LIC Pension Plan New Jeevan Nidhi Benefits

LIC Pension Plan New Jeevan Nidhi (UIN: 512N271V02) Benefits

LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan with a combination of protection and saving features. This plan provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

1. Benefits:

1. Benefit on Vesting:  Provided the policy is in full force, on vesting an amount equal to the 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 following options shall be available to the Life Assured for utilization of the benefit amount.

1. To purchase an immediate annuity

The Life Assured shall have a choice to commute the amount available on vesting to the extent allowed under Income Tax Act. The entire amount available on vesting or the balance amount after commutation, as the case may be, shall be utilized to purchase immediate annuity at the then prevailing annuity rates. Commutation shall only be allowed provided the balance amount is sufficient to purchase a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938.
In case the total benefit amount 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.
or

1. To purchase a new Single Premium deferred pension product from Life Insurance Corporation of India

Under this option the entire proceeds available on vesting shall be utilized to purchase a single premium deferred pension product provided the policyholder satisfies the eligibility criteria for purchasing single premium deferred pension product.
The Life Assured will have to intimate his / her intention to go for a particular option available on the date of vesting atleast six months prior to the date of vesting.

2. Death Benefit:

Death during first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition shall 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 first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus, if any, shall 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.
In any case, provided all due premiums have been paid, the total death benefit at any time shall not be less than 105% of the total premiums paid (excluding taxes, extra premium and rider premium, if any).
The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.

3. Guaranteed Additions:  The policy provides for Guaranteed Additions @ Rs.50/- per thousand Basic Sum Assured for each completed year, for the first five years.

4. Participation in profits: Provided the policy is in full force, depending upon the Corporation’s experience the policies shall participate in profits from 6th year onwards for a Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by way of death or on vesting, provided the policy has run for certain minimum term.

1. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider:  LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium under regular premium policies. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived. If the policy becomes a claim either by way of death or the policy vests before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid in lump sum.
 
The Accident Benefit Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 1,00,000 and maximum of Rs. 50 lakh (under individual as well as group policies with LIC of India). This benefit will be available only till the vesting age.

LIC Pension Plan Jeevan Akshay VI Benefits

LIC Pension Plan Jeevan Akshay VI ( UIN - 512N234V04 ) Benefits

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies :

1. Under option (i) annuity ceases.
2. Under option (ii)
   On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
   On death after the guaranteed period - annuity ceases.
3. Under option (iii) annuity ceases and the purchase price is paid to the nominee.
4. Under option (iv) annuity ceases.
5. Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
6. Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
7. Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

LIC Pension Plan Jeevan Akshay VI Features

LIC Pension Plan Jeevan Akshay VI ( UIN - 512N234V04 ) Features

Introduction:
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:
The following options are available under the plan
Type of Annuity:

• Annuity payable for life at a uniform rate.
• Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
• Annuity for life with return of purchase price on death of the annuitant.
• Annuity payable for life increasing at a simple rate of 3% p.a.
• Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.
Mode:
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features:

• Premium is to be paid in a lump sum.
• Minimum purchase price :
• Rs.100,000/- for all distribution channels except online.
• Rs.150,000/- for on line sale.
• No medical examination is required under the plan.
• No maximum limits for purchase price, annuity etc.
• Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
• Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthday	Yearly annuity amount under option
	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30	7190	7160	6890	5250	7080	6970	6860
40	7510	7440	6930	5610	7310	7120	6890
50	8140	7950	7000	6280	7760	7420	6930
60	9350	8790	7110	7530	8640	8030	7010
70	12080	9830	7260	10220	10560	9370	7130
80	17880	10440	7480	15890	14600	12340	7290

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

Cooling-off period:

If you are not satisfied with the ?Terms and Conditions? of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 Of Insurance Act 1938:

• No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
• Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of Insurance Act 1938:

• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
• Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Note : For full details please refer to the Policy document or contact our nearest Branch Office.

