If the policyholder dies within 5 years, the Basic sum assured i.e 10 times of your single premium would be payable to the nominee.
In case, the policyholder dies after 5 years, the Basic sum assured would be paid to the nominee ie. 10x of your single premium plus loyalty addition, if any.
Survival Benefit:
If the policyholder survives till the end of the specific policy year, the following benefits will be payable.
At the End of the 10th Policy year: 15% Of the Maturity Sum Assured (MSA)
At the end of the 11th policy year: 20% of the Maturity Sum Assured
At the end of the 12th Year (On Maturity) remaining 65% of Maturity Sum Assured along with Loyalty addition (if any) will be paid to the policyholder.
Eligibility condition and other restriction for Jeevan Shagun:
Minimum Entry Age: 8 Years (Completed)
Maximum Entry Age: 45 Years ( Nearest Birthday)
Policy Term: 12 years
Sum Assured: 10 times of Tabular Premium
Minimum Maturity SA: Rs.60,000/-
Maximum Maturity SA: No Limit
Premium Paying Mode: One-time Premium (Sum Assured will be in multiples of Rs.5000/-)
High Sum Assured Rebate: Sum Assured (SA) Rebate (Rs.) Below Rs.1,50,000/- Nil Rs.1,50,00 – 3,95,000/- Rs.15 per 1000 on MSA 4 lacs and above Rs.20 per 1000 on MSA
Loan Facility: Policyholders can avail of loans after completing one policy year.
1st Year = No Loan
2nd to 3rd year: 50% of Surrender Value.
4th to 6th year: 60% of Surrender Value.
7th to 9th year: 70% of Surrender Value.
10th to 12 years: 90% of Surrender Value.
How much will you get if you surrender your policy?
If you want to surrender your policy, you are eligible for the Minimum Guarantee Surrender value as follows:
First-year: 70% of single premium excluding extra premium and taxes, if any.
2nd year onward: 90% of single premium excluding extra premium and taxes, survival benefit paid if paid earlier.
LIC may pay a higher surrender value calculated at the time of surrendering the policy. If a policy is being surrendered after completing 5 policy years, LIC shall also pay Loyalty addition, if any, based on surrender value.
Cooling Off Period: If you don’t like the policy you have 15 days to cancel your policy.
Lic Jeevan Shagun Policy Premium Calculator Age 8 Yrs MSA Rs.1 lac= Rs.50,880. Age 20 Yrs MSA Rs.1 lac= 52,390. Age 25 Yrs MSA Rs.1 lac= Rs.52,803. Age 30 Yrs MSA Rs.1 lac= Rs.53,736. Age 35 Yrs MSA Rs.1 lac= Rs.56,019. Age 40 Yrs MSA Rs.1 lac= Rs.61,380. Age 45 Yrs MSA Rs.1 lac= Rs.74,106
Benefit illustration: Age: 30 SA: 1 lac Single Premium: Rs.53,736 (52,125+ 1611 Tax) Approx. Maturity return: Risk cover: Rs.5,21,250 (10 times of premium paid) End of 10 year 15% MSA: 15,000/- End of 11 year 20% MSA: 20,000/- Loyalty addition: 5000/- approx. 12th year Maturity: 70,000 (SA + IB+ final Bonus) approx.
Summary: Jeevan Shree 1 Table No.162 is an Endowment Assurance plan. Jeevan Shree-I is offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of the plan with the payment of the maturity amount on survival to the end of the policy term. Jeevan Shree-I is suitable for high-worth individuals i.e Corporate Executives, Professionals, Software Engineers, Industrialists, Consultants, Estate owners, Builders, NRIs, Models, Film stars, etc.
Premiums: Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively, the premium may be paid in one lump sum (Single premium).
Guaranteed Additions: Jeevan Shree 1 comes with Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for the first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim.
Bonuses: The policy participates in the profits of corporations business from the 6th year onwards. Jeevan Shree-I will get a share of the profits in the form of bonuses. Also, a Simple Revisionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Bonuses once declared, will form part of the guaranteed benefits of the plan and will be included on maturity.
