Option 1: By SMS

If you want to check Individual policy details through SMS then Type:

ASKLIC < POLICY NO > [PREMIUM/REVIVAL/BONUS/LOAN/NOM] and Send it To 56677

For Further details on SMS service refer : Policy Status on sms

Also Read: Check Current Value of your ULIP Policy

Option 2: LIC Policy Status on phone

You can call LIC customer care no. 1251 form MTNL/BSNL to check LIC policy status on phone.

Also Read: LIC Helpline Number of your city

Option 3: Check LIC policy Status online

To check your policy details online, you need to register on LIC website first.

Step 1: Register:

Register yourself on LIC website Using this link http://www.licindia.in/NewUserRegistration.htm

Step 2: Enroll your policy:

Next step is to enroll your policy by entering your Policy number, Policy holders name and Premium amount.  You can add any number of policy in your account as long as you are the proposer or life assured.  After completion of the above step, you need to take a printout, sign it and submit it to your nearest branch. You should have at least one policy in that branch.

Step 3: Policy status online

After branch validates your policy, you can check your LIC policy status online anytime. Apart from policy status, you can also check next premium due, loan, surrender value, revival etc.

Option 4: Visit your Branch/Agent

Your agent is your first point of contact for all your needs. Since agents earn commission on your policy it is their duty to provide policy service. In case, your agent is not reachable, you can approach your servicing branch with your policy papers.

Also Read: Branch Address of your city

Read full details here: LIC Policy status online Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

There is no change in tax slab for the financial year 2013-2014 The slabs are same as last financial year. Here is the details for your reference:

•  For Individual

• For Female Tax payers

•  Senior citizens 60 years or more but below the age of 80 years

•  Senior citizens 80 years or more

Above Income tax rates are applicable for Individuals and HUFs. You will also need to pay 3% Education Cess.

Disclaimer:
All efforts are made to keep the content as accurate as possible. We take no responsibly of any errors. You are advised to consult your Chartered accountant for any query on income tax.

Read full details here: Income tax rates for FY 2013-2014 Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

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.

Chart credit: Vinay Gupta

Read full details here: LIC Jeevan Sugam Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

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:

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 Surrendered 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:

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

Read full details here: New Jeevan Nidhi Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

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).

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:

Premium Allocation Charges

Mortality Charge:

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:

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.

Read full details here: LIC Flexi Plus Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

Features:

• Its a single premium pension plan with minimum purchase price of Rs.1,00,000/- (except online.)
• If you want to buy it online the minimum purchase would be Rs.1,50,000/-
• No maximum purchase price limit or pension.
• Minimum entry age: 30 years (completed)
• Maximum entry age: 85 years (completed).
• No medical examination is needed in this plan.
• Age proof must be produced.

New Jeevan Akshay VI can be bought online and offline with these 7 pension Options:

1. Annuity payable for life at a fixed rate.
2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive. (4 Options)
3. Annuity for life with return of purchase price on death of the annuitant.
4. Annuity payable for life increasing at a simple rate of 3% p.a.
5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

Anyone who is eligible for the above plan can buy it online or contact their LIC agent to enrol it offline.

Flexible Pension option:
Receive pension monthly, quarterly, half yearly or yearly.

Surrender value:
There is no surrender value for this policy, hence you can not surrender.

Loan:
No loan available under this plan.

Service tax:
Service tax shall be payable by the policyholder along with the purchase price.

Which Proposal form?
Proposal Form 440 (IA) should be used under this plan for offline policy.

Example:  If Mr. Rakesh (Age 40 ) buys online pension plan with minimum purchase price of Rs.1.5 lac He will need to pay Rs.1,50,000/- plus Rs.4635/- service tax (This may change as service tax change) total: Rs.1,54,635/- Depending on 7 options chosen Mr. Rakesh will get approx. 10,000 to 11,200/- annual pension. for more details click here

Question? Discuss it on community forum here:  http://forums.lifeinsuranceindiaonline.com/ or comment below.

Read full details here: Online Pension plan: New Jeevan Akshay VI Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

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.

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

Read full details here: Jeevan Deep : micro insurance Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

Policy Availability:
LIC Jeevan Vaibhav is a close ended plan. It will be available for sale from 21st May, 2012 for a maximum period of 120 days.

Benefits:

Death Benefit:

• During Policy term, excluding last policy year: Sum Assured shall be payable to nominee.
• During the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable to nominee.

Maturity Benefit:
On maturity date, the sum assured along with loyalty addition, if any, will be payable to the policy holder.

Eligibility Conditions and Restrictions for LIC Jeevan Vaibhav

• Minimum Entry Age: 8 years (completed)
• Maximum Entry Age: 65 years (nearest birthday)
• Mode of Premium Payment: Single premium
• Policy Term: 10 years
• Minimum Sum Assured: Rs.2 lakh
• Maximum Sum Assured: No Max Limit
• The sum assured would be in multiple of Rs.10,000/-
• Back-dating: Yes
• Loan: Available

Rebate:
Large SA rebate tabular premium per thousand sum assured is as under:
Upto Rs.3,90,000/- : Nil
Rs.4,00,000/- to Rs.5,90,000/- : 2.00
Rs.6,00,000/- and above :  3.00

Loan on policy:
Loan will be given after completion of one policy year. Loan amount would be maximum of 70% of surrender value at the rate of 10.25% p.a. compounding half yearly.

Guaranteed Surrender Value (GSV):
GSV is available after completion of one policy year. GSV will be 90% of the single premium paid excluding extra premium, if any.

Special Surrender Value (SSV):
SSV will be payable, if its more favorable to policy holder. SSV is the discounted value to the sum assured. SSV will depend on the policy term and the duration elapsed since commencement of the policy.

Proposal form:
Form No. 300 or 340

Read full details here: LIC Jeevan Vaibhav Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

LIC Jeevan Vriddhi at Glance:

• Excellent Guaranteed Returns at Maturity
• 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 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:

• 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.
• 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.

Read full details here: LIC Jeevan Vriddhi Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com

LIC Jeevan Ankur Features:

• Jeevan Ankur is the must plan for all parents.
• Option of single premium/Regular premium
• Parent is the Life Assured, child is the Beneficiary.
• Death Benefit= Sum Assured + Income Benefit + Maturity Benefit*
• Maturity Benefit= Sum Assured + Loyalty addition, if any.
• Plan available for parents of a new born child also
• 3 Riders to customize Jeevan Ankur policy

1. Accident Benefit Rider
2. Critical Illness Benefit Rider( With an additional option of Premium Waiver Benefit)
3. Conventional with profits plan.

Death Benefits:

Immediate payment of an amount equal to the Basic Sum Assured plus income benefit plus maturity benefit*

* On death of the Life Assured, Basic Sum Assured shall be payable immediately followed by Income Benefit, in addition to this all Maturity Benefits will be payable on the scheduled date of Maturity.

Income Benefit:
Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of policy term to the nominee child.

Another lump sum equal to Basic Sum Assured with Loyalty Addition, on the maturity date.

Eligibility conditions for Jeevan Ankur:

Premium modes:

Single Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)

Eligibility conditions – Accident Benefit Rider

Critical Illness Rider

Benefit Illustration

Read full details here: LIC Jeevan Ankur Please visit http://forums.lifeinsuranceindiaonline.com/ for doubts, Question, Answers and join our community. You can also write reviews, tips, guide and insurance related articles and send it to us for publishing to mylicindias@gmail.com