LIC Pension Plan Jeevan Akshay VI ( UIN - 512N234V04 )Benefits

LIC Pension Plans

LIC Pension Plans

Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
 Pension Plans:

Jeevan Akshay-VI-Features                                 Benefits

LIC's New Jeevan Nidhi-Benefits                                          Benefit Illustration                                          Eligibility Conditions and Other Restrictions

LIC eTerm Eligibility Conditions and Other Restriction

LIC's e-Term Eligibility Conditions and Other Restriction (UIN: 512N288V01)

Eligibility Conditions and Other Restriction:

• Minimum Sum Assured          :   Rs. 25,00,000 for Aggregate category

    Rs. 50,00,000 for Non-smoker category

• Maximum Sum Assured         :   No limit

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

• Minimum age at entry             :  18 years (completed)
• Maximum age at entry            :  60 years (nearest birthday)
• Maximum cover ceasing age             :  75 years (nearest birthday)
• Minimum policy term              :  10 years
• Maximum policy term            :  35 years
• Proposal on own life only will be considered. Key Man Insurance (KMI)/Partnership/EE Cover will not be allowed.

Payment of Premiums:

Premium need to be paid annually during the policy term.

A grace period of one month but not less than 30 days from due date of premium will be allowed for payment of premiums.

Sample Premium Rates:

The sample premium rates (exclusive of taxes) are as under:

For Aggregate category

Annualised premium rates per Rs. 1000 Sum Assured
Age (yrs.)	Term of the Policy (years)
	10	15	20	25	30
20	0.92	0.92	0.93	1.00	1.11
30	1.10	1.20	1.39	1.66	1.97
40	2.02	2.48	3.00	3.56	4.19
50	4.86	5.72	6.73	7.90	-

For Non-smoker category

Annualised premium rates per Rs. 1000 Sum Assured
Age (yrs.)	Term of the Policy (years)
	10	15	20	25	30
20	0.63	0.63	0.65	0.70	0.79
30	0.77	0.85	1.00	1.21	1.46
40	1.48	1.84	2.25	2.69	3.18
50	3.67	4.34	5.13	6.06	-

Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the expiry of policy term, by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as may be prevailing at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

The cost of the medical reports, including special reports, if any, required for the purposes of revival of the policy, shall be borne by the Life Assured.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Paid-up Value:

The policy shall not acquire any paid-up value.

Surrender Value:

No Surrender Value will be available under this plan.

Taxes:

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on Instalment premiums including extra premiums, if any.
Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to us within 30 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges, expenses for medical examination and special reports, if any.

Exclusion:

Suicide:
This policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk or within 12 months from the date of revival and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid till the date of death excluding any taxes, extra premium, if any, provided the policy is inforce.
How to purchase LIC’s e-Term

• Step-by-step process to buy LIC’s e-TERM Online:
• Log-on to our website (www.licindia.in) for buying this online product. Click on ‘Buy Online’. Select e-Term.
• Choose your desired Sum Assured and the Policy Term (the period for which you want the cover). The Sum Assured will be paid to the nominee on the unfortunate event of the death of the policy-holder.
• Enter Basic details - Name, Age, Gender, Qualification, etc in the form displayed on your screen.
• After filling in the details, a premium calculator will calculate the premium for the chosen parameters. The Premium will depend on the age, gender, term, sum-assured, health and tobacco-usage. Lower premium rates are applied to non-tobacco users for Sum Assured more than 50 Lakhs.
• Premium payment mode – Annual.
• Complete the form online with these details and pay premium online – at www.licindia.in.

Section 45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Prohibition of Rebates (Section 41 of INSURANCE ACT, 1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provision of this Section shall be punishable with a fine, which may extend to 500 rupees.

Note: “Conditions apply” for which please refer to the Policy document or visit our Website-www.licindia.in.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS IRDA clarifies to public that IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

“Insurance is the subject matter of solicitation”
Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021.
Website: www.licindia.in

Registration Number: 512

• LICs eTerm Eligibility Conditions and Other Restri...
• LICs e Term Features
• LICs e Term Benefits

LIC e Term Features

LICs e Term Features (UIN: 512N288V01)
LIC’s e-TERM PLANKey Features :
Available through Online mode (www.licindia.in)
Pure Term plan
Differential premium rates for Smoker/Non-Smoker lives
Proposal on own life ONLY will be considered
Key Benefits :
Death Benefit – Sum Assured payable on death
Maturity Benefit – Not available

Eligibility conditions :
Minimum Sum Assured : Rs.25,00,000 for Aggregate category
Rs.50,00,000 for Non-smoker category

Maximum Sum Assured : No limit
Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum cover : 75 years (nearest birthday)ceasing age
Minimum policy term : 10 years
Maximum policy term : 35 years
Mode of payment : Yearly

• LICs eTerm Eligibility Conditions and Other Restri...
• LICs e Term Features
• LICs e Term Benefits

LIC e Term Benefits

LIC's e-Term (UIN: 512N288V01) Benefits


LIC’s e-Term is a regular premium non-participating “on-line term assurance policy” which provides financial protection to the insured’s family in case of his/her unfortunate demise. This plan will be available through on-line application process only and no intermediaries will be involved. To purchase this plan please log on to our website www.licindia.in.