Maturity Benefit: The Sum Assured along with guaranteed additions and reversionary bonuses if any is payable in a lump sum on survival to the end of the policy term.
Death Benefits: Sum Assured plus Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for the first five years of the policy. And Death after first 5 years, S.A. + vested G.A. of Rs.50/- per 1000 S.A. per year for the first 5 years + accrued Reversionary Bonuses declared from 6th year onwards.
Accidental Benefit: Accident benefit is available under Jeevan Shree-I up to a maximum of Rs.25 lakhs (inclusive of all other life insurance plans) An additional amount equal to the accident benefit sum assured is payable on death. In case of total and permanent disability arising due to an accident (within 180 days) this amount is paid over a period of 10 years in monthly installment.
Surrender Value: Buying a life insurance policy is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract. The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In the case of a single premium policy, the guaranteed surrender value is 90% of the single premium paid excluding any extra premium
Jeevan Shree 1 Eligibility Conditions and Restrictions:
Minimum age at entry: 18 years completed
Maximum age at entry: 65 years
Maximum maturity age: 75 years
Minimum Term: 5 years
Maximum Term: 25 years
Minimum Sum Assured: Rs.5,00,000/-
Maximum Sum Assured: No Limit
Sum Assured should be in multiples of Rs.1,00,000/-
Accident Benefit per 1000/- S.A.: Allowed (With extra Premium)
Loan Available: Yes
Rebates: Jeevan Shree -I is eligible for rebates depending on the mode of premium payment chosen and the extent of cover.
The yearly premium payment option entitles the policyholder to a 2% rebate on premiums; a sum assured of Rs 50 lakh entitles the insuree a Rs 0.50 per thousand sums assured rebate.
15-Days Cooling-Off Period: If you are not satisfied with this policy, you have an option to return the policy within 15 days.
Revival: The policyholder can revive his lapsed policy within 5 years from the date of the first unpaid premium by paying arrears of premium together with interest to be decided by the corporation from time to time subject to satisfactory evidence of health.
Update: Jeevan Shree 1 Plan No. 162 Has Been Discontinued.
Note: The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
LIC Jeevan Sugam (Table No. 813) is the latest addition to a single premium investment plan in LIC’s portfolio. This is a non-ULIP guaranteed maturity plan. Anyone between 8 years to 45 years of age can invest in this insurance cum investment plan. The plan term is 10 years, but you can surrender it anytime or even you can take a loan on the policy the next day itself at an attractive rate. Plan no.813 is suitable for anyone who needs a guaranteed return along with high-risk cover without any market risk, unlike other ULIP based investments.
Jeevan Sugam Offer period: 25 Feb 2013 to 10 April 2013
Features at glance:
Guaranteed Maturity Sum Assured
Single-Premium with No maximum restrictions
Loyalty addition, if any
High-risk cover
Easy liquidity: Loan available from the second day
LIC New Jeevan Nidhi is a deferred pension plan. Plan no 812 is a conventional plan with a deferred annuity. The plan is open for the age between 20 years to 60 years old individual.
New Jeevan Nidhi Features at glance:
Insurance Cover upto Date of Vesting
Option To purchase an Immediate Annuity OR
Single-Premium Deferred Pension Plan
Guaranteed Additions for the first 5 years
With Profit: New Jeevan Nidhi (Table no.812) is a with-profit pension plan, after the 6th policy year Vested Bonus and Final Additional Bonus benefits will be given (if any).
Flexible-Premium: You may opt for a single premium option or go for regular premium i.e Yearly, Half-yearly, Quarterly, or Monthly (through ECS/SSS).
Accident Benefit Rider Regular premium policyholders can avail of the Accident Benefit Rider.
Eligibility conditions and restriction for New Jeevan Nidhi:
Death within the first 5 years: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions. Death on or after 6th year: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions + Vested Bonuses & Final Additional Bonus (if any).
