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).
