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Showing posts with label LIC. Show all posts
Showing posts with label LIC. Show all posts
Friday, June 28, 2013
Tuesday, June 25, 2013
LIC Jeevan Anurag Features & Plan Details
LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. LIC Jeevan Anurag plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, LIC Jeevan Anurag plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.
Assured BenefitPayment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
Eligibility Conditions And Other Restrictions
FOR BASIC PLAN
FOR TERM ASSURANCE RIDER
The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.
FOR CRITICAL ILLNESS RIDER
The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.
REBATES/EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSUREDMode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium. Large Sum Assured Rebate: Rs. 2%o Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1,00,000/-. No rebate is available (either made) on the rider premiums.
The plan offers other benefits as follows:
Grace Period: A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
15 –days Cooling-off period:If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days. Paid up Value:
If at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the Sum Assured by it shall be reduced to such a Sum, called the paid-up value, as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated in the policy. The policy so reduced shall thereafter be free from all liability for payment of the within mentioned premium, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. The Sum Assured so reduced along with existing bonuses, if any, shall be paid in one single installment on maturity or on earlier death.
The rider benefits will cease to apply if the policy is in lapsed condition.
Once the payment of assured benefit starts, the policy shall be kept in force till maturity and the unpaid premiums, if any, will be deducted with interest at appropriate rate out of the next benefit payment. Loan:
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits. The terms and conditions of loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 9% p.a. compounding half-yearly. Guaranteed Surrender Value: LIC Jeevan Anurag policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the single premium mode will be equal to 30 per cent of the premiums paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender. Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time. At present the rate of interest is 8% p.a. compounding half-yearly.
OPTIONAL RIDER BENEFITS:
LIC Jeevan Anurag plan offers following optional riders on payment of additional premium and subject to the eligibility conditions mentioned below: Accidental Death and Disability Benefit Accidental Death and Disability Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together
Term Assurance Rider Benefit Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.
Critical Illness Rider Benefit Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together.
If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.
ACCIDENTAL DEATH AND DISABILITY BENEFIT:
On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. On total and 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 over a period of 10 years in monthly installments. The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered :
i) Irrevocable loss of the entire sight of both eyes, or
ii) amputation of both hands at or above the wrists, or
iii) amputation of both feet at or above ankles, or
iv ) amputation of one hand at or above the wrist and one foot at or above the ankle
ii) engagement in aviation or aeronautics other than that of a passenger in any air craft
iii) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind
iv) accident resulting from committing any breach of law
v) accident arising from employment in armed forces or military services or police organization.
TERM ASSURANCE RIDER BENEFIT: An amount equal to Term Assurance Rider Sum Assured will be payable on death of the life assured during the policy term.
If Premium Waiver Benefit has been opted for , then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums payable (total installment premium) will be waived.
EXCLUSIONS:
LIC Jeevan Anurag policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bona-fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office where this policy is serviced, at least one calendar month prior to death.
BENEFIT ILLUSTRATION:
Illustration 1:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: 25 years
Mode of premium payment: Yearly
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.21 per thousand S.A at 6% rate of return
Rs.55 per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 170 per thousand S.A at 6% rate of return
Rs. 450 per thousand S.A at 10% rate of return
Annual Premium : Rs.4,606/-
Illustration 2:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: One
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.24 per thousand S.A at 6% rate of return
Rs.92 per thousand S.A at 10% rate of return
Terminal Bonus - Rs.200 per thousand S.A at 6% rate of return
Rs.760 per thousand S.A at 10% rate of return
Single Premium: Rs.59,157 /-
EXTRACT from Section 41 of the Insurance Act:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / -
Assured BenefitPayment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
Eligibility Conditions And Other Restrictions
FOR BASIC PLAN
| Age at entry | Age of the Life Assured- 20 to 60 years (age nearest birthday) |
| Age of the Life Assured at maturity | Maximum 70 years (age nearest birthday) |
| Term | All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years. |
| Minimum Sum Assured | Rs. 50,000 /- |
| Maximum Sum assured | No limit. Sum Assured will be in multiples of Rs.5,000 /- only. |
| Mode | Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums. |
FOR TERM ASSURANCE RIDER
| Age at entry | Age of the Life Assured- 20 to 50 years (age nearest birthday) |
| Age of the Life Assured at maturity | Maximum 60 years (age nearest birthday) |
| Term | NIL |
| Minimum Sum Assured | Rs. 1,00,000 /- |
| Maximum Sum assured | An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration. |
| Mode | NIL |
The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.
