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Life Insurance Corporation |
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New Jeevan Dhara-I
Features
Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation's annuity / pension business. Policies get 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. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.
Benefits
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 Corporation will be payable to the nominee. Currently, the interest rate is 3%, 4% or 5 % if the death occurs within the first 10 years, 20 years or thereafter respectively.
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 annum.
New Jeevan Suraksha-I
Features
Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation's annuity / pension business. Policies get 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. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.
Benefits
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 Corporation will be payable to the nominee. Currently, the interest rate is 3%, 4% or 5 % if the death occurs within the first 10 years, 20 years or thereafter respectively.
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.
Jeevan Plus (Closed for sale)
Features
Live the 'Plus' Life with LIC's Jeevan Plus - a unique Unit Linked Whole Life plan that offers the twin benefits of investment plus insurance cover through out your life. You can choose the level of cover you are most comfortable with. Selecting your premium payment options from either single premium or a regular premium. You can even decide the level of premium you wish to pay. Welcome to a life of convenience. Welcome to the 'Plus' Life!
Benefits
A) Death Benefit:
In case of death of the Life Assured when the cover is in full force, the nominee shall get the Sum Assured under the Basic Plan together with the Bid Value of units held in the Policyholder's Unit Account.
For the Life Assured of age less than and equal to 12 years before the commencement of risk, the Bid Value of units held in the Policyholder's Unit Account would be paid in case of death.
B) Maturity Benefit:
On the Life Assured surviving the policy anniversary on which the age nearer birthday is 100 years, an amount equal to the Bid value of the units held in the Policyholders Unit Account is payable.
Future Plus (Closed for Sale)
Features
i) Auto-cover:
If the Policyholder has opted for risk cover, then charges for the same shall be taken by canceling an appropriate number of units out of the Policyholder's Unit Account every month. This will continue to provide relevant risk covers even if premiums have not been paid as and when due under the policy.
During the period of Auto-cover any/ all unpaid Premiums that have fallen due may be paid at anytime without interest.
Benefits
A) Death Benefit:
In case of death of the policyholder within the policy term, when the Life cover is opted for and is in force, the nominee will get the Sum Assured under the Basic Plan together with the Bid Value of units held in the Policyholder's Unit Account either as a lump sum or as pension on his/her life - the actual amount of the pension will depend on the then prevailing immediate annuity rates under the annuity option chosen.
The limits on Life cover i.e. the Sum Assured under the Basic plan are as under:
For Single premium policies: Equal to the Single Premium
For Regular premium policies: 5 to 20 (integer) times of the annualised premium as per the option exercised by the proposer However, the maximum life cover shall not exceed the annualised premium multiplied by the term subject to a minimum life cover of 5 times the annualised premium.
In case the policy is taken without risk cover, then the Bid Value of the units held in the Policyholder's Unit Account shall be payable either as a lump sum or as a pension on his/ her life, which will be based on the then prevailing immediate annuity rates under the relevant annuity option.
If the policy is in lapsed condition, then also the Bid Value of the units held in the Policyholder's Unit Account shall become payable to the nominee, either as a lump sum or as a pension on his/ her life, which will be based on the then prevailing immediate annuity rates under the relevant annuity option.
B) Benefit on Vesting:
On the policyholder surviving to the date of vesting, the Bid Value of the units held in the Policyholder's Unit Account will compulsorily be utilised to provide a pension based on the then prevailing immediate annuity rates under the relevant annuity option. However, the Policyholder may opt to commute up to one-third of the Bid Value of the units held in the Policyholder's Unit Account at the time of vesting of the annuity, which shall be paid as a lump sum. In case commutation is opted for, the amount of annuity/pension available will be reduced proportionately. There will also be an option to purchase pension from any other insurance company subject to Regulatory provisions.
Bima Plus (Closed for sale)
• Benefit Illustration
Market Plus
• “IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE
BY THE POLICYHOLDER”
Special Plans
Golden Jubilee Plan
o Bima Gold (Closed for Sale)
Benefits
Maturity Benefit:
Payment of total amount of premiums paid (excluding extra/optional rider premiums, if any) plus Loyalty Additions, if any, less the amount of survival benefits paid earlier in case of Life Assured surviving to the end of the term.
Death Benefit:
Payment of an amount equal to Sum Assured under the Basic Plan immediately on death of the Life Assured during the term of the policy provided the life cover is in force.
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.
New Bima Gold
Features
It is a plan where premiums paid over the term of plan are paid back during the policy term in installments and life insurance cover is available not only during the term but also during the extended term of the plan.
• Payment of Premium
Benefits
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.
Special Plan
Bima Nevesh 2005
Features
Bima Nivesh 2005 is a plan with compound rate of guaranteed additions and loyalty additions. This is the revised version of our popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from our customers. It is a single premium, ideal investment plan for those who have no regular income but good periodical income. Bima Nivesh 2005 is available for terms 5 and 10 years. The guaranteed surrender value is payable after the policy has run for at least one year. Term Assurance Rider is also available by payment of a single premium at the option of the proposer.
Benefits
1.Guaranteed Additions:
Guaranteed additions at the compound rate of Rs.50 per thousand Sum Assured per annum for the policy with term of 5 years and at the compound rate of Rs.55 per thousand Sum Assured per annum for the policy with term of 10 years.
2.Loyalty Addition:
Depending upon the Corporation's experience with regard to mortality, interest and expenses and based on term of the policy, Loyalty addition, if any, may be declared by the corporation and paid on maturity.
3. Maturity Benefit:
The Basic Sum Assured along with compounded Guaranteed Additions will be payable.
Note: Loyalty addition, if any, will also be added to this benefit.
4. Payment on death:
In case of the unfortunate death of the Life Assured during the term of the policy, Sum Assured along with the accrued guaranteed additions will be payable.
Jeevan Saral
Features
Product Summary:
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.
Benefits
Death Benefit:
250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.
Maturity Benefit:
The Maturity Sum Assured plus Loyalty additions, if any, is payable 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.
Jeevan Mathur
Features
It is a simple savings related life insurance plan where you may pay premiums regularly
at weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals over the term
of the policy.
Minimum instalment premium for different modes of premium payment shall be:
| Weekly |
Rs. 25/- |
| Fortnightly |
Rs. 50/- |
| Monthly |
Rs. 100/- |
| Quarterly / Half-yearly / yearly |
Rs. 250/- |
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