LIC Jeevan Vaibhav (Plan No.809) is a non-linked one time premium endowment assurance policy. Jeevan Vaibhav is a guaranteed return plan. Being a non-linked plan share market risk is Nil.
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.
- 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.
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
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.
Form No. 300 or 340
How To Apply For Jeevan Vaibhav?
Update: LIC Jeevan Vaibhav Plan No. 809 Has Been Discontinued.
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
- Ideal combination of Insurance and Returns.
- Life Cover – Five times the Premium.
- Loyalty Addition, if any payable on maturity.
- Easy Liquidity.
- 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 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.
LIC Jeevan Ankur (Plan no.807) is a latest insurance plan for the children. LIC Jeevan Ankur gives multiple financial assistance to your child when he/she needs in growing up years. In this plan parent is the Life Assured and child is the Beneficiary.
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
- Accident Benefit Rider
- Critical Illness Benefit Rider( With an additional option of Premium Waiver Benefit)
- Conventional with profits plan.
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 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:
|Entry Age Life Assured (Parent)
|Entry Age for child
||18 minus age of child, or 8 years min.
||25 minus age of child.
Single Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)
Eligibility conditions – Accident Benefit Rider
Critical Illness Rider
Update: Jeevan Ankur Plan No.807 Has Been Discontinued.
LIC Jeevan Chhaya (Table No.103) is the perfect policy for someone planning for children’s higher education or marriage. Sum assured amount will be paid in installments in the last four years of the policy term. Bachelors can also apply for Jeevan Chhaya policy.
Jeevan Chhaya Features:
- Premium Waiver Benefit
- You will have to pay the premium for the fixed term of the policy.
- Double accident benefit
- Tax Benefits
- With Profit policy
- Policy loan and housing loan available
- If policy holder is surviving, 25% of Sum Assured will be given every year during the last 4 years of policy term.
- 25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder, if he is surviving.
- Policy loan and Housing loan can be taken during the premium paying term.
If the policy holder expires during the term of the policy, nominee will receive sum assured immediately and future premiums will be waived off (No need to pay future premiums). Additionally, 25% of sum assured will be paid every year during the last 4 years of policy term. Also, in the final policy year, nominee will receive the bonus from LIC.
Jeevan Chhaya Conditions and restrictions :
- Min. age at entry: 18 year.
- Max. age at entry: 47 years.
- Min. S.A.: Rs. 50,000.
- Max. SA.: Any amount.
- SA in multiples: Rs. 5,000
- Max. Maturity age: 65 years.
- Modes Allowed: ALL
- Accident benefit per 1000 SA: Re. 1 extra.
- Min Term: 18 years.
- Max Term: 25 years.
- Policy Loan available @ 9%: Yes.
- Revival: Yes.
- Surrender of Policy: Yes.
- Housing Loan: Yes.
- Assignment: Yes.
- Survival Benefits: Yes.
Restrictions: This policy is not allowed to
- When occupational extra is chargeable
- Pregnant ladies
Lets assume Mr. Rahul takes Jeevan chhaya Policy for 20 years term for Rs. 1 lakh sum assured with double accident benefits. He appoints his wife Mrs. Radha as appointee and nominates his daughter Neha aged 4 years.
After few years, Mr. Rahul expires in an accident. Rahul’s wife Mrs.Radha receives 2 times sum assured Rs. 2 lakhs as death claim on behalf of her daughter. At the end of 17 years from the commencements of policy, Rahul’s daughter Neha receives 25% of S.A. Rs 25,000 every year during last 4 years of the policy term. Neha gets Rs.25,000+ LIC Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand at the end of 20th year.
Update: LIC Jeevan Chhaya Plan No.103 Has Been Discontinued.
Jeevan Kishore Plan No.102 is an Endowment Assurance plan specially designed for children below 12 years of age. The policy can be purchased by any of the parent/grand parent. Rare is a person who does not love children – sweet, cute , innocent, spreading joy and happiness around. If they are one’s own offspring, the affection is still deeper. The sense of satisfaction one derives in seeing dear ones happy cannot be measured. And our aim should be to keep them secure and happy forever. You will certainly like to give your children a start in life, a gift, a firm financial commitment, for their secure future. Jeevan Kishore (Plan no.102) is a Plan that all parents should gift to their children.
Jeevan Kishore Features:
- On maturity, an amount equal to SA plus bonuses is given back.
- On an unfortunate death during the deferment period, only refund of premiums paid till date is given.
After the deferment period, an amount equal to SA plus the vested bonuses is given back.
- The risk starts on completion of 7 years or 2 years from date of commencement of policy, whichever is later, which is called as the “Deferment Period”
- Premium Waiver benefit available on death of the proposer on payment of extra premium.
- Backdating of policy is allowed.