FOR CRITICAL ILLNESS RIDER
| Age at entry | Age of the life Assured- 20 to 50 years (age nearest birthday) |
| Age of the Life Assured at maturity | Maximum 60 years (age nearest birthday) |
| Term | NIL |
| Minimum Sum Assured | Rs. 50,000 /- |
| Maximum Sum assured | An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration. |
| Mode | NIL |
The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.
REBATES/EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSUREDMode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium. Large Sum Assured Rebate: Rs. 2%o Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1,00,000/-. No rebate is available (either made) on the rider premiums.
The plan offers other benefits as follows:
Grace Period: A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
15 –days Cooling-off period:If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days. Paid up Value:
If at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the Sum Assured by it shall be reduced to such a Sum, called the paid-up value, as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated in the policy. The policy so reduced shall thereafter be free from all liability for payment of the within mentioned premium, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. The Sum Assured so reduced along with existing bonuses, if any, shall be paid in one single installment on maturity or on earlier death.
The rider benefits will cease to apply if the policy is in lapsed condition.
Once the payment of assured benefit starts, the policy shall be kept in force till maturity and the unpaid premiums, if any, will be deducted with interest at appropriate rate out of the next benefit payment. Loan:
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits. The terms and conditions of loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 9% p.a. compounding half-yearly. Guaranteed Surrender Value: LIC Jeevan Anurag policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the single premium mode will be equal to 30 per cent of the premiums paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender. Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time. At present the rate of interest is 8% p.a. compounding half-yearly.
OPTIONAL RIDER BENEFITS:
LIC Jeevan Anurag plan offers following optional riders on payment of additional premium and subject to the eligibility conditions mentioned below: Accidental Death and Disability Benefit Accidental Death and Disability Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together
Term Assurance Rider Benefit Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.
Critical Illness Rider Benefit Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together.
If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.
ACCIDENTAL DEATH AND DISABILITY BENEFIT:
On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. On total and 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 over a period of 10 years in monthly installments. The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered :
i) Irrevocable loss of the entire sight of both eyes, or
ii) amputation of both hands at or above the wrists, or
iii) amputation of both feet at or above ankles, or
iv ) amputation of one hand at or above the wrist and one foot at or above the ankle
No benefit will be paid if accidental death or disability arises due to accident in case of:
i) intentional self-injury, attempted suicide insanity or immorality or the Life Assured is under the influence of intoxicating liquor, drug or narcoticii) engagement in aviation or aeronautics other than that of a passenger in any air craft
iii) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind
iv) accident resulting from committing any breach of law
v) accident arising from employment in armed forces or military services or police organization.
TERM ASSURANCE RIDER BENEFIT: An amount equal to Term Assurance Rider Sum Assured will be payable on death of the life assured during the policy term.
If Premium Waiver Benefit has been opted for , then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums payable (total installment premium) will be waived.
EXCLUSIONS:
LIC Jeevan Anurag policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bona-fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office where this policy is serviced, at least one calendar month prior to death.
BENEFIT ILLUSTRATION:
Illustration 1:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: 25 years
Mode of premium payment: Yearly
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.21 per thousand S.A at 6% rate of return
Rs.55 per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 170 per thousand S.A at 6% rate of return
Rs. 450 per thousand S.A at 10% rate of return
Annual Premium : Rs.4,606/-
Illustration 2:
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: One
Sum Assured: Rs.1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs.24 per thousand S.A at 6% rate of return
Rs.92 per thousand S.A at 10% rate of return
Terminal Bonus - Rs.200 per thousand S.A at 6% rate of return
Rs.760 per thousand S.A at 10% rate of return
Single Premium: Rs.59,157 /-
EXTRACT from Section 41 of the Insurance Act:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / -
Wednesday, June 19, 2013
Friday, June 14, 2013
Wednesday, May 29, 2013
Friday, May 17, 2013
LIC Jeevan Tarang Features & Plan Details
What does LIC's Jeevan Tarang Offer you?
Cash value of bonus on the full sum insured + Annual
Installments @ 5.5% of the sum insured up to your 100 years of age + Sum
Insured whenever you are not alive instead of annual installments, without any
deduction towards installments already paid + Loyalty Addition if any, on your
surviving the premium payment term you have chosen (10 or 15 or 20 years),
Sum Insured + Bonus accrued in case you do not outlive the
premium payment term you have chosen ( 10 or 15 or 20 years)
Loan against surrender value at 9.00% per annum simple
interest,
Additional sum equal to face value but not exceeding Rs 50
Lakhs in case of fatal accident against a small extra,
Premium waiver in addition to the above accident benefit in
case of Total and Permanent Disability due to Accident against a small extra,
Term Cover Rider against extra
Why Should You Invest On LIC's Jeevan Tarang?
