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.
Plan : Amulya Jeevan(823)
Product Summary :
LIC Amulya Jeevan 2 plan number 823 is a regular premium paying conventional without profit pure protection plan.
Premium Payment Mode: Yearly, Halfly
Term : 5 to 35 Years
Minimum Entry Age : 18 Years (Completed)
Maximum Entry Age : 60 Years (Nearest Birthday)
Minimum Sum Assured : 25,00,000
Maximum Sum Assured : NO LIMIT
Policy Benefits : On Death : On death of the Life Assured during the policy term Sum Assured shall be payable.
On Survival : On survival to the end of the policy term,no benefits shall be payable.
Surrendered Value : No surrender value will be available under this plan.
Loan : No loan will be granted under this plan.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
Plan : Anmol Jeevan(822)
Product Summary : LIC Anmool Jeevan 2 plan number 822 is a regular premium paying conventional without profit pure protection plan.
Premium Payment Mode: Yearly, Halfyearly
Term : 5 to 25 Years
Minimum Entry Age : 18 Years (Completed)
Maximum Entry Age : 55 Years (Nearest Birthday)
Maximum Cover Ceasing Age : 65 Years (Nearest Birthday)
Minimum Sum Assured : 6,00,000
Maximum Sum Assured : 24,00,000
Policy Benefits : On Death : On death of the Life Assured during the policy term Sum Assured shall be payable.
On Survival : On survival to the end of the policy term,no benefits shall be payable.
Surrendered Value : No surrender value will be available under this plan.
Loan : No loan will be granted under this plan.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
Plan : Bima Diamond (841)
Product Summary : LIC's Bima Diamond Plan (841) is a non-linked, with-profits, limited premium payment money back type plan which offers a combination of protection and saving.
Premium Payment Mode: Yearly, Halfly, Quarterly, Monthly(ECS)
Term : 16 Year, 20 Year , 24 Year
P.P.T.
For Term 16 Year Ppt 10 year
For Term 20 Year Ppt 12 Year
For Term 24 Year ppt 15 year
Minimum Entry Age : 14 Year Completed
Maximum Entry Age :
For Term 16Year - 50 Year (Nearest Birthday)
For Term 20 Year - 45 Year (Nearest Birthday)
For Term 24 Year - 41 Year (Nearest Birthday)
Maximum Maturity Age :
For Term 16Year - 66 Year
For Term 20 & 24 Year - 65 Year
Minimum Sum Assured : 1,00,000
Maximum Sum Assured : 5,00,000
Extended Cover after Completion of Policy term. Extended Cover Period equal to half of the policy term.
Policy Benefits : On Death : On death during first five policy years: Sum-Assured on death
On death after five policy years: Sum-Assured on death + Loyalty addition if any.
where Sum-Assured on death is Basic Sum-Assured,OR
10 times of Annualized Premium, OR
105%of all Premiums paid as on death,
WHICHEVER IS HIGHER.
On Survival : For Term 16: 15% of Basic SA is payable after 4th, 8th and 12th year of policy.
Maturity Time 55% of Basic Sum Assured + Loyalty addition if any.
For Term 20: 15% of Basic SA is payable after 4th, 8th , 12th and 16th year of policy.
Maturity Time 40% of Basic Sum Assured + Loyalty addition if any.
For Term 24: 12% of Basic SA is payable after 4th, 8th , 12th , 16th and 20th year of policy.
Maturity Time 40% of Basic Sum Assured + Loyalty addition if any.
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).
Proposal Form : 300/340/360 shall be used under this plan.
