LIC Jeevan Lakshya Plan No 833

Jeevan Lakshya is a limited premium paying plan which provides Annual Income Benefit to fulfill the family requirements. In case of death of the policy holder takes place prior to the maturity, 10% of the basic sum assured will be paid on every policy anniversary, further it also provides a lump sum amount at the time of maturity regardless of survival of the policyholder.

Jeevan Lakshya Eligibility

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Death Benefits:

1. In case of unfortunate event of death of policy holder happens during the policy term, 10% of the basic sum assured amount will be given to the nominee on every policy anniversary from the year of death till the date of maturity.

2. At the time of maturity i.e. at the end of policy term, nominee will be paid

Basic Sum Assured on death (110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any)

Maturity Benefits:

If policy holder survives till the end of the policy term having paid all due premiums, the benefits from the policy would be:

Basic Sum Assured + Vested Simple Revisionary bonuses + Final Additional bonus (if any)

LOAN & SURRENDER OPTIONS AVAILABLE

TERM, ACCIDENT AND DISABILITY BENEFIT RIDER AVAILABLE

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.

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.

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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.

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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)

Comparison Old Jeevan Anand Plan No 149 to New Jeevan Anand Plan No 815

LIC Launches New Jeevan Anand Plan  (Table No. 815). As per the rule of IRDA most of the LIC plans are revised.
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Below are the list of changes done in new Jeevan Anand Plan (Table No. 815) compared to old  Jeevan Anand Plan (Table No. 149).

	Jeevan Anand (Plan No. 149)	New Jeevan Anand (Plan No. 815)
Maturity Benefit	Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.	Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any
Death Benefit	During the policy term - Basic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. After expiry of policy term - Basic Sum Assured	During the policy term - ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. After expiry of policy term - Basic Sum Assured
Survival Benefit	No Change	No Change
Age at entry	18 to 65 years	18 to 50 years
Age at Maturity	Maximum 75 Years	Maximum 75 Years
Policy Term	5 to 57 years	15 to 35 years
Premium mode	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured	100000 and above	100000 and above ( In multiples of 5000)
Surrender Value	Available after completion of 1 year.	Available at any time during the policy term subject to realisation of the premium cheque.
Loan	Available after payment of 3 full years premiums. Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value  in case of Paid-up policies irrespective of the policy term. Foreclosure action was initiated on default of 2 or more half-yearly  loan interest installments.	Available after payment of 3 full years premiums The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term. Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is a default of loan interest.
Guaranteed Surrender Value (GSV)	Available after payment of 3 full years premiums. GSV shall be equal to 30% of the total premiums paid less First Year Premium and  extra premium, if any Cash Value of  vested bonuses, if any	Available after payment of 3 full years premiums. GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for. Examples of GSV factors applicable for total  premiums paid Policy Year ~ GSV factor          3   =   30%          5   =   50%        t -1  =   80% (t=Policy Term)
Special Surrender Value (SSV)	Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be surrender value factors as provided in Table-1A and 2A(whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.	Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Other Changes	A  Policy may be revived within a period of 5 years from the date of first unpaid premium. Accident Benefit inbuilt. Taxes, if any , were borne by the corporation.	A  Policy may be revived within a period of 2 years from the date of first unpaid premium., Accident Benefit as a rider. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
NO Changes in	Back Dating Grace Period Paid-up Value Assignment/Nomination	Back Dating Grace Period Paid-up Value Assignment/Nomination

LIC New Jeevan Anand Plan No 815

LIC Launches New Jeevan Anand Plan  (Table No 815)

• A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
• Accident Benefit as a rider.
• Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit -Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any

Death Benefit -

During the policy term – ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

After expiry of policy term – Basic Sum Assured

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual Premium.(10 x AP).

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .

[*excluding taxes, extra premiums and premiums for riders, if any]

Eligibility Conditions and Restrictions

• Age at entry - 18 to 50 years
• Age at Maturity - Maximum 75 Years
• Policy Term - 15 to 35 years
• Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
• Basic Sum Assured - 100000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums. The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term, as given in the table below.

Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is a default of loan interest.

Policy Term	Upto 23	24 to 27	28 to 31	32 to 35
% for inforce policies	90%	80%	70%	60%
% for Paid-up policies	80%	70%	60%	50%

Guaranteed Surrender Value (GSV) -Available after payment of 3 full years premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.

Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –

Year of SV – Policy Term – Factor

3                  15                  17.66%

19                 25                  20.85%

29                 30                  30%

Special Surrender Value (SSV) -Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

Surrender Value payable – The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

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Comparison of Old Money Back Plan 93 to New Money Back Plan 821

LIC launches New Money Back plan for 25 Years - Table no 821. As per the rule of IRDA most of the LIC plans are revised.Call us on 9898382402 or leave us your details here for more details

Below are the list of changes done in new Money Back Plan 821 compared to old Money Back Plan 93.

	Money Back Plan -25 years (Plan No. 93)	New Money Back Plan – 25 years (Plan No. 821)
Maturity Benefit	40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.	No Change
Death Benefit	Sum Assured(SA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.	Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .
Survival Benefit	15 % every 5 years	No Chnage
Paid-up value	Paid-up value per thousand Sum Assured	Paid –up value shall be equal to [(Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy
Age at entry	13 to 45 years	13 to 45 years
Age at Maturity	Maximum  70 years	Maximum  70 years
Policy Term	25 Years	20 Years
Premium mode	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured	50,000 and above	1,00,000 and above ( In multiples of 5000)
Rebate	3% of tabular Premium for Yearly premium 1.5% of tabular premium for Half-Yearly premium	2% of tabular premium for Yearly premium 1% of tabular premium for Half-Yearly premium
Loan	Available after payment of 3 full years premiums. Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value  in case of Paid-up policies. Foreclosure action shall be  initiated on default of 2 or more half-yearly  loan interest installments.	Available after payment of 3 full years premiums The maximum amount of loan that can be granted as a percentage of Surrender Value be  as under: For inforce and fully paid-up policies – upto  90% For paid-up policies – 80% Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.
Guaranteed Surrender Value (GSV)	Available after payment of 3 full years premiums Before Payment of Survival Benefit: GSV shall be equal to 30% of the total premiums paid less First Year Premium and  extra premium, if any. After Payment of Survival Benefit: GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.	Available after payment of 3 full years premiums. GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid. Examples of GSV factors applicable for total  premiums paid Policy Year ~ GSV factor          3   =   30%          5   =   50%        t -1  =   80% (t=Policy Term)
Special Surrender Value (SSV)	Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.	Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Main Changes	A  Policy may be revived within a period of 5 years from the date of first unpaid premium. Taxes, if any , were borne by the Corporation.	A  Policy may be revived within a period of 2 years from the date of first unpaid premium. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
NO Changes in	Back Dating Grace Period Assignment/Nomination	Back Dating Grace Period Assignment/Nomination

New Money Back Plan for 25 Years Plan no 821

LIC Launches new Money Back Plan for 25 Years (Table No 821).

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

A  Policy may be revived within a period of 2 years from the date of first unpaid premium.

Maturity Benefit - 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any

Death Benefit -Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)

OR 10 times Annualised  Premium.(10 x AP).

[*Premiums - excluding taxes, extra premiums and premiums for riders, if any]

SURVIVAL BENEFIT (as a percentage of Sum Assured )

Policy Year	5th	10th	15th	20th
Survival Benefit Payable	15%	15%	15%	15%

Paid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

Eligibility Conditions and Restrictions

• Age at entry - 13 to 45 years
• Age at Maturity - Maximum 70 Years
• Policy Term - 25 years
• Premium Paying Term – 20 Years
• Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
• Basic Sum Assured - 1,00,000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value be  as under:

• For inforce and fully paid-up policies – upto  90%
• For paid-up policies – 80%
• Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.

Surrender Value-

Guaranteed Surrender Value (GSV) - Available after payment of 3 full years premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.

Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –

Year of SV –  Factor

3            15.28%

20            21.99%

24             30%

Special Surrender Value (SSV) - Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

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