Thursday, January 30, 2014
Monday, January 6, 2014
LIC New Jeevan Anand Policy Table No 815 Details
LIC Jeevan Anand Policy Table 815 Details
LIC New Jeevan Anand(815) Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump sum at the end of the selected policy term in case of his or her survival.
What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~
125% of Basic Sum Assured (1.25 x BSA)
OR
10 times Annual Premium. (10 x AP).
The death benefit as defined above shall not be less than
105% of total premiums* paid as on the date of death.
[*excluding taxes, extra premiums and premiums for riders,
if any]
Particulars
|
Jeevan Anand
Plan No. 149
|
New Jeevan Anand
Plan No. 815
|
||
Age at entry
|
18 to 65 years
|
18 to 50 years
|
||
Age at Maturity
|
Maximum 75 years
|
Maximum 75 Years
|
||
Policy Term / Premium Paying Term
|
5 to 57 years
|
15 to 35 years
|
||
Premium mode
|
Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
|
Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
|
||
Basic Sum Assured
|
100000 and above
|
100000 and above
( In multiples of 5000)
|
||
Mode
|
Rebate
|
|||
Plan 149
|
Plan No. 815
|
|||
Yearly
|
3% of tabular Premium
|
2% of tabular premium
|
||
Half-yearly
|
1.5% of tabular premium
|
1% of tabular premium
|
||
Quarterly
|
Nil
|
Nil
|
||
Plan No 149
Jeevan Anand
|
Plan No. 815
New Jeevan Anand
|
||
Basic Sum Assured
|
Rebate (Rs.)
|
Basic Sum Assured
|
Rebate (Rs.)
|
10,00,000 and above
|
1.75‰ BSA
|
10,00,000 and above
|
3.00‰ BSA
|
5,00,000 to 9,95,000
|
1.50‰ BSA
|
5,00,000 to 9,95,000
|
2.50‰ BSA
|
3,00,000 to 4,95,000
|
1.00‰ BSA
|
2,00,000 to 4,95,000
|
1.50‰
|
1,00,000 to 2,95,000
|
Nil
|
1,00,000 to 1,95,000
|
Nil
|
Jeevan Anand
Plan No. 149
|
New Jeevan Anand
Plan No.815
|
Available after payment of 3 full year’s premiums.
|
Available after payment of 3 full year’s premiums.
|
Loan granted shall be 90% of the Surrender Value in case
of in force policies and 85% of the Surrender Value in case of Paid-up
policies irrespective of the policy term.
|
The maximum amount of loan that can be granted as a
percentage of Surrender Value shall depend on the Policy Term, as
given in the table below.
|
Foreclosure action was initiated on default of 2 or more
half-yearly loan interest installments.
|
Foreclosure action shall not be taken under fully paid-up
and in force policies even if there is a default of loan interest.
|
Policy Term
|
Upto 23
|
24 to 27
|
28 to 31
|
32 to 35
|
% for in force policies
|
90%
|
80%
|
70%
|
60%
|
% for Paid-up policies
|
80%
|
70%
|
60%
|
50%
|
Plan No.149
|
New Jeevan Ananad Plan No. 815
|
Guaranteed Surrender Value (GSV)
|
Guaranteed Surrender Value (GSV)
|
Available after payment of 3 full years’ premiums.
|
Available after payment of 3 full years’ premiums.
|
GSV shall be equal to 30% of the total premiums paid less
First Year Premium and extra premium, if any.
|
GSV shall be a percentage of total premiums paid (net of
taxes) excluding extra premium, if any and premium paid for riders, if opted
for.