Under this plan, there are two categories of premium rates namely (1) Aggregate lives & (2) Non-smoker lives. For Sum Assured upto Rs. 49 lacs Aggregate category rates only would apply. For Sum Assured Rs. 50 lacs and above there is an option to choose differential premium rate for Non-smoker category. However, the application of Non-smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases the Aggregate premium rates shall be applicable.
Benefits:
Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

• LICs eTerm Eligibility Conditions and Other Restri...
• LICs e Term Features
• LICs e Term Benefits

LIC Amulya Jeevan II Plan eligibility conditions and other restrictions

LIC Amulya Jeevan - II Plan (UIN:512N286V01) eligibility conditions and other restrictions

1. Minimum Sum Assured          :   Rs. 25,00,000
2. Maximum Sum Assured         :   No limit

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

1. Minimum age at entry             :  18 years (completed)
2. Maximum age at entry            :  60 years (nearest birthday)
3. Maximum cover ceasing age             :  70 years (nearest birthday)
4. Minimum policy term              :  5 years
5. Maximum policy term            :  35 years

Payment of Premiums:
Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.
A grace period of one month but not less than 30 days will be allowed for payment of premiums.
Sample Premium Rates: The sample premium rates (exclusive of taxes) are as under:

Annualised premium rates per Rs. 1000 Sum Assured
Age (yrs.)	Term of the Policy (years)
	5	10	15	20	25
20	1.15	1.15	1.15	1.15	1.17
30	1.28	1.29	1.42	1.64	1.96
40	2.03	2.41	2.97	3.57	4.23
50	4.85	5.85	6.89	8.05	-

Additional Premium: Additional premium for half-yearly mode: 2.0% of tabular annual premium

Revival: If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the expiry of policy term, by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
The cost of the medical reports, including special reports, if any, required for the purpose of revival of the policy, shall be borne by the Life Assured.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Paid-up Value:
The policy shall not acquire any paid-up value.

Surrender Value:

No Surrender Value will be available under this plan.

Taxes:
Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on Instalment premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Cooling-off period: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges, expenses for medical examination and special reports, if any.

Exclusion:

Suicide:
This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.

Section 45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Prohibition of Rebates (Section 41 of INSURANCE ACT, 1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provision of this Section shall be punishable with a fine, which may extend to 500 rupees.Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.
“Insurance is the subject matter of solicitation”
Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021.
Website: www.licindia.in
Registration Number: 512

• LICs Amulya Jeevan II Plan eligibility conditions ...
• LICs Amulya Jeevan II Plan Benefits
• LICs Anmol Jeevan II Plan eligibility conditions a...
• LICs Anmol Jeevan II Plan Benefit

LIC Amulya Jeevan II Plan Benefits

LIC Amulya Jeevan - II Plan Benefits

LIC Amulya Jeevan - II is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
Benefits:

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

• LICs Amulya Jeevan II Plan eligibility conditions ...
• LICs Amulya Jeevan II Plan Benefits
• LICs Anmol Jeevan II Plan eligibility conditions a...
• LICs Anmol Jeevan II Plan Benefit

LIC Anmol Jeevan II Plan eligibility conditions and other restrictions

LIC Anmol Jeevan - II Plan eligibility conditions and other restrictions

1. Minimum Sum Assured          :   Rs. 6,00,000
2. Maximum Sum Assured         :   Rs. 24,00,000

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

1. Minimum age at entry             :  18 years (completed)
2. Maximum age at entry            :  55 years (nearest birthday)
3. Maximum cover ceasing age             :  65 years (nearest birthday)
4. Minimum policy term              :  5 years
5. Maximum policy term            :  25 years

Payment of Premiums:

Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.
A grace period of one month but not less than 30 days will be allowed for payment of premiums.

