LIC Jeevan Utkarsh

LIC Jeevan Utkarsh

LIC Jeevan Utkarsh Plan No. 846  is the close ended single premium non-linked with profit savings and investment plan.

Jeevan Utkarsh will be available for 270 days from the date of launch. The plan was launched on 6th September 2017. Last date : 31st March 2018

LIC Jeevan Utkarsh Features:

  • Closed ended Single Premium Endowment plan
  • High Risk Cover (10 times of Tabular Single Premium)
  • Accident and Disability riders (Optional)
  • Unique settlement option
  • Loan on policy after 3 months
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)

LIC Jeevan Utkarsh

Maturity Benefits:

On survival of policy holder i.e. completion of 12 year term, maturity will be Sum Assured + Loyalty Addition.

Death benefits

On death during First 5 Years of the policy:

  • If policy holder dies before risk commencement then the single premium amount will be refunded to nominee without any interest or additional premium.
  • If Death occurs after risk commitment, then death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).

On death after 5 years of the policy but before maturity:

  • Death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.

Jeevan Utkarsh Eligibility conditions

  • Minimum age of Entry: 6 years (Completed)
  • Maximum age of entry: 47 Years (Nearest Birthday)
  • Premium type: Single Premium
  • Minimum Sum Assured: 75,000
  • Maximum Sum Assured: No Max. limit
  • Policy Term: 12 Years

Note: Risk cover will begin immediately if policy holder has completed the age of 8 years, but if you want to buy it for your child aged less than 8 years then risk cover will begin on one day before completing age 8.

Jeevan Utkarsh Special Surrender Value:

  • 70% of Single Premium in 1st Policy Year
  • 90% of Single Premium from 2nd Policy Year onwards
  • If the policy is surrendered after completion of five policy years, Loyalty Addition, if any, shall be payable.

Example: 

If Mr. Pankaj Aged 25 years Buys Jeevan Utkarsh For Sum Assured Rs.5 lakh then he will pay to pay one time premium Rs. 2,62,450 (without GST)

Scenario 1: Pankaj survives till the end of the policy Year 2029 Mr. Pankaj will get 5 lakh Sum Assured Plus Loyalty Additions: Total Approx 6 lakh to 7 lakh including LA.

Scenario 2: If Mr. Pankaj Dies anytime before the policy maturity date then his nominee will get Rs.26,24500/- And nominee will also get the loyalty addition if the policy has completed 5 years.

LIC Jeevan Lakshya Endowment Plan

LIC Jeevan Lakshya Endowment Plan

LIC Jeevan Lakshya endowment plan No.833 is launched by LIC. It is a limited premium paying endowment plan. It is a profit endowment assurance plan that provide profit as per the company experience in form the final additional bonus and simple reversionary bonus. These bonus are provided at the time of maturity.  This policy plan mainly considers the minors and gives annual income benefit to the family. If the policyholder dies within the policy term the sum assured amount is paid to the child of the policyholder. It also provides maturity benefit if the policyholder survive throughout the policy term. The identification number of Jeevan Lakshya endowment plan is 512N297V01.

Jeevan Lakshya (Plan No. 833)

Features and details of LIC Jeevan Lakshya endowment plan.

  • The minimum sum that can be assured is 1 lakh and there is no limit for maximum amount.
  • Policy term can we chosen in between 13 years to 25 years.
  • Premium paying mode is annually, half yearly, quarterly and monthly. The policy can be paid by ECS system.
  • As the plan is limited premium paying plan the policyholder will have to pay the premium 3 year less than the policy term.
  • The minimum age for the entry of this plan is 18 years and the maximum age for the entry on this plan is 50 years.
  • The maximum age at the time of maturity is 65 years.
  • There is two optional benefits that is LIC accidental death and disability benefit and LIC new term Assurance benefit can be added to this plan.

Eligibility Conditions and Other Restrictions:

  • Minimum Basic Sum Assured      :   Rs. 100,000
  • Maximum Basic  Sum Assured     :   No Limit (multiples of Rs. 10,000/-)
  • Policy Term                                    : 13 to 25 years
  • Premium Paying Term                  : (Policy Term – 3) years
  • Minimum Age at entry                 :  18 years (last birthday)
  • Maximum Age at entry                 :  50 years (nearest birthday)
  • Maximum Maturity Age               :  65 years (nearest birthday)

Benefits provided under LIC Jeevan Lakshya endowment plan.