Examples of GSV factors applicable for total premiums paid
Policy Year ~ GSV factor
3 =
30%
5 =
50%
t -1 =
80% (t=Policy Term)
|
Cash Value of vested bonuses, if any.
|
GSV factor applicable to vested bonus, if any. Examples of
Vested bonus factors –
Year of SV – Policy Term – Factor
3 15 17.66%
19 25 20.85%
29 30 30%
|
Jeevan Anand
Plan No. 149
|
New Jeevan Ananad
Plan 815
|
Special Surrender Value (SSV)
|
Special Surrender Value (SSV)
|
Surrender Value shall be the discounted value of the
Paid-up Sum Assured and vested simple reversionary bonuses.
|
Surrender Value shall be the discounted value of the
Paid-up Sum Assured and vested simple reversionary bonuses.
|
The discount factors shall be surrender value factors as
provided in Table-1A and 2A (whole life) of the Special Surrender Value
Booklet and will depend upon the policy term and duration elapsed since the
commencement of the policy.
|
The discount factors shall be Special surrender value
factors as provided in Table-1A and 2A (Whole life) of the Special Surrender
Value Booklet and will depend upon the policy term and duration elapsed since
the commencement of the policy.
|
Surrender Value Payable
|
Surrender Value payable
|
The Higher of Guaranteed Surrender Value and Special
Surrender Value shall be payable.
|
The Higher of Guaranteed Surrender Value and Special
Surrender Value shall be payable.
|
Jeevan Anand
Plan No. 149
|
New Jeevan Anand
Plan No. 815
|
A Policy may be
revived within a period of 5 years from the date of first unpaid premium.
|
A Policy may be
revived within a period of 2 years from the date of first unpaid premium.
|
Accident Benefit inbuilt.
|
Accident Benefit as a rider.
|
Taxes, if any, were borne by the corporation.
|
Taxes, if any, shall be applicable at the prevailing rates
and borne by the policyholder as per rules.
|
LIC Jeevan Anand 815 Policy Benefits:
Death benefit :
Provided all due premiums have been paid, the following death benefit shall be paid:
On Death during the policy term: 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 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
On death of policyholder at any time after policy term: Basic Sum Assured
Benefits payable at the end of Policy Term: 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 during policy term provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.
Optional Benefit:
LIC's Accidental Death and Disability Benefit Rider: LIC's Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
Maximum Accidental Death and Disability Benefit Rider up to age 70.
Loan :
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.Income Tax Benefit :
Premium paid under this plan is eligible for TAX rebate under section 80c.Maturity amount under this plan is free under sec 10(10D).
Proposal Form : 300 shall be used under this plan.
There shall be no change in the following Items
|
Back Dating
|
Grace Period
|
Paid-up Value
|
Assignment/Nomination
|
Lic New Jeevan Anand Plan Table No 815
LIC New Jeevan Anand Plan Table No 815 Illustration
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LIC Money Back Plan for 25 Years Table No 821
LIC's Money Back Plan-25 years is a non-linked plan with attractive combination of protection against death throughout the term.
A Policy may be revived within a period of 2 years from the date of first unpaid premium.
Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
Maturity Benefit
40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if AnyDeath Benefit
Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.
What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)
OR 10 times Annualized Premium. (10 x AP).
[*Premiums - excluding taxes, extra premiums and premiums for riders, if any]
SURVIVAL BENEFIT (as a percentage of Sum Assured)
Policy Year |
5th |
10th |
15th |
20th |
Survival Benefit Payable |
15% |
15% |
15% |
15% |
Paid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable) x Basic Sum Assured less total amount of Survival Benefits paid under the policy.
Eligibility Conditions and Restrictions
Age at entry - 13 to 45 years
Age at Maturity - Maximum 70 Years
Policy Term - 25 years
Premium Paying Term – 20 Years
Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured - 1,00,000 and above ( In multiples of 5000)
Loan
Available after payment of 3 full years’ premiums.The maximum amount of loan that can be granted as a percentage of Surrender Value be as under:
For enforce and fully paid-up policies – up to 90%
For paid-up policies – 80%
Foreclosure action shall not be taken under fully paid-up and enforce policies even if there is default of loan interest.
Surrender Value
Guaranteed Surrender Value (GSV)
Available after payment of 3 full years premiums.GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.
Examples of GSV factors applicable for total premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy Term)
GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –
Year of SV – Factor
3 15.28%
20 21.99%
24 30%
Special Surrender Value (SSV)
Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
Lic New Money Back Table No 821-25 years from Satyendra Gupta
LIC Money Back Plan for 25 Years Table No 821 Premium Chart
LIC Money Back Plan for 25 Years Table No 821 Illustration
LIC Money Back Policy 20 Years Plan Table No 820
LIC Money Back Policy 20 Years Plan Table No 820
Service Tax shall be
applicable at the prevailing rates and borne by the policyholder as per rules.
Maturity Benefit - 40% of the Basic Sum Assured along with Vested
Simple Reversionary Bonuses and Final Additional Bonus, if any
Death Benefit -‘Sum Assured on Death’ along with Vested
Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit as
defined above shall not be less than 105% of total premiums* paid as on the
date of death.
What is Sum Assured on
Death?
Sum Assured on
Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)
OR 10 times Annualized
Premium. (10 x AP).
[Premiums - excluding
taxes, extra premiums and premiums for riders, if any]
SURVIVAL BENEFIT (as a
percentage of Sum Assured)
Policy Year
|
5th
|
10th
|
15th
|
Survival Benefit Payable
|
20%
|
20%
|
20%
|
Paid –up value shall be equal to (Number of premiums
paid/ Total Number of premiums payable) x Basic Sum Assured less total amount
of Survival Benefits paid under the policy.
Eligibility Conditions
and Restrictions
·
Age at entry - 13
to 50 years
·
Age at Maturity
- Maximum 70 Years
·
Policy Term - 20
years
·
Premium Paying Term – 15
Years
·
Premium mode – Yearly,
Half-yearly, Quarterly, Monthly (SSS or ECS)
·
Basic Sum Assured
- 1,00,000 and above ( In multiples of 5000)
Loan – Available after payment of 3 full years’
premiums
The maximum amount of
loan that can be granted as a percentage of Surrender Value be as under:
·
For enforce and fully
paid-up policies – up to 90%
·
For paid-up policies –
80%
·
Foreclosure action shall
not be taken under fully paid-up and enforce policies even if there is
default of loan interest
Surrender Value-
Guaranteed Surrender
Value (GSV) -
·
Available after payment
of 3 full years’ premiums.
·
GSV shall be a
percentage of total premiums paid (net of taxes) excluding extra premium, if
any and premium paid for riders, if opted for. Less any survival Benefits
already paid.
·
Examples of GSV factors
applicable for total premiums paid
Policy Year ~ GSV factor
3
= 30%
5
= 50%
t -1 =
80% (t=Policy Term)
GSV factor applicable to
vested bonus, if any. Examples of Vested bonus factors –
Year of SV – Factor
3
16.21%
10
18.16%
19
30%
Special Surrender Value
(SSV) - Surrender Value shall be the
discounted value of the Paid-up Sum Assured and vested simple reversionary
bonuses.
The discount factors
shall be special surrender value factors as provided in Table-1A of the Special
Surrender Value Booklet and will depend upon the policy term and duration
elapsed since the commencement of the policy.
The Higher of Guaranteed
Surrender Value and Special Surrender Value shall be payable.
LIC New Money Back plan table no 820 - 20 years from Satyendra Gupta
LIC Money Back Plan for 20 Years Table No 820 Premium Chart
LIC Money Back Plan for 20 Years Table No 820 Illustration
LIC Endowment Plan 814 Features & Details
LIC's Endowment Plan 814 is a participating
non-linked plan which offers an attractive
combination of protection and saving features.
This combination provides financial support for the family of the
deceased policyholder any time before maturity and good lump sum
amount at the time of maturity for the surviving
policyholders. This plan also takes care of liquidity needs
through its loan facility.
‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
1. Minimum Accident Benefit Sum Assured : Rs. 100,000
2. Maximum Accident Benefit Sum Assured :
An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
1.Minimum Age at entry : 18 years (completed)
2.Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
3.Maximum cover ceasing age : 70 years (nearest birthday)
Above Illustration is for LIC New Endowment Plan
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 35 years
Policy / Maturity Term : 35 years
Bonus Rate (2016) : 48 per 1000
Benefits:
Death benefit:
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 Basic Sum Assured or 10 times of annualised premium. This
death benefit shall not be less than 105% of all the premiums
paid as on date of death.
Where premiums exclude service tax, extra premium and rider
premiums, if any.
