LIC Jeevan Utkarsh

LIC Jeevan Utkarsh

LIC Jeevan Utkarsh Plan No. 846 is the close-ended single premium non-linked with profit savings and investment plan.

Jeevan Utkarsh will be available for 270 days from the date of launch. The plan was launched on 6th September 2017. Last date: 31st March 2018

LIC Jeevan Utkarsh Features:

  • Closed-ended Single Premium Endowment plan
  • High-Risk Cover (10 times of Tabular Single Premium)
  • Accident and Disability riders (Optional)
  • Unique settlement option
  • Loan on the policy after 3 months
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax-free under 10(10D)

Maturity Benefits:

On survival of policyholder i.e. completion of the 12-year term, maturity will be Sum Assured + Loyalty Addition.

Death benefits

On death during the First 5 Years of the policy:

  • If the policyholder dies before risk commencement then the single premium amount will be refunded to the nominee without any interest or an additional premium.
  • If Death occurs after risk commitment, then the death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).

On death after 5 years of the policy but before maturity:

  • The death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.

Jeevan Utkarsh Eligibility conditions

  • Minimum age of Entry: 6 years (Completed)
  • Maximum age of entry: 47 Years (Nearest Birthday)
  • Premium type: Single Premium
  • Minimum Sum Assured: 75,000
  • Maximum Sum Assured: No Max. limit
  • Policy Term: 12 Years

Note: Risk cover will begin immediately if the policyholder has completed the age of 8 years, but if you want to buy it for your child aged less than 8 years then risk cover will begin on one day before completing age 8.

Jeevan Utkarsh Special Surrender Value:

  • 70% of Single Premium in 1st Policy Year
  • 90% of Single Premium from 2nd Policy Year onwards
  • If the policy is surrendered after completion of five policy years, Loyalty Addition, if any, shall be payable.

Example: 

If Mr. Pankaj Aged 25 years Buys Jeevan Utkarsh For Sum Assured Rs.5 lakh then he will pay to pay one-time premium Rs. 2,62,450 (without GST)

Scenario 1: Pankaj survives till the end of the policy Year 2029 Mr. Pankaj will get 5 lakh Sum Assured Plus Loyalty Additions: Total Approx 6 lakh to 7 lakh including LA.

Scenario 2: If Mr. Pankaj Dies anytime before the policy maturity date then his nominee will get Rs.26,24500/- And nominee will also get the loyalty addition if the policy has completed 5 years.

Limited Premium Endowment Policy 830

Limited Premium Endowment Policy 830

LIC Limited Premium Endowment Plan No. 830 launched by LIC that provides saving as well as protection to the policyholders and his family, As it provides good savings after the end of the policy term and the protection to the family financially, If the policyholder meets an unfortunate death. It also provides bonuses that are declared on an early basis. As the name says the plan is a limited premium plan that means the policy buyer will have to pay the premium for a Limited period of time that is 8 years or 9 years mostly. For example, If a policyholder takes a policy for 21 years, he will have to pay the premium maximum for 8 years to 9 years. This is the main feature of this plan that makes it unique. The maturity amount is payable to the policyholder after the completion of the policy term or to the nominee of the policyholder in case of the death of the policyholder within the policy term.

Benefits provided under LIC Limited premium endowment plan 830

Two main benefits which are provided are maturity benefit and death benefit.

Death benefit

If the policyholder meets to death within the policy term, then the nominee will get the sum assured on death and a simple reversionary bonus + final bonus if any.

Maturity benefit

In case of maturity of the plan after the policy term, The policyholder will get the maturity benefit as the sum assured on maturity + simple reversionary bonus and final additional bonus if any.

There are two additional benefits that are term assurance and accidental death and disability benefit that can be added to the policy as an add-on plan by paying an extra premium along with the main premium.

Some other benefits of LIC Limited period endowment plan

Loan benefit

The policyholder can take a loan upon the policy premiums after the completion of the 2 years of the policy term. There is a fixed value by the company up to which the loan can be taken that is 80% in case of paid-up policies and 90% in case of policies in force.

Tax benefit

The premium paid under LIC Limited premium endowment plan is tax-free according to Section 80c and the maturity amount that is provided by the company is also tax-free which means it is going to save your tax that is imposed on that amount.

Eligibility criteria and the details of the LIC Limited premium endowment plan.

  • The policy term that can be chosen is 12 years, 16 years, or 21 years.
  • The premium paying terms will be equal to 8 years or 9 years
  • The premium can be paid monthly, quarterly, half-yearly, or annually mode. The monthly payment is only available with the ECS system.
  • The minimum sum that can be assured is rupees 3 lakhs and there is no limit on the maximum sum that can be assured.
  • The minimum accidental death benefit provided is rupees 1 lakh and the maximum accident death benefit which can be provided is 1 crore.
  • The maximum maturity age is 69 years for 12-year policy terms and 8-year premium paying term and 70 years for all other cases.

