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LIC Jeevan Shikhar Plan (837)

LIC Jeevan Shikhar Plan (837)

LIC Jeevan Shikhar is a non-linked ( Not dependent on share market) single premium life insurance plan which provides high life cover (10 times of single Premium) in case of death and good return on survival as maturity. This plan comes with a fixed 15 year term which can be planned for future financial requirement. This Plan has been explained with help of an example.

Key Features

  • High Risk Cover in case of death
  • Option to select Maturity Sum Assured (MSA)
  • Guaranteed Return (MSA) + Loyalty addition on maturity
  • Any time surrender option & higher surrender value
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)

Plan Parameters

Age at Entry

6 Years (Completed)

Maximum Age at Entry

45 Nearest Birthday

Premium Paying Mode

One Time (Single Premium)
Calculate Premium

Policy Term

15 Years

Maturity Sum Assured

1,00,000 and above (in multiple of 20,000)

Maturity benefit

  • On survival of policy holder i.e. completion of 15 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.

Death benefits

  • On death during first five policy years:
    • If Death happens before 8 years of age, then single premium paid less service tax will be returned.
    • If Death happens after 8 years of age, 10 times of premium paid (excluding service tax) will be paid as death benefit.
  • On death after 5 year of policy and before maturity:
    • 10 times of single premium paid (excluding service tax) + loyalty addition will be paid as death benefit.

Note: 8 Year is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.

 

SENTHIL KUMAR

9941246112

LIC AGENT

LIC’S New Plan JEEVAN LABH (Table No. 836) Launched on 4th Jan 2015

LIC’S New Plan JEEVAN LABH (Table No. 836) Launched on 4th Jan 2015

 

ELIGIBILITY CONDITIONS AND RESTRICTIONS:

For Base Plan:

  • Minimum Age at entry for Life Assured : [8] years (completed)
  • Maximum Age at entry for Life Assured : [59] years (nbd) for Policy Term 16 years
    [54] years (nbd) for Policy Term 21 years & [50] years (nbd) for Policy Term 25 years
  • Maximum Age at Maturity for Life Assured: [75] years (nbd)
  • Policy Term/Premium Paying Term : [16/10,21/15 and 25/16] years
  • Minimum Basic Sum Assured : Rs. 2,00,000/-
  • Maximum Basic Sum Assured : No Limit
  • The Basic Sum Assured shall be in multiples of Rs. 10,000/- only.
  • Age at entry for the Policyholder is to be taken as age nearest birthday (nbd) except for the minimum age at entry i.e. 8 years.
  • Date of Commencement of Risk: Under this plan the risk will commence immediately on acceptance of risk.

 

BENEFITS: The benefits payable under an inforce policy are as under:

  • Benefits payable on death: On death of the Life Assured during the term of the policy, the 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 the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured.
    This death benefit shall not be less than 105% of the total premiums paid as on date of death.
    Premiums mentioned above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
  • Benefits payable on maturity: On survival to the end of the policy term, “Sum Assured on Maturity” along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable. Where Sum Assured on Maturity is equal to Basic Sum Assured.
  • Participation in Profits: The policies shall participate in the profits of the Corporation and shall be entitled to receive Simple Reversionary Bonus declared as per the experience of the Corporation, provided the policy is in full force.
    Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death.
    Final Additional Bonus shall not be payable under paid – up policies.

OPTIONAL BENEFIT: This plan provides the following optional rider by payment of additional premium:

For LIC’s Accidental Death and Disability Benefit Rider:

  • Minimum Entry Age: 18 years (completed)
  • Maximum Entry Age: The cover can be opted for at inception or at any policy anniversary thereafter, provided the outstanding premium paying term under the base plan is at least 5 years i.e. the cover can be opted for, on or before 5th policy anniversary in case of PPT= 10 years, on or before 10th policy anniversary in case of PPT= 15 years and on or before 11th policy anniversary in case of PPT= 16 years under the base plan. However, in any case the maximum age at entry shall not exceed 65 years (nearest birthday).
  • Maximum cover ceasing Age: 70 years (nearest birthday)
  • Minimum Accident Benefit Sum Assured : Rs. 10,000/-
  • Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured subject to the maximum of Rs.100 lakh overall limit taking all existing policies of the Life Assured under individual as well as group policies including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
  • The Accident Benefit Sum Assured shall be in multiples of Rs. 10,000/-only.

