Sunday, 30 September 2012

NEW BIMA GOLD (Table-179)

 Special Plans -New Bima Gold

It is a plan where premiums paid over the term of plan are paid back during the policy term in instalments and life insurance cover is available not only during the term but also during the extended term of the plan.


Survival Benefit:


Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

For policy term 12 years:15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year

For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year

For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year

On expiry of policy term:
Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.

DEATH BENEFIT:
During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.


During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.
Extended Term: The extended term shall be half of the policy term after the expiry of the policy term

Plan parameters 
Age at entry: Min. 14 yrs (comp) max. 57 yrs (NBD) for term 12 yrs max.51 yrs (NBD) for term 16 yrs. Max 45 yrs (NBD) for term 20 yrs
Age at expiry of 
Extended term: max. 75 yrs. (NBD) 
Sum assured: min. 50,000 max. no. limit
S.A in multiples: 5000
Term: 12, 16, 20 years. 
Mode of payment: YLY/HLY/ QLY/ SSS/ MLY
Accident benefit: Re. 1 extra per 
(Max. 50Lacs inclusive all plan)
Policy loan: yes
Housing loan: yes
Surrender of policy: yes 

Underwriting conditions
Form no: 300/340
Age proof: std/ NSAP- 1
Female lives category: I/II
Non-medical (gen): allowed
Non-medical (prof): allowed
Actual coverage: SA+ Bonus
Dating back @ 8%: Allowed

OPTIONAL RIDER BENEFIT:
Accident Benefit rider shall be available as an optional benefit for a premium at the rate of Re.1 per thousand Accident Benefit Rider Sum Assured. Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the basic plan subject to overall limit of Rs.50 lakh taking all existing policies of the Life Assured under individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration. This rider benefit is available only during the policy term but not during extended term.
����������� This rider shall be available for the Life Assured engaged in police duty either in any military, naval or police organisation by payment of an additional premium at the rate of Rs.0.50 per thousand Accident Benefit Rider Sum Assured.
ACCIDENTAL DEATH AND DISABILITY BENEFIT:
On death arising as a result of accident an additional amount equal to the Accident Benefit Rider Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Rider Sum Assured will be paid over a period of 10 years in monthly instalments. 

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accident are covered:


a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the
    ankle 

No benefit will be paid if accidental death or disability arises due to accident in case of :


a) intentional self-injury, attempted suicide insanity or immorality or the Life
    Assured is under the influence of intoxicating liquor, drug or narcotic
b) engagement in aviation or aeronautics other than that of a passenger in any
    air craft
c) injuries resulting from riots, civil commotion, rebellion, war, invasion,
    hunting, mountaineering, steeple chasing or racing of any kind
d) accident resulting from committing any breach of law
e) accident arising from employment in armed forces or military services or police organisation.
AUTO-COVER FACILITY:
If at least two full years’ premiums have been paid in respect of this policy, any  subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.
PAID UP VALUE:
If after at least three full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years Auto Cover Period from the due date of First Unpaid Premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/optional premium) less the survival benefits paid earlier, if any. This amount shall be called as Paid Up Value. This paid up value shall be payable on the date of expiry of policy term or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies. The policy, thereafter, shall be free from all liabilities for payment of the within mentioned premiums.
The Accident Benefit Rider will cease to apply if the policy is in lapsed condition. During the Auto Cover Period also, the Accident Benefit Rider shall not be available. The extended term cover shall not be available in case of paid-up policies.
GUARANTEED SURRENDER VALUE:
The Guaranteed Surrender Value shall be available after completion of at least three policy years and at least three full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid excluding the premiums for the first policy year, all extra premiums paid, the premiums paid for Accident Benefit Rider and the amount of survival benefits paid earlier.
OTHER BENEFITS:
The plan offers other benefits as follows :    

Loan
 : Loan facility is available under this plan after the policy acquires paid up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly. 

Grace Period
 : A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.

Revival : Subject to production of satisfactory evidence of continued insurability,  a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as decided by the Corporation from time to time. 

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.


Email:-     lic01621@gmail.com
Mobile:-   +91-9990286759  
Website-  https://www.licindia.in/

Wednesday, 19 September 2012

BIMA BACHAT (Table No. 175)


What is Bima Bachat?


LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

What other benefits do I receive during the specified duration of the policy?



For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.


For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.



For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.

What additional benefits do I get upon maturity?


If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.


How much insurance do I get?


The policy holder is insured for an amount equal to the sum assured.

What about the installment received already?


The insurance cover is irrespective of the installments received.

When am I eligible for the guaranteed surrender value?


The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium).



What other benefits does this insurance cover offer?


Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

It also offers other benefits like the 15 day cooling off period, grace period and revival.


Who is eligible for the policy? Are there other conditions or restrictions?


The following are the requirements that one needs to be aware of before applying for this
policy:
· The person applying for the policy should have completed 15 years and should not be older than 66 years.
· The policy will mature when the person is 75 years old.
· There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant.
· The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured.
· It is important to note that the sum assured should be in multiples of Rs 5000/- only.
· The policy requires the holder to pay a single premium. 

Plan parameters
Age at entry: Min.15 yrs Completed Max 66 yrs
Maturity age: Max. 75 yrs (NBD)
Term: 9,12 or 15 yrs.
Sum assured: Min. 20,000 Max. No. Limit
S.A in multiples: 5,000
Mode of payment: Single premium
Policy loan: yes
Housing loan: yes
Assignment: yes
Surrender of policy: yes

Underwriting condition
Form no: 300/340
Age proof: Std/Non Std
Medical exam: Not required for any S.A
Risk coverage: SA
Dating back @ 9%: Allowed
High premium rebate (per 1000 S.A)
Less then Rs.50,000 Nil
Rs.50,000 & Less then Rs.1Lac 5%
Rs.1 Lac & Less then Rs.2 Lac 7%
Rs.2 Lac and above 8%


Illustration 1:
Let us take the example of a policy holder who is 35 years old and takes a policy for the term of 9 years for a sum of Rs 1,00,000/-.He pays a single premium of Rs 67058/-
End of year
Total premiums paid till end of year
Benefit on death during the year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
to
9
67058
100000
0
0
100000
100000










Survival Benefits :


End of year
Total premiums paid
Benefit payable on survival at the end of specified year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
3
67058
15000
0
0
15000
15000
6
67058
15000
0
0
15000
15000
9
67058
67058
0
24300
67058
91358


Illustration 2:
Let us take the example of a policy holder who is 35 years old and takes a policy for the term of 12 years for a sum of Rs 1,00,000/-.He pays a single premium of Rs 72145/-.

End of year
Total premiums paid till end of year
Benefit on death during the year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
to
12
72145
100000
0
0
100000
100000









Survival Benefits :


End of year
Total premiums paid
Benefit payable on survival at the end of specified year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
3
72145
15000
0
0
15000
15000
6
72145
15000
0
0
15000
15000
9
72145
15000
0
0
15000
15000
12
72145
72145
0
40800
72145
112945


Illustration 3:
Let us take the example of a policy holder who is 35 years old and takes a policy for the term of 15 years for a sum of Rs 1,00,000/-.He pays a single premium of Rs 75195/-.

End of year
Total premiums paid till end of year
Benefit on death during the year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
to
15
75195
100000
0
0
100000
100000










Survival Benefits :


End of year
Total premiums paid
Benefit payable on survival at the end of specified year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
3
75195
15000
0
0
15000
15000
6
75195
15000
0
0
15000
15000
9
75195
15000
0
0
15000
15000
12
75195
15000
0
0
15000
15000
15
75195
75195
0
60000
75195
135195














Email:-     lic01621@gmail.com
Mobile:-   +91-9990286759  
Website-  https://www.licindia.in/

Thursday, 16 August 2012

KOMAL JEEVAN (Table No. 159)

Product summary:
This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in one lump sum (Single premium).

Guaranteed Additions:
The policy provides for theGuaranteed Additions at the rate of  Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.

Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.

Plan parameters
Age at entry: Min.0 yrs. LBD Max.10 yrs LBD
Maturity age: 26 yrs. LBD
PPT: Min. 8 yrs. Max.18 yrs
Sum assured: min. 1Lac Max. 25Lac
S.A. in multiples: 25,000
Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium
Accidents benefit: N.A.
Policy loan: N.A.
                       
Underwriting
Form no: 360
Age proof:
Child 5 yrs. & above: school certificate
If not5yrs. And above: Birth certificate with parent joint declaration
Female lives category: I/II
Non-medical: Not required for L.A.
When PWB + TRB is: Medical exam. Is necessary with
Opted by the proposer, Standard age proof and form no.300
Actual sum assured: Basic SA


Survival Benefit:
The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations:


On the policy anniversary immediately following the Life assured attains the age of % of Sum Assured
18 years 20%
20 years 20%
22 years 30%
24 years 30%

Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.

Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to  the end of the policy term.

Premium Waiver Benefit:
This is an  optional benefit that can be added to your basic plan.  An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.