Documents required for purchasing LIC Limited premium endowment plan

  • Fully filled application form with photographs
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after the receipt of the policy document.

Grace period

There is a grace period of 15 days for the payment of the monthly mode of premium and 30 days for the half-yearly and early mode of premium payment. If the premium would not be paid within the grace period the policy will lapse.

Policy Revival

If the policy gets lapsed then it can be revived within the 2 years from the last premium paying date. If the policy will not be revived within 2 years then the policy will get terminated.

Discounts

There is a discount allotted on the half-yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

Surrender value

The policy attains a surrender value after the completion of 2 years of the policy as per the terms and conditions of the corporation.

New Endowment Plan No.814

New Endowment Plan No.814

LIC New Endowment Plan Table No. 814 is a non-linked policy plan. This is a basic life insurance plan. It is a savings plan which gives a healthy amount after the policy term as well as the Life assurance of the policyholder. This plan is also best for investment purposes. It is having a low premium in comparison with the other plan of LIC. There is a fixed amount as the premium that the policyholder will have to pay monthly, quarterly, half-yearly, or yearly.

Features of new LIC endowment plan.

  • It is a basic life insurance plan.
  • The policyholder will have to pay the premium to the entire policy term.
  • If the insured person survives till the end of the policy term the maturity benefit will be given to the policyholder as the benefit of the policy and the policy will be terminated.
  • If the insured person meets death within the policy term the nominee will get the death benefit and the policy will be terminated.
  • There is also an option for additional coverage such as accidental coverage + disability coverage on the selection of additional premium.

Benefits provided under LIC’s new endowment plan.

Maturity benefit

In case of policyholder service throughout the period of the policy term, the basic sum assured + assured bonus will be provided to the policyholder and then the policy gets terminated.

Death benefit

In case of death of the policyholder within the policy term, the sum assured on death + assured bonus will be given to the nominee of the policyholder. Sum assured on death is as higher of the basic sum assured or it will be 10 times the annualized premium. This benefit would not be less than 105% of all the premiums paid till the date of death.

Accidental death and disability benefit

This is the additional benefit provided to the policyholder on the payment of extra additional premiums. In case of accidental death, the accident benefit sum will be paid + the death benefit of the basic plan. If any permanent disability occurs in the accident within 180 days after the accident the disability benefit will be provided in such conditions.

Tax benefit

There is a tax benefit as the premium paid under this scheme is fully tax-free and the maturity amount is also tax-free. According to the Indian Act, the amount paid as insurance premium is tax-free. One can file an income tax return on that amount.

Details and eligibility criteria for LIC new endowment plan

  • The minimum age for entry of this endowment plan is 8 years and the maximum age for entry is 55 years.
  • The maximum maturity age is 75 years.
  • The minimum policy term that can be fixed is 12 years and the maximum policy term that can be fixed is 35 years.
  • The premium can be paid annually, half-yearly, quarterly, or monthly. For annual and half year policy there is some discount provided by LIC
  • The minimum sum that can be assured is Rupees 1 lakh and there is no upper limit of sum assured.

Premium Calculation Ready Reckoner:

Documents required for LIC new endowment plan

  • Application form with full details filled in it.
  • Accurate medical history of the person.
  • Address proof and KYC document
  • In some cases, there is a need for medical examination based on the sum assured and the age of the person.

Questions and answers related to LIC new endowment plan

1.     What will happen when the policy premium is not paid within time?

Ans.  There is a provision of 30 days as the grace period for the late payment. If the premium has not been paid within 30 days, the policy will lapse but it can be revised under the period of 2 years from the date of lapse of the policy.

2.     What can be done if the buyer does not pleased with the coverage and the terms and condition of the LIC single premium endowment plan after buying the policy?

Ans. LIC provides a free look period for LIC single premium endowment plan for canceling the policy within 15 days after the receipt of the policy document in this period one can completely read the policy terms and condition and understand it after that within 15 days you can go for cancellation or keep it with yourself if you are pleased with the coverage and terms and condition.

Jeevan Rakshak Plan No. 827

Jeevan Rakshak Plan No. 827

LIC Jeevan Rakshak plan  No.827 is a participating, non-linked plan with a combination of saving and protection. It provides support to the family of the policyholder after the death also after maturity, if the policyholder survives throughout the policy term. There are many benefits that are provided under the LIC Jeevan Rakshak plan such as maturity benefit and death benefit as main coverage. Accidental benefit and disability benefit as an add-on policy. This is also going to provide savings by means of tax savings. The plan also offers loan facilities after a certain period of the policy according to terms and conditions.

