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.
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.
- 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.
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.