  1. Maturity benefit

If the policy survives throughout the policy term the maturity benefit is provided to the policyholder. The maturity benefit that is provided is sum assured on maturity plus simple reversionary bonus plus final additional bonus if any.
Sum assured on maturity is equals to the basic sum assured at the time of policy purchasing.

  1. Death benefit

In case of policy holder meet to an unfortunate death, then the death benefit is provided to the policy holders child. Sum assured on death benefit is 110% of premium paid plus simple reversionary bonus plus final additional bonus if any.

  1. Tax benefit

According to Income tax act 89 C. The premium which is paid to this plan is tax free and as per section 10 D, the maturity amount is also tax free that means you can file income tax return on the amount which is paid as the premium.

  1. Optional benefits

There is two optional benefit that are accidental death and disability benefit and new term Assurance benefit. These two benefits can be taken as add on benefit after paying the extra premium.

  1. Loan benefit

The policyholder can take loan up to the premium amount, if the policy attain a surrender value as per the terms and condition of the corporation.

Document required for LIC Jeevan Lakshya endowment plan.

  1. Fully filled application form with photographs
  2. Age proof of policy buyer.
  3. Address proof.
  4. PAN card and Aadhar card for KYC document
  5. Accurate medical history
  6. Medical examination report if required.

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after the reciept of the policy document.

Grace period

There is a grace period of 15 days for the payment of monthly mode of premium and 30 days for the half yearly and early mode of premium payment. If the premium would not be paid within grace period the policy will lapse.

Policy Revival

If the policy get lapsed then it can be revived within the 2 years from the last premium paying date. If the policy will not revived within 2 years then the policy will get terminated.

Discounts

There is discount allotted on the half yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

Surrender value

The policy attains a surrender value after the completion of 2 years of the policy as per the terms and condition of the corporation.

LIC Jeevan Pragati – Protection And Savings

LIC Jeevan Pragati – Protection And Savings

LIC’s Jeevan Pragati Plan 838 is a non-linked Insurance plan, with profits plan. It offers a combination of protection and savings. This plan provides automatic increase in risk cover after every 5 years during the term of the policy. Apart from this, policyholder can also take loan against this policy.

LIC Jeevan Pragati

LIC Jeevan Pragati Benefits:

Death benefit
In case of death during the policy term, provided all due premiums have been paid,

Death benefit, defined as sum of

  • Sum Assured
  • Vested Simple Reversionary Bonuses
  • and Final Additional bonus, if any, shall be payable.
    Where “Sum Assured on Death” is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e.
  • 100% of the Basic Sum Assured during first 5 policy years,
  • 125% of the Basic Sum Assured during 6th to 10th policy years,
  • 150% of the Basic Sum Assured during 11th to 15 th policy years
  • and thereafter 200% of the Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any.

Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits : The policy shall participate in profits of the LIC and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the LIC, provided the policy is in force. The Bonuses shall be declared on the Basic Sum Assured.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

2. Optional Rider:
The policyholder has an option of availing LIC’s Accidental Death and Disability

Benefit Rider (UIN: 512B209V01). Rider sum assured cannot exceed the Basic Sum Assured.

Eligibility Conditions and Other Restrictions in Jeevan Pragati

  • Minimum Basic Sum Assured : Rs. 1,50,000
  • Maximum Basic Sum Assured : No Limit (The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
  • Policy Term : 12 to 20 years
  • Minimum Age at entry : 12 years (completed)
  • Maximum Age at entry : 45 years (nearer birthday)
  • Maximum Maturity Age : 65 years (nearer birthday)

Jeevan Pragati LIC eligibility table 838

Date of commencement of risk : Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives.

2. Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS or through salary deductions) over the term of policy. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly, quarterly mode and 15 days for monthly mode of premium payment.

Jeevan Pragati lic

LIC Endowment Plus

LIC’S ENDOWMENT PLUS (Plan No. 802):

Summary:

LIC’s Endowment Plus (Table No.802) is a unit linked Endowment plan which offers investment-cum-insurance during the term of the policy.
You can choose the level of cover within the limits, which will depend on mode and amount of premium you want to pay.

