Jeevan Shiromani – Money Back Plan

Jeevan Shiromani – Money Back Plan

LIC Jeevan Shiromani Plan No.847 is the Money Back Plan. It is Non linked, Limited premium payment with a guaranteed additions plan. Shiromani is specifically designed for High Net-worth customers with a minimum Sum assured of Rs.1 Crore. The insurance cover starts immediately upon issuance of the policy.

Jeevan Shiromani Features:

  • It is money back plan
  • Minimum Sum Assured 1 Crore
  • It also covers 15 Critical Illness
  • Limited premium payment
  • The policy term can be 14, 16, 18, or 20 years.
  • Premium paying term will be 4 years lesser than the selected term.


Eligibility Conditions and Restrictions:

  • Minimum entry age: 18 years
  • Maximum entry age: 55 years
  • Minimum basic sum assured (BSA) : 1 crore
  • Maximum basic sum assured (BSA) : No Limit

Policy term and premium paying term :

  1. For a 14 year Policy : PPT is 10 years
  2. For a 16 year Policy : PPT is 12 years
  3. For a 18 year Policy : PPT is 14 years
  4. For a 20 year Policy : PPT is 16 years

Guaranteed Additions under Jeevan Shiromani:

  • Guaranteed Addition for the first 5 policy years is Rs 50 per Rs 1,000
  • From 6th Year onwards, Guaranteed Addition will be Rs. 55 per Rs 1,000.

Critical Illness Benefit (InBuilt) :

Jeevan Shiromani plan has an inbuilt 15 Critical illness benefit rider.

  • 10% Basic Sum Assured will be Payable on Diagnosis of Critical Illness.
  • Premiums will be Deferred for 2 years.
  • Settlement options for the death benefit and survival benefit also available.
  • The policyholder can receive the settlement amount, like death, survival benefit, or maturity benefit, in installments over the chosen periods of time like 5 years, 10 years, or 15 years. Alternately policyholder can also get one-time lump sum payment if he/she don’t want installment feature.

LIC Jeevan Shiromani Plan Benefit

Survival Benefit:

If the policyholder survives till the end of the policy period. The policyholder will get the following benefit depending on the opted policy term.

  • 14 year Policy : 30% of Sum-assured is payable on 10th & 12th policy year. Rest 40% on 14th year.
  • 16 year policy : 35% of Sum Assured on 12th & 14th year. Rest 30% on 16th Year.
  • 18 year policy : 40% of Sum Assured on 14th & 16th year. Rest 20% on 18th Year.
  • 20 year policy : 45% of SA on 16th & 18th year. Rest 10% on 20th year.

Maturity Benefit:

If the policyholder survives till the maturity of the policy, the policyholder will get the survival benefit mentioned above and he/she will also get Guaranteed Addition (GA) and Loyalty Addition (LA) on top of the Basic Sum Assured.

Death Benefit:

  • If the policyholder dies within 5 years : Sum assured (SA) + Guaranteed Addition (GA) is payable to the nominee.
  • If the policyholder dies after 5 years : Sum assured (SA) + Guaranteed Addition (GA) + Loyalty Addition (LA) is payable to the nominee.

“Sum Assured on Death” is defined as HIGHER of the below.

  • 10 times your annual premium (excluding taxes, the extra amount due to underwriter decisions or rider premium).
  • 125% of Basic Sum Assured.
  • 105% of all the premiums paid as on date of death.

Jeevan Shiromani Ready Reckoner Premium Calculator:

New Money Back Plan 821 (25 years)

New Money Back Plan 821 (25 years)

LIC’s new money back plan 25 years (Table No. 821) is a non-linked money back plan. That means, it is free from the market risk also provides participation in the profit of the corporation. It provides protection against the unfortunate death of the policyholder in addition to it,  it provides survival benefit at the end of every 5 years of the policy term. It also provides maturity benefit in case of policyholder survives throughout the policy term.

