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.


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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/