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LIFE INSURANCE CORPORATION OF INDIA    G.NARENDER  
 

LIC’s Jeevan Labh plan (836)

LIC’s Jeevan Shikhar

LIC of India is going to launch a new endowment plan Jeevan Shikhar (Plan No. 837) from 11/01/2016. Jeevan Shikhar is a non linked, with profit, saving cum protection, single premium, Close ended Plan.  In Jeevan Shikhar risk is 10 times of the tabular premium. Unique identification number (UIN) of Jeevan Shikhar plan is 512N305V01.

Eligibility conditions of Jeevan Shikhar (Plan No. 837)

Death Benefit in  Jeevan Shikhar (Plan No. 837)

On Death during the first 5 Policy years

Before the date of commencement of the Risk: Refund of single premium without interest. Single premium mentioned here will not include any extra amount if charged under the policy due to underwriting decision and taxes.

After date of commencement of Risk: “Sum Assured on Death” equal to 10 times of tabular single premium will be payable.

LIC’s Jeevan Pragathi plan(838)

LIC Jeevan Pragati Plan (Table No: 838) is a non-linked (Not dependent on share market) endowment assurance plan in which Risk Cover keeps on increasing every 5 year. The increasing risk cover is an important feature which provides adequate risk cover against inflation as the years passes. Jeevan Pragati plan can be suitable for a person who is looking for a saving as well as adequate risk cover as protection for his/her family with LIC. This can be opt with accidental benefit rider to make it a better plan.

Key Features

  • Increasing Life Cover
  • Suitable plan to counter inflation
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)

Plan Parameters

Age at Entry 12 Years (Completed)
Maximum Age at Entry 45 Nearest Birthday
Maximum Maturity Age 65 Nearest Birthday
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term 12 to 20 Years
Sum Assured 1,50,000 and above (in multiple of 10,000)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured
(Per 1000 of Sum Assured)
0% up to 2,90,000
1.50% for 3,00,000 to 4,90,000
2.00% for 5,00,000 to 9,90,000
2.25% for 10,00,000 and above
Loan After 3 years
Surrender After 3 years of full premium payment

Maturity Benefit

On completion of policy term, Sum Assured + Bonus + Final Addition Bonus (FAB) will be paid as maturity.

Death Benefit

In case of death during policy term, Death Sum Assured + Bonus up to year of death + FAB will be paid as Death claim to Policy holder's nominee. Death Sum Assured depends up year of death, following table explains death claim.

 
Year of Death Death Claim Amount Remarks
During 0-5 years of Policy Term 100 % of Sum Assured + Accumulated Bonus at the time of Death FAB is not applicable before 15 Years
During 6-10 years of Policy Term 125 % of Sum Assured + Accumulated Bonus at the time of Death FAB is Not applicable before 15 Years
During 11-15 years of Policy Term 150 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB FAB is applicable for 15th year
During 16-20 years of Policy Term 200 % of Sum Assured + Accumulated Bonus at the time of Death+ FAB FAB is applicable
 

Optional Rider

Accidental Death and Disability Benefit Rider is available with this plan as rider which can attached with Jeevan Pragati plan (838) to make more essential plan in case of an accident or disability during the policy term.

Child plan  LIC’s Jeevan Tarun

LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Option

Survival Benefit

Maturity Benefit

Option 1

No survival benefit

100% of Sum Assured

Option 2

5% of Sum Assured every year for 5 years

75% of Sum Assured

Option 3

10% of Sum Assured every year for 5 years

50% of Sum Assured

Option 4

15% of Sum Assured every year for 5 years

25% of Sum Assured

Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity.

The chosen option shall become a part of the policy contract and no further change in option shall be allowed.

In addition, this plan also takes care of liquidity needs through its loan facility.

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

Death Benefit
On death during the policy term (before commencement of risk): 
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.

On death during the policy term (after commencement of risk): 
In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.

This Death Benefit shall not be less than 105% of the total premiums paid as on date of death.
 
