LIC – Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is a Government of India enterprise, and is said to be the largest life insurance company and also the largest investor of the country. It was founded in the year 1956 and has been serving people ever since. The main objective of this corporation was to spread awareness about the life insurance among the financially backward people as well as the urbanites. it gave you a way to save and buy affordable packages which would eventually be beneficial for you.

 

LIC of India has made its mark in the country from years. The main headquarters of LIC is in Mumbai with approximately eight zonal units and over 2048 branches established across the country. It has subsidiary groups in more than twelve other countries with the same objective in mind. It has helped millions of lives in the past 55 years.

 

The basic plan is that where the payment of a specified amount of money to the insured person is made, at the plan’s maturity, or to the family in the event of the insured person’s death. Often you don’t realize the importance of your life, LIC has made its prime objective to make sure people know the importance of their life and keep their future safe by investing in different policies of LIC as per their requirements. The insecurity of people is fully taken care of by the LIC.

 

Most of the policies do not care about the future of the individual. But LIC takes care of the whole endowment policy by providing a bonus that is accumulated with the policy. LIC offers various plans for its policy holders such as; Endowment plans, children plans, special plans for handicaps, money back plans, whole life plans, pension plans, group plans, health insurance plans. All these plans are especially designed for the welfare of the people.

 

Due to the formulated plans and objectives of the LIC Corporation, it has hit the mark where most insurance companies never reached. They have stayed as the biggest competitor and therefore have been termed as one of the biggest Life Insurance in the republic.

Important Dates:

  • LIC was founded on September 1, 1956, hence Every year LIC celebrates 1st September as LIC day and
  • First week of September as Insurance Week.

Life Insurance is Must

‘If I die someday suddenly, what would my family do? How would they earn money? I don’t have anything left to secure my family….!’ this is the condition of most of the people who are unaware about the various types of life insurance plans available which can secure your future. Many of us often don’t understand the importance of life when you no more have enough time left with you to secure your life.

When you start understanding these policies you would know their importance. It is an acknowledgement of your life that it is worth. You never go beyond lives, because usually no one thinks about there death. When you have a family that depends upon you, you will require life insurance to save their future. Life insurance policies are the one which show you your future and make you realize that you need to secure your family if at all you aren’t there. Once you know that you need a life insurance cover and are aware about the product to be chosen, then it isn’t difficult anymore.

Often there is a confusion doing rounds which policy to choose? How much to invest? This is because you don’t bother to invest your few minutes to know about the policy. The policy gives you excellent features with concessions as well as new festival plans every time. The best part is that life insurance is for everyone including couples who are nearing to retirement can go for the plan, or a person who has lost maximum amount of his income when he lost his spouse, or business people, employers. In fact every individual is subject to life insurance in some or the other way.

Life insurance policy plays a very important role in providing additional security of financial assets in your family. The myth that usually revolves around life insurance is only of one kind, but there are various forms of insurance plans available. There are other expenses that can be incurred from life insurance that include medical bills, gaining lost incomes, and many other expenses. But most of all you are been provided satisfaction that your family would be financially secure even if you aren’t there with them.

The worry most people have is stability which basically many of us lack. One purpose of buying life insurance product is to be relieved of your worries for your family. Be sure which product to be purchased. Life insurance is the best gift you can provide your family with. Why should your family suffer from hardships when you can secure them by just extracting a small amount of your income monthly or yearly basis? You can set an example by giving your loved ones a safe future.

There is no alternative to Life Insurance!

Jeevan Nischay

Jeevan Nischay

LIC Jeevan Nischay Summary: (Table No.199)
Jeevan Nischay is a close ended  single premium policy with guaranteed maturity benefits exclusively for existing LIC policy holders.

