LIC Jeevan Vriddhi

LIC Jeevan Vriddhi

LIC Jeevan Vriddhi (Plan No.808) is a single premium investment plan which offers guaranteed returns. Jeevan Vriddhi is a traditional plan so share market risk is not involved in this close ended plan. The plan is launched on 1st March 2012 and will be available for investment till 120 days only after which the plan will no longer be available for subscription.

LIC Jeevan Vriddhi at Glance:

  • Excellent Guaranteed Returns at Maturity lic jeevan vriddhi
  • Ideal combination of Insurance and Returns.
  • Life Cover – Five times the Premium.
  • Loyalty Addition, if any payable on maturity.
  • Easy Liquidity.

Features:

  • Single Premium non-linked close ended plan.
  • Maturity Benefit: Guaranteed Maturity Sum Assured and Loyalty Addition, if any.
  • Death Benefit: Basic Sum Assured

lic Jeevan Vriddhi

LIC Jeevan Vriddhi Eligibility Conditions and Restrictions:

  • Age at entry: 8 years to 50 years
  • Policy Term: 10 years
  • Premium Mode: Single
  • Premium Minimum: Rs.30000/-
  • Sum Assured: Rs.1,50,000/- to No max limit.

Benefits of Jeevan Vriddhi Policy:

  • Maturity Benefit: Guaranteed Maturity Sum Assured Plus Loyalty Addition, if any.
  • Death Benefit * Basic Sum Assured (BSA)
  • BSA = 5 times single premium excluding extra premium, if any.
  • Guaranteed Maturity : You will get Guaranteed Sum Assured.
  • Loyalty Addition: Loyalty Addition, if any, shall be payable at the rate as declared by the LIC.
  • Liquidity: Loan Facility Available after completion of one year.

Example: 25 Years old Ramesh Invests 1 lac, after 10 years if he survives, he will get Rs.195000. In case of any unfortunate event his nominee will receive 5x of his premium.

This is the single premium LIC plan, where you can park your idle or unused money. Since this is single premium plan you can just invest it and relax. On your maturity date you will get your Basic Sum Assured which is 5 times of your premium amount plus additional loyalty bonus which is variable. This is close ended plan so take your decision now before the policy subscription period ends.

How To Apply For Jeevan Vriddhi?


Update: LIC Jeevan Vriddhi Plan No. 808 Has Been Discontinued.


 

Bima Nivesh 2005

Bima Nivesh 2005 Plan Summary:
Bima Nivesh 2005 (Table No.171) is an investment plan that gives you compound rate of guaranteed additions and loyalty additions. Bima Nivesh 2005 is the revised version of our popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from LIC customers. Bima Nivesh 2005 is a single premium, ideal investment plan for those who don’t have regular income but good periodical income.

Term:
Bima Nivesh 2005 is available for terms 5 and 10 years.

Guaranteed Surrender Value:
The guaranteed surrender value is payable after the policy has run for at least one year.

Term Assurance Rider:
Term Assurance Rider is also available by payment of a single premium at the option of the proposer.

Maturity Benefit:
Sum Assured + compounded G.A. + Loyalty Addition, if any.

Death Benefit:
On death, nominee will receive Sum Assured along with the Compounded Guaranteed Additions plus Loyalty Addition, if any.

Guaranteed Additions:
Guaranteed additions at the compound rate of Rs.50 per thousand Sum Assured per annum for the policy with term of 5 years and at the compound rate of Rs.55 per thousand Sum Assured per annum for the policy with term of 10 years.
Loyalty Addition: Depending upon the LIC’s experience with regard to mortality, interest and expenses and based on term of the policy, Loyalty addition, if any, may be declared by the LIC and paid on maturity.

Eligibility Conditions and restrictions for Bima Nivesh plan

For the Main Plan
Term Assurance Option
Min. Age at entry
13 years completed
18 years completed
Max. Age at entry
70 years
50 years
Max. Maturity Age
75 years
60 years
Policy Term
5 yrs. and 10 yrs
Same as main plan
Sum Assured
Rs.25,000.
Maximum – No limit.

Min. Sum Assured – Rs.1,00,000/-
Max. Sum Assured – An amount up to the basic Sum Assured for Term Assurance subject to a maximum of Rs.25 lakh overall Option limit, under all policies of the life assured.