The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

Survival BenefitA fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below:

Policy Anniversary coinciding/ following completion of ages

Percentage of Sum Assured to be paid as Survival Benefit

Option 1

Option 2

Option 3

Option 4

20 to 24 years

Nil

5% each year

10% each year

15% each year

Policyholder has to opt for any one of the options above at the proposal stage only.
  
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:

Maturity Age

Option 1

Option 2

Option 3

Option 4

25 year

100%

75%

50%

25%

In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.

        Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is inforce.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

 LIC’s Children Money Back policies 

LIC New Children Money Back Premium Calculator Introduction

LIC New Children Money Back Premium Calculator helps you to calculate your Premium according to your Sum Assured. To Calculate your Premiums and Survival Benefits we are providing the LIC child plan premium calculator. Simply, by filling the details such as Name, Age, Sum assured and Policy term in theLIC premium calculator for child plan you can know your Survival benefits and premiums with and without tax.

LIC New Children Money Back Policy 832 is a non-linked with-profits and this plan is specially designed to meet various financial needs of children through Survival Benefits. LIC New Children Money Back Premium is a regular premium payment money back plan. LIC New children money back 832 provides risk cover on the life of child during the policy term and number of survival benefits on surviving to the end of the specified term. In case of unfortunate death of policyholder before one year from the date of commencement of Risk then death benefits are Total amount of premium paid which is (Taxes+Extra premium+Rider premium) paid to nominee. If the policy holder dies After the date of commencement of Risk then death benefits are Sum Assured plus Vested Revisionary Bonus plus Final Additional Bonus paid to nominee. Before buying the LIC New Children Money back Plan No 832 you can check your Premiums and Benefits in LIC child education plan premium calculator.

To calculate your premium, the parameters to be filled inLIC child future plan premium calculator are as per eligibility conditions such as entry age, policy term etc. Detailed information about parameters which are to be filled are tabulated below

Eligibility criteria Details
Entry Age(in Years )
  • Minimum: 0 Years
  • Maximum: 12 Years
Sum Assured
  • Minimum: Rs 100
  • Maximum: No Limit
Policy Term
  • 25 years
Premium Payment Mode
  • Yearly, Half Yearly, Quarterly, and Monthly modes

Lic Children Money Back Policy Premium amount and Benefit illustration

Customer Details
Name Sai neeraj      Age 5
Term: 20      Sum Assured: 300000
Tabular Premium: 57.00
Premium Paying Term: 15
 

Lic Children Money Back policy Premium Amount

First Year Premium
Mode of Payment without tax Tax with tax
Yearly Premium 16158 499 16657
Half-Yearly Premium 8165 252 8417
Quarterly Premium 4125 127 4252
Monthly Premium 1375 42 1417
Second Year onwards Premium
Mode of Payment without tax Tax with tax
Yearly Premium 16158 250 16408
Half-Yearly Premium 8165 126 8291
Quarterly Premium 4125 64 4189
Monthly Premium 1375 21 1396

Lic children Money Back policy Medical Requirements

Medical Requirements
NIL

 LIC’s Jeevan Lakshya 

LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

Death Benefit
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Where “Sum Assured on Death” is defined as the sum of:

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit,  shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above exclude tax, extra premium and rider premium(s), if any.

Maturity Benefit:
 “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.

Final Additional Bonus shall not be payable under reduced paid-up policies. 
   

The policyholder has an option of availing the following Rider benefit(s):

Rider Sum Assured cannot exceed the Basic Sum Assured. 
           

    1. Benefits:
    1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.

    2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable  on due date of maturity; and

    1. Optional Benefits:
    1. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01) 

    2. LIC’s New Term Assurance Rider (UIN: 512B210V01) 

Here we are providing the Estimated Premiums. To calculate exact premiums, use LIC of India Premium Calculator available in its official website www.licindia.in.

Lic Money Back 25 Years Calculator

Lic Money Back 20 years Calculator

LIC Jeevan Shagun Calculator

LIC New Bima Bachat Premium Calculator

All content provided in this post is for informational purposes only. The owner of this site makes no representations as to the accuracy or completeness of any information on this site. For detailed and accurate information please refer the official website www.licindia.in.