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Tuesday, August 9, 2016
LIC Jeevan Rakshak
LIC New Jeevan Anand
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LIC New Endowment Plan
LIC New Endowment Plan is a non-linked life insurance policy which offers assured
profits and bonus. The policy can be availed for duration of 12 to 35 years.
Policy can be occupied for anyone between 8 to 55 years of age and can be sustained
till 75 years of age.
In this plan,
premium needs to be paid for the entire policy tenure. The Sum Assured along
with vested Simple Reversionary Bonus + Final Addition Bonus would be paid to
the Life Insured on survival till the end of the Policy Tenure as Maturity
Benefit.
Key
Features of LIC New Endowment Plan
i.
Plan with
guaranteed returns and bonus
ii.
Simple
Reversionary Bonus is payable on maturity or earlier death
iii.
Large Sum Assured
Rebate is available
iv.
LIC’s Accidental
Death and Disability Benefit Rider can be taken
LIC's New Endowment Plan is a participating non-linked plan which offers
an smart grouping of protection and exchangeable features. This combination affords
financial maintenance for the family of the deceased policyholder any time before
maturity and good bulge quantity amount at the time of maturity for the
surviving policyholders. This plan also takes care of liquidness needs through
its loan facility.
Benefits:
Death
benefit:
In
case of death during the policy term provided all due premiums have been paid
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 Basic Sum
Assured or 10 times of annualised premium. This death benefit shall not be less
than 105% of all the premiums paid as on date of death.
Where
premiums exclude service tax, extra premium and rider premiums, if any.
Maturity
Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and
Final Additional bonus, if any, shall be payable in lump sum on Survival to the
end of the policy term provided all due premiums have been paid.
Participation
in Profits: The policy shall participate in profits of the Corporation and
shall be entitled to receive Simple Reversionary Bonuses declared as per the
experience of the Corporation, provided the policy is in full force.
Final
(Additional) Bonus may also be declared under the policy in the year when the
policy results into a claim either by death or maturity, provided the policy
has run for certain minimum term.
Saturday, August 6, 2016
LIC Single Premium Endowment Plan
LIC's Single Premium
Endowment Plan is a contributing non-linked investments cum safety plan, where
premium is paid in lump sum at the beginning of the policy. This amalgamation
provides financial protection in contradiction of death during the policy term
with the facility of payment of lump sum at the end of the selected policy term
in case of his or her survival. This plan also takes care of liquidity needs
through its mortgage facility.
Plan Features
Plan Features
I.
Date Introduced: 01-JAN-2014
II.
Unique Identification Number (UIN) : 512N283V01
III.
This is a single premium conventional With-Profits Endowment
Assurance plan
Eligibility
& Conditions
1.
Minimum Age: 90 days (completed)
2.
Maximum Age: 65 years (nearest birthday)
3.
Minimum Policy Term: 10 Years
4.
Maximum Policy Term: 25 Years
5.
Minimum Age at Maturity: 18 Years (completed)
6.
Maximum Age at Maturity: 75 years (nearest birthday)
7.
Premium payment mode: Single Premium ONLY
8.
Minimum Sum Assured: Rs. 50000/-
9.
Maximum Sum Assured: No Limit (Sum Assured shall be in multiples
of Rs 5000/-)
10.
If the age at entry of the Life Assured is less than 8 years risk
under this plan will commence either 2 years from the date of commencement or
from the policy anniversary coinciding with or immediately following the
attainment of 8 years of age whichever is earlier. For those aged 8 years or
more, risk will commence immediately.
11.
Loan Available
12.
Service Tax as applicable from time to time. Currently it is 3.09%
of the premium.
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