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 12 years
Policy / Maturity Term : 12 years
Bonus Rate (2016) : 38 per 1000
LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 12 YEARS
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 12 years
Policy / Maturity Term : 12 years
Bonus Rate (2016) : 38 per 1000
Maturity Benefit:
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.
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, provided the policy has run for
certain minimum term.
Optional Benefit:
LIC’s Accidental Death and Disability Benefit
Rider: LIC's Accidental Death and Disability Benefit
Rider is available as an optional rider by payment of
additional premium. In case of accidental death, the Accident
Benefit Sum Assured will be payable as lump sum along with
the death benefit under the basic plan. In case of accidental
permanent disability arising due to accident (within 180 days
from the date of accident), an amount equal to the Accident
Benefit Sum Assured will be paid in equal monthly instalments
spread over 10 years and future premiums for Accident Benefit
Sum Assured as well as premiums for the portion of Basic Sum
Assured which is equal to Accident Benefit Sum Assured under
the policy, shall be waived.
‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit as defined above shall not be less than
105% of total premiums* paid as on the date of death.
What is Sum Assured on Death?
Sum Assured on Death shall be higher of ~ Basic Sum Assured
(BSA) OR 10 times Annualized Premium. (10 x AP). [*The premiums
mentioned in death benefit are excluding taxes, extra premiums
and premiums for riders, if any]
Lic Endowment Plan Eligibility Conditions and Restrictions
·
Age at entry – 8 to 55 years
·
Age at Maturity – Maximum 75 Years
·
Policy Term – 12 to 35 years
·
Premium mode – Yearly, Half-yearly, Quarterly,
Monthly (SSS or ECS)
· Minimum
Basic Sum Assured – 100000 and above
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
· Maximum Sum Assured – No Limit
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 21 years
Policy / Maturity Term : 21 years
Bonus Rate (2016) : 48 per 1000
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
· Maximum Sum Assured – No Limit
LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 21 YEARS
Above Illustration is for
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 21 years
Policy / Maturity Term : 21 years
Bonus Rate (2016) : 48 per 1000
Accidental Death and Disability Benefit Rider
1. Minimum Accident Benefit Sum Assured : Rs. 100,000
2. Maximum Accident Benefit Sum Assured :
An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
1.Minimum Age at entry : 18 years (completed)
2.Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
3.Maximum cover ceasing age : 70 years (nearest birthday)
Loan Benefit
Available after payment of 3 full years’ premiums.
The maximum amount of loan that can be granted as a percentage of
Surrender Value shall depend on the Policy Term.
Foreclosure action shall not be taken under fully paid-up and
enforce policies even if there is default of loan
interest.
Guaranteed Surrender Value (GSV)
- Available after payment of 3 full years premiums.
GSV shall be a percentage of total premiums paid (net of taxes)
excluding extra premium, if any and premium paid for riders, if
opted for.
Examples of GSV factors applicable for total premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy Term)
GSV factor applicable to vested bonus, if any. Examples of Vested
bonus factors –
Surrender Value shall be the discounted value of the
Paid-up Sum Assured and vested simple reversionary bonuses.
Year of SV – Policy
Term – Factor
3
12
18.60%
19
25
20.85%
29
30
30%
(In multiples of 5000)
Special Surrender Value (SSV)
The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Surrender Value payable – The Higher of Guaranteed Surrender
Value and Special Surrender Value shall be payable.
LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 35 YEARS
Above Illustration is for LIC New Endowment Plan
Age : 30 years
Sum Assured : 5,00,000 (5 Lacs)
Premium Paying Term : 35 years
Policy / Maturity Term : 35 years
Bonus Rate (2016) : 48 per 1000
LIC’s New Endowment Plan – Changes over Table No.14
1.
Sum Assured on Death’ has been defined separately
2.
Age at entry has been reduced.
3.
Percentage of Loan payable as a percentage of
Surrender Value shall depend upon policy term.
4.
GSV percentage shall also depend on policy term and
year of Surrender
5.
Rebates for high SA and premium mode modified.
You can buy this as a LIC Pension Plan with single maturity or multiple maturities.
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