Plan : Cancer Cover (905)
Product Summary : This is non-linked, regular premium payment health insurance plan which provides fixed benefit in case life assured is diagnosed with any of the specified early and/or major stage cancer during the policy term, subject to certainterms and conditions. The plan has two benefit options which have to be chosen by the proposer at the outset.
Option 1: Level Sum Insured : The Basic Sum Assured remains same thru out the term.
Option 2: Increasing Sum Insured : 10% increase in Sum assured for 1st 5 years or till diagnosis of specified cancer.
Premium Payment Mode: Yearly, Halfly
Minimum Entry Age : 20 Years (completed)
Maximum Entry Age : 65 Years (last birthday)
Minimum Policy Term : 10 years
Maximum Policy Term : 30 years
Minimum Sum Assured : Rs.10,00,000
Maximum Sum Assured : Rs.50,00,000
Basic S.A. shall be in multiple of Rs.1,00,000
Minimum & Maximum cover ceasing age : 50 years & 75 years
Minimum Premium Rs.2400 p.a. for all modes.
Policy Benefits :
A. Early stage cancer : Payable once for the 1st ever event
i. Lumpsum 25% of applicable Sum Assured payable and
ii. Next 3 years premiums waived.
B. Major Stage Cancer :
i. Lumpsum 100% of applicable Sum Assured payable minus any claim paid for A above if any.
ii. 1% of applicable Sum Assured guaranted payable for next 120 months. AND
iii. Waiver of future premiums. Maximum claim payable 220% of applicable sum assured.
Surrendered Value : No surrender value will be available under the policy.
Loan : No loan will be available under the policy.
Product Summary : LIC's Jeevan Umang Plan (845) is a non-linked, with-profits whole life assurance plan.This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sumpayment at the time of maturity or on death of the policyholder during the policy term.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : [100 - age entry] Year
P.P.T.* :
15 year
20 year
25 year
30 year
Minimum Entry Age : [90]days (completed)
Maximum Entry Age :
55 years (Nearest Birthday) for PPT = 15
50 years (Nearest Birthday) for PPT = 20
45 years (Nearest Birthday) for PPT = 25
40 years (Nearest Birthday) for PPT = 30
Minimum age at the end of the PPT : [30]years(Nearest Birthday)
Maximum age at the end of the PPT : [70]years(Nearest Birthday)
Age at Maturity : [100]years(Nearest Birthday)
Minimum Sum Assured : 2,00,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Maximum Accidental Death and Disability Benefit Rider up to age 70.
Maximum Accidental Benefit Rider shall be available during the ppt only.
Policy Benefits : On Death : On death before the commencement of Risk: An amount equal to the total amount of premium/s paid without intrest shall be payable
On death after commencement of Risk: 'Sum Assured on Death'+vested simple reversionary Bonus + FAB if any.
Where 'Sum Assured on Death' is defined as the highest of
Basic Sum-Assured,OR
10 times of Annualized Premium, OR
105%of all Premiums paid as on death
On Survival : On survival 8% of Basic Sum Assured shall be payable each year
Surrendered Value : The Policy can be surrendered at any time during the policy term provided atleast three full years premiums have been paid.
Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
Product Summary : This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan.This Plan is exclusively designed for FEMALE LIVES having Aadhaar Card issued by UIDAI.This plan shall be available to standard lives only without any medical examination andthe total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 3 lacs.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 10 to 20 Years
Minimum Entry Age : 8 Year Completed
Maximum Entry Age : 55 Year (Nearest Birthday)
Maximum Maturity Age : 70 Year
Minimum Sum Assured : 75,000
Maximum Sum Assured : 3,00,000
Maximum Accidental Death and Disability Benefit Rider up to age 70.
Policy Benefits :
On Death :
On death of the Life Assured during the policy term " Sum Assured on Death " shall be payable, which is the highest of
• 110% of Basic Sum Assured; or
• 10 times of annualized premium; or
• 105% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after completion of 5th policy year.
On Survival : On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any,shall be payable.
Surrendered Value : The policy can be surrendered at any time during the policy term provided atleast three full years premiums have been paid.Guaranteed Surrender Value:
The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered
Loan : Loan facility is available under this plan,after payment of premiums for at least 3 full years.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
Product Summary : This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan.This Plan is exclusively designed for MALE LIVES having Aadhaar Card issued by UIDAI.This plan shall be available to standard lives only without any medical examination andthe total Sum Assured under all the policies issued to an Individual under this plan shall not exceed Rs. 3 lacs.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 10 to 20 Years
Minimum Entry Age : 8 Year Completed
Maximum Entry Age : 55 Year (Nearest Birthday)
Maximum Maturity Age : 70 Year
Minimum Sum Assured : 75,000
Maximum Sum Assured : 3,00,000
Maximum Accidental Death and Disability Benefit Rider up to age 70.