For LIC’s New Term Assurance Rider;

  • Minimum Entry Age: 18 years (completed)
  • Maximum Entry Age: [59] years (nbd) for Policy Term 16 years
    [54] years (nbd) for Policy Term 21 years & [50] years (nbd) for Policy Term 25 years
  • Policy Term; Same as Base Plan
  • Premium Paying Term: Same as Base Plan
  • Minimum Term Assurance Rider Sum Assured : Rs. 100,000/-

Maximum Term Assurance Rider Sum Assured: The maximum Term Rider Sum Assured shall be less than or equal to the Basic Sum Assured under the base plan, but not exceeding the overall limit of Rs. 25 lakhs taking all Term Assurance Riders Sum Asured under all existing policies of the life assured including the new proposal under consideration.

The Term Assurance Rider Sum Assured can be taken in multiples of Rs. 10,000/-only.

MODE OF PREMIUM PAYMENT: The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (ECS only or through salary deductions).


SENTHILKUMAR

9941246112

LIC AGENT

LIC Jeevan Pragati Plan Plan no:838

LICs New Plan Jeevan Pragati (Table no 838),

LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.

  • Key Features & Eligibility Conditions of LIC Jeevan Pragati Plan

    ELIGIBILITY CONDITIONS AND RESTRICTIONS:

    • Minimum Basic Sum Assured (payable on maturity) : Rs. 1,50,000/-
    • Maximum Basic Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 10,000/- only)
    • Minimum Policy Term : 12 years
    • Maximum Policy Term  : 20 years
    • Minimum Age at entry for Life Assured : 12 years (completed)
    • Maximum Entry Age : 45 years (nearer birthday)
    • Maximum Age at Maturity for Life Assured : 65 years
    • Premium payment mode : Yearly, half-yearly, quarterly & monthly.
    • Accidental Death & Disability Benefit Rider is available on payment of additional premium.
      • Minimum Accident Benefit Sum Assured is Rs 10,000
      • Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 cr.
      • Minimum entry age for the rider is 18 years.
    • Agent’s commission for policy term
      • 12 to 14 years is 20% in first year and 7.5% in 2nd & 3rd year.
      • The first year agents’ commission would be 25% on a 15 year policy term.

    Benefits under LIC’s Jeevan Pragati policy

    • Death Benefit under Jeevan Pragati Plan : On death of the Life Assured during the policy term, the Death Benefit  which is ‘Sum Assured on Death’ + Vested Simple Reversionary Bonuses + Final additional bonus, if any, shall be payable to the nominee. The Sum assured on death automatically increases every fiver years. Where “Sum Assured on Death” is defined as the higher of  a) 10 times of annualized premium (or) b) Absolute amount assured to be paid on death, which is as under;
      • i) During the first five policy years : 100% of the Basic Sum Assured.
      • ii) During 6th to 10th policy years : 125% of the Basic Sum Assured.
      • iii) During 11th to 15th policy years : 150% of the Basic Sum Assured.
      • iv) During 16th to 20th policy years : 200% of the Basic Sum Assured.
    • Maturity Benefit payable under LIC Jeevan Pragati Policy : On survival to the end of the policy term, the maturity benefit which is ‘Sum Assured on Maturity’ + Simple Reversionary Bonuses + Final Additional bonus (FAB) if any, shall be payable to the policy holder. Sum Assured on Maturity is equal to Basic Sum Assured.
    • Final Additional Bonus shall not be payable under paid-up policies..
    • The Bonuses shall be declared on the Basic Sum Assured.
    • The date of commencement of risk under Jeevan Pragati plan will be immediately from the date of issuance of policy.

    MODE OF PREMIUM PAYMENT:  The modes of premium payment allowable are Yearly. Half Yearly. Quarterly, and Monti (ECS only or through salary deductions).

    ·  A grace period of one calendar month but not less than 30 days will be allowed for Quarterly, Half Yearly  and Yearly premium paid and 15 days for monthly mode of payment.