Sample Premium Rates: 

The sample premium rates (exclusive of taxes) are as under:

Annualised premium rates per Rs. 1000 Sum Assured
Age (yrs.)	Term of the Policy (years)
	5	10	15	20	25
20	2.09	2.09	2.09	2.16	2.31
30	2.31	2.37	2.65	3.02	3.54
40	3.48	4.10	5.07	6.03	7.05
50	7.91	9.44	11.21	-	-

Additional Premium:

Additional premium for half-yearly mode: 2.0% of tabular annual premium

Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the expiry of policy term, by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of payment, subject to submission of satisfactory evidence of continued insurability.
The cost of the medical reports, including special reports, if any, required for the purpose of revival of the policy, shall be borne by the Life Assured.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Paid-up Value:

The policy shall not acquire any paid-up value.

Surrender Value:

No Surrender Value will be available under this plan.

Taxes: 

Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on Instalment premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges, expenses for medical examination and special reports, if any.

Exclusion:

Suicide:
This policy shall be void if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or from the date of revival, an amount equal to 80% of the premiums paid till the date of death (excluding any taxes, extra premium, if any,), provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.
Section 45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.
Prohibition of Rebates (Section 41 of INSURANCE ACT, 1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provision of this Section shall be punishable with a fine, which may extend to 500 rupees.
Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.
“Insurance is the subject matter of solicitation”
Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021.
Website: www.licindia.in
Registration Number: 512

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• LICs Anmol Jeevan II Plan Benefit

LIC Anmol Jeevan II Plan Benefit

LIC Anmol Jeevan - II Plan (UIN:512N285V01 ) Benefit


LIC Anmol Jeevan - II is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.
Benefits:

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

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• LICs Anmol Jeevan II Plan Benefit

LIC NEW BIMA BACHAT ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

LIC NEW BIMA BACHAT ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

1. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
a) Minimum entry age : 15 years (completed)

b) Maximum entry age : 66 years (nearest birthday) for term 9 years
63 years (nearest birthday) for term 12 years
60 years (nearest birthday) for term 15 years
c) Maximum maturity age: : 75 years (nearest birthday)
d) Policy Term : 9, 12 or 15 years.
e) Minimum Sum Assured : Rs.35,000 for term 9 years
Rs.50,000 for term 12 years
Rs.70,000 for term 15 years

f) Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /- only.

g) Premium payment mode : Single Premium only

2. SAMPLE PREMIUM RATES:
The sample premium rates (exclusive of taxes) are as under: -

Single Premium per 1000 Sum Assured (Rs)
Age (Nearest birthday)	Term
	9	12	15
15	767.95	771.00	771.55
25	768.95	772.00	772.70
35	771.70	775.35	776.80
45	782.65	787.15	789.25
55	803.80	808.10	810.70
65	836.85	-	-

3. REBATE FOR HIGH SUM ASSURED :
High Sum Assured Rebates (As percentage of Tabular Premium) :
Term = 9 years
Less than Rs. 75,000 : NIL
Rs. 75,000 and Less than Rs.150,000 : 6 %
Rs. 150,000 and above . : 8 %
Term =12 years
Less than Rs. 100,000 : NIL
Rs. 100,000 and Less than Rs. 200,000. : 4 %
Rs. 200,000 and above : 6 %
Term =15 years
Less than Rs. 150,000 : NIL
Rs. 150,000 and Less than Rs.300,000 : 3 %
Rs. 300,000 and above : 5 %
4. LOAN :
Loan can be availed under this plan any time after completion of one policy year. The loan shall be equal to 60% of the surrender value as on date of sanction of loan.
5. SURRENDER VALUE:
Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.
The Guaranteed Surrender Value allowable shall be as under:
- First year: 70% of the Single premium excluding taxes and extra premium, if any.
- Thereafter: 90% of the Single premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
6. TAXES:
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Life Assured on the single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
7. COOLING-OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.
8. EXCLUSIONS:
The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.

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• LIC NEW BIMA BACHAT Benefits

LIC NEW BIMA BACHAT Benefit illustration

LIC NEW BIMA BACHAT Benefit illustration

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

Notes:

1. The Single Premium shown above is exclusive of tax.
2. This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
3. The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a.(Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
4. The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
5. v) The amount shown under benefit payable on survival at the end of the policy term is the Maturity Benefit.

