LIC, Health, Motor, Travel Insurance Delhi/Noida/Greater Noida: March 2015

Monday, March 9, 2015

LIC Of INDIA

Lic Jeevan Lakshya Plan 833 - (Kanyadan Policy) Details

LIC’s Jeevan Lakshya or LIC Kanyadan Policy is a limited premium paying conventional With-Profits Endowment Assurance plan. 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 independent of survival of the Policyholder. The benefits and other details of the plan are given below.

BENEFITS:
The benefits payable under an inforce policy are as under:

a) Benefits payable on death:
Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable at various durations as mentioned below:
Where “Sum Assured on Death” is defined as the sum of:

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

The premiums mentioned above exclude taxes (including service tax), extra premium and rider premium(s), if any.


LIC Kanyadan Policy


LIC Sukanya Samriddhi Yojna Plan Calculator







































b) Benefits payable on maturity:

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

c) 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, if any, at such rate and on such terms may also be declared under the policy as on due date of maturity.

In case of death under a policy which is in full force, the policy shall continue to participate in profits up to the due 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.

OPTIONAL BENEFIT:
This plan provides the following optional rider by payment of additional premium:

i) LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider (AD&DB) is available as an optional rider by payment of additional premium. This rider can be opted for at any time within the premium paying term of  the Basic Plan provided the outstanding premium paying term is at least 5 years. The benefit cover under this rider shall be available during the policy term.
If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable on death due to accident, provided the rider is inforce at the time of accident. In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments 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. If the policy becomes a claim by way of death or maturity before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim amount.

The premium for this rider shall be paid during the premium paying term of the Basic Plan.
If there be more policies than one and if the total Accident Benefit exceeds Rs.100 lakhs, the benefits shall apply to the first Rs. 100 lakhs Sum Assured in order of date of policies issued.
Accidental Death and Disability Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply, if policy is in lapsed condition. 

ii) LIC’s New Term Assurance Rider : - LIC’s New Term Assurance Rider is available at the inception of the policy on payment of additional premium. The additional premium for this Rider will need to be paid along with the premium of the Basic Plan and any other rider, if opted for, during the premium paying term of the policy. If this rider is opted for, on death of the Life Assured during the policy term an additional amount equal to Term Assurance Rider Sum Assured shall be payable provided the rider cover is inforce.
If there be more policies than one and if the total Term Assurance Rider Sum Assured exceeds Rs. 25 lakhs, the benefits shall apply to the first Rs. 25 lakhs Term Assurance Rider Sum
Assured in order of date of policies issued.

Eligibility Conditions and Restrictions:

For Basic Plan:
1) Minimum Age at entry for Life Assured   : 18 years (last birthday)
2) Maximum Age at entry for Life Assured   : 50 years (nearer birthday)
3) Maximum Maturity Age   : 65 years (nearer birthday)
4) Policy Term   : 13 to 25 years
5) Premium paying Term   : (Policy Term - 3) years
6) Minimum Basic Sum Assured   : Rs. 1,00,000/-
7) Maximum Basic Sum Assured   : No Limit

The Basic Sum Assured shall be in multiples of Rs. 10,000/- only.

    LIC Sukanya Samriddhi Yojna Premium Calculator




 Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 22 years
Policy / Maturity Term           : 25 years


Calculation of Risk cover at Age 34

Natural Risk Cover:

10% of the Sum Assured is given every year from Age:34-Age:54
50000*21=Rs.1050000

On maturity 110% of Sum Assured along with bonus is given Rs.1387500
1050000+1387500 = Rs.2437500

Accidental Risk Cover:

Double Accidental Benefit is given intermediately at Age:34 (Rs.500000)

10% of the Sum Assured is given every year from Age:34-Age:54
50000*21=Rs.1050000 

On maturity 110% of Sum Assured along with bonus is given Rs.1387500
500000+1050000+1387500 = Rs.2937500

For LIC’s Accidental Death and Disability Benefit Rider:

1) Minimum Entry Age   : 18 years (last birthday)
2) Maximum Entry Age   : The cover can be opted for at inception or at any policy   anniversary thereafter provided the minimum premium   paying term left under the Basic plan is 5 years.
3) Maximum cover ceasing Age   : 65 years (nearer birthday)
4) Minimum Accident Benefit Sum Assured   : Rs. 10,000/-
5) Maximum Accident Benefit Sum Assured  : An amount equal to the Basic Sum Assured subject to the maximum of Rs.100 lakh overall limit taking all  existing policies of the Life Assured under individual as well as group policies including policies with inbuilt  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. 10,000/-only.

