Jeevan Shagun Plan No. 826 : Single Premium Money Back Plan

Jeevan Shagun Plan No. 826 : Single Premium Money Back Plan

LIC Jeevan Shagun Single Premium, Money Back Plan (Table No. 826) It’s a close ended plan, Available for 90 days from 1st November 2014.

Features:

  • Single Premium
  • Money Back Plan
  • 10 times sum assured
  • Loan & Surrender available from 2nd year onward
  • 12 Year Term
  • Surrender any time.

Death Benefit:

If policy holder dies within 5 years, Basic sum assured i.e 10 times of your single premium would be payable to nominee.

In case, policy holder dies after 5 years, Basic sum assured would be paid to nominee ie. 10x of your single premium plus loyalty addition, if any.

Survival Benefit:

If Policy holder survives till the end of the specific policy year, following benefits will be payable.

  • At the End of 10th Policy year: 15% Of the Maturity Sum Assured (MSA)
  • At the end of 11th policy year: 20% of the Maturity Sum Assured
  • At the end of 12th Year (On Maturity) remaining 65% of Maturity Sum Assured along with Loyalty addition (if any)  will be paid to policy holder.

Eligibility condition and other restriction for Jeevan Shagun:

  • Minimum Entry Age: 8 Years (Completed)
  • Maximum Entry Age: 45 Years ( Nearest Birthday)
  • Policy Term: 12 years
  • Sum Assured: 10 times of Tabular Premium
  • Minimum Maturity SA: Rs.60,000/-
  • Maximum Maturity SA: No Limit
  • Premium Paying Mode: One time Premium
    (Sum Assured will be in multiples of Rs.5000/-)

LIC Jeevan Shagun
High Sum Assured Rebate:
Sum Assured (SA)                      Rebate (Rs.)
Below Rs.1,50,000/-                Nil
Rs.1,50,00 – 3,95,000/-         Rs.15 per 1000 on MSA
4 lacs and above                        Rs.20 per 1000 on MSA

Loan Facility:
Policy holder can avail loan after completing one policy year.

  • 1st Year = No Loan
  • 2nd to 3rd year: 50% of Surrender Value.
  • 4th to 6th year: 60% of Surrender Value.
  • 7th to 9th year: 70% of Surrender Value.
  • 10th to 12 year: 90% of Surrender Value.

How much will you get if you surrender your policy?

If you want to surrender your policy, you are eligible for Minimum Guarantee Surrender value as follows:

  • First year: 70% of single premium excluding extra premium and taxes, if any.
  • 2nd year onward: 90% of single premium excluding extra premium and taxes, survival benefit paid if paid earlier.

LIC may pay higher surrender value calculated at the time of surrendering the policy. If policy is being surrender after completing 5 policy year, LIC shall also pay Loyalty addition, if any, based on surrender value.

Read More: How To Check Current Value of your ULIP Policy?

Cooling Off Period:
If you don’t like the policy you have 15 days to cancel your policy.

Lic Jeevan Shagun Policy Premium Calculator
Age 8 Yrs MSA Rs.1 lac= Rs.50,880.
Age 20 Yrs MSA Rs.1 lac= 52,390.
Age 25 Yrs MSA Rs.1 lac= Rs.52,803.
Age 30 Yrs MSA Rs.1 lac= Rs.53,736.
Age 35 Yrs MSA Rs.1 lac= Rs.56,019.
Age 40 Yrs MSA Rs.1 lac= Rs.61,380.
Age 45 Yrs MSA Rs.1 lac= Rs.74,106

LIC Jeevan Shagun Premium Calculator

Benefit illustration:
Age: 30
SA: 1 lac
Single Premium: Rs.53,736 (52,125+ 1611 Tax)
Approx. Maturity return:
Risk cover: Rs.5,21,250 (10 times of premium paid)
End of 10 year 15% MSA: 15,000/-
End of 11 year 20% MSA: 20,000/-
Loyalty addition: 5000/- approx.
12th year Maturity: 70,000 (SA + IB+ final Bonus) approx.

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Update: Jeevan Shagun Plan No. 826 Has Been Discontinued.
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Jeevan Shree 1

Jeevan Shree 1

Summary:
Jeevan Shree 1 Table No.162 is an Endowment assurance plan.  Jeevan Shree-I is offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term. Jeevan Shree-I is suitable for high worth individuals i.e Corporate Executives, Professionals, Software Engineers, Industrialists, Consultants, Estate owners, Builders, NRIs, Models, Film stars, etc.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively premium may be paid in one lump sum (Single premium).

Guaranteed Additions:
Jeevan Shree 1 comes with Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim.

