Jeevan Shree 1

Jeevan Shree 1

Summary:
Jeevan Shree 1 Table No.162 is an Endowment assurance plan.  Jeevan Shree-I is offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term. Jeevan Shree-I is suitable for high worth individuals i.e Corporate Executives, Professionals, Software Engineers, Industrialists, Consultants, Estate owners, Builders, NRIs, Models, Film stars, etc.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively premium may be paid in one lump sum (Single premium).

Guaranteed Additions:
Jeevan Shree 1 comes with Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim.

Jeevan Shree 1

Bonuses:
The policy participates in the profits of corporations business from the 6th year onwards. Jeevan Shree-I will get a share of the profits in the form of bonuses. Also, a Simple Revisionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Bonuses once declared, they will form part of the guaranteed benefits of the plan and it will be included on maturity.

Maturity Benefit:
The Sum Assured alongwith guaranteed additions and reversionary bonuses, if any  is payable in a lump sum on survival to the end of the policy term.

Death Benefits:
Sum Assured plus Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for first five years of the policy.
And Death after first 5 years, S.A. + vested G.A. of Rs.50/- per 1000 S.A. per year for the first 5 years + accrued Reversionary Bonuses declared from 6th year onwards.

Accidental Benefit:
Accident benefit is available under Jeevan Shree-I upto a maximum of Rs.25 lakhs (inclusive of all other life insurance plan) An additional amount equal to the accident benefit sum assured is payable on death. In case of total and permanent disability arising due to accident (within 180 days) this amount is paid over a period of 10 years in monthly installment.

Surrender Value:
Buying a life insurance policy is a long-term commitment.  However, surrender value is available on the plan on earlier termination of the contract. The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium

Jeevan Shree 1 Eligibility Conditions and Restrictions:

  • Minimum age at entry: 18 years completed
  • Maximum age at entry: 65 years
  • Maximum maturity age: 75 years
  • Minimum Term: 5 years
  • Maximum Term: 25 years
  • Minimum Sum Assured: Rs.5,00,000/-
  • Maximum Sum Assured: No Limit
  • Sum Assured should be in multiples of Rs.1,00,000/-
  • Accident Benefit per 1000/- S.A.: Allowed (With extra Premium)
  • Loan Available: Yes

Rebates:
Jeevan Shree -I is eligible for rebates depending on the mode of premium payment chosen and the extent of cover.

The yearly premium payment option entitles the policyholder to a 2 per cent rebate on premiums; a sum assured of Rs 50 lakh entitles the insuree a Rs 0.50 per thousand sum assured rebate.

15-Days Cooling-Off Period:
If you are not satisfied with this policy, you have an option to return the policy within 15 days.

Revival:
The policyholder can revive his lapsed policy within 5 years from the date of first unpaid premium by paying arrears of premium together with interest to be decided by corporation from time to time subject to satisfactory evidence of health.


Update: Jeevan Shree 1 Plan No. 162 Has Been Discontinued.


Note:
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.

New Jeevan Dhara 1 – Pension Plan

New Jeevan Dhara 1 – Pension Plan

LIC New Jeevan Dhara 1 Plan No.148 is suitable for professionals who do not have any pension scheme. Jeevan Dhara 1 allows you to make provision for regular income after your retirement.

Mode of Premiums:
You may pay Premiums yearly, half-yearly, quarterly, monthly or through Salary deduction. Alternatively, the premium may be paid in one lump sum (single premium).

Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.

Bonuses:
These are with-profit plans and participate in the profits of the LIC’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.

Death Benefit:
On death of the Life Assured during the term of the policy the basic premiums paid, excluding any rider premiums or extra premiums, up to the date of death accumulated with interest at such rates as decided by the LIC will be payable to the nominee.