For LIC’s New Term Assurance Rider:
1) Minimum Entry Age   : 18 years (last birthday)
2) Maximum Entry Age   : 50 years (nearest birthday)
3) Policy Term   : Same as Basic Plan
4) Premium Paying Term   : Same as Basic Plan
5) Minimum Term Assurance Rider Sum Assured   : Rs. 100,000/-
6) Maximum Term Assurance Rider Sum Assured  : The maximum Term Rider Sum Assured shall be less than or equal to the Basic Sum   Assured under the basic plan, but not exceeding the overall limit of Rs. 25 lakhs   taking all Term Assurance Riders Sum Assured under all existing policies of the life assured   including the new proposal under consideration.

The Term Assurance Rider Sum Assured can be taken in multiples of Rs. 10,000/- only.


MODE OF PREMIUM PAYMENT:

The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (ECS only or through salary deductions).

GRACE PERIOD FOR PAYMENT OF PREMIUM:
A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly premiums and 15 days for monthly mode of premium payment.

If the death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as inforce and the benefits will be paid after deduction of the said unpaid premium and also the unpaid premium/s falling due before the next policy anniversary from any immediate benefit(s) payable under such policy.

If premium is not paid before the expiry of the days of grace, the Policy lapses.

If the Policy has not lapsed and the claim is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from any immediate benefit(s) payable under such policy.

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REBATES:

The rebates for basic plan are as under:

Mode Rebate:
Yearly mode   : 2% of tabular premium
Half-yearly mode   : 1% of tabular premium
Quarterly and monthly mode   : NIL
High Basic Sum Assured Rebate:

Basic Sum Assured Rebate (in Rs.)
1,00,000 to 1,90,000   - Nil
2,00,000 to 4,90,000   - 2%o Basic Sum Assured
5,00,000 to and above   - 3%o Basic Sum Assured

LOAN:

Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following conditions:
a)The maximum loan that can be granted as a percentage of surrender value are as under:

For inforce policies – 90%
For paid-up policies – 80%

However, the above percentages may vary from time to time.
b) The rate of interest to be charged for the loan amount would be determined from time to time by the Corporation.
The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Revival of Premium Waiver Benefit Rider, if opted for, will be considered only along with revival of the Basic Policy, and not in isolation.

Taxes: 
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums and rider premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan. 

Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Presentation


Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Details from Satyendra Gupta - 9811362697

LIC NEW JEEVAN LAKSHAY Children Plan Premium Chart - 833


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Tuesday, March 3, 2015

LIC Of INDIA

Lic Children's Money Back Plan 832 Details

LIC’s Children’s Money Back Plan is a non-linked, with-profit, regular premium payment money back plan specially designed to meet various financial needs of children through Survival Benefits. It provides for the risk cover on the life of child during the policy term and number of survival benefits on surviving to the end of the specified duration's. The benefits and other details of the plan are given below.


1. LIC’s Children’s Money Back Plan Benefits:

The benefits payable under an in force policy is as under:

a) Death Benefit :

On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable.

On death After the Date of Commencement of Risk :
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. Basic 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 tax, extra premium and rider premium, if any.


b) Survival Benefit


On the Life Assured surviving on each policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the Basic Sum Assured on each occasion shall be payable provided the policy is in full force.

c) Maturity Benefit : 


On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

d) Participation in profits :

Depending upon the Corporation’s experience the policies shall participate in the profits and shall be eligible for Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation
.
Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.

Lic Children's Money Back Premium Payment Plan Table no 832 Calculation Details


LIC Children's Money Back Plan Table no 832 Calculation

2. LIC New Children’s Money Back Plan Survival Benefit(s):


The policyholder will have the option to take the survival benefit (s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to
Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s)
This option shall be required to be intimated by the policyholder six months before the due date of the Survival Benefit (s) in writing.