Surrender Value:
Surrender value is payable after the policy has run at least for one year.
Riders: Term Assurance rider is available.

Premium:
This is Single Premium Investment Plan, that means you need to pay premium only once.

Note:
The Term Rider Premium depends on the age nearer birthday and the term of the policy.

Premium Rebate:
1% of basic premium on the premium in excess of Rs.50,000.
Rs.500 plus 1.5% of basic premium on the premium in excess of Rs.1,00,000.

Loan on Policy:
Loan will be available to the policyholders under this Bima Nivesh within the Surrender Value.

Bima Nivesh 2005 Example:
Mr. Anand takes a 5 year term Bima Nivesh 2005 policy for Rs.1 lakh Sum Assured. On maturity, Mr. Anand will receive Rs.1,27,628 (Rs.1,00,000 SA+ Rs 27628 being guaranteed Addition @ Rs 50 per 1000 SA compounded annually). In addition, he is also eligible to receive loyalty Addition, if any, declared by LIC. In case, he dies before maturity, his nominee will receive Rs. 1 lakh SA + accrued GA at Rs 50 per 1000 SA per annum.

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.

Enter Your Email Address Here To Receive FREE Updates by Email:

Bima Bachat

Bima Bachat Summary:
LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family.

Benefits:

Death Benefits:
During the Term of the policy if the Life Assured is dead, apart from survival benefits if any, paid earlier, an amount equal to SA will be paid.

Survival benefits:
Survival benefits (15% of SA) are paid at 3rd, 6th, 9th & 12th policy year respectively depending on the policy term. On maturity the single premium paid alongwith Loyalty addition if any will be paid back.

Maturity Benefit/Survival benefit for 2 lakh SA: (30yrs age)

Policy Term 3rd Year 6th Year 9th Year 12th year
9 years 60,000 60,000 Final Maturity
12 years 60,000 60,000 60,000 Final Maturity
15 years 60,000 60,000 60,000 60,000


Eligibility Conditions and Restrictions LIC Bima Bachat:

Min. age at entry: 15 years (completed).
Max. age at entry: 66 years (Nearest).
Min. S.A.: Rs. 20,000
Max. SA.: Any Amount.
SA in multiples: Rs. 5000
Max. Maturity age: 75 years (Nearest).
Terms Available: 9, 12 or 15 years.
Modes Allowed: All
Dating Back @ 8%: Allowed
Term Rider Option: Not available
Critical Illness Rider: Not available
Policy Loan: Available

Surrender Values:
The Bima Bachat can be surrendered after 1 year. The Guaranteed Surrender Value  is equal to 90% of the single premium paid excluding extra premium paid and the survival Benefits paid earlier.

Bima Bachat Examples:
Let me give you an example to understand this policy.  Mr. Dilip aged 30 years takes a Bima Bachat Policy for 15 years term for Rs 2 lakhs SA. He pays single premium of Rs. 1,48,322. He receives Survival Benefit of rs 30,000 each at the end of 3rd, 6th, 9th & 12th year respectively. On Maturity, he will receive Rs 1,48,322 being the single Premium paid by Dilip. Thus total amount received by him will be Rs 2,68,322 (Rs 1,20,000 as Survival Benefits + 1,48,322 as single Premium paid) + LA if any. If Mr. Dilip dies during the 13th policy year, his nominee will get Rs 2 lakh as SA as death benefit (Survival benefit of Rs 30000 each received during 3rd, 6th, 9th & 12th year will not be deducted from the SA). hence the total amount received would be Rs. 3,20,000.

Tax benefit (Updated)
Any life insurance policy except pension plan issued after April 1, 2012, should have risk cover of atleast 10 times of the annual premium to be eligible for the tax benefit under section 80C and section 10(10D) of income tax act 1961. For example: if your annual premium is Rs.10,000/- then your basic sum assured should be min. Rs.1 lac to be eligible for tax benefit.

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 Bima Bachat?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

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 Wealth Plus

LIC Wealth Plus

LIC Wealth Plus (Table No.801) is an investment plan for limited time offer!

LIC Wealth Plus Summary:

LIC’s Wealth Plus (Table No.801) is a ULIP insurance plan that protects your investment from market fluctuations, so that your investments are protected in financially volatile times. Wealth Plus offers Guarantee of the highest NAV in the first 7 years of the policy, subject to a minimum of Rs.10.  Policy term is 8 years. LIC Wealth Plus

Wealth Plus Features:

1. Guaranteed Highest NAV of 7 year.

2. Very Attractive Returns.

3. Life cover.

Risk cover of 5 times of the annualized premium or 1.25 times of single premium.