LIC Endowment Plus plan features at glance:

  • Critical Illness Benefit
  • Accident Benefit
  • Partial withdrawals
  • Loan on policy

BENEFITS:
a) Benefits payable on death:
In case of death of the policyholder when the cover is in full force, the nominee shall be
eligible to get higher of Sum Assured under the Basic Plan and the Policyholder’s Fund Value
as at the date of booking the liability. The liability shall be booked after receipt of intimation
along with death certificate.

b) Benefits payable on maturity:
On maturity the policy holder will receive an amount equal to the his Fund Value.

Accident Benefit Rider Option:
Accident Benefit (AB) can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50 for every Rs.1,000/-

The Policyholder will have the option to choose any 1 of the below 4 Funds:

  1. Bond Fund
  2. Secured Fund
  3. Balanced Fund
  4. Growth Fund

MODES OF PREMIUM PAYMENT:
Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.
Min. premium Rs. 20,000/- yearly or Rs.1750 per month by ECS mode.

Single Premium is also allowed under LIC Endowment Plus plan. Minimum onetime Investment Rs.30,000/-

Eligibility and other conditions for LIC Endowment plus Table No. 802:

For Basic Plan
a) Minimum Basic Sum Assured:
Regular Premium policies: (Policy Term +1) times the annualised premium
Single Premium:
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium

b) Maximum Basic Sum Assured:
Regular Premium policies:
30 times the annualized premium, if age at entry is upto 45 years
25 times the annualized premium, if age at entry is 46 to 60 years
Single Premium Policies:
If Critical Illness Benefit Rider is not opted for:

5 times the Single premium, if age at maturity is upto 65 years.
3 times the Single premium, if age at maturity is 66 to 70 years.
If Critical Illness Benefit Rider is opted for:
5 times the Single premium, if age at maturity is upto 55 years.
3 times the Single premium, if age at maturity is 56 to 60 years.

c) Minimum Premium:
Regular premium (other than monthly (ECS) mode): Rs. 20,000 yearly
Regular premium (for monthly (ECS) mode): Rs. 1,750 p.m.
Single premium: Rs. 30,000

d) Maximum Premium:
Regular premium: Rs. 1,00,000 p.a.
Single premium: No Limit

Annualized Premiums and single premium shall be payable in multiple of Rs. 1,000 for
other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/-

e) Minimum Entry Age: 7 years last birthday
f) Maximum Entry Age: 60 years nearest birthday
g) Policy Term : 10 to 20 years
h) Minimum Maturity Age: 18 years completed
i) Maximum Maturity Age: 70 years nearest birthday

Age at entry for the policyholder is to be taken as age nearest birthday except for the
minimum age at entry i.e. 7 years.

For Accident Benefit
a) Minimum Sum Assured: Rs. 25,000
b) Maximum Sum Assured: Rs. 50,00,000 taking all existing policies of the Life Assured under individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.

c) Minimum / Maximum Premium: No separate Limit
d) Minimum Entry Age: 18 years completed
e) Maximum Entry Age: 60 years nearest birthday
f) Policy Term: 10 to 20 years
g) Maximum Maturity Age: 70 years nearest birthday
Sum Assured shall be available in multiples of Rs. 5,000

For Critical Illness Rider Benefit
a) Minimum Sum Assured: Rs. 50,000
b) Maximum Sum Assured: Rs. 10,00,000 taking Critical Illness riders availed under all existing policies of the Life Assured with the Corporation and the Critical Illness Rider Sum Assured under the new proposal under consideration.
c) Minimum /Maximum Premium: No separate Limit
d) Minimum Entry Age: 18 years completed
e) Maximum Entry Age: 50 years nearest birthday
f) Policy Term: 10 to 20 years
g) Maximum Maturity Age: 60 years nearest birthday

Fund Switching: Within a given policy year, 4 switches will be allowed free of charge.

Top-up Premium: Not allowed.

Partial withdrawals: A policyholder can partially withdraw the units at any time after the fifth policy anniversary and provided all due premiums till date of partial withdrawal have been paid.