Jeevan Shree 1

Bonuses:
The policy participates in the profits of corporations business from the 6th year onwards. Jeevan Shree-I will get a share of the profits in the form of bonuses. Also, a Simple Revisionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Bonuses once declared, they will form part of the guaranteed benefits of the plan and it will be included on maturity.

Maturity Benefit:
The Sum Assured alongwith guaranteed additions and reversionary bonuses, if any  is payable in a lump sum on survival to the end of the policy term.

Death Benefits:
Sum Assured plus Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for first five years of the policy.
And Death after first 5 years, S.A. + vested G.A. of Rs.50/- per 1000 S.A. per year for the first 5 years + accrued Reversionary Bonuses declared from 6th year onwards.

Accidental Benefit:
Accident benefit is available under Jeevan Shree-I upto a maximum of Rs.25 lakhs (inclusive of all other life insurance plan) An additional amount equal to the accident benefit sum assured is payable on death. In case of total and permanent disability arising due to accident (within 180 days) this amount is paid over a period of 10 years in monthly installment.

Surrender Value:
Buying a life insurance policy is a long-term commitment.  However, surrender value is available on the plan on earlier termination of the contract. The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium

Jeevan Shree 1 Eligibility Conditions and Restrictions:

  • Minimum age at entry: 18 years completed
  • Maximum age at entry: 65 years
  • Maximum maturity age: 75 years
  • Minimum Term: 5 years
  • Maximum Term: 25 years
  • Minimum Sum Assured: Rs.5,00,000/-
  • Maximum Sum Assured: No Limit
  • Sum Assured should be in multiples of Rs.1,00,000/-
  • Accident Benefit per 1000/- S.A.: Allowed (With extra Premium)
  • Loan Available: Yes

Rebates:
Jeevan Shree -I is eligible for rebates depending on the mode of premium payment chosen and the extent of cover.

The yearly premium payment option entitles the policyholder to a 2 per cent rebate on premiums; a sum assured of Rs 50 lakh entitles the insuree a Rs 0.50 per thousand sum assured rebate.

15-Days Cooling-Off Period:
If you are not satisfied with this policy, you have an option to return the policy within 15 days.

Revival:
The policyholder can revive his lapsed policy within 5 years from the date of first unpaid premium by paying arrears of premium together with interest to be decided by corporation from time to time subject to satisfactory evidence of health.


Update: Jeevan Shree 1 Plan No. 162 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

LIC Jeevan Sugam

LIC Jeevan Sugam

LIC Jeevan Sugam (Table No. 813) is latest addition to single premium investment plan in LIC’s portfolio. This is non-ULIP guaranteed maturity plan.  Anyone between 8 years to 45 years of age can invest in this insurance cum investment plan. The plan term is 10 years, but you can surrender it anytime or even you can take loan on policy next day itself at an attractive rate. Plan no.813 is suitable for anyone who need a guaranteed return along with high risk cover without any market risk, unlike other ULIP based investments.

LIC Jeevan Sugam

Jeevan Sugam Offer period: 25 Feb 2013 to 10 April 2013

Features at glance:

  • Guaranteed Maturity Sum Assured
  • Single Premium with No maximum restrictions
  • Loyalty addition, if any
  • High risk cover
  • Easy liquidity: Loan available from second day
  • Plan for every age 8-45
  • Tax benefit u/s 80C and Maturity Tax free maturity u/s 10(10)D
  • Term: 10 years

Benefits:

Maturity Benefit : Maturity Sum Assured along with Loyalty Additions, if any.

In case of Death of policy holder before Maturity

  • Death within 5 years: Basic Sum Assured (10 times of Single premium) excluding extra premium.
  • Death after 5 completed years: Basic Sum Assured (10 times of Single premium) excluding extra premium with loyalty addition, if any.

Eligibility conditions and other restrictions:

  • Minimum Entry age: 08 years (completed)
  • Maximum Entry age: 45 years (Nearest birthday)
  • Maturity sum assured: Min. Rs.60,000/- No maximum Limit

Guaranteed Surrender value: GSV

  • First year: 70% of single premium excluding extra premium paid, if any.
  • Second year onward: 90% of single premium excl. extra premium, if any.

Liquidity:
You will be eligible to take loan on your Jeevan Sugam policy from next day onward. Loan value will depend on your premium.

  • Loan on first year: 42% of premium paid.
  • Subsequent year: 60% of surrender value.

Jeevan Sugam Chart

Chart credit: Vinay Gupta

How To Apply For LIC Jeevan Sugam?


Update: Jeevan Sugam Plan No. 813 Has Been Discontinued.


New Jeevan Nidhi

New Jeevan Nidhi

LIC New Jeevan Nidhi is a deferred pension plan. Plan no 812 is a conventional plan with deferred annuity. The plan is open for the age between 20 years to 60 years old individual.