3. LIC’s Premium Waiver Benefit Rider 


LIC’s Premium Waiver Benefit Rider is available on payment of additional premium. This rider can be opted for along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years.
a) If this rider is opted for, in case of death of the proposer, the payment of the premiums falling due after the date of death shall be waived;

b) The Premium Waiver Benefit shall be granted on the basis of the proposer's age, personal declaration and other related documents. In case it is found that any untrue or incorrect statement is contained therein or any material information is withheld, then and in every such case but subject to the provisions of Section 45 of the Insurance Act, 1938, as amended from time to time, all claim to the benefit shall cease and determine;

c) The Premium Waiver Benefit shall not operate if the proposer (whether sane or insane) commits suicide within 12 months from the date of issuance of First Premium Receipt or within 12 months from the date of revival;

d) The additional premium shall not be taken into account in arriving at the amount to be refunded in the event of death of the Life Assured before the date of commencement of risk and in calculating the surrender value of the policy;

e) The medical report and special reports, if required, at proposal stage or on revival, shall be at the proposer’s own expense from the Corporation's appointed Medical Examiner;

f) The revival of the rider will be considered along with the revival of the basic policy. The rider can be revived at any time but within a period of two consecutive years from the due date of the said unpaid premium or before the date of expiry of policy term, whichever is earlier subject to evidence of health and habits of the proposer to the satisfaction of the Corporation

g) The Premium Waiver Benefit shall cease to apply if policy is in lapsed condition;


    4. Children's Money Back Plan Eligibility Conditions and Restrictions:

For Basic Plan


(a) Minimum Age at entry for Life Assured : [0] years (last birthday)
(b) Maximum Age at entry for Life Assured :[12] years (last birthday)
(c) Policy Term : [25 – Age at entry] years
(d) Minimum/Maximum Maturity Age : [25] years
(e) Minimum Basic Sum Assured : Rs. [100] in ‘000’s
(f) Maximum Basic Sum Assured : No Limit
The Basic Sum Assured shall be in multiples of Rs. 10,000/-

Date of commencement of risk under the plan:


In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.


Date of vesting under the plan:


The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

For LIC’s Premium Waiver Benefit (PWB) Rider – optional:

(a) Minimum Entry Age : [18] years (completed)
(b)  Maximum Entry Age : [55] years (Nearer Birthday)
(c)  Premium paying term : Same as basic plan
(d) Maximum cover ceasing age : [70] years (Nearest Birthday)


5. Mode of Premium Payment :


The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly [ECS only or through salary deductions (SSS)].

6. Grace Period for Payment of Premium:

A grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.
If death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as in force and the benefits will be paid after deductions of the said unpaid premium as also the unpaid premium/s falling due before the next anniversary of the policy.
If the premium is not paid before the expiry of the days of grace, the policy lapses.
If the policy has not lapsed and the claim is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from the claim amount.
The above grace period will also apply to rider premium as the rider premium is to be paid along with Basic Premium.

7. Rebates:

Mode Rebate:


Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly : NIL


High Sum Assured Rebate:

Basic Sum Assured Rebate (Rs.)
1,00,000 to 1,90,000 Nil
2,00,000 to 4,90,000 2 per thousand Basic Sum Assured
5,00,000 and above 3 per thousand Basic Sum Assured


8. Paid-up Value :

If after at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.
The Sum Assured on Death under paid–up policy shall be reduced to such a sum called “Death Paid-up Sum Assured” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death]

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy)] less Total amount of Survival Benefits already paid under the policy.


9. Surrender Value :

The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.

Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premium for rider, if opted for, less any survival benefits already paid. This percentage will depend on policy term and year in which the policy is surrendered.
In addition, the surrender value of vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the Surrender Value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which policy is surrendered.

10. Revivals:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time.

The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.
Revival of Premium Waiver Benefit Rider, if opted for, will be considered only along with revival of the Basic Policy, and not in isolation.

11. Loan:

Loan facility is available under this plan after the payment of premiums for at least three full years and after obtaining the declaration from the proposer to the effect that loan is raised for the benefit of the minor life assured. The loan shall be subject to the following conditions:

1) The Maximum loan that can be granted as a percentage of Surrender Value shall be as under:
· For in force policies – upto 90%
· For paid-up policies – upto 80%
However, the above percentages may vary from time to time.

2) The rate of interest to be charged for loan amount would be determined from time to time by the Corporation.

3) No foreclosure action under in force policies shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding along with interest shall be recovered from any survival benefits or claim proceeds at the time of exit.


12. Suicide Clause :


This policy shall be void

i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy except for 80% of the premiums paid excluding any taxes and extra premium, if any, provided the policy is in force. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years.
ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes and extra premium, if any,) or the surrender value shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable:
a) in case the age of the Life Assured is below 8 years at the time of revival; or
b) for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.


13. Taxes:


Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums and rider premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan. 


Lic Children's Money Back Premium Payment Plan Calculation


LIC Children's Money Back Payment Plan Table no 832 Details

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LIC Of INDIA

Lic Jeevan Sangam Plan 831 Features & Details

Lic Jeevan Sangam Single Premium Payment Plan Table No 831 Details

1.   Introduction:

It has been decided to introduce LIC’s JEEVAN SANGAM (Plan No.831), a close ended plan which would be open for sale from 4th March, 2015 for a maximum period of 90 days.

LIC’s Jeevan Sangam is a non-linked, with-profit, single premium plan which provides for high level of death cover during the policy term.

Under this plan, the Proposer/ Life Assured will have an option to choose the Maturity Sum Assured and the single premium payable will depend on the chosen amount of Maturity Sum Assured and age of the life assured.

The benefits and other details of this plan are given below.

2.   Benefits:
a)    Death Benefit:
On death during first five policy years:
Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.

 After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:
Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

The Tabular single premium mentioned above does not include any extra premium or taxes and is before applying any rebate.
                                                                                     
b)   Maturity: 
On the Life Assured surviving to the end of the policy term, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

c)    Loyalty Addition:
The policies under this plan shall be eligible for share in surplus (profits) in the form of Loyalty Addition, depending upon the experience of the Corporation. The Loyalty Addition, if any, shall be  payable at such rate and on such terms as may be declared by the Corporation, on death or surrender, provided the policy has run for at least  five policy years or on policyholder surviving to the maturity.

3.   Eligibility Conditions and Restrictions:
a)    Minimum Entry Age                     :         6 years (completed)
b)   Maximum Entry Age                       :      50 years (nearer birthday)
c)    Mode of premium payment             :      Single premium
d)   Minimum Maturity Sum Assured             :          Rs.75,000/-
e)    Maximum Maturity Sum Assured            :           No Limit
f)     Policy Term                                     :           12 years

Except for minimum Maturity Sum Assured of Rs.75000/-, higher Maturity Sum Assured than this amount shall be in multiple of Rs. 10000/- only.


Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years nearer birthday, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years (nearer birthday).

For those aged 8 years (nearer birthday) or more, risk will commence immediately.  


4.   Rebates:
High Maturity Sum Assured Rebate:

Maturity Sum Assured (M.S.A) chosen under the policy
Reduction in Tabular premium (per Rs. 1000/- Maturity Sum Assured)
Below Rs.2,00,000
Nil
Rs.2,00,000 to Rs. 3,90,000
Rs. 15.00
Rs.4,00,000 and above
Rs. 20.00

             
5.   Surrender Value:
The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Guaranteed Surrender Value:
The Guaranteed Surrender Value shall be as under:
·         First year: 70% of the Single premium paid excluding extra premium and taxes, if any.
·         Thereafter: 90% of the Single premium paid excluding extra premiums paid and taxes, if any.

6.   Loans:
Loan facility shall be available under the plan at any time during the policy term after three months of the policy issuance subject to the following conditions:

a)    Depending on the age at entry, the maximum loan that can be granted as a percentage of Surrender Value (S.V.) for different policy years in which the loan is applied is as under:
 Policy year
 maximum Loan Amount as a % of surrender value for age at entry <=45
maximum Loan Amount as a % of surrender value for age at entry >45
*3 month  to 3rd 
55%
40%
4th  to 6th
70%
45%
7th  to 9th
80%
65%
10th  to 12th
90%
90%
*3 month means loan can be availed after three months of the policy issuance.  

b)    The rate of interest to be charged on loans granted under this plan would be determined from time to time by the Corporation.

c)    In case the policy shall mature or becomes a claim by way of death, the Corporation shall become entitled to deduct the amount of the loan or any portion thereof which is outstanding, together with all outstanding interest from the policy moneys.

d)    No foreclosure action should be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding along with the interest shall be recovered from claims proceeds at the time of exit.


7.   Suicide Clause:
The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the Date of Commencement of Risk, an amount which is higher of 90% of the single premium paid (excluding taxes and extra premium, if any) or Surrender Value shall be payable. The Corporation will not entertain any other claim under this policy.

This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years.


8.   Taxes:

Taxes including service tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.


Lic Jeevan Sangam Single Premium Payment Plan Table no 831 Comparison
























Lic Jeevan Sangam Single Premium Payment Plan Table no 831 Comparison



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