LOANS:
Loan will be available under this plan subject to the following conditions:
• Loan will be granted under the policy after completion of three years and provided all due premiums have been paid.
• Policy Loan will be available to the extent of 30 % of the Policyholder’s Fund value.
• No Partial Withdrawal will be allowed if any loan is outstanding.
• If the Fund Value at any time is less than or equal to the loan outstanding along with interest thereon, the policy will be compulsorily terminated.

The rate of interest charged for this loan amount would be determined from time to time by LIC. Presently the rate of interest is 9 % p.a. payable half-yearly.

Allocation Charges:
The allocation charges are as below:
For Single premium policies: 3.3%

Allocation Charges for Regular premium policies:
First Year: 7.50%
2nd to 5th Year: 5.00%
Thereafter: 3.00%

a) POLICY ADMINISTRATION CHARGE – The Policy Administration charge of Rs. 30/- per
month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter.

b) FUND MANAGEMENT CHARGE – Fund Management Charges (FMC) are dependent on
type of Fund and are deductible on the date of computation of NAV at the following rates:
0.50% p.a. of Unit Fund for “Bond” Fund
0.60% p.a. of Unit Fund for “Secured” Fund
0.70% p.a. of Unit Fund for “Balanced” Fund
0.80% p.a. of Unit Fund for “Growth” Fund

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

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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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Jeevan Amrit

Jeevan Amrit

LIC Jeevan Amrit Summary:

Jeevan Amrit (Plan No.186) is designed to meet the needs of persons having high earning for short span, wherein the income may decrease or stop thereafter. During the period of high income, the premium paying capacity of such persons is quite high. The premium will be high during first year and thereafter premium comes down significantly i.e. to the extent of half or 1/3rd or 1/4 of the first year premium. You can choose the policy term from 10 to 30 years. Under this plan premium payment is limited to 3 or 4 or 5 years. During PPT, the premium payable in subsequent years is higher than the premium payable during the first year.

Some people, particularly the younger ones, want to have high cover at a low cost. Further, many of them do not want commitment to pay premiums for a longer duration. LIC’s Jeevan Amrit is most suitable for such persons.

Excluding extra premium and not on the SA the Simple Reversionary Bonus will be paid on the amount of premiums paid. Whether fully or partially paid-up, the policy will participate in profits. This is the special feature of this plan.

 

Jeevan Amrit (Plan No.186)

 

Benefits:
A) Death Benefit: An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy.

B) Maturity Benefit: Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional) Bonus (if any), in case of Life Assured surviving to the end of the term.

Payment of Premiums:
You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years.

Options:
You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment.

Eligibility Condition and restrictions for Jeevan Amrut

(a) Minimum Entry Age : 12 years (last birthday)
(b) Maximum Entry Age : 60 years (nearest birthday)
(c) Maximum Maturity Age : 70 years (nearest birthday)
(d) Minimum Sum Assured : Rs. 1,00,000
(e) Maximum Sum Assured : No limit
(f) Premium Paying term : 3 to 5 years
(g) Policy term : 10 to 30 years

Loan :
You may avail loan within the surrender value at the rate and terms determined from time to time.

Surrender Value:
You may surrender the policy for cash after completion of at least one policy year provided premiums for one full year have been paid.

Revival:
If the policy has lapsed, you can revive it by paying arrears of premium together with interest (rate fixed from time to time) within a period of five years, subject to the production of satisfactory evidence of continued insurability.

Cooling Off Period:
If not satisfied with the Terms & conditions of the policy, policy can be returned within 15 days.

Example:
Mr. Anand aged 30 years takes a policy for 10 lakh SA (Term: 30 years PPT :5 years). He pays a yearly premium of Rs 52571 during the 1st year & Rs 13155 during subsequent 4 years (13155X4 = 52620). Totally he pays Rs.105191/-

Till maturity, on his survival i.e. at his age of 60, he will get back all the premiums paid by him i.e. Rs.105191 + bonus and FAB if any. During the term of the policy, in the event of his death, his nominee will get SA of Rs 10 lakhs + vested bonus and FAB if any.

How to Apply for Jeevan Amrut?


Update:  LIC Jeevan Amrit Table No.186 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.