New jeevan nidhi

New Jeevan Nidhi Features at glance:

  • Insurance Cover upto Date of Vesting
  • Option To purchase an Immediate Annuity OR
  • Single Premium Deferred Pension Plan
  • Guaranteed Additions for the first 5 years

With Profit:
New Jeevan nidhi (Table no.812) is a with profit pension plan, after 6th policy year Vested Bonus and Final Additional Bonus benefits will be given (if any).

Flexible Premium:
You may opt for single premium option or go for regular premium i.e Yearly, Half-yearly, Quarterly or Monthly (through ECS/SSS).

Accident Benefit Rider
Regular premium policy holders can avail the Accident Benefit Rider.

Eligibility conditions and restriction for New Jeevan Nidhi:

Eligibility conditions 
Description Minimum Maximum
Entry Age  20   60
Vesting Age  35   55
Policy Term  5  35
Sum Assured  Rs.1,50,000 (Single premium)
Rs.1,00,000 (Regular Premium)
 No limit

Death Benefit:

Death within first 5 years: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions.
Death on or after 6th year: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions + Vested Bonuses & Final Additional Bonus (if any).

The death benefit will be given to the nominee as lump sum OR In the form of Annuity OR Partly in lump sum and balance in the form of Annuity at the then prevailing Immediate annuity rates.

Benefit on Vesting:

  1. Basic Sum Assured
  2. Accrued Guaranteed Additions
  3. Vested Simple Reversionary Bonuses & Final Additional Bonus (if any)

Guaranteed Additions:
Payable for the first five years @ Rs.50/- per thousand Basic Sum Assured for each completed year.

Participation in profits:
Simple Reversionary Bonus will be added from the 6th policy year onward till the end of the deferment period. Bonus will be announced by LIC every year.

Final Additional Bonus will be given either on vesting or on earlier death at the rates announced by LIC.

Accident Benefit Rider:

Death due to Accident: Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the Basic plan.
Disability due to Accident: All Future Premiums are waived and An amount equal to the Accident Benefit Sum Assured will be paid in monthly installments spread over 10 years.

Eligibility Condition for Accident Benefit Rider:

  • Age at Entry: 20-60 years
  • Sum Assured: 25,000 to max 50 lakh overall limit incl. all policies.

Back dating: allowed within same financial year

Revival: In case, you missed few years premium, you will still have the option to revive the policy within 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.

Surrender: Don’t want to continue the policy? No problem. You can surrender the policy at any time on payment of at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable would be the higher of Guaranteed Surrender Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.

Benefit Illustration:

Description Single Premium   Regular Premium  
Age  35  35
Policy Term  25 Years  25 Years
Premium (excl. Service charge  Rs.78,667  Rs.4,121
Premium Mode  Single  Yearly
Sum Assured  Rs.1,50,000/-  Rs.1,00,000/-
Vesting Age  60 Years  60 Years
Guaranteed Vested Benefit  Rs.1,87,500/-  Rs.1,25,000/-
Assuming Investment Return @8%  Rs.3,50,250/-  Rs.2,33,500/-

Refer Old Jeevan nidhi if you are looking for old plan.


Update: LIC New Jeevan Nidhi Plan No.812 Has Been Discontinued.


LIC Flexi Plus

LIC Flexi Plus

LIC Flexi Plus (Table No. 811) not only provides lump sum benefit on death of policy holder but also the maturity benefit irrespective of the survival of the Policyholder. This policy provides protection and long term savings both at the same time.

LIC Flexi Plus

Features at glance :

  • Flexibility term 10-20 years
  • Flexibility premium paying mode
  • Fund types: Debt Fund and Mixed Fund
  • Partial withdrawals in case of emergency
  • Anyone between 18-50 years old can buy this plan.
  • Flexible premium Rs.15000-Rs.1,00,000
  • 10 times sum assured of your annual premium

Premium:
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode).

LIC Flexi Plus 811

Eligibility Conditions And Restrictions for LIC Flexi Plus:

  • Minimum Age at entry:    18 years (last birthday)
  • Maximum Age at entry:    50 years (nearest birthday)
  • Maximum Maturity Age:    60 years (nearest birthday)
  • Policy Term:    10 to 20 years

Partial Withdrawals:  You may encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:

  1. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
  2. Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund.