Advantages of Jeevan Nishchay:

  • Single Premium policy.
  • Guaranteed Maturity benefits with provision of loyalty additions.
  • Plan is exclusively for LIC policyholders.
  • Wide range of policy terms options.
  • Assured maturity benefits (Guaranteed Return + Loyalty Additions)

LIC Jeevan Nischay

Assured maturity benefits equal to the Maturity Sum Assured are pre-defined. The specimen Maturity Sum Assured per Rs. 1000/- single premium is given below for some ages and terms:

Age 5 Years Plan 7 Years Plan 10 Years Plan
30 1256 1409 1715
40 1249 1400 1699
50 1226 1369 1645

In addition to the assured maturity benefits, there is provision for the loyalty additions. Depending upon the LIC’s experience, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the LIC.

Death benefit:
Death benefit under Jeevan Nishchay policy is equal to five times the single premium, if death is within first year of taking the policy. In case of the death in subsequent years, the death benefit is equal to the maturity sum assured. In case of the death in last year of the policy, death benefit is equal to the maturity sum assured with declared loyalty additions, if any.

Minimum Investment:
Minimum One Time Premium under Jeevan Nischay is Rs.10,000/- However, if premium amount is Rs. 25,000 or more, the policyholder will receive higher maturity sum assured due to available incentive.

Loans:
Loan facility will be available under this plan after the policy. The rate of interest charged for this loan amount would be determined from time to time by the LIC Of India.

Surrender:
Policyholder can surrender the policy after one year of commencement of the policy.

Eligibility Conditions and Restrictions for Jeevan Nischay:

Minimum age at entry : 18 years (completed)
Maximum age at entry : 50 years (nearest birthday)
Policy term : 5, 7 and 10 years
Minimum Single Premium : Rs. 10,000/-
Maximum Single Premium : Rs. 10,00,000/- (Premium shall be in multiples of Rs.1,000/-)
Maximum Basic Sum Assured (First Year Death Benefit) :
Lower of- Rs. 50,00,000, and 50% of total Sum Assured (total death benefit) under all existing in force policies

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

The Unique Identification No. of Jeevan Nischay is 512N258V01

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

Update: Jeevan Nischay Table No.199 has been withdrawn, please check out other similar plans.

Jeevan Akshay VI – Pension plan

Jeevan Akshay VI Table No. 189 Summary:

Jeevan Akshay VI plan no.189 is an Immediate Pension (Annuity) plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant (Policy holder). Various options are available for the type and mode of payment of annuities.

Options Available:
The following options are available under this pension plan.

Type of Annuity:

  1. Pension (Annuity) payable for life at a uniform rate.
  2. Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
  3. Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
  4. Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
  5. Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

You may choose any one option from above list. However once chosen, the option cannot be altered.

Mode:

Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.

Special Features:

  1. Premium is to be paid in a lump sum.
  2. Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
    Mode Minimum Annuity
    Monthly Rs. 500 per month
    Quarterly Rs. 1000 per quarter
    Half-yearly Rs. 2000 per half year
    Yearly Rs. 3000 per year
  3. No medical examination is required under the plan.
  4. No maximum limits for purchase price, annuity etc.
  5. Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
  6. Age proof necessary.

Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.

Annuity Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthday Yearly annuity amount under option
( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi )
40 7510 7440 6930 5610 7310 7120
45 7770 7660 6960 5890 7500 7240
50 8140 7950 7000 6280 7760 7420
55 8650 8330 7050 6810 8130 7670
60 9350 8790 7110 7530 8640 8030
65 10410 9330 7180 8590 9400 8570
70 12080 9830 7260 10220 10560 9370
75 14510 10220 7360 12590 12240 10590

The Unique Identification Number (UIN) for LIC’s Jeevan Akshay VI plan is 512N234V03.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for LIC Of India’s Amulya Jeevan 1?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

LIC Of India SMS Alert:

Receive LIC Of India Policy updates on your Mobile .  Click here: MyLICindia SMS Alert

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.

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LIC’s Jeevan Bharati-1

Special Money Back Plan for Women

LIC Jeevan Bharati 1 Table No.  192

Summary:

LIC’s Jeevan Bharati –I Plan no.192 has been designed exclusively for females. This is a money back plan having optional Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as Riders.

