|
 |
 |
 |
Life Insurance Corporation |
|
 |
|
Bima Bachat
Benefits
Ques: What is Bima Bachat?
LIC´s Bima Bachat is a money-back policy, which offers financial security and assurance to the policyholder and his family. Bima Bachat requires the policyholder 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.
Ques: What other benefits do I receive during the specified duration of the policy?
Ans:
For a term of 9 years: The policyholder 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.
Ques: What additional benefits do I get upon maturity?
Ans: 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.
Ques: How much insurance do I get?
Ans: The policy holder is insured for an amount equal to the sum assured.
Ques: What about the installment received already?
Ans: The insurance cover is irrespective of the installments received.
Ques: When am I eligible for the guaranteed surrender value?
Ans: 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).
Special Money Back Plan for Women
Jeevan Bharati
Features
Product summary
This is a with-profits plan offered to women. It provides life insurance cover throughout the term of the plan along with the periodic payments on survival at specified durations during the policy term. The plan also provides the cover against affliction of certain Female Critical Illnesses and occurrence of certain Congenital Disabilities in newly born children.
Bonuses after the first 5 years:
This is a with-profit plan and participates in the profits of the Corporation´s life insurance business after 5 years. 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 a policy has run for certain minimum period.
Benefits
Death Benefit:
The Sum Assured plus all vested guaranteed additions and bonuses is payable in a lump sum upon the death of the life assured during the policy term irrespective of the Survival Benefit paid earlier.
Female Critical Illness Benefit:
An amount equal to the Basic Sum Assured (with a limit of Rs.2 Lakhs) is paid on diagnosis of any of the specified critical illnesses.
Congenital Disability Benefit:
An amount equal to 50% of the Sum Assured (subject to a maximum of Rs.1 Lakh) will be paid on the birth, during the policy term, of a child with any of the specified congenital disabilities. This benefit will be available for two children. The cover will be provided where age at entry of life assured is 35 years or below, and will be available till the life assured attains 40 years of age.
Whole Life Plans
The Whole Life Policy
Features
This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.
Benefits
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 whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured.
Bonuses:
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 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 a policy has run for certain minimum period.
The Whole Life Policy - Limited Premium
Features
This is the best form of life assurance for family provision since it enables the Life Assured to pay all the premiums during the ordinarily vigorous and most productive years of life. He need not pay any premium in the later stages of life if and when his conditions might become adverse.
Benefits
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 whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured.
Bonuses:
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 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 a policy has run for certain minimum period.
Death Benefit :
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.
Maturity Benefit :
This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age.
The Whole Life Policy - Single Premium
Features
This is the best form of life assurance for family provision since it enables the Life Assured to pay the premium during the ordinarily vigorous and most productive years of life, relieving him from the necessity of making payments later in life when they might become a burden.
Product summary
This is a whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured.
Bonuses:
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 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 a policy has run for certain minimum period.
Death Benefit:
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.
Maturity Benefit:
This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age.
|
|
|
 |
 Top Providers |
 |
ICICI Prudential Life |
|
SBI Life Insurance |
|
Life Insurance Corp. |
|
Bajaj Allianz Insurance |
|
United India Insurance |
|
|
| |
|
|
|