Policy Benefits :
On Death :
On death of the Life Assured during the policy term " Sum Assured on Death " shall be payable, which is the highest of
• Basic Sum Assured; or
• 10 times of annualized premium; or
• 105% of all the premiums paid as on date of death.
The premium mentioned above excludes taxes, extra premium and rider premiums, if any.In addition to the above, Loyalty Addition, if any, shall also be payable if death occurs after completion of 5th policy year.
On Survival : On survival to the end of the policy term Basic Sum Assured along with Loyalty Addition, if any,shall be payable.
Surrendered Value : The policy can be surrendered at any time during the policy term provided atleast three full years premiums have been paid.Guaranteed Surrender Value:
The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered
Loan : Loan facility is available under this plan,after payment of premiums for at least 3 full years.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
Plan :New Jeevan Nidhi(818)
Product Summary : LIC New Jeevan Nidhi (818) Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
Premium Payment Mode: Single Premium
Term : 5 to 35 Years
Minimum Entry Age : 20 Year Completed
Maximum Entry Age : 60 Year (Nearest Birthday)
Minimum Vesting Age : 55 Year
Maximum Vesting Age : 65 Year
Minimum Sum Assured : 1,50,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits :
On Death :
Death during first five policy year :
Sum Assured + Guaranteed Addition
Death after first five policy year :
Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.
On Vesting :
On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.
Option On Vesting :
1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
2. Buy Jeevan Akshay of Full vesting amount increased by 3%.
3. Buy Jeevan Nidhi Single Premium.
Surrendered Value :
Single Premium : The Policy can be surrendered at any time during the deferment Period(term).
Regular Premium :
Term less than 10 : After atleast 2 full years premiums have been paid.
Term 10 or More : After atleast 3 full years premiums have been paid.
Loan :
No loan facility will be available under this plan.
Income Tax Benefit :
• On Premiums : u/s 80C
• Commutation Tax free : u/s 10(10A)iii
• Death claim Tax free : u/s 10(10D)
• Pension : Taxable.
Plan :Jeevan Akshay VI(189)
Product Summary : LIC Jeevan Akshay VI (189) is an immediate annuity plan that can be bought by paying a lumpsum as Single Premium. Pension will start immediately after buying the policy.Various options are available for the type and mode of payment of annuities. But once chosen, it can not be changed.
Premium Payment Mode: Single Premium
Annuity Mode: Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity
Minimum Entry Age : 30 Year Completed
Maximum Entry Age :
• 100 Year Last Birthday for option '[F] Annuity for life with return of purchase price on death'
• 85 Year Last Birthday For all anuity option other than option 'F'
Minimum Sum Assured :
• Rs.1,00,000/- for all distribution channels except online.
• Rs.1,50,000/- for on line sale.
Maximum Sum Assured : NO LIMIT
Annuity Option :
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.
Policy Benefits :
On Death :
(a) Under option (i) - payment of annuity ceases.
(b) Under option (ii)
i. On death during the guarantee period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
ii. On death after the guarantee period - payment of annuity ceases.
(c) Under option (iii) - payment of annuity ceases and the purchase price is returned to the nominee.
(d) Under option (iv) - payment of annuity ceases.
(e) Under option (v) - payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(f) Under option (vi) - payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(g) Under option (vii) - payment of annuity ceases. 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.
Surrendered Value :
Surrender shall be allowed after completion of atleast one policy year from date of commencement of policy only for Annuity Option 'F - Annuity for life with return of purchase price' in some circumstances.
Loan : No loan will be available under the policy.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Pension that is received is taxable.
Proposal Form 440 (IA) shall be used under this plan.
Plan : New Jeevan Nidhi(818)
Product Summary : LIC New Jeevan Nidhi(818) Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 7 to 35 years
Minimum Entry Age : 20 Year Completed
Maximum Entry Age : 58 Year (Nearest Birthday)
Minimum Vesting Age : 55 Year
Maximum Vesting Age : 65 Year
Minimum Sum Assured : 1,00,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
• Maximum Accidental Death and Disability Benefit Rider up to age 70.
Policy Benefits : On Death : Death during first five policy year : Sum Assured + Guaranteed Addition
Death after first five policy year :
Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.
On Vesting :
On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.
Option On Vesting :
1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
2. Buy Jeevan Akshay of Full vesting amount increased by 3%.
3. Buy Jeevan Nidhi Single Premium.
Surrendered Value : Single Premium : The Policy can be surrendered at any time during the deferment Period(term).
Regular Premium :
Term less than 10 : After atleast 2 full years premiums have been paid.
Term 10 or More : After atleast 3 full years premiums have been paid.
Loan :
No loan facility will be available under this plan.
Income Tax Benefit :
• On Premiums : u/s 80C
• Commutation Tax free : u/s 10(10A)iii
• Death claim Tax free : u/s 10(10D)
• Pension : Taxable.
