LIC Cancer Cover Plan No. 905 Features & Details:
LIC has introduced a new plan specific to cancer care. Cancer Cover Plan No.905 is non-linked regular premium paying Health Insurance plan. This scheme provides fix benefit on cancer detection of first stage and second stage.
Benefits of LIC Cancer Cover Plan
With this policy you will live worry free for cancer.
Sum assured is available from Rs. 10 lakh to Rs. 50 lakh. There were two options — sum assured and increment of the sum assured by 10 per cent of basic sum assured for the first five years.
Types Of Sum Assured:
- Basic Sum Assured
- Increasing Sum Assured (10% Increase in Sum Assured Every Year for first 5 years)
Types Of cancer Covered
- First Stage or Early Detection
- Second stage or Major Stage
On Early Detection of First stage
- 25% of Basic Sum Assured payable
- 3 Years premium will be waived off
On Major Detection
- % Applicable Sum Assured per month for next 10 years irrespective of Live or death
- All future Premiums waived off.
LIC Cancer Care Eligibility Conditions
- Entry Age: 20 Years – 65 Years
- Policy Term: 10 Yrs – 30 Years
- Cover Ceasing Age: 50 Yrs – 75 Yrs
- Basic Sum Assured: 10 lacs to 50 lacs
(Note: Subject to an overall limit of 50 lacs taking all existing critical illness cover policies including cancer cover and new proposal under consideration Payment of Claims by Claims Dept of LIC (Not by TPA)
- Minimum Premium 2400 for all modes
- Waiting period 180 days
Keep in mind this is special plan and hence you will get:
- No Surrender Value
- No Loan on Policy Applicable
- No Maturity value
- No Mode Rebate
Due to rise in cancer cases this policy will safeguard your life against unexpected Cancer disease.
Example: Mr. Avinash Aged 25, opts for Cancer Care Plan for 10 years for 10 lakhs Sum Assured. After 2 years Avinash diagnosed with early Cancer detection. LIC pays 2.5 lakh to Avinash as 25% Basic Sum Assured of 10 lakhs. Also Avinash gets 3 years Premium Holiday. So he does not have to pay premium for next 3 years.
If Avinash Diagnosed again with second stage within policy period he will also get rest of BSA (7.5 lakh as he already received 25% benefit earlier) and all future premiums will be waived off.
In another scenario, If Mr. Avinash Does not diagnose with cancer throughout the policy term, He will not get any maturity benefit.
Share this policy on with others so others can also take benefit of this scheme.
LIC Flexi Plus (Table No. 811) not only provides lump sum benefit on death of policy holder but also the maturity benefit irrespective of the survival of the Policyholder. This policy provides protection and long term savings both at the same time.
Features at glance :
- Flexibility term 10-20 years
- Flexibility premium paying mode
- Fund types: Debt Fund and Mixed Fund
- Partial withdrawals in case of emergency
- Anyone between 18-50 years old can buy this plan.
- Flexible premium Rs.15000-Rs.1,00,000
- 10 times sum assured of your annual premium
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode).
Eligibility Conditions And Restrictions for LIC Flexi Plus:
- Minimum Age at entry: 18 years (last birthday)
- Maximum Age at entry: 50 years (nearest birthday)
- Maximum Maturity Age: 60 years (nearest birthday)
- Policy Term: 10 to 20 years
Partial Withdrawals: You may encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:
- Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
- Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund.
- Debt fund
- Mixed Fund
- Investment in Government / Government Guaranteed Securities / Corporate Debt: Not less than 60%
- Short-term investments such as money market instruments: Not more than 40%
- Investment in Listed Equity Shares: Nil
- Details and objective of the fund for risk /return: Low risk
- Investment in Government / Government Guaranteed Securities / Corporate Debt: Not less than 45%
- Short-term investments such as money market instruments: Not more than 40%
- Investment in Listed Equity Shares: Not less than 15% & Not more than 25%
- Details and objective of the fund for risk /return: Steady Income –Lower to Medium risk
Premium Allocation Charges
2nd to 5th Year
Fund Management Charge:
- 0.50% p.a. of Unit Fund for “Debt” Fund
- 0.60% p.a. of Unit Fund for “Mixed” Fund
Policy Administration Charge:
Policy Year Policy Admin Charge (per month)
1st Year Rs. 50
2nd Year Rs. 41.20
3rd Year Rs. 42.44
4th Year Rs. 43.71
5th Year Rs. 45.02
6th Yr onwards Rs. 34.78 in 6th year escalating at 3% p.a. thereafter.
In case, you discontinue policy, here are the charges:
|Where the policy is discontinued during the policy year
||Discontinuance charges for the policies having annualized premium up to Rs. 25,000/-
||Discontinuance charges for the policies having annualized premium above Rs. 25,000/-
Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/-
Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-
Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/-
Lower of 4% * (AP or FV) subject to maximum of Rs. 4000/-
Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-
Lower of 3% * (AP or FV) subject to maximum of Rs. 3000/-
Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-
Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-
5 and onwards
Sum Assured under the LIC Flexi Plus Plan:
10 times of your annual premium or 105% of the total premiums paid including any premiums which have fallen due but not paid, whichever is higher.
Example: If 30 years old Mr. Raj buys Flexi Plus for 10 years term and pays yearly premium of Rs.15,000/- he will get sum assured of Rs.1.5lakh.
Scenario 1 : Mr. Raj dies within 10 years while policy is in force, his nominee will get Rs.1.5 lakh (15000*10) plus all the future premium will be paid by LIC and his policy will continue till maturity. On Maturity his nominee will again get the fund value depending on the market NAV.
Scenario 2 : Mr. Raj survives till maturity, he will get the fund value.
Update: LIC Flexi Plus Table No. 811 Has Been Discontinued.
LIC’s new health insurance Jeevan Arogya (Plan No. 903) provides fixed benefits for hospitalization and almost all types of surgical procedures. Jeevan Arogya can cover all your family members.
LIC Jeevan Arogya gives you:
- Valuable financial protection in case of hospitalization, surgery etc
- Increasing Health cover every year
- Lump sum benefit irrespective of actual medical costs
- No claim benefit
- Flexible benefit limit to choose from
- Flexible premium payment options
Benefits Under Jeevan Arogya:
- Hospital cash benefit (HCB)
- Major Surgical Benefit (MSB)
- Day Care Procedure Benefit
- Ambulance Benefit
- Premium waiver benefit
- Other Surgical Benefit
- Other Optional benefits(PWB)
Hospital cash benefit (HCB)
1. HCB (Within India only) is payable on per day basis. Double the cash benefit for ICU.
2. Max 30 days hospitalization & not more than 15 days in ICU (2 times HCB) for 1st policy year for each one
3. Max 90 days and incl not more than 45 days in ICU in the 2nd year onwards for each insured
4. Limited to a max of 720 days (incl of 360 days for ICU) during entire policy term for each insured
5. HCB to increase 5% till it reaches 1.5 times And arithmetic addition of an amount equal to “No Claim Benefit”
6. Stay in Hospital exceeds a continuous period of 24 yrs or part thereof thereafter. Stay more than 7 days even for 1s 24 hours also payable.
Major Surgical Benefit (MSB)
1. Quick Cash facility: 50% of eligible MSB amount subject to approval from TPA in select Hospitals
2. MSB shall be a percentage of Sum Assured and is payable regardless of actual costs incurred
3. Rs. 1000/- towards Ambulance expenses
4. Premium Waiver benefit for next one year
5. Surgery within India.
Day Care Procedure Benefit
1. If a DCPB is performed, no HCB shall be paid
2. DCPB is payable as one lump sum and proof of surgery is required
3. All surgical procedures should be done by a Physician or Surgeon, to the satisfaction of the Corporation
4. No transfer of left over benefit to other insured.
Other Surgical Benefit
1. OSB is payable as daily benefit
2. Proof of surgery done by a Physician or Surgeon, is subject to the satisfaction of the Corporation
3. No transfer of leftover benefit to other insured
4. Surgery required but not listed under MSB or DCPB
Term Rider Benefit
- Min Term Assurance SA: Rs. 100000/-
- Max Term Assurance SA: Equal to MSBSA
- Min Entry Age: 18 Years completed
- Max Entry Age: 50 Years NBD
- Max Maturity Age: 60 Years NBD
- Max Term: 35 Years
No death benefit unless Term Assurance Rider benefit is opted for.
LIC Jeevan Arogya Eligibility:
1. Premium guaranteed for first 3 years and may be revised after every 3 years based on Health conditions
2. All existing members must be added in first instance. New members can be added through Child birth (Children)-3 Months, Marriage (Spouse, Parents-in-law)- 6 Months from next Policy anniversary.
Update: Jeevan Arogya Plan No. 903 Has Been Discontinued.
LIC Samridhi Plus (Plan No.804) is a ULIP plan. It’s a close ended plan which would be open for sale for a maximum period of 3 months.
Samridhi Plus Plan at Glance:
- Guaranteed Highest NAV of the first 100 months at Maturity
- Policy Term 10 years
- Lock in period 5 years
- Limited Premium Payment (5 years or single premium)
- Unlimited investment under Single Premium
- Insurance Protection
- Easy liquidity through Partial Withdrawals
- Entry age 8 to 65 years
LIC Samridhi Plus with a policy term of 10 years that offers payment of Fund Value at the end of the policy term based on the highest Net Asset Value (NAV) over the first 100 months of the policy or the NAV as applicable at the end of the policy term, whichever is higher. The premium payment under this plan is limited to single or 5 years. The policyholder can choose the level of cover within the limits, depending on his/her age.
Benefits payable on death:
The nominee will get Sum Assured or Policyholder’s Fund Value whichever is higher
Highest NAV Fund Value Or Maturity Fund Value Whichever is higher.
In this plan there is a guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of Rs. 10/-. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for guarantee of NAV shall be 100 months from the date of commencement of policy.
Eligibility condition and restrictions for LIC Samridhi Plus
a) Minimum Basic Sum Assured:
- 5 year Premium paying term policies:
- For age at entry below 45 years: 10 times the annualized premium
- For age at entry 45 years and above: 7 times the annualized premium
- For age at entry below 45 years: 1.25 times the single premium
- For age at entry 45 years and above: 1.10 times the single premium
b)Maximum Basic Sum Assured:
- 5 years Premium paying term policies:
- For age at entry below 45 years: 20 times the annualised premium
- For age at entry 45 years and above: 10 times the annualised premium
Single Premium Policies:
- 5 times the Single premium, if age at entry is upto 55 years.
- 1.25 times the Single premium, if age at entry is 56 to 65 years
Top-up: No Top-up shall be allowed under the plan.
- Entry age: 8-65 years
- Maturity age: 18-75 years
- Policy Term 10 yrs
- Premium paying term: 5yrs or single premium
- Yearly Premium: Rs.15000/-
- Half Yearly: Rs.8,000/-
- Quarterly: Rs.4,000/-
- ECS Monthly Rs.1500/-
- Min. Single Premium: Rs.30,000/-
- Single Premium: No Limit
- Regular Premium: 1 lac p.a.
Benefit illustration (Assuming Gross Interest Rate of 10% P.a.)
- Age: 30 years
- Sum Assured: Rs.200000/-
- Policy Term : 10 years
- Premium: Rs.20000/- p.a.
- Premium Paying Term: 5 years
- Maturity Amount: Rs.1,73,355/-
Accident Benefit is available at extra Rs.0.50 per thousand Sum Assured
Premium Allocation Charge:
For Single premium policies: 3.3%
For Regular premium policies:
Policy Administration charge: Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy.
Fund Management Charges (FMC): 0.90% p.a
Guarantee Charge: 0.40% p.a
Last Date: 24th May 2011
How to Apply for Samridhi Plus plan?
Update: Samridhi Plus Table No.804 Has Been Discontinued
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
Unit Linked Insurance Plan (ULIP) Revised Terms:
From September 01, 2010 all ULIP Plans will have following features:
The Minimum term for ULIP plan would be 10 years.
Locking Period for Top Up:
All Top-up premium lock in period would be 3 years. Also, Top up premium not allowed in during last 3 years of maturity.
Insurance cover is mandatory including Pension Plan Hence there will be no ULIP without risk cover.
Withdrawals will not be not allowed before maturity in case of Pension Plan.
Assignments and Loan:
Assignments and loans are not available in ULIP Plan.
Top Up Premium:
Risk cover is mandatory for top up premium and will be treated as single premium for each time you top up.
Surrender before 6 year will attract penalty.
ULIP Surrender Charges
|Less then 10 yrs
|More than 10 yrs
If you want to buy LIC ULIP policy then visit : http://www.lifeinsuranceindiaonline.com/ulip-plans/
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ULIPs and mutual fund are similar type of investment but not same. As we know mutual funds are more into investments; whereas ULIPs are into investments as well as insurance. When we look into the basic concept the difference between the two is very small, and mainly consists of product structure and risk coverage.
The basic difference evolves regarding its regulation. The ULIPs are regulated by the IRDA, whereas mutual funds are regulated by the SEBI. Then the other important aspect is when we look from an industrial point of view, the main focus of mutual funds is on low costs while the main focus for the ULIPs lies in the better performance and the distribution of its products. The other aspect includes flexibility, in this case a ULIP allows us to increase our life cover and at the same time are premiums rates remain the same. This is achieved by reducing our investments. On the other hand you don’t get any life cover in mutual funds. The only option we are left is purchasing a new insurance policy which would ultimately lead to additional cost.
The other important point to be focused involves that even if the costs of the investments in ULIPs is more compared to Mutual funds, the ULIPs offer better products which are suited for long term investments, whereas mutual fund products can only be used for sole purposes or short term returns. And one more point which acts as a beneficiary in terms of insurance is, that we do not receive any insurance cover in mutual funds whereas we receive insurance cover in ULIP plans.
Mutual Funds and ULIPs both are subject to market risks; if something unfortunate happen to investor, family or nominee will receive only fund value. On the other hand ULIPs will give your family guaranteed sum assured in case of death of the policy holder.
As these investments are the most preferred investment options to invest. even a small drawback somewhere makes a strong impression in our minds. So in the case of ULIPs vs Mutual funds if we notice, ULIPs are more preferable even if both stand at the same level. Somewhere when we equate both the investment options ULIPs are more beneficial as well as flexible as per our requirements.