Under this plan, your nominee is assured of the face value
of the policy on your death whenever it occurs within your 100 years of age.
Your premium payment however is limited only for the term chosen (10 or 15 or
20 years).
You are assured of a regular annual income as long as you
are alive up to a maximum of 100 years of age, once you outlive the premium
payment term you have chosen. By going for LIC's Jeevan Tarang every month, you
can reduce the frequency of annual installments to monthly also.
From income-tax point of value also, you stand to gain quite
a bit through LIC's Jeevan Tarang investment. While the premium paid qualifies
for Section 80 C benefit within the overall limit of Rs 1 Lakh per annum
allowed for various savings, annual installments received as above are free
from income-tax, since they are nothing but settlement options on the sum
insured exercised by you. In other words, under LIC's Jeevan Tarang, you are
assured of a tax-free annuity @5.5% of the sum you have insured for rest of
your life, once you outlive the PPT chosen.
Bonus available before commencement of Annuity can be
profitably invested to fetch you income additional to annuity installments
available under the plan.
Policy loans available under the plan offer you additional
investment facilities without affecting any of the policy privileges.
These are some of the prominent reasons why you should
invest on LIC's Jeevan Tarang as much
as you can.
How long you need to Invest on LIC's Jeevan Tarang?
How long you need to Invest on LIC's Jeevan Tarang?
10 or 15 or 20 years ceasing at death, if it occurs early.
What are the Modes of Investment available under LIC's
Jeevan Tarang?
Single, Yearly, Half-yearly or quarterly or monthly.
Want to know more about LIC's Jeevan Tarang or
want to invest on the plan?
Call us at 9899307833 / 9811362697 or write us at everyoneinusred@gmail.com
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Wednesday, May 15, 2013
LIC Health Insurance Jeevan Arogya
What is Jeevan Arogya?
It is LIC’s family Medical Insurance Plan.
Whom All I can cover under Jeevan Arogya?
Yourself (Known as Principal Insured), Your Spouse, all your family members including dependent parents and parents-in-law in the age group 0-75.
Is there any Maturity or Death Benefit under Jeevan Arogya?
What is the Mandatory requirement for claiming Medical Benefits under Jeevan Arogya? Hospitalization in India due to either accident or sickness for at least 24 hours, every block of 4 hours deemed as 1 day.
What is the basis of calculating Medical Benefits under Jeevan Arogya?
Hospital Cash Benefit (HCB) you opt for at the time of entering the plan. It can be anything between Rs 1, 000/- to Rs 4, 000/- per day (in multiples of Rs 1,000).
What are the eventualities covered under Jeevan Arogya?
Hospitalization as above. No surgery: Cash reimbursement equal to Applicable Daily Benefit (ADB) x No of day's hospitalization.
ICU admission:
Cash reimbursement equal to double the ADB.
Listed Surgical Procedures:
Cash reimbursement equal to 2 times the ADB subject to a maximum of 45 days in a year or 360 days during the entire policy term (15 days - First Year).
Listed Day Care Procedures: 5 times the ADB applicable regardless of the actual costs incurred not exceeding 3 times in a year and 24 times in the entire policy term.
What is `Applicable Daily Benefit' (ADB)' referred to under Jeevan Arogya?
It is the sum total of HCB you have opted for at the commencement of the plan + 5% of the HCB you earn every year subsequent to first year reaching a maximum of additional 50% of the initial HCB + 5% of the HCB you earn at the end of every 3 years in case you have not claimed any amount under the plan for previous 3 years, without any limit.
How long I need to pay premium under Jeevan Arogya?
Upto age 80, if the age at entry is 18-75 years, Upto age 25, if the age at entry is 0-17.
Does premium under Jeevan Arogya remains same throughout the premium payment term or will it keep varying?
It keeps varying once in 3 years.
Is there any Income-Tax Benefit on Jeevan Arogya Premium?
Yes, Premium paid every year enjoys I.T exemption under section 80 D within the statutory limit for medical insurance premium up to Rs 15,000/- per annum in case of individuals and Rs 30,000/- for the family members.
Does Jeevan Arogya offer any Cash-less facility?
No.
What is so special about Jeevan Arogya?
This is one plan where,You get medical coverage up to age 80 without any interruption, provided, policy is kept in force by premium payment in time. You can cover all your family members including your parents and parents- in law in the age group 0-75. Medical reimbursement available under the plan is independent of the actual medical expenses incurred. Mere hospitalization followed by discharge certificate is enough to claim medical reimbursement unlike Mediclaim plans where medical reimbursement is directly related to the actual expenses claimed by your hospital. As a result, unlike Mediclaim Plans, Jeevan Arogya takes care of your post treatment expenses and possible drop in your income especially during prolonged illness.
You can draw up to 50% of the claim amount in advance for meeting surgical procedures instead of waiting for the claim settlement. ADB keeps increasing every year by 5%, reaching a maximum of 150%. As a result, other benefits like HCB and MSB sum also stand increased. You can claim HCB every year upto 30 days at a stretch that includes 15 days in ICU or as a lifetime benefit up to 720 days that includes 360 days in ICU.
It provides you premium waiver for next 1 year in case of your undergoing major surgical procedures.
Jeevan Arogya investment as an additional benefit, even if you have invested in General Insurance Companies' Mediclaim plans Infact, a combination of Jeevan Arogya Mediclaim could be the best way of providing for medical exigencies. While Mediclaim provides for Medical Expenses during treatment, Jeevan Arogya takes care of your monetary requirement after treatment.
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It is LIC’s family Medical Insurance Plan.
Whom All I can cover under Jeevan Arogya?
Yourself (Known as Principal Insured), Your Spouse, all your family members including dependent parents and parents-in-law in the age group 0-75.
Is there any Maturity or Death Benefit under Jeevan Arogya?
What is the Mandatory requirement for claiming Medical Benefits under Jeevan Arogya? Hospitalization in India due to either accident or sickness for at least 24 hours, every block of 4 hours deemed as 1 day.
What is the basis of calculating Medical Benefits under Jeevan Arogya?
Hospital Cash Benefit (HCB) you opt for at the time of entering the plan. It can be anything between Rs 1, 000/- to Rs 4, 000/- per day (in multiples of Rs 1,000).
What are the eventualities covered under Jeevan Arogya?
Hospitalization as above. No surgery: Cash reimbursement equal to Applicable Daily Benefit (ADB) x No of day's hospitalization.
ICU admission:
Cash reimbursement equal to double the ADB.
Listed Surgical Procedures:
Cash reimbursement equal to 2 times the ADB subject to a maximum of 45 days in a year or 360 days during the entire policy term (15 days - First Year).
Listed Day Care Procedures: 5 times the ADB applicable regardless of the actual costs incurred not exceeding 3 times in a year and 24 times in the entire policy term.
What is `Applicable Daily Benefit' (ADB)' referred to under Jeevan Arogya?
It is the sum total of HCB you have opted for at the commencement of the plan + 5% of the HCB you earn every year subsequent to first year reaching a maximum of additional 50% of the initial HCB + 5% of the HCB you earn at the end of every 3 years in case you have not claimed any amount under the plan for previous 3 years, without any limit.
How long I need to pay premium under Jeevan Arogya?
Upto age 80, if the age at entry is 18-75 years, Upto age 25, if the age at entry is 0-17.
Does premium under Jeevan Arogya remains same throughout the premium payment term or will it keep varying?
It keeps varying once in 3 years.
Is there any Income-Tax Benefit on Jeevan Arogya Premium?
Yes, Premium paid every year enjoys I.T exemption under section 80 D within the statutory limit for medical insurance premium up to Rs 15,000/- per annum in case of individuals and Rs 30,000/- for the family members.
Does Jeevan Arogya offer any Cash-less facility?
No.
What is so special about Jeevan Arogya?
This is one plan where,You get medical coverage up to age 80 without any interruption, provided, policy is kept in force by premium payment in time. You can cover all your family members including your parents and parents- in law in the age group 0-75. Medical reimbursement available under the plan is independent of the actual medical expenses incurred. Mere hospitalization followed by discharge certificate is enough to claim medical reimbursement unlike Mediclaim plans where medical reimbursement is directly related to the actual expenses claimed by your hospital. As a result, unlike Mediclaim Plans, Jeevan Arogya takes care of your post treatment expenses and possible drop in your income especially during prolonged illness.
You can draw up to 50% of the claim amount in advance for meeting surgical procedures instead of waiting for the claim settlement. ADB keeps increasing every year by 5%, reaching a maximum of 150%. As a result, other benefits like HCB and MSB sum also stand increased. You can claim HCB every year upto 30 days at a stretch that includes 15 days in ICU or as a lifetime benefit up to 720 days that includes 360 days in ICU.
It provides you premium waiver for next 1 year in case of your undergoing major surgical procedures.