    ·  If the death of the Life Assured occurs within the grace period but before the premium then due, the policy will be treated as in-force and the benefits will be paid deduction of the said unpaid premium and also the unpaid premiums falling due before next policy anniversary

    ·  If premium is not paid before the expiry of the days of grace, the policy lapses.

    ·  If the Policy has not lapsed and the claim is admitted in case of death under the where the mode of payment of premium is other than yearly, unpaid premium(s).

    ·  The above grace period will also apply to rider premium as the rider premium is to be along with the premium of the base plan.

    REBATES:
    The rebates for base plan are as under:

    Mode Percentage

    • Yearly mode : 2% of tabular premium
    • Half-yearly mode : 1% of tabular premium
    • Quarterly and monthly mode : NIL

    High Basic Sum Assured Rebate:

    • 1,50,000 to 2,90,000 : Nil
    • 3.00,000 to 4,90,000 : 1.50 % B.S.A
    • 5,00,000 to 9.90.000 : 2.00 % B.S.A
    • 10.00.000 and above : 2.25 %° B.S.A
    BSA –  Basic Sum Assuredmode : 2% of tabular premium
  • Half-yearly mode : 1% of tabular premium
  • Quarterly and monthly mode : NIL

High Basic Sum Assured Rebate:

  • 1,50,000 to 2,90,000 : Nil
  • 3.00,000 to 4,90,000 : 1.50 % B.S.A
  • 5,00,000 to 9.90.000 : 2.00 % B.S.A
  • 10.00.000 and above : 2.25 %° B.S.A

BSA –  Basic Sum Assured

LIC Jeevan LABH Limited premium Endowment plan

For Base Plan:

  • Minimum Age at entry for Life Assured : [8] years (completed)
  • Maximum Age at entry for Life Assured : [59] years (nbd) for Policy Term 16 years
    [54] years (nbd) for Policy Term 21 years & [50] years (nbd) for Policy Term 25 years
  • Maximum Age at Maturity for Life Assured: [75] years (nbd)
  • Policy Term/Premium Paying Term : [16/10,21/15 and 25/16] years
  • Minimum Basic Sum Assured : Rs. 2,00,000/-
  • Maximum Basic Sum Assured : No Limit
  • The Basic Sum Assured shall be in multiples of Rs. 10,000/- only.
  • Age at entry for the Policyholder is to be taken as age nearest birthday (nbd) except for the minimum age at entry i.e. 8 years.
  • Date of Commencement of Risk: Under this plan the risk will commence immediately on acceptance of risk.




LIC's JEEVAN RAKSHAK

    LIC's Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

    • Benefits:

    Death benefit
    In case of death of the policyholder during the policy term provided all due premiums have been paid, “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 premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.

    In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.

    Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

    Participation in Profits: Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death after completion of 5th policy year or on Policyholder surviving to the maturity.
         

    • Optional Benefit:
    LIC’s Accident Benefit Rider:  Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan
    1. Eligibility Conditions and Other Restrictions:

    For Basic plan
    (This plan is only available for standard healthy lives without undergoing any medical examination)

    1. Minimum Basic Sum Assured per life*        :   Rs. 75,000
    2. Maximum Basic Sum Assured per life*       :   Rs. 200,000

           (The Basic Sum Assured shall be in multiples of Rs. 5000/-)

    1. Minimum Age at entry                                  :  8 years (completed)
    2. Maximum Age at entry                                 :  55 years (nearest birthday)
    3. Minimum Policy Term                                   :  10 years
    4. Maximum Policy Term                                  :  20 years
    5. Maximum Age at Maturity                            :  70 years (nearest birthday)

    * The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 2 lakh.

    For LIC’s Accident Benefit Rider

    1. Minimum Accident Benefit Sum Assured    : Rs. 75,000
    1. Maximum Accident Benefit Sum Assured   : An amount equal to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

          The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000.                    

    1. Minimum Entry Age                           : 18 years (completed)
    2. Maximum Entry Age                          : The cover can be opted for at any policy anniversary during the policy term
    3. Maximum Cover Ceasing Age            : Same as under the Basic Plan.