Benefits:

a) Death Benefit:
An amount equal to the Sum Assured under the basic plan along with Reversionary Bonuses, and Final Addition Bonus, if any, will be payable.

b) Survival Benefits:
Survival benefits will be payable as given below:

% Of SA under the Basic plan
Survival to end of 15-year plan 20-year plan
5 yrs 20% 20%
10 yrs 20% 20%
15 yrs
20%

c) Maturity Benefit:

For policy term of 15 years: 60% of the Sum Assured under the basic plan along with vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.

For policy term of 20 years: 40% of the Sum Assured under the basic plan along with vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.

Optional Benefits:

a) Critical Illness Benefit Rider :
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness Benefit cover is opted for and is in force. The maximum cover for this rider will be Rs.5 lakh under all policies of the Life Assured with the Corporation taken together including the new proposal under consideration. The Critical Illness Rider Sum Assured shall also not exceed the Sum Assured under the Basic Plan.

b) Accident Benefit Rider :
Accident Benefit as optional rider will be available under the plan for an amount equal to the Accident Benefit Rider Sum Assured subject to the maximum of Rs.50 lakh overall limit considering the Accident Benefit Sum Assured in respect of all existing policies on the life of the Life Assured under individual and group policies including the policies taken from Life Insurance Corporation of India and other Insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.

c) Congenital Disability Benefit Rider : An Amount equal to 50% of the Congenital Disability Benefit Rider Sum Assured will be payable if the Life Assured gives birth to a child with specified congenital disabilities. This benefit is payable for a maximum of 2 such congenitally disabled children.

Rs.5 lakh is the maximum limit taking all Congenital Disability Benefit Riders under all policies of the life assured including the new proposal into consideration.

Special Features:

i. Encashment of survival benefits as and when needed:
A policyholder can take the survival benefits on or after the due dates, but before the date of maturity. In case of deferment of a due survival benefit, the Corporation will pay increased survival benefit and the increment will be at such rate as decided by the Corporation from time to time compounding yearly for complete number of months, a fraction of a month being ignored. This option shall be required to be exercised six months before the due date of the Survival Benefit. To start with, the rate of increment will be 4% p.a. compounding yearly for complete number of months, ignoring fraction of a month.

ii. Flexibility to pay premiums in advance:
A policyholder will have the flexibility to pay the next yearly premium in advance (in maximum three installments). The policyholder will be eligible for a premium rebate at such rate as may be decided by the Corporation from time to time. The premium mentioned above will also include premiums for Critical Illness Rider, Congenital Disability Benefit Rider and Accident Benefit Rider, if opted for. She will be eligible for a premium rebate of 5% p.a. for complete number of months on the portion of premium paid.

iii. Option to receive maturity benefits in the form of an annuity:
The policyholder will have the option (to be exercised 6 months before the date of maturity) to receive the maturity proceeds (including bonuses) in the form of an annuity. The immediate annuity rates prevalent at the time of maturity will be applicable.

iv. Auto cover :
Provided at least two years’ premiums have been paid under a policy, full death cover will be admissible for a period of three years from the date of first unpaid premium. If death of Life Assured occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest will be payable along with the vested bonuses and Final Additional Bonus, if any. However, claims under the Critical Illness Rider, Congenital Disability Benefit Rider and Accident benefit will not be admissible during Auto Cover period. Further,

(a) If Critical Illness Rider is not opted for:
If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest thereon until the due date of the survival benefit, provided it is more than the unpaid premiums with interest thereon. If the survival benefit is insufficient to cover the arrears of premiums with interest thereon up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest thereon, during the period of the aforesaid 3 years or on revival of the policy thereafter.

(b) If Critical Illness Rider is opted for:
If any survival benefit falls due during the above 3-year auto cover period the same will be paid only on revival of the policy.

Loans:
Loan facility will be available under this plan after the policy acquires paid up value. The rate of interest charged for this loan amount would be determined from time to time by the LIC Of India.

Eligibility Conditions and Restrictions Basic Plan

a) Minimum Sum Assured : Rs.50,000/-
b) Maximum Sum Assured : Rs 25,00,000/-
c) Minimum age at entry : 18 years completed.
d) Maximum age at entry : 55 years nearest birthday
e) Maximum age at maturity : 70 years nearest birthday
f) Policy Term : 15 & 20 years

The Sum Assured shall be in multiples of Rs. 5,000.

Accident Benefit Rider:
a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured: An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit considering the Accident Benefit Sum Assured in respect of all existing policies on the life of the Life Assured under individual and group policies including the policies taken from Life Insurance Corporation of India and other Insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.

The Sum Assured shall be in multiples of Rs. 5,000.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 55 years nearest Birthday
e) Policy Term : 15 & 20 years
f) Maximum Maturity Age : 70 years nearest Birthday.

Critical Illness Rider:
a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured: An amount equal to Critical Illness Rider Sum Assured subject to the maximum of Rs.5 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration.

The Sum Assured shall be in multiples of Rs.10,000/-.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 50 years nearest Birthday
e) Policy Term : Same as basic plan or till age 60 years nearest birthday whichever is earlier. If PWB is opted for, then the term of the rider should be same as that of the term of the basic plan.
f) Maximum Maturity Age : 60 years nearest Birthday. If PWB (under the Critical Illness Rider) is opted for, then the following conditions apply:
(i) The term of all the riders opted for must be same as that of the basic plan.
(ii) The Sum Assured of all the riders opted for must be same as that of the basic plan.

Congenital Disability Benefit Rider:
a) Minimum Sum Assured : Rs.50,000
b) Maximum Sum Assured : Rs 500,000
Rs.5 lakh is the maximum limit taking all Congenital Disability Benefit Rider under all policies of the life assured including the new proposal into consideration.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 35 years nearest birthday
e) Maximum Benefit Ceasing Age : 40 years nearest birthday
f) Terms allowed : Same as the basic plan or till age 40 years (nearest birthday, whichever is earlier.)
Sum Assured will be in multiples of Rs 5000 only.

Mode of Premium Payment :
Only Yearly mode of Premium Payment is allowed under Jeevan Bharati 1 plan.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

The Unique Identification Number (UIN) for LIC’s Jeevan Bharati – I plan is 512N247V01.

How to Apply for LIC Of India’s Jeevan Bharati 1?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

LIC Of India SMS Alert:

Receive LIC Of India Policy updates on your Mobile .  Click here: MyLICindia SMS Alert

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.

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New Bima Gold

LIC’s New Bima Gold Summary: (Table No.179)

Gold never loses its value, just like LIC Of India’s New Bima Gold insurance policy. LIC’s New Bima Gold (plan no.179) is a special with profit money back plan that offers 50% of the life cover during extended term even after maturity.

Features:

Auto-cover Facility: If atleast two full years’ premiums have been paid in respect of this policy, any  subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.

Benefits:

Survival Benefit: Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year.

For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year.

For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year.

On expiry of policy term:

Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.

Death Benefit:

During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.

Eligibility Conditions and Restrictions for LIC Of India’s New Bima Gold:

FOR BASIC PLAN:
1. Minimum age at entry: 14 years (completed)
2. Maximum age at entry: 57 years (nearest birthday) for Term 12 years
ii. Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years
Age at expiry of extended term: Maximum 75 years (nearest birthday)
Policy Term: 12, 16 and 20 years.
Minimum Sum Assured:  Rs. 50,000 /-
Maximum Sum assured:   No limit
Sum Assured will be in multiples of Rs.5,000 /- only.

FOR THE ACCIDENT BENEFIT RIDER OPTION :
1. Minimum age at entry: 18 years (completed)
2. Maximum age at entry:  57 years (nearest birthday) for Term 12 years
ii.Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years
Minimum Sum Assured:  Rs. 50,000 /-
Sum Assured will be in multiples of Rs.5,000 /- only.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

The Unique Identification Number (UIN) for LIC Of India’s New Bima Gold Plan is 512N236V01.

How to Apply for LIC Of India’s New Bima Gold policy?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

LIC Of India SMS Alert:

Receive LIC Of India Policy updates on your Mobile .  Click here: MyLICindia SMS Alert

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.

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