Jeevan Arogya investment as an additional benefit, even if you have invested in General Insurance Companies' Mediclaim plans Infact, a combination of Jeevan Arogya Mediclaim could be the best way of providing for medical exigencies. While Mediclaim provides for Medical Expenses during treatment, Jeevan Arogya takes care of your monetary requirement after treatment.
Leave a comment on these posts (we LOVE comments) »
Tuesday, April 30, 2013
About LIC and various LIC Products
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INSURANCE PLANS
As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
- Child Plan
- Endowment Plan
- Money Back
- Single Premium
- Term Plan
- Pension Plan
- ULIP Plan
- Health Plan
- Travel Insurance
- Calculator
- Closed Plans
- Golden Money Back Policy
- Children's Plan
- Jeevan Anand
- Jeevan Sathi
- Jeevan Tarang
- Jeevan Mithra (Triple Benefit)
- Bima Account -1
- Bima Account -2
- Jeevan Chhaya - 103
- Jeevan Kishore - 102
- Child Future 185
- Child Fortune Plus - 194
- Child Career 184
- Jeevan Saral ATM Plan table no 165
- Jeevan Surabhi (Money Back)
- Jeevan Anurag 168
- Jeevan Anurag
- Komal Jeevan
- Top 10 reasons for Jeevan Nidhi
- Top 10 reason for Jeevan Pramukh
- Health Protection Plus
- Jeevan Saral ATM Plan 825
- Lic Varishtha Pension Bima Yojana Plan 828
- Jeevan Shagun Plan 826
- Jeevan Sangam Plan 831
- Jeevan Sagar Plan 839
- How to Become LIC Agent In Delhi NCR
- Jeevan Shikhar Plan 837
- LIC Jeevan Saral
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Thursday, February 28, 2013
LIC Jeevan Saral Plan Details & Features
Product Summary:
LIC Jeevan Saral is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment of LIC Jeevan Saral policy. LIC Jeevan Saral 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. LIC Jeevan Saral also offers the flexibility of term and a lot of liquidity.
Premiums:
Premiums of LIC Jeevan Saral are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.
LIC Jeevan Saral Loyality Additions:
LIC Jeevan Saral is a with-profits plan and participates in the profits of the Corporation’s life insurance business. LIC Jeevan Saral gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
Any Time Maturity:
LIC Jeevan Saral plan allows life insured to take out the maturity after 10 years at any time, partially or fully. This flexibility lets you reinvest your money or fulfill your financial requirements. LIC Jeevan Saral also rewards you with bonus even if you have stopped paying premium after 10 years and maturity is kept inactive in insurance account.
LIC Jeevan Saral Plan Features:
• Higher risks cover at minimal premium.
• Extended life insurance cover for one year after three years premium payment.
• Optionally available increased risk covers by way of Term Riders.
• The insurance policy holder can select a highest possible term but can surrender whenever they want with no surrender penalty or loss right after 5 years.
• Any number of withdrawals by way of partially surrendering the policy.
• Smooth earnings on his investment & lots of flexibility.
LIC Jeevan Saral Benefits:
• As mentioned above, being monthly ECS premium payment option, which is LIC monthly recurring kind scheme.
• The amount policyholder going to receive at the end of the term after payment of all premiums is tax Free under section 10-10d of income Tax act.
• You can partly surrender the policy and make unlimited withdrawals through partial surrendering after 5 years.
• The premium amount paid to LIC is exempted under section 80c of income Tax act.
Illustration of Jeevan Saral:
Age at entry: 35 years
Policy term: 25 years
Mode of premium payment: Yearly
Amount of annual premium: Rs.4704/-
Guaranteed amount at the end of policy year 25 Rs. 215200=00 plus loyalty additions between Rs. 65000=00 to Rs. 211000=00.
What the policy holder will get after 25 years will be between Rs. 280200=00 to Rs. 426200=00.
i) This example is suitable to a non-smoker male/female normal (from health, style of living and work point of view) life.
ii) The most important purpose of the example is that the customer is in the position to understand the top features of the plan and the flow of benefits in a variety of situations with some level of quantification.
iii) Loyalty bonus extras will depend upon upcoming profits and therefore is not assured.
iv) The Maturity Benefit is the total displayed by the end of the policy period.
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Tuesday, February 5, 2013
Know about Life Insurance
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
- The date of maturity, or
- Specified dates at periodic intervals, or
- Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilisation's partial solution to the problems caused by death.
Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:
- That of dying prematurely leaving a dependent family to fend for itself.
- That of living till old age without visible means of support.
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