Features and details of LIC new money back plan 20 years

  • It is a non-linked participating money-back plan that provides a guaranteed return.
  • The minimum sum that can be assured is one lakh and there is no maximum limit for the sum assured.
  • The minimum age for the entry of this plan is 13 years and the maximum age for the entry of this plan is 50 years.
  • The policy term equals 25 years.
  • The maximum age at the time of maturity of the life assured is 70 years.
  • The premium paying term is 20 years.
  • The mode of premium paying term can be annual, half-yearly, quarterly, or monthly.
  • There is a grace period of 30 days provided for premium payment of annually, half-yearly and quarterly mode of payment and 15 days for monthly mode of payment.
  • The policy can be surrendered after the completion of 3 years of the premium paying term.
  • In case of the policyholder stops paying premium then the policy will be terminated. In the case of the premium has been paid for 3 years only the policy gets a paid-up value.
  • LIC’s new money-back plan can be revived within 2 years of the last premium paying date.

Benefits provided under LIC new money back plan 20 years

Death benefit

If the policyholder made to death within the policy term then the nominee will get the sum assured on death as a death benefit. The sum assured on death is 10 times the annualized premium or 125% of the basic sum assured plus a simple reversionary bonus and final additional bonus if any. The periodical survival benefit which has been provided to the policyholder will also not get deducted from the sum assured.

Maturity benefit

In case of policyholder survives throughout the policy term then the maturity benefit will be provided to the policyholder. That will be 40% of the basic sum assured plus a simple reversionary bonus and a final additional bonus.

Survival benefit

There is a survival benefit provided at the end of each fifth, tenth, and fifteenth years of the policy. Survival benefit is 15% of the basic sum assured.

Tax Benefit

According to Income tax act 80 C. The premium which is paid to this plan is tax-free and as per section 10 D, the maturity amount is also tax-free that means you can file an income tax return on the amount which is paid as the premium.

Accidental death and disability benefit

These benefits can opt for the payment of an additional premium as an add-on policy. This provides additional benefits in case of accidental death or disability caused due to accident. It can be taken after attaining the age of 18 years of the policyholder.

Documents required for LIC new money back plan 20 years

  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
  6. 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.

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.

Loan.

The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of three years of policy paying term. As per the terms and conditions of the corporation.

New Money Back Plan No. 820 Term 20 years

New Money Back Plan No. 820 Term 20 years

New Money Back Plan 20 years Plan no. 820 is a non-linked money-back insurance plan. That means, it is free from the market risk also provides participation in the profit of the corporation. It provides protection against the unfortunate death of the policyholder in addition to it,  it provides survival benefit at the end of every 5 years of the policy term. It also provides maturity benefit in case of policyholder survives throughout the policy term.

Features and details of LIC new money back plan 20 years

  • It is a non-linked participating money-back insurance plan that provides a guaranteed return.
  • The minimum sum that can be assured is one lakh and there is no maximum limit for the sum assured.
  • The minimum age for the entry of this plan is 13 years and the maximum age for the entry of this plan is 50 years.
  • The policy term equals 20 years.
  • The maximum age at the time of maturity of the life assured is 70 years.
  • The premium paying term is 15 years.
  • The mode of premium paying term can be annual, half-yearly, quarterly, or monthly.
  • There is a grace period of 30 days provided for premium payment of annually, half-yearly and quarterly mode of payment and 15 days for monthly mode of payment.
  • The policy can be surrendered after the completion of 3 years of the premium paying term.
  • In case of the policyholder stops paying premium then the policy will be terminated. In the case of the premium has been paid for 3 years only the policy gets a paid-up value.
  • LIC’s new money-back plan can be revived within 2 years of the last premium paying date.

Benefits provided under LIC new money back plan 20 years

Death benefit

If the policyholder made to death within the policy term then the nominee will get the sum assured on death as a death benefit. The sum assured on death is 10 times the annualized premium or 125% of the basic sum assured plus a simple reversