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Life Insurance Corporation |
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Jeevan Anand
Features
Product summary:
This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.
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. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.
Benefits
Accident Benefit:
An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in instalments.
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 Trang
Features
Introduction:
This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 51/2 % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.
Benefits
Survival Benefits:
• On survival to the end of the selected accumulation period: Vested reversionary bonuses in a lump sum will be payable.
• On survival to the end of each year after the accumulation period: 51/2% of the Sum Assured will be payable. The first survival benefit will be payable on survival to one year after the end of the accumulation period.
Maturity Benefit:
On survival to the policy anniversary coinciding with or immediately following the completion of age 100 years, the Sum Assured along with Loyalty Addition, if any, will be payable.
Death Benefit:
• In case of death of the Life Assured during the Accumulation Period, the Sum Assured along with vested reversionary bonuses is payable.
• In case of death of the Life Assured any time after the Accumulation Period, the Sum Assured along with Loyalty Addition, if any is payable.
Terms Assurance Plans
Two Year Temporary Assurance Policy
Features
The Two Year Temporary Assurance policy is designed for the insuring public who requires risk cover for a maximum of two years.
Under the Two Year Temporary Assurance policy a single premium is required to be paid at the outset of the policy to cover the entire period of term.
The proposer is required to pay the medical examination fee. The proof of age must also accompany the proposal.
The policy issued will be only under the ‘Without Profits’ plan.
The policy is not entitled to any surrender value.
No loan will be granted against the Two Year Temporary Assurance policy.
Benefits
SURVIVAL BENEFIT
Not applicable
DEATH BENEFIT
The Convertible term Assurance Policy
Features
This plan of assurance is designed to meet the needs of those who are initially unable to pay the larger premium required for a Whole Life or Endowment Assurance Policy, but hope to be able to pay for such a policy in the near future.
This plan would be found useful also in cases where it is desired to leave the final decision as to the plan to a later date when, perhaps a better choice could be made.
Policyholders get an option of converting an policy into endowment assurance or limited payment whole life assurance.
Pension Plans
Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
Jeevan Nidhi
Features
LIC´s JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. The premiums paid are exempt under Section 80CCC of Income Tax Act.
Salient Features:
Guaranteed Additions: Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.
Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.
Benefit On Vesting:
1. Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.
2. Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.
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.
For Regular premium policies, where 3 or more years premiums have been paid, the Auto-cover facility will compulsorily be available throughout the term of the policy.
ii) Top-up (Additional Premium):
The policyholder can pay additional premium in multiples of Rs.1,000 without any limit at anytime during the term of the policy. In case of yearly or half-yearly mode of premium payment such Top-up can be paid only if all premiums have been paid under the policy.
iii) Switching:
The policyholder can switch between any fund types during the policy term. Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that policy year shall be subject to a switching charge of Rs.100 per switch.
iv) Increase / decrease of benefits:
No increase (except to the extent of Top-up stated above) of benefits will be allowed under the plan. The Policyholder can, however, decrease the risk cover once in a year during the Policy term, subject to the respective minimum limits, provided all due premiums under the Policy have been paid.
v) Conversion to annuity at Vesting date:
The rate at which the amount at vesting date will be converted to an annuity is not guaranteed and will be based on the prevailing immediate annuity rates under the relevant annuity option at the vesting date.
For the “Bond” fund, the allocated premiums, net of all charges and deductions, will have a guaranteed minimum growth rate of 3% p.a. compounding yearly, provided the minimum policy term is 10 years and the policy is held till the vesting date without any switching to any other fund in between. The guarantee shall not apply to any Top-up premiums paid under the Policy. There will be no guarantee under other funds.
Jeevan Akshay-III (Closed for Sale)
Features
1. Standard age proof will be required.
2. Only single premium is payable i.e. premium to be paid in lump sum.
3. Minimum purchase price : Rs.50000/- or such amount which may secure a minimum annuity of Rs.3,000/- per annum.
4. Modes of annuity payment: Monthly, Quarterly, Half-yearly or Yearly.
Jeevan Akshay-IV (Closed for Sale)
Features
Premium is to be paid in a lump sum
• Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity of Rs.3,000/- p.a.
• You may choose your annuity to be paid either monthly, quarterly, half-yearly or at yearly intervals.
• No medical examination is required under the plan.
• No maximum limits for purchase price, annuity etc.
Jeevan Akshay-V
Features
This is an Immediate Annuity plan, which can be purchased through lump sum payment as Single Premium. The plan provides for annuity payments which are available throughout the life time of an annuitant. Various options are available for the type and mode of payment of annuities.
Type of Annuity:
• Regular annuity for life.
• Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
• Annuity for life with return of purchase price on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity to spouse for life on death of the annuitant.
Salient features:
• Premium is to be paid in a lump sum.
• Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity of Rs.3,000/- p.a.
• No medical examination is required under the plan.
• No maximum limits for purchase price, annuity etc.
• Minimum age 40 years last birthday, Maximum age 79 years last birthday.
• Age proof necessary.
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