4. Minimum Yearly premium Rs. 20,000 for three years term policy and there is no limit on maximum premium.

5. Tax benefits.

6. Partial withdrawals allowed:

Two Partial withdrawals are allowed in a policy year subject to certain conditions.

7. Limited Period Offer.

8. Extended life cover:

A unique feature of the Plan is the extended life cover for 2 years after the completion of policy term of 8 years.

9. Maturity Benefit:

At the end of policy term and the policy is in full force, payment of fund value will be made based on the highest NAV over the first 7 years of the policy or the NAV as applicable at the end of the policy terms whichever is higher.

LIC Wealth Plus

Death benefit:

In case of death during the policy term, the nominee shall receive Sum Assured under the basic plan together with the Policyholder’s Fund Value as death benefit. In case of death of the Life assured after the policy term, but before the expiry of extended period, the nominee shall receive the Sum Assured under the Basic Plan.

Accident Benefit:

Accident Benefit Option equal to the amount of life cover subject to minimum of Rs. 50,000 and maximum of Rs. 50 lakh is available subject to certain limits and conditions. Accident Benefit charge at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year will be levied every month.

Modes of Premium Payment for LIC Wealth Plus :

The premium can be paid either in a Single premium (One time investment) or for 3 years regularly at yearly, half-yearly, quarterly or monthly (through ECS).

Minimum Premium:

Minimum Premium for 3 years Premium Paying policies is Rs.20,000 p.a. whereas for Single premium policies it is Rs.40,000 For Monthly (ECS) mode the minimum premium is Rs.2,000 p.m.

Eligibility for LIC’s Wealth Plus:

Minimum Age at entry is 10 years (age last birthday)

Maximum Age at entry is 65 years (age nearer birthday).

Premium Top ups:

Premium Top ups are not allowed.

Surrender Value:

LIC Wealth Plus can be surrendered only during the policy term. The surrender value, if any, is payable only after the completion of the third policy anniversary both under Single and 3 years Premium Paying Term contract. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. The policy can not be surrendered during the extended life cover period.

Download LIC Wealth Plus details in pdf format. For Wealth Plus Comparison table –> Click Here

Example: If Mr. LIC buy Wealth Plus today at Rs.10 NAV ( You will get Approx. 4700 Units for one time investment of Rs.50000 *Calculated on Rs.10 NAV) and market goes upto Rs.50 per NAV in 5 years and then again market collapse and comes down to Rs.20 In this case the highest NAV is Rs.50 and hence your maturity amount will be 4700×50=Rs.2,35,000/- (No. of units x Highest NAV)

Last Date: 9th May 2010
(Plan 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.

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 Mangal – Micro Insurance

Summary:
LIC’s Jeevan Mangal is a term assurance plan with return of premiums on maturity. “Jeevan Mangal” – the micro insurance product is customized to cater to the distinct needs of the most vulnerable low income sections of Indian population.

Benefits:

Death Benefit:
On death during the term of the policy the Sum Assured under the basic plan is payable, provided the policy is kept in force.

Maturity Benefit:
On surviving to the date of maturity, an amount equal to the total amount of premium paid during the term of the contract excluding the accident benefit premium and all extra premium, if any, is payable ,provided the policy is kept in force.

Optional Rider:
Accidental Benefit Rider:
On death arising as a result of accident during the term of the policy, an additional amount, equal to Accident Benefit Rider Sum Assured is payable .

Eligibility Conditions and Restrictions under this Plan:
Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum age at maturity : 70 years (nearest birthday)
Term : 10 to 15 years for regular premium.
10 years for single premium.
Minimum Installment Premium :Rs. 15/-
Minimum Sum Assured : Rs. 10,000/-
Maximum Sum Assured : Rs. 50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)

Mode of Premium Payment :
You can pay your insurance premiums Yearly, Half Yearly, Quarterly, Monthly including SSS, fortnightly, weekly and Single Premium. (Single premium is allowed for 10 year term only.)

The Unique Identification Number (UIN) for LIC’s Jeevan Mangal is 512N257V01.

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.

Enter Your Email Address Here To Receive FREE Updates by Email: