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.
Product Summary : LIC Bima Bachat (816) Plan is a single premium, non-linked, with profits Money Back type Plan.
Premium Payment Mode: Single Premium
Term :9 Year 12 Year 15 Year
Minimum Entry Age : 15 Year Completed
Maximum Entry Age :
Term 9yr then 66yr (Nearest Birthday)
Term 12yr then 63yr (Nearest Birthday)
Term 15yr then 60yr (Nearest Birthday)
Maximum Maturity Age : 75 Year
Minimum Sum Assured :
Term 9yr then 35,000
Term 12yr then 50,000
Term 15yr then 70,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : During 1st five years policy years : Sum Assured only. After completion of five policy years : Sum Assured + Loyalty Addition, if any.
On Survival :
For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th & 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th & 12th policy year.
At Maturity Time : Single Premium Paid + Loyalty Additions, if any.
Surrendered Value : The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Guaranteed Surrender Value : First year: 70% of the Single Premium excluding taxes and extra premium,if any.
Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
Loan : Loan facility is available under this plan at any time after completion of one policy year.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
Product Summary : LIC Single Premium Endowment Plan (817) is a single premium, non-linked, with profits Endowment Plan.
Premium Payment Mode: Single Premium
Term : 10 to 25 Years
Minimum Entry Age : 90days Completed
Maximum Entry Age : 65 Year (Nearest Birthday)
Maximum Maturity Age : 75 Year
Minimum Sum Assured : 50,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.
On Survival : On survival Sum Assured + Vested Bonus + FAB if any.
Surrendered Value : The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Loan : Loan Facillity is available under this plan, after completion of one policy year.
Income Tax Benefit :
• u/s 80C up to 10% of SA.
Proposal Form : 300/340 shall be used under this plan.
Product Summary : LIC's Jeevan Tarun Plan is non-linked, with-profits, Limited premium payment plan specially designed to meet the educational and other needs of growing children.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 25 Age at Maturity Time [25-Age at entry]Years
P.P.T. [20-Age at entry]Years
Minimum Entry Age : 0 Year Last Birthday
Maximum Entry Age : 12 Year Last Birthday
Minimum Sum Assured : 75,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : On death Before the Date of Commencement of Risk: An amount equal to the total amount of premium's paid excluding taxes, extra premium and rider premium, if any shall be payable.
On death After the Date of Commencement of Risk:
Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Where “Sum Assured on Death” is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. 125% of Sum Assured
This death benefit shall not be less than 105% of the total premiums paid as on date of death.
On Survival :
Option is chosen at proposal stage.
Option-1: No Survival,Maturity Benifit 100% S.A.
Option-2: 5% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 75% S.A.
Option-3: 10% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 50% S.A.
Option-4: 15% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 25% S.A.
Surrendered Value : The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
Loan : Loan facility is available under this plan after the payment of premiums for atleast three 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 : LIC’s New Children’s Money Back Plan is a non-linked, with-profits, regular premium payment money back plan
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 25 Age at Maturity Time
Minimum Entry Age : 0 Year Last Birthday
Maximum Entry Age : 12 Year Last Birthday
Minimum Sum Assured : 1,00,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premium's paid excluding taxes, extra premium and rider premium, if any shall be payable.
On death After the Date of Commencement of Risk:
Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
On Survival :
If Policy in full force :
Completion Age 18YRS - 20% OF MSA
Completion Age 20YRS - 20% OF MSA
Completion Age 22YRS - 20% OF MSA
On Maturity at Age 25YRS - 40% of MSA + Vested Bonus + FAB
Surrendered Value : The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
Loan : Loan facility is available under this plan after the payment of premiums for atleast three 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 limited premium payment, non-linked, with profits Money Back Plan.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 25 Year
P.P.T. 20 Year
Minimum Entry Age : 13yr Completed
Maximum Entry Age : 45 Year (Nearest Birthday)
Maximum Maturity Age : 70 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 : Sum Assured on Death + Vested Bonus + FAB if any. Sum Assured on Death = Higher of 125% of Basic SA or 10 times of annualized Premium. Death Benefit shall not be less than 105% of total premiums paid as on date of death. The premiums exclude taxes, extra premium and rider premiums.
On Survival : 15% of Basic SA is payable after 5th, 10th, 15th & 20th year of policy.
Maturity Time 40% of Basic Sum Assured + Vested Bonus + FAB if any.
Surrendered Value : The policy can be surrendered for cash provided atleast three full years premiums have been paid.The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax)excluding 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 : Available after payment of premium of 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 : LIC Bima Bachat (816) Plan is a single premium, non-linked, with profits Money Back type Plan.
Premium Payment Mode: Single Premium
Term : 9 Year 12 Year 15 Year
Minimum Entry Age : 15 Year Completed
Maximum Entry Age : Term 9yr then 66yr (Nearest Birthday)
Term 12yr then 63yr (Nearest Birthday)
Term 15yr then 60yr (Nearest Birthday)
Maximum Maturity Age : 75 Year
Minimum Sum Assured : Term 9yr then 35,000 Term 12yr then 50,000 Term 15yr then 70,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : During 1st five years policy years : Sum Assured only.
After completion of five policy years : Sum Assured + Loyalty Addition, if any.
On Survival :
For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th & 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th & 12th policy year.
At Maturity Time : Single Premium Paid + Loyalty Additions, if any.
Surrendered Value : The policy can be surrendered at any time during the policy term subject to realization of the premium cheque. Guaranteed Surrender Value : First year: 70% of the Single Premium excluding taxes and extra premium,if any. Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
Loan : Loan facility is available under this plan at any time after completion of one policy year.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
Product Summary : This is a limited premium payment, non-linked, with profits Money Back Plan.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 20 Year
P.P.T. 15 Year
Minimum Entry Age : 13yr Completed
Maximum Entry Age : 50yr (Nearest Birthday)
Maximum Maturity Age : 70 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 : Sum Assured on Death + Vested Bonus + FAB if any.
Sum Assured on Death = Higher of 125% of Basic SA or 10 times of annualized Premium.
Death Benefit shall not be less than 105% of total premiums paid as on date of death.
The premiums exclude taxes, extra premium and rider premiums.
On Survival : 20% of Basic SA is payable after 5th, 10th and 15th year of policy.
Maturity Time 40% of Basic Sum Assured + Vested Bonus + FAB if any.
Surrendered Value : The policy can be surrendered for cash provided atleast three full years premiums have been paid.The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax)excluding 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 : Available after payment of premium of 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 :LIC's Jeevan Pragati(838) is a non-linked, with profits Endowment Assurance Plan wherein the risks cover automatically increases after every five years during the term of the policy.
Premium Payment Mode:Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 12 to 20 years
Minimum Entry Age :12 Year Completed
Maximum Entry Age :45 Year (Nearest Birthday)
Maximum Maturity Age : 65 Year
Minimum Sum Assured :1,50,000
Maximum Sum Assured :NO LIMIT (Depending upon Income)
Maximum Accidental Death and Disability Benefit Rider up to age 65.
Policy Benefits :On Death : Sum Assured + Vested Bonus + FAB if any. Where 'S.A. on Death' is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. Absolute amount assured to be paid on death, which is as under:
During first five policy years: 100% of the Basic S.A.
During 6th to 10th policy years: 125% of the Basic S.A.
During 11th to 15th policy years: 150% of the Basic S.A.
During 16th to 20th policy years: 200% of the Basic S.A.
This Death Benefit shall not be less than 105% of all Premiums paid as on death
On Survival :On survival Basic Sum Assured + Vested Bonus + FAB if any.
Surrendered Value :The Policy can be surrendered at any time during the policy term provided atleast 3 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).
Proposal Form : 300/340/360 shall be used under this plan.
Plan :Jeevan Labh(836)
Product Summary : LIC's Jeevan Labh Plan (836) is a limited premium paying, non-linked, with-profits Endowment Assurance plan.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 16 Year & 21 Year & 25 Year
P.P.T. For Term 16 Year Ppt 10 year
For Term 21 Year Ppt 15 Year
For Term 25 Year ppt 16 year
Minimum Entry Age : 8 Year Completed
Maximum Entry Age : 59 Year (Nearest Birthday)
Maximum Maturity Age : 75 Year
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.
Policy Benefits : On Death : Basic Sum-Assured,OR 10 times of Annualized Premium, OR 105%of all Premiums paid as on death,
WHICHEVER IS HIGHER.
On Survival : On survival Basic Sum-Assured + Reversionary Bonus+ Final Additional Bonus.
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).
Plan : New Endowment Plus(835)
Product Summary : LIC’s New Endowment Plus is a unit linked assurance plan, which offers investment-cum-insurance during the term of the policy. The Policyholder can choose the amount of premium he/she desires to pay, depending on which Policyholder will get the equivalent level of cover. Each premium paid by the Policyholder shall be subject to Premium Allocation charge as per rule. The allocated premium will be utilized to purchase units as per the selected fund type. The Policyholder’s Fund Value will be subject to deduction of charges as per rule. Units will be allotted and cancelled based on the Net Asset Value (NAV) of the respective fund applicable to the date of allotment / cancellation. The NAV will be computed on daily basis and will be based on the investment performance and Fund Management Charges (FMC) of each fund type.