- Policy can be surrendered for its paid-up value after a period of 3 years.
- Standard age proof required
- All modes of premium payment is allowed.
- Tax benefit is available on this policy. Parents can claim the tax benefit.
- Medical examination is not necessary till the child’s age of 10 years.
- Commencement of risk cover:
The policy risk cover starts either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.
Premiums can be paid yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child. Single premium option is also available under Jeevan Kishore.
- Death Benefit:
The Sum Assured along with vested bonuses, if any, is payable in a lump sum upon the death of the life assured after the commencement of the risk cover. If death occurs before the commencement of the risk, the premiums paid excluding the premiums for the Premium Waiver Benefit, if any, will be refunded to you.
- Maturity Benefit:
Sum assured along with all bonuses declared during the policy term is payable in a lump sum on survival to the end of the policy term.
- Premium Waiver Benefit:
This is an optional benefit that can be added to this plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value, if policy is surrendered before the date of commencement of risk is 90 % of premiums paid excluding premium for the first year. If policy is surrendered after the date of commencement of risk, the guaranteed surrender value is 30 % of premiums paid after commencement of risk together with 90 % of premiums paid before the commencement of risk. Premiums for the first year and the premiums for Premium Waiver Benefit, if any, will be excluded.
Eligibility and Restrictions for LIC Jeevan kishore plan:
- Minimum Term: 15 years
- Maximum Term: 35 years
- Minimum Sum Assured: Rs.50,000
- Maximum Sum Assured: 15 lakh
- Minimum maturity age: 20 years
- Maximum maturity age: 45 years
How to Apply for Jeevan Kishore?
Update: Jeevan Kishore Plan No.102 Has Been Discontinued.
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’s new health insurance Jeevan Arogya (Plan No. 903) provides fixed benefits for hospitalization and almost all types of surgical procedures. Jeevan Arogya can cover all your family members.
LIC Jeevan Arogya gives you:
- Valuable financial protection in case of hospitalization, surgery etc
- Increasing Health cover every year
- Lump sum benefit irrespective of actual medical costs
- No claim benefit
- Flexible benefit limit to choose from
- Flexible premium payment options
Benefits Under Jeevan Arogya:
- Hospital cash benefit (HCB)
- Major Surgical Benefit (MSB)
- Day Care Procedure Benefit
- Ambulance Benefit
- Premium waiver benefit
- Other Surgical Benefit
- Other Optional benefits(PWB)
Hospital cash benefit (HCB)
1. HCB (Within India only) is payable on per day basis. Double the cash benefit for ICU.
2. Max 30 days hospitalization & not more than 15 days in ICU (2 times HCB) for 1st policy year for each one
3. Max 90 days and incl not more than 45 days in ICU in the 2nd year onwards for each insured
4. Limited to a max of 720 days (incl of 360 days for ICU) during entire policy term for each insured
5. HCB to increase 5% till it reaches 1.5 times And arithmetic addition of an amount equal to “No Claim Benefit”
6. Stay in Hospital exceeds a continuous period of 24 yrs or part thereof thereafter. Stay more than 7 days even for 1s 24 hours also payable.
Major Surgical Benefit (MSB)
1. Quick Cash facility: 50% of eligible MSB amount subject to approval from TPA in select Hospitals
2. MSB shall be a percentage of Sum Assured and is payable regardless of actual costs incurred
3. Rs. 1000/- towards Ambulance expenses
4. Premium Waiver benefit for next one year
5. Surgery within India.
Day Care Procedure Benefit
1. If a DCPB is performed, no HCB shall be paid
2. DCPB is payable as one lump sum and proof of surgery is required
3. All surgical procedures should be done by a Physician or Surgeon, to the satisfaction of the Corporation
4. No transfer of left over benefit to other insured.
Other Surgical Benefit
1. OSB is payable as daily benefit
2. Proof of surgery done by a Physician or Surgeon, is subject to the satisfaction of the Corporation
3. No transfer of leftover benefit to other insured
4. Surgery required but not listed under MSB or DCPB
Term Rider Benefit
- Min Term Assurance SA: Rs. 100000/-
- Max Term Assurance SA: Equal to MSBSA
- Min Entry Age: 18 Years completed
- Max Entry Age: 50 Years NBD
- Max Maturity Age: 60 Years NBD
- Max Term: 35 Years
No death benefit unless Term Assurance Rider benefit is opted for.
LIC Jeevan Arogya Eligibility:
1. Premium guaranteed for first 3 years and may be revised after every 3 years based on Health conditions
2. All existing members must be added in first instance. New members can be added through Child birth (Children)-3 Months, Marriage (Spouse, Parents-in-law)- 6 Months from next Policy anniversary.
Update: Jeevan Arogya Plan No. 903 Has Been Discontinued.