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 3 years or more. The Guaranteed Surrender Value before the date of commencement of risk is 90% of the premiums paid excluding the premiums paid during the first year and any extra premium paid. After the date of commencement of risk, the Guaranteed Surrender Value is 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first year and any extra premium paid plus 30% of the premiums paid after the date of commencement of risk.

Corporation’s policy on surrenders:
In practice, the company will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

Maturity benefit: at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of age 22 & 24 yrs. 30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Email:-     lic01621@gmail.com
Mobile:-  +91-9990286759  
Website-  https://www.licindia.in/

Wednesday, 15 August 2012

JEEVAN ANKUR (Table No. 807)


Features of plan 
LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.
The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.


1. Benefits

i)
Death benefit:
On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term.
On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy.
On death of child/nominee after Life Assured’s death: The policy shall continue and the benefits shall be payable to the legal heir(s).

ii) Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.

iii) Loyalty Addition: Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

2. Optional Benefits: You may choose  the following optional riders by payment of additional premium-

i) Accident Benefit Rider:  This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.
  ii) Critical Illness Rider:  An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age.
Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.


3. Eligibility Conditions and Other Restrictions (For Basic Plan):

a) Minimum Sum Assured                               :   Rs. 100,000
b) Maximum Sum Assured                              :   No Limit
                  (The Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry for Life Assured   : 18 years (completed)
d) Maximum Age at entry for Life Assured  : 50 years (nearest birthday)
e) Maximum Maturity Age for Life Assured : 75 years (nearest birthday)
f) Minimum Age at entry for child                : 0  years (last birthday)
g) Maximum Age at entry for child               : 17 years ( last birthday)
h) Minimum Term                                        : Higher of (18 – age of child, 8) years
i) Maximum Term                                       : (25 – age of child) years

Why should one purchase Jeevan Ankur ?
Jeevan Ankur is specially designed for the benefit of the children. Your child is totally dependent on you during his/her growing up years. Jeevan Ankur is an excellent plan to meet the multiple financial needs that arise as kids  grow up.
Through payment of Income Benefit, Jeevan Ankur assures that your child’s financial needs are met in case of your unfortunate demise. The Policy term is based on the age of the child (18 and 25) to ensure that the financial needs of your child are taken care of till she is old enough to start earning and settle in life.

Email:-     lic01621@gmail.com
Mobile:-  +91-9990286759  
Website-  https://www.licindia.in/


Tuesday, 7 August 2012

Jeevan Surabhi (Table No.106/107&108)

Introduction
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).

For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.

Product summary
This is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals.

Premiums
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the premium paying term of the policy or till the earlier death.

Bonuses
This is a with-profit plan and participate in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary 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. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.


Plan parameters
Age at entry: Min. 14 yrs, LBD Max. 55/50/45
Maturity age: Max. 70 yrs.
Sum assured: Min. 50,000, Max. No. Limit
S.A. in multiples: 5000
Term: Min.15/20/25 yrs, Max.15/20/25 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re. 1 Extra per
(Max. 50 Lac inclusive 1000 S.A. All plan)
Policy loan: yes
Surrender of policy: yes

Under writing
Form no.: 300/340
Age proof: std/NSAP-1
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (proof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA + Bonus

Death Benefit
The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.

Survival Benefits
A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:



Percentage of Sum Assured payable at the end of specified duration
Plan and Term ( Premium Paying Term )
Duration
Plan
106/15(12)
107/20(15)
108/25(18)
4
30%
25%
20%
5
-

-
8
30%
25%
20%
10
-
-
-
12
40%
25%
20%
15
-
25%
20%
18
-

20%


Plan no
Survival Benefits
% of basic Sum Assured.
Risk Cover upto
106

at the end of 4 years
30
15 years
at the end of 8 years
30
at the end of 12 years
40
at the end of 15 years
Bonus
107
at the end of 4 years
25
20 years
at the end of 8 years
25
at the end of 12 years
25
at the end of 15 years
25
at the end of 20 years
Bonus
108
at the end of 4 years
20
25 years
at the end of 8 years
20
at the end of 12 years
20
at the end of 15 years
20
at the end of 18years
20
at the end of 25years
Bonus




Maturity Benefit
The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.

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 values are available under the plan on earlier termination of the contract.

Guaranteed Surrender Value

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 no survival benefit payment has already fallen due. Where one or more survival benefits have fallen due, the guaranteed surrender value will be 30% of the premiums paid on or after the due date of payment of latest survival benefit.

Corporation’s policy on surrenders
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the number of premiums paid and the duration at which surrender value is calculated. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

Email:-     lic01621@gmail.com
Mobile:-  +91-9990286759  
Website-  https://www.licindia.in/