New Jeevan Dhara 1

Maturity Benefit:
At maturity the policyholder can encash  up to a maximum 25% of the maturity proceeds as a tax-free lump sum. The balance should be compulsorily converted to an annuity at the rates applicable at the time of maturity of the policy. The policyholder has the choice of opting for any one of 5 annuity options. The annuity options available are

  • (i) annuity payable for remainder of life
  • (ii) annuity payable for life with guaranteed period of 5, 10, 15 or 20 years
  • (iii) Joint life and last survivor annuity to the annuitant and his/ her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant
  • (iv) Life annuity with a return of purchase price on death of the annuitant
  • (v) Life annuity increasing at a simple rate of 3% per year

Eligibility Conditions and Restrictions for LIC Jeevan Dhara 1

  • Minimum age at entry : 18 years.
  • Maximum age at entry: 65 years
  • Minimum vesting age : 50 years
  • Maximum vesting age : 79 years
  • Minimum deferment period : 2 years
  • Maximum deferment period : 35 years
  • Minimum Notional cash option for regular premium policies :Rs.50,000/-
  • Minimum premium : Rs.2,500/- p.a for regular premium Rs.10,000/- for single premium policies

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment.  However, surrender value is available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 2 years or more but before the vesting date.  The guaranteed surrender value is 90% of the basic premiums paid excluding the first year’s premium.  In case of a single premium policy the guaranteed surrender value is allowed after 2 years from the date of commencement of the policy.

How to Apply for New Jeevan Dhara 1?


Update: New Jeevan Dhara 1 Plan No. 148 Has Been Discontinued.


Note:
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.

Jeevan Nischay

Jeevan Nischay

LIC Jeevan Nischay Summary: (Table No.199)
Jeevan Nischay is a close ended  single premium policy with guaranteed maturity benefits exclusively for existing LIC policy holders.

Advantages of Jeevan Nishchay:

  • Single Premium policy.
  • Guaranteed Maturity benefits with provision of loyalty additions.
  • Plan is exclusively for LIC policyholders.
  • Wide range of policy terms options.
  • Assured maturity benefits (Guaranteed Return + Loyalty Additions)

LIC Jeevan Nischay

Assured maturity benefits equal to the Maturity Sum Assured are pre-defined. The specimen Maturity Sum Assured per Rs. 1000/- single premium is given below for some ages and terms:

Age 5 Years Plan 7 Years Plan 10 Years Plan
30 1256 1409 1715
40 1249 1400 1699
50 1226 1369 1645

In addition to the assured maturity benefits, there is provision for the loyalty additions. Depending upon the LIC’s experience, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the LIC.

Death benefit:
Death benefit under Jeevan Nishchay policy is equal to five times the single premium, if death is within first year of taking the policy. In case of the death in subsequent years, the death benefit is equal to the maturity sum assured. In case of the death in last year of the policy, death benefit is equal to the maturity sum assured with declared loyalty additions, if any.

Minimum Investment:
Minimum One Time Premium under Jeevan Nischay is Rs.10,000/- However, if premium amount is Rs. 25,000 or more, the policyholder will receive higher maturity sum assured due to available incentive.

Loans:
Loan facility will be available under this plan after the policy. The rate of interest charged for this loan amount would be determined from time to time by the LIC Of India.

Surrender:
Policyholder can surrender the policy after one year of commencement of the policy.

Eligibility Conditions and Restrictions for Jeevan Nischay:

Minimum age at entry : 18 years (completed)
Maximum age at entry : 50 years (nearest birthday)
Policy term : 5, 7 and 10 years
Minimum Single Premium : Rs. 10,000/-
Maximum Single Premium : Rs. 10,00,000/- (Premium shall be in multiples of Rs.1,000/-)
Maximum Basic Sum Assured (First Year Death Benefit) :
Lower of- Rs. 50,00,000, and 50% of total Sum Assured (total death benefit) under all existing in force policies

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

The Unique Identification No. of Jeevan Nischay is 512N258V01

Note:
The above is the product summary giving the key features of the Insurance plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Update: Jeevan Nischay Table No.199 has been withdrawn, please check out other similar plans.

Jeevan Akshay VI – Pension plan

Jeevan Akshay VI Table No. 189 Summary:

Jeevan Akshay VI plan no.189 is an Immediate Pension (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 (Policy holder). Various options are available for the type and mode of payment of annuities.

Options Available:
The following options are available under this pension plan.

Type of Annuity:

  1. Pension (Annuity) payable for life at a uniform rate.
  2. Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
  3. Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
  4. Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
  5. Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

You may choose any one option from above list. However 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.