Investment Fund Type: Bond, Secured, Balanced, and Growth Fund
1. Bond Fund: Investment in Government : Not less than 60% Short-term Investment : Not more than 40% Investment in listed equity shares : NIL Fund for risk/return : Low risk
SFIN No.: ULIF001201114LICNED+BND512
2. Secured Fund: Investment in Government : Not less than 45%
Short-term Investment : Not more than 40% Investment in listed equity shares : Not less than 15% & Not more than 55% Fund for risk/return : Steady Income - Low to Medium risk SFIN No.: ULIF002201114LICNED+SEC512
3. Balanced Fund: Investment in Government : Not less than 30%
Short-term Investment : Not more than 40% Investment in listed equity shares : Not less than 30% & Not more than 70% Fund for risk/return : Balanced Income and Growth - Medium risk SFIN No.: ULIF003201114LICNED+BAL512
4. Growth Fund: Investment in Government : Not less than 20%
Short-term Investment : Not more than 40% Investment in listed equity shares : Not less than 40% & Not more than 80% Fund for risk/return : Long term Capital growth - High risk SFIN No.: ULIF004201114LICNED+GRW512 Basic Sum Assured is (10 * Annualized Premium) or (105% of total premiums paid), whichever is higher.
Risk Cover: If age at entry is less than 8 years the risk will commence one day before the completion of 2 years from DOC or at policy anniversary following completion of 8 years of age, Whichever is earlier. In case the age as entry is 8 years or more, Risk will commence immediately.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly
Term : 10 to 20 Years
P.P.T. Same as Policy Term
Minimum Entry Age : 90Days
Maximum Entry Age : 50Years NBD
Minimum Maturity Age :18Years Completed
Maximum Maturity Age : 60 Years NBD.
Minimum Sum Assured : YLY : 20,000 HLY : 13,000 QLY : 8000
ECS : 3000
Maximum Sum Assured : No Limit
Accidental Benefit Rider Available. Policy Benefits : On Death :
On death before the Date of Commencement of Risk: An amount equal to the Policyholder’s Fund Value shall be payable.
On death after the Date of Commencement of Risk: An amount equal to the higher of Basic Sum Assured or Policyholder’s Fund Value shall be payable. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.
On Survival : Fund Value at the time of maturity.
Surrendered Value : Policy can be surrender after 5 years.
Partial Withdrawals after 5 years. Life Assured must be major.
Loan : Not available.
Income Tax Benefit : 80C Rebate up to Rs 1,50,000 & Maturity & Death Claim Amount 100%Tax Free
Plan :Jeevan Lakshya (833)
Product Summary : This is a limited premium paying term conventional With-Profits Endowment Assurance plan wherepremium paying term is less than policy term by three years.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term :13 to 25 Years
P.P.T. (Policy Term - 3) Years
Minimum Entry Age : 18Years Completed
Maximum Entry Age : 50Years (Nearest Birthday)
Maximum Maturity Age : 65 Year (Nearest Birthday)
Minimum Sum Assured : 1,00,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Maximum Accidental Death and Disability Benefit Rider up to age 65.
Policy Benefits : On Death : Benefits payable on death:
Sum Assured on Death + Bonuses & Final Additional Bonus, if any, shall be payable in following manner.
Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity)
Assured Absolute Amount of 110% of Basic Sum Assured, payable (on due date of maturity)
Along with Bonuses & Final Additional Bonus, if any, on maturity. (on due date of maturity)
On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.
Surrendered Value : The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.
Loan : Available after payment of premium of 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 :Limited Premium Endowment(830)
Product Summary : LIC Limited Premium Endowment Plan (830) is a limited premium paying conventional With-Profits Endowment Assurance Plan.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 12 Year ,16 Year, 21 Year
P.P.T. : 8 Year & 9 Year
Minimum Entry Age : 18 Year Completed
Maximum Entry Age : 62 Year (Nearest Birthday)
Maximum Maturity Age : 75 Year
Minimum Sum Assured : 3,00,000
Maximum Sum Assured :NO LIMIT (Depending upon Income)
Maximum Accidental Death and Disability Benefit Rider up to age 70.
Policy Benefits :On Death :125%of Basic Sum-Assured,OR 10 times of Annualized Premium, OR 105%of all Premiums paid as on death,WHICHEVER IS HIGHER.
On Survival : On survival Basic Sum-Assured + Reversionary Bonus+ Final Additional Bonus.
Surrendered Value : The Policy can be surrendered at any time during the policy term provided atleast two full years premiums have been paid.
Loan : Loan Facillity is available under this plan, after payment of premiums for at least 2 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 :Jeevan Rakshak(827)
Product Summary : This is a regular premium paying Non-linked, With-Profits, Endowment Assurance plan.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. 2 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 : 2,00,000
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 subject to following conditions :
a. The maximum loan as a percentage of surrender value shall be 70percent in case of inforce policies a.nd 60percent in case of paid-up policies.
b. The rate of interest to be charged for the loan amount would be determined from time to time by the Corporation.
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)