Features of LIC Jeevan Rakshak plan.

  • It is a participating endowment plan that provides saving as well as protection.
  • Premium paying term is equal to the term of the policy such as if the policy term is 15 years one will have to pay the premium for the whole 15 years.
  • As the plan is participating it provides loyalty additional benefit after the completion of 5 years of the plan.
  • If the policyholder service throughout the policy period the maturity benefit is provided to the policyholder and the policy gets terminated.
  • If the insured person meets to death within the policy time then the nominee of the policyholder will get the death benefit and the policy will get terminated.

Benefits provided under LIC Jeevan Rakshak plan

Maturity benefit
In case of survival of policyholder till the end of the policy term the basic sum assured + loyalty additional (if any) are payable to the policyholder as maturity benefit.

Death Benefit
If the policyholder meet to unfortunate death within the policy term the sum assured on that is payable to the nominee of the policyholder.

The payable sum at the situation of death will be as follow:-
the highest of these will be provided
1. The basic sum that is insured at the time of policy purchase.
2. 105% of all the premium which is paid up to the death of the policyholder.
3. 10 times the annualized premium.

Loyalty benefit
According to the LIC, this plan is a participating plan. Means if the policy is in full force the corporation can decide the eligibility of the policy for the loyalty addition according to the terms and condition of the corporation.

Tax benefit
Premium paid under this plan is tax-free within the amount of 1,50,000 under section 80C and the maturity benefit provided is also tax-free under the insurance act section 10D. You can file an income tax return based on this.

Eligibility criteria for LIC Jeevan Rakshak plan

  • The minimum amount that can be assured in this plan is 75000 and the maximum amount that can be assured is 2,00,000 without undergoing any medical examination.
  • The basic sum assured will be the multiple of rupees 5000.
  • The age required for the entry of this plan is 8 years and the maximum age for entry is 55 years.
  • The maximum maturity age for the completion of the policy term is 75 years
  • The minimum term to which the policy can be taken is 10 years and the maximum term to which the policy can be taken is 20 years.

Payment of premium

Payment of premium can be done annually, half-yearly, quarterly, or monthly but the monthly payment can be only done by ECS. There is a certain discount for the annual and half-yearly premium payer 2% for annual premium and 1% for half yearly premium.

Documents required for LIC Jeevan Rakshak plan

  1. Fully Filled up the application form
  2. Address proof document
  3. Age proof document
  4. Aadhar Card and PAN card for KYC
  5. Accurate medical history
  6. And a self-declaration of health according to LIC Jeevan Rakshak plan.

Terms related to LIC Jeevan Rakshak Plan.

Grace period
There is a period of 30 days provided as a grace period for the payment of the premium. If the premium would not be paid under this Grace period the policy will get lapsed.

Revival of policy
If the premium will not be paid within the grace period the policy gets lapsed but it can be revived within 2 years from the date of the last premium paid and it can be continued.

Surrender value
The policy acquires a surrender value after the completion of 3 years of the policy. The surrender value increases as the years of the policy increase according to the terms and conditions of the policy.

Loans
Once the policy gets surrender value then you can take a loan on your policy according to the terms and conditions of the corporation.

New Jeevan Anand LIC Endowment Plan

New Jeevan Anand LIC Endowment Plan

LIC New Jeevan Anand Plan no.815 is one of the participating whole life endowment plan that provides a lot of advantages such as death benefit, maturity benefit. As the name says it’s a whole life plan that means it is going to give you the benefit, not only till you are alive. There is an amount of money that is fixed for your family after your life also. This feature makes this plan best for any individual. In other words, it can be said that it is a complete plan for a family. Another policy plan gets terminated after the term but in this plan, it continues to be in force till your whole life.

Features of New Jeevan Anand plan

  • This is a traditional participating endowment plan.
  • Premium should be paid on regular basis as same as the policy term.
  • After the maturity of the plan the maturity benefits are provided to the policyholder but the policy will not be terminated, it will be continued.
  • In the situation of the death of the insured person-assured amount paid to the nominee of the policyholder.

Benefits provided under LIC new Jeevan Anand plan

  • Maturity benefit:- In case of survival of the policyholder, the basic sum assured plus the insured bonus is paid to the policyholder and the policy continues.
  • Death benefit:- In case of unfortunate death of the policyholder the sum assured plus assured boners is payable to the nominee of the policyholder.
  • Additional benefits:- LIC’s New Jeevan Anand plan provides accidental death and disability benefits as an add-on policy for taking this benefit the policy buyers will have to pay an extra premium.
  • Loan benefits:- After the completion of 3 years of the premium the policyholder can take a loan on his policy amount as per the terms and conditions.
  • Tax benefits: The premium amount paid in insurance is fully tax-free under 1 lakh each year as per Income Tax Act section 80c and the claim received is also tax-free under section 10.