SECTION 45 OF INSURANCE ACT, 1938:

No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

(SECTION 41 OF INSURANCE ACT, 1938):

1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
2. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

“Insurance is the subject matter of solicitation”
Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021.
Website: www.licindia.in
Registration Number: 512

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• LIC NEW BIMA BACHAT Benefits

LIC NEW BIMA BACHAT Benefits

LIC NEW BIMA BACHAT(UIN: 512N284V01) Benefits

LICs New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
a) BENEFITS:
Death benefit:

On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.

b)Survival Benefits:

Payable as given below in case of Life Assured surviving to the end of the specified durations:

For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year

For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year

For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year

c) Maturity Benefit:

Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term. d) Loyalty Addition

Depending upon the Corporations experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.

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LIC NEW MONEY BACK PLAN 25 YEARS Eligibility Conditions and Other Restrictions

LIC NEW MONEY BACK PLAN 25 YEARS Eligibility Conditions and Other Restrictions

1. Eligibility Conditions and Other Restrictions

For Basic plan

1. Minimum Basic Sum Assured                     :   Rs. 100,000
2. Maximum Basic  Sum Assured                    :   No Limit

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

1. Minimum Age at entry for Life Assured       :  13 years (completed)
2. Maximum Age at entry for Life Assured      :  45 years (nearest birthday)
3. Maximum Maturity Age for Life Assured  :  70 years (nearest birthday)
4. Term                                                               :  25 years

Premium paying term : 20 years
For LIC’s Accidental Death and Disability Benefit Rider

1. Minimum Accident Benefit Sum Assured : Rs. 100,000
2. Maximum Accident Benefit Sum Assured : An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built 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. 5000/-)

1. Minimum Age at entry for Life Assured : 18 years (completed)
2. Maximum Age at entry for Life Assured : The cover can be opted for at any policy anniversary during the premium paying term.
3. Maximum cover ceasing age : 70 years (nearest birthday)

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.
However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.


3. Sample Premium Rates: Following are some of the sample tabular annual premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

Age(in years)	Premium (Rs.)
20	60.00
30	61.45
40	65.95
45	70.15

4. Mode and High S.A. Rebates: Mode Rebate:
Yearly mode                                     -       2% of Tabular Premium
Half-yearly mode                                         -       1% of Tabular premium
Quarterly & Salary deduction          -     NIL
High Sum Assured Rebate:
       Basic Sum Assured (B.S.A)                     Rebate (Rs.)
1, 00,000 to 1, 95,000             -           Nil
2, 00,000 to 4, 95,000             -           2.00 %o B.S.A.
5, 00,000 and above               -           3.00%o B.S.A.

5. Revival: 
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of maturity by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder

Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy and not in isolation.

6. Paid-up Value
 If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall be equal to [(Number of premiums paid / Total Number of premiums payable) x Basic Sum Assured] less Total amount of survival benefits already paid under the policy.

The policy so reduced shall thereafter be free from all liabilities for payment of the premiums, but shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid-up policy.

Notwithstanding the benefits available under a fully inforce policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier.

Rider(s) shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

7. Surrender Value:

The policy can be surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for less any survival benefits already paid. This percentage will depend on the policy year in which the policy is surrendered and specified as below:

Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to total premiums paid	0.00	0.00	30.00	50.00	50.00	50.00	50.00	51.76	53.53	55.29
Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to total premiums paid	57.06	58.82	60.59	62.35	64.12	65.88	67.65	69.41	71.18	72.94
Policy Year	21	22	23	24	25
% applicable to total premiums paid	74.71	76.47	78.24	80.00	80.00

In addition, the surrender value of any vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to accrued bonuses multiplied by the surrender value factor applicable to accrued bonuses. These factors will depend on the policy year in which the policy is surrendered and specified as below:

Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to vested bonuses	0.00	0.00	15.28	15.42	15.55	15.72	15.93	16.22	16.58	17.03
Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to vested bonuses	18.58	17.58	17.66	17.85	18.16	18.60	19.18	19.93	20.85	21.99
Policy Year	21	22	23	24	25
% applicable to vested bonuses	23.38	25.05	27.06	30.00	35.00

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

8. Policy 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 Corporation may specify from time to time.
9. Taxes:
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.
10. Cooling-off period:
If the Policyholder is not satisfied with the “Terms and Conditions”, policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting proportionate risk premium (for basic plan and rider(s) if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty charges.

11. Exclusion 
Suicide: - This policy shall be void
If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.
If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.
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