Fund Types:

  1. Debt fund
  2. Mixed Fund

Debt Fund:

  • Investment in Government / Government Guaranteed Securities / Corporate Debt:  Not less than 60%
  • Short-term investments such as money market instruments: Not more than 40%
  • Investment in Listed Equity Shares: Nil
  • Details and objective of the fund for risk /return: Low risk

Mixed Fund

  • Investment in Government / Government Guaranteed Securities / Corporate Debt:  Not less than 45%
  • Short-term investments such as money market instruments: Not more than 40%
  • Investment in Listed Equity Shares: Not less than 15% & Not more than 25%
  • Details and objective of the fund for risk /return: Steady Income –Lower to Medium risk

Premium:

Mode Minimum (Rs.) Maximum (Rs.)
Yearly

15,000

100,000

Half-Yearly

10,000

50,000

Quarterly

5,000

25,000

Monthly (ECS)

2,000

8,000

 

 

 

 

Premium Allocation Charges

Premium

Allocation Charge

1st  Year

7.50%

2nd  to 5th  Year

5.00%

Thereafter

3.00%

Mortality Charge:

Age 25 35 45 50
Rs. 1.36 1.66 3.73 6.29

Fund Management Charge:

  • 0.50% p.a. of Unit Fund for “Debt” Fund
  • 0.60% p.a. of Unit Fund for “Mixed” Fund

Policy Administration Charge:
Policy Year    Policy Admin Charge (per month)
1st Year    Rs. 50
2nd Year    Rs. 41.20
3rd Year    Rs. 42.44
4th Year    Rs. 43.71
5th Year    Rs. 45.02
6th Yr onwards    Rs. 34.78 in 6th year escalating at 3% p.a. thereafter.

In case, you discontinue policy, here are the charges:

Where the policy is discontinued during the policy year Discontinuance charges for the policies having annualized premium up to Rs. 25,000/- Discontinuance charges for the policies having annualized premium above Rs. 25,000/-

1

Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/-

Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-

2

Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/-

Lower of 4% * (AP or FV) subject to maximum of Rs. 4000/-

3

Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-

Lower of 3% * (AP or FV) subject to maximum of Rs. 3000/-

4

Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-

Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-

5 and onwards

NIL

NIL

Sum Assured under the LIC Flexi Plus Plan:

10 times of your annual premium or 105% of the total premiums paid including any premiums which have fallen due but not paid, whichever is higher.

Example: If 30 years old Mr. Raj buys Flexi Plus for 10 years term and pays yearly premium of Rs.15,000/- he will get sum assured of Rs.1.5lakh.

Scenario 1 : Mr. Raj dies within 10 years while policy is in force, his nominee will get Rs.1.5 lakh (15000*10) plus all the future premium will be paid by LIC and his policy will continue till maturity. On Maturity his nominee will again get the fund value depending on the market NAV.

Scenario 2 : Mr. Raj survives till maturity, he will get the fund value.


Update: LIC Flexi Plus Table No. 811 Has Been Discontinued.


 

Jeevan Deep : Micro Insurance

Jeevan Deep : Micro Insurance

LIC has launched yet another micro insurance policy Jeevan Deep (T-810) for the economically weaker sections.

Jeevan Deep Benefits:

Death Benefit:

  • during the policy term excluding last policy year: Basic Sum Assured along with accrued Guaranteed Additions wil be paid to nominee.
  • during last policy year: Basic Sum Assured with accrued Guaranteed Additions along with Loyalty Addition, if any.

Maturity Benefit:
Payment of the Basic Sum Assured along with accrued guaranteed additions and loyalty additions, if any, shall be payable to the policy holder.

What will be Guaranteed Addition?
Guaranteed Addition of Rs 20/- per Rs.1000/- Basic Sum Assured per year during the term of the
policy.

lic Jeevan Deep

Loyalty Addition:
Loyalty Addition will be given on last policy year, depending on LIC’s profitability.

Premium:
You may pay monthly, quartely, half yearly and yearly premiums. You may also pay single premium
instead of regular premiums.

Eligibility Conditions and Restrictions:

  • Minimum age at entry: 18 years (completed)
  • Maximum age at entry: 60 years (nearest birthday)
  • Maximum Maturity Age: 65 years (nearest birthday)
  • Policy Term: 5-15 years
  • Minimum Sum Assured: Rs. 5000/-
  • Maximum Sum Assured: Rs. 30000/- (in multiples of Rs. 1,000/-)
  • Loan: Not allowed under this plan
  • Surrender Value: Surrender option available after 2 years.

Grace Period and Revival: 60 days grace period will be given to pay premiums. If premiums are not paid in grace period, policy will be lapsed. Lapsed policy can be revived by paying premium arrears along with satisfactory reason.

Example: If 30 years old Mr. Anand buys, Jeevan deep policy for sum assured Rs.30,000/- with 15 years term, he will have to pay single premium of Rs.20,425 or Rs.2,116 yearly. On maturity he will receive Rs.30,000 (Sum assured) + Rs.9000 (Guaranteed Addition) + Loyalty addition. Total Rs.45,000/- Approx.

Other Micro insurance polices:

  1. Jeevan Madhur
  2. Jeevan Mangal
  3. Jeevan Deep

Update: LIC Jeevan Deep Table No. 810 Has Been Discontinued