Discounts on premium:- There is a discount of 2% for the yearly premium payers and 1% for the half-yearly premium payers for heavy amounts.

LIC New Jeevan Anand specification and eligibility criteria

  • The minimum age for entry to this plan is 18 years and the maximum age for entry is 50 years.
  • The maximum age for maturity is 75 years
  • The lowest term for the policy is 15 years and the highest term for the policy is 35 years.
  • The Premium term will be as same as the policy term.

For example:- If you have taken the policy for 15 years you will have to pay the premium for the whole 15 years.

  • One can pay the premium annually, half-yearly, quarterly, or monthly as per convenience.

Documents required for LIC new Jeevan Anand plan

  • Fully filled up the application form.
  • Address proof
  • Age proof
  • Aadhar Card and PAN card
  • Accurate medical history
  • Medical examination report for higher sum assured or age. If required.

Premium Calculator for New Jeevan Anand Ready reckoner.

Terms related to the new Jeevan Anand endowment plan

Look up period

LIC provides 15 days to the customer after the delivery of the documents for complete satisfaction. If the customer doesn’t get agreed with the terms and condition and do not find the plan accurate for him then he can terminate the policy according to terms and condition.

Grace period

There are 30 days provided by the company for the payment of the premium as Grace period. After 30 days if the premium will not get, paid the policy will be lapsed.

Revival of policy

Once the Insurance policy gets lapsed. It can be revived under 2 years from the date of the last premium paid. After that, if the policy will not be revived within 2 years the policy will get terminated.

LIC Aadhaar Stambh Endowment Plan For Men

LIC Aadhaar Stambh Endowment Plan For Men

LIC Aadhaar Stambh is a non-linked with profit endowment plan. It is a regular premium paying plan which also provides loyalty addition. This plan is mainly proposed for men who are having Aadhar card.  Any healthy man can buy this plan without any medical test requirement. For Females refer Aadhar Shila plan

Features and details of LIC aadhar Stambh endowment plan.

  • The plan is only available for male policy buyers
  • This is a low premium paying plan that means the amount of premium is lesser than as compared to other plans.
  • It provides auto cover facilities.
  • The minimum age for the entry of this plan is 8 years and the maximum is for the entry of this plan is 55 years
  • The minimum policy term is 10 years and the maximum policy term is 20 years
  • The maximum age at the time of maturity is can be 70 years
  • The minimum sum that can be assured is 75000 and the maximum sum that can be assured is 3,00,000.
  • The premium paying mode can be annually, half-yearly, quarterly and monthly.
  • There is 2% discount on Premium for yearly premium payers and 1% discount for half yearly premium payers.

Benefits provided under LIC Adhar Stambh Endowment plan

Maturity benefit

On the survival of the policyholder throughout the policy term. The maturity benefit is provided to the policyholder. The maturity benefit will be the basic sum assured plus the loyalty addition.

Death benefit

In case of the policyholder meet to an unfortunate death. Then the death benefit is provided to the nominee of the policyholder. If the policyholder dies within 5 years of the policy plan then the death benefit amount will be 110% of the basic sum assured. If the policyholder dies after the 5 years of policy term then the death benefit amount will be equal to 110% of the basic sum assured plus loyalty addition.

Optional benefits

There is a provision of optional benefits as add-on benefits. If the policyholder is above 18 years then, he or she can add accidental death and disability benefit to this plan by paying an extra premium. The minimum sum that can be assured for accidental benefit is rupees 20,000 and the maximum sum that can be assured for accidental benefit is can be equal to the basic sum assured.

Tax benefits

The premium paid under the LIC Aadhaar Stambh plan is exempted from income tax under section 80 c and the maturity amount provided is also tax-free under section 10 D.

LIC Aadhaar Stambh Premium Calculator

Documents required for LIC Adhar Stambh endowment plan.

  1. Fully filled application form with photographs
  2. Age proof of policy buyer.
  3. Address proof.
  4. PAN card and Aadhar card for KYC document
  5. Accurate medical history

Important points related to LIC Adhar Stambh endowment plan

Loan facilities

loan facilities are available in this plan after the completion of 3 years of the policy term. If the premiums of all the 3 years have been paid.

Surrender value

The policy attends a surrender value and can be surrendered at any time after the completion of 3 years of the policy term

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after the receipt of the policy document.

Grace period

There is a grace period of 15 days for the payment of the monthly mode of premium and 30 days for the half-yearly and early mode of premium payment. If the premium would not be paid within the grace period the policy will lapse.

Policy Revival

If the policy gets lapsed then it can be revived within the 2 years from the last premium paying date. If the policy will not be revived within 2 years then the policy will get terminated.