSV).
♦ 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 and is enclosed as Annexure 3.

Special Surrender Value (SSV).
♦ The Corporation may, however, pay Special Surrender Value as applicable as on the date of surrender, provided the same is higher than Guaranteed Surrender Value. The Special Surrender Value will be the discounted value of Paid-up Sum Assured (as defined in Para 11 above). The discount factors shall be the surrender value factors as provided in Table-1A of Special Surrender Values booklet used Endowment Assurance plan and will depend on the policy term and duration elapsed since the commencement of the policy.

Best Indian Brands 2014: 'LIC has been a financial guardian angel'

I didn't even consider any private insurance brands ...it had to be only Life Insurance Corporation. It's like fill it, shut it and forget it. When you are investing in life, you would look for a life partner rather than somebody you are flirting with. It's always long term and that's why LIC.

I bought my first policy when I was 26, just four years into my first job. It's not that there were no options but it was an easy choice to make. The biggest reason to get life insurance is to ha .. 

Read more at:
http://economictimes.indiatimes.com/articleshow/39682586.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

LIC's New Amulya Jeevan - II - Plan No. 823

LIC’s Amulya Jeevan - II Plan - Table no. 823

UIN – 512N286V01

This is a Regular Premium paying conventional without profit pure protection plan.
Service tax applicable @ 12.36%

Eligibility conditions and restrictions:

1)  Minimum Age at entry for Life Assured  : 18 years (completed)

2) Maximum Age at entry for Life Assured  : 60 years (Nearest Birthday)

3) Minimum Policy Term                              : 5 years

4) Maximum Policy Term                               : 35 years (Nearest Birthday)

5) Maximum Cover ceasing Age                   : 70 years (Nearest Birthday)

6) Premium payment mode                          : Yearly & Half-yearly

8) Minimum Sum Assured                             : Rs 25,00,000/-

10) Maximum Sum Assured                            : No Limit

The Sum Assured shall be in multiples of Rs 1,00,000/-

Benefits payable only on Death

On death of Life Assured during the policy term, Sum Assured shall be payable. Whereas, no benefits shall be payable on survival to the end of the policy term.

NO PAID UP VALUE | NO SURRENDER | NO LOAN FACILITY

Revival

Revival of the lapsed policy can be done within the period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, with or without any conditions laid down by LIC

Suicide Clause

This policy shall be void if Life Assured commits suicide within 12 months from the date of commencement of risk or date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding taxes & extra premium), provided policy is in force, shall be payable. The corporation will not entertain any other claim under this policy.

Assignments & Nominations: As per old plan.

Call us on 9898382402 or leave us your details here

LIC's New Anmol Jeevan - II - Plan No. 822

LIC’s Anmol Jeevan - II Plan - Table no. 822

UIN – 512N285V01

This is a Regular Premium paying conventional without profit pure protection plan.
Service tax applicable @ 12.36%

Eligibility conditions and restrictions:

1)  Minimum Age at entry for Life Assured  : 18 years (completed)

2) Maximum Age at entry for Life Assured  : 55 years (nearest B’day)

3) Minimum Policy Term                               : 5 years

4) Maximum Policy Term                              : 25 years (nearest B’day)

5) Maximum Cover Ceasing Age                   : 65 years (Nearest Birthday)

6) Premium payment mode                          : Yearly & Half-yearly

7) Minimum Sum Assured                             : Rs 6,00,000/-

8) Maximum Sum Assured                            : Rs 24,00,000/-

The Sum Assured shall be in multiples of Rs 1,00,000/-

Benefits payable only on Death

On death of Life Assured during the policy term, Sum Assured shall be payable. Whereas, no benefits shall be payable on survival to the end of the policy term.

NO PAID UP VALUE | NO SURRENDER | NO LOAN FACILITY

Revival

Revival of the lapsed policy can be done within the period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, with or without any conditions laid down by LIC

Suicide Clause

This policy shall be void if Life Assured commits suicide within 12 months from the date of commencement of risk or date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding taxes & extra premium), provided policy is in force, shall be payable. The corporation will not entertain any other claim under this policy.

Assignments & Nominations: As per old plan.

Call us on 9898382402 or leave us your details here

LIC’s New Jeevan Nidhi Plan No. 818

LIC’s New Jeevan Nidhi Plan - Table no. 818

A Compulsory Pension Plan from LIC

LIC’s New Jeevan Nidhi Plan is introduced with effect of 27th Jan 2014. This is conventional with profit Pension Plan from LIC.

Eligibility conditions and restrictions:

1)  Minimum Age at entry for Life Assured  : 20 years (nearest Birth day)

2) Maximum Age at entry for Life Assured  : 58 years (nearest Bday) in Regular Premium

: 60 years (nearest Bday) in Single Premium

3) Minimum Deferment Period                     : 5 years under Single Premium

: 7 years under Regular Premium

4) Maximum Deferment Period                    : 35 years

5) Minimum age at Maturity                         : 55 years (Nearest Birthday)

6) Maximum age at Maturity                        : 65 years (Nearest Birthday)

7) Premium payment mode                          : Yearly, Half-yearly, Quarterly, Monthly (SSS or Single Premium

8) Minimum Sum Assured                             : Rs 1,00,000/- for regular Premium

: Rs 1,50,000/- for Single Premium

9) Maximum Sum Assured                          : No Limit

The Sum Assured shall be in multiple of Rs 5000/-

Benefits:

(A) Guaranteed Additions:

Provided the policy is in full force, Guaranteed Additions @ Rs. 50 per Thousand Basic Sum Assured will be added to the Basic Sum Assured for each completed year, for first five years.

In case of surrender of fully paid up policy or in case of death claim, the guaranteed additions for the policy year of death or surrender will be added fully

(B) Optional Benefit on LIC’s  Accidental Death and Disability Benefit Rider at extra premium

(C) Participation in Profits

The Policy shall participate in profits from the 6^th year onwards till the end of deferment period and at such rates as may be declared by the corporation provided the policy is kept in force for full sum assured.

Final Additional Bonus may also be declared under the policy depending on experience of LIC

(D) Benefit on Vesting:  -  

Provided this policy is in full in force, on vesting, an amount equal to Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Final Additional Bonus if any shall be made available to the life assured. The benefits available on vesting shall be payable as per details given below:

(E) Option available to the Life Assured for utilization of benefit amount:

The following options will be available to the life assured for the utilization of benefit amount on vesting/surrender

1) To Purchase in immediate annuity

The life assured will have a choice to commute the amount available on vesting/surrender to the extent allowed under Income tax act. The entire amount available on vesting/surrender or the balance amount after commutation as the case may be, shall be utilized to purchase immediate annuity at then prevailing annuity rates. Commutation will only be allowed provided that the balance is sufficient to purchase the minimum amount of annuity as per the provisions of sections of insurance Act. 1938.

In case the said is insufficient to purchase the minimum amount of annuity then the said amount shall be paid as a lump sum to the life assured.

The annuity shall only be purchased from Life Insurance Corporation of India.

2) To purchase a new Single premium deferred pension product from Life Insurance Corporation of India.

Under this option the entire proceeds available on vesting/ surrender shall be utilized to purchase a new single premium deferred pension product provided the policyholder satisfied the eligibility criteria for purchasing a single premium deferred pension product.

(F) Death Benefit:

Death during the first five policy years: Provided the full policy in force, basic sum assured along with accrued guaranteed addition bonus shall be paid as lump sum or in the form of annuity or partly in lump sum and balance in the form of annuity to the nominee/legal heir at then the prevailing immediate annuity rates.

Death after first five policy years: Provided the full policy in force, basic sum assured along with accrued guaranteed addition bonus, vested Simple Reversionery Bonuses and Final Additional Bonus, if any,  shall be paid as lump sum or in the form of annuity or partly in lump sum and balance in the form of annuity to the nominee/legal heir at then the prevailing immediate annuity rates.

In any case, provided all due premiums have been paid, the total death benefit at any time shall not be less than 105% of total premiums paid (excluding taxes, extra premium and rider premium, if any)

LIC's claim settlement Better and Efficient than private insurers: BY IRDA

Private insurance companies fared poorly in terms of settlement of death claims in 2012-13 as compared to state-owned LIC (Life Insurance Corporation), says sectoral regulator Irda. "The claim settlement ratio of LIC was better than that of the private life insurers," Insurance Regulatory and Development Authority said in its annual report.

Life Insurance Corporation posted claim settlement ratio of 97.73 per cent last fiscal, as compared to 97.42 per cent in 2011-12.

For private insurers, the settlement ratio had gone down to 88.65 per cent in 2012-13, as compared to 89.34 per cent during the previous year, Irda said.It further revealed that private sector insurance firms have been rejecting about 8 per cent of the claims as against 1.12 per cent by the LIC.

According to Irda, there were 3.47 per cent claims sought from private insurance companies were pending at the end of the year. The similar figure for LIC was 1.04 per cent.There are about two dozen private life insurance firms in India and the larger ones include ICICI Prudential Life, HDFC Standard Life and Reliance Life.

The life insurance industry recorded a premium income of over Rs 2.87 lakh crore during 2012-13, up 0.05 per cent over the previous fiscal.

While private sector insurers posted 6.87 per cent decline in premium income, LIC recorded 2.92 per cent growth in 2012-13 compared to the previous fiscal.

List of LICs New Plans Launching This year 2014

The list of LIC’s New plan which are going to launch in January 2014.

1. Single Premium Endowment Plan (Table No. 817) Launched on 1 January 2014
2. New Endowment Plan (Table No. 814) launching on 3 January 2014
3. New Money Back Plan for 20 Years (Table No 820) Launching on 6 January 2014
4. New Money Back Plan for 25 Years (Table No 821) Launching on 6 January 2014
5. New Bima Bachat Plan (Table No 816) Launching on 7 January 2014
6. New Jeevan Anand Plan (Table No. 815) Launching on 8 January 2014

Details coming soon.....

JEEVAN ANKUR - Plan Features

PlanCode: 807

PlanName: Jeevan Ankur

Product summary: LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else. The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.

 Death benefit: On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term. On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy. On death of child/nominee after Life Assureds death: The policy shall continue and the benefits shall be payable to the legal heir(s).

 Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured. Loyalty Addition: Depending upon the Corporations experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

 Accident Benefit Rider: This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.

 Critical Illness Rider: An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age. Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.

 Payment of Premiums: Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.

 Policy Loan: No loan facility will be available under this plan.

Life Insurance Vs. Other Savings

Following are the points of differences b/w life insurance and other saving schemes

Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection: 

Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift: 

Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).

For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.

In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:

In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief: 

Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.

Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It: 

A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.

Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.

Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

(Source: licindia)

Welcome

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A warm welcome to you all on my blog...

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Cheers to life!!!