The death benefit will be given to the nominee as lump sum OR In the form of Annuity OR Partly in a lump sum and balance in the form of Annuity at the then prevailing Immediate annuity rates.
Benefit on Vesting:
Basic Sum Assured
Accrued Guaranteed Additions
Vested Simple Reversionary Bonuses & Final Additional Bonus (if any)
Guaranteed Additions: Payable for the first five years @ Rs.50/- per thousand Basic Sum Assured for each completed year.
Participation in profits: Simple Reversionary Bonus will be added from the 6th policy year onward till the end of the deferment period. Bonus will be announced by LIC every year.
Final Additional Bonus will be given either on vesting or on earlier death at the rates announced by LIC.
Accident Benefit Rider:
Death due to Accident: Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the Basic plan. Disability due to Accident: All Future Premiums are waived and An amount equal to the Accident Benefit Sum Assured will be paid in monthly installments spread over 10 years.
Eligibility Condition for Accident Benefit Rider:
Age at Entry: 20-60 years
Sum Assured: 25,000 to max 50 lakh overall limit incl. all policies.
Backdating: allowed within the same financial year
Revival: In case, you missed a few year’s premium, you will still have the option to revive the policy within 5 years from the date of the First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.
Surrender: Don’t want to continue the policy? No problem. You can surrender the policy at any time on payment of at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable would be the higher of Guaranteed Surrender Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.
Benefit Illustration:
Description
Single Premium
Regular Premium
Age
35
35
Policy Term
25 Years
25 Years
Premium (excl. Service charge
Rs.78,667
Rs.4,121
Premium Mode
Single
Yearly
Sum Assured
Rs.1,50,000/-
Rs.1,00,000/-
Vesting Age
60 Years
60 Years
Guaranteed Vested Benefit
Rs.1,87,500/-
Rs.1,25,000/-
Assuming Investment Return @8%
Rs.3,50,250/-
Rs.2,33,500/-
Refer to Old Jeevan Nidhi if you are looking for an old plan.
Update: LIC New Jeevan Nidhi Plan No.812 Has Been Discontinued.
LIC Flexi Plus (Table No. 811) not only provides lump sum benefit on the death of policyholder but also the maturity benefit irrespective of the survival of the Policyholder. This policy provides protection and long-term savings both at the same time.
Features at glance :
Flexibility term 10-20 years
Flexibility premium paying mode
Fund types: Debt Fund and Mixed Fund
Partial withdrawals in case of emergency
Anyone between 18-50 years old can buy this plan.
Flexible premium Rs.15000-Rs.1,00,000
10 times sum assured of your annual premium
Premium: You may pay premiums regularly at yearly, half-yearly, quarterly, or monthly (through ECS mode).
Eligibility Conditions And Restrictions for LIC Flexi Plus:
Minimum Age at entry: 18 years (last birthday)
Maximum Age at entry: 50 years (nearest birthday)
Maximum Maturity Age: 60 years (nearest birthday)
Policy Term: 10 to 20 years
Partial Withdrawals: You may encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:
Partial withdrawals may be in the form of a fixed amount or in the form of a fixed number of units.
Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund.
Fund Types:
Debt fund
Mixed Fund
Debt Fund:
Investment in Government / Government Guaranteed Securities / Corporate Debt: Not less than 60%
Short-term investments such as money market instruments: Not more than 40%
Investment in Listed Equity Shares: Nil
Details and objective of the fund for risk /return: Low risk
Short-term investments such as money market instruments: Not more than 40%
Investment in Listed Equity Shares: Not less than 15% & Not more than 25%
Details and objective of the fund for risk /return: Steady Income –Lower to Medium risk
Premium:
Mode
Minimum (Rs.)
Maximum (Rs.)
Yearly
15,000
100,000
Half-Yearly
10,000
50,000
Quarterly
5,000
25,000
Monthly (ECS)
2,000
8,000
Premium Allocation Charges
Premium
Allocation Charge
1st Year
7.50%
2nd to 5th Year
5.00%
Thereafter
3.00%
Mortality Charge:
Age
25
35
45
50
Rs.
1.36
1.66
3.73
6.29
Fund Management Charge:
0.50% p.a. of Unit Fund for “Debt” Fund
0.60% p.a. of Unit Fund for “Mixed” Fund
Policy Administration Charge: Policy Year Policy Admin Charge (per month) 1st Year Rs. 50 2nd Year Rs. 41.20 3rd Year Rs. 42.44 4th Year Rs. 43.71 5th Year Rs. 45.02 6th Yr onwards Rs. 34.78 in 6th year escalating at 3% p.a. thereafter.
In case, you discontinue the policy, here are the charges:
Where the policy is discontinued during the policy year
Discontinuance charges for the policies having annualized premium up to Rs. 25,000/-
Discontinuance charges for the policies having annualized premium above Rs. 25,000/-
1
Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/-
Lower of 6% * (AP or FV) subject to a maximum of Rs. 6000/-
2
Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/-
Lower of 4% * (AP or FV) subject to maximum of Rs. 4000/-
3
Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-
Lower of 3% * (AP or FV) subject to maximum of Rs. 3000/-
4
Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-
Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-
5 and onwards
NIL
NIL
Sum Assured under the LIC Flexi Plus Plan:
10 times your annual premium or 105% of the total premiums paid including any premiums which have fallen due but not paid, whichever is higher.
Example: If 30 years old Mr. Raj buys Flexi Plus for 10 years term and pays a yearly premium of Rs.15,000/- he will get the sum assured of Rs.1.5lakh.
Scenario 1: Mr. Raj dies within 10 years while the policy is in force, his nominee will get Rs.1.5 lakh (15000*10) plus all the future premium will be paid by LIC and his policy will continue till maturity. On Maturity, his nominee will again get the fund value depending on the market NAV.
Scenario 2: Mr. Raj survives till maturity, he will get the fund value.
Update: LIC Flexi Plus Table No. 811 Has Been Discontinued.
LIC has launched yet another micro-insurance policy Jeevan Deep (T-810) for the economically weaker sections.
Jeevan Deep Benefits:
Death Benefit:
during the policy term excluding last policy year: Basic Sum Assured along with accrued Guaranteed Additions will be paid to the nominee.
during last policy year: Basic Sum Assured with accrued Guaranteed Additions along with Loyalty Addition, if any.
Maturity Benefit: Payment of the Basic Sum Assured along with accrued guaranteed additions and loyalty additions, if any, shall be payable to the policyholder.
What will be Guaranteed Addition? Guaranteed Addition of Rs 20/- per Rs.1000/- Basic Sum Assured per year during the term of the policy.
Loyalty Addition: Loyalty Addition will be given on last policy year, depending on LIC’s profitability.
Premium: You may pay monthly, quarterly, half-yearly, and yearly premiums. You may also pay a single premium instead of regular premiums.
Eligibility Conditions and Restrictions:
Minimum age at entry: 18 years (completed)
Maximum age at entry: 60 years (nearest birthday)
Maximum Maturity Age: 65 years (nearest birthday)
Policy Term: 5-15 years
Minimum Sum Assured: Rs. 5000/-
Maximum Sum Assured: Rs. 30000/- (in multiples of Rs. 1,000/-)
Loan: Not allowed under this plan
Surrender Value: Surrender option available after 2 years.
Grace Period and Revival: 60 days grace period will be given to pay premiums. If premiums are not paid in the grace period, the policy will lapse. A lapsed policy can be revived by paying premium arrears along with satisfactory reasons.
Example: If 30 years old Mr. Anand buys, Jeevan deep policy for a sum assured Rs.30,000/- with 15 years term, he will have to pay a single premium of Rs.20,425 or Rs.2,116 yearly. On maturity he will receive Rs.30,000 (sum assured) + Rs.9000 (Guaranteed Addition) + Loyalty addition. Total Rs.45,000/- Approx.