Special Features:

  1. Premium is to be paid in a lump sum.
  2. Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
    Mode Minimum Annuity
    Monthly Rs. 500 per month
    Quarterly Rs. 1000 per quarter
    Half-yearly Rs. 2000 per half year
    Yearly Rs. 3000 per year
  3. No medical examination is required under the plan.
  4. No maximum limits for purchase price, annuity etc.
  5. Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
  6. Age proof necessary.

Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.

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 )
40 7510 7440 6930 5610 7310 7120
45 7770 7660 6960 5890 7500 7240
50 8140 7950 7000 6280 7760 7420
55 8650 8330 7050 6810 8130 7670
60 9350 8790 7110 7530 8640 8030
65 10410 9330 7180 8590 9400 8570
70 12080 9830 7260 10220 10560 9370
75 14510 10220 7360 12590 12240 10590

The Unique Identification Number (UIN) for LIC’s Jeevan Akshay VI plan is 512N234V03.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for LIC Of India’s Amulya Jeevan 1?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

LIC Of India SMS Alert:

Receive LIC Of India Policy updates on your Mobile .  Click here: MyLICindia SMS Alert

Note:
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.

Enter Your Email Address Here To Receive FREE Updates by Email:


Life Insurance of India has new Aastha “Jeevan Aastha”

Life Insurance of India has new Aastha “Jeevan Aastha”

Life Insurance of India (LIC) has introduced a new single premium plan called “Jeevan Aastha” today.  This plan is open only for 45 days. I would suggest this plan for those who prefer Bank Fixed Deposit (FD).  Jeevan Aastha is as good as Bank deposit plus Insurance. You need to pay only ONE time premium.
Jeevan Aastha ( Plan No. 195)

 

LIC Jeevan Aastha

Features and details:

1. Availability: 08-12-2008 to 21-01-2009
2. One time payment plan
3. Guaranteed Returns + Loyalty Additions.
4. High Risk Cover
5. convenient Terms (5 Yrs and 10 Yrs)
6. Tax Rebate and Tax Free maturity

Maturity Benefits:
Maturity Sum Assured along with Guaranteed Addition and Loyalty Addition, if any, Shall be payable. ( Maturity Sum Assured shall be 1/6th of Basic Sum Assured)

Death Benefit:
During the first policy year: Basic Sum Assured with Guaranteed Addition
After 1st policy year excluding last policy year: 1/3rd of Basic Sum Assured with Guaranteed Addition
During last policy year: 1/3rd of the S.A. Guaranteed Addition and Loyalty Addition, if any.

Guaranteed Addition:
Rs. 100 per thousand of Maturity Sum Assured per year for a policy of 10 years term.
Rs. 90 per thousand of Maturity Sum Assured per year for a policy of 5 years term.

Eligibility Conditions and Restrictions:
a:) Minimum Entry Age: 13 Years completed
b:) Maximum Entry Age: 60 Years ( Nearest birthday)
c:) Minimum Basic Sum Assured: Rs. 1,50,000/-
d:) Maximum Basic Sum Assured: No Limit
j:) Large Sum Assured Rebate: Available
e:) Policy Term: 5 or 10 years
f:) Mode of premium payment: Single Premium
g:) Loans: Available after 1 year
h:) Back dating interest: Allowed @ rate of 10% (for dating back in excess of one month)

Large Sum Assured Rebate: Calculated on per thousand basis.

Basic Sum Assured Rebate
Term – 5 years Term – 10 years
Below Rs.3,00,000 Nil Nil
Rs.3,00,000 to Rs.5,99,999 Rs. 2.00 Rs. 3.00
Rs.6,00,000 to Rs.11,99,999 Rs. 2.50 Rs. 3.50
Rs 12,00,000 and above Rs. 3.00 Rs.4.00

 

Example Single Premium rates per Rs.1000 Basic SA Table Below:

Age at entry Policy Term 5 years Policy Term 10 years
20 174.50 165.00
30 174.70 165.40
40 176.10 167.95
50 180.85 175.90

 

Again, this policy is good for 45 days only. Make your decision fast. For more details visit your nearest LIC branch or call your LIC adviser or email at [email protected](dot)com.

Last Date to Apply for Jeevan Aastha was 21st January 2009.


Update: Jeevan Aashta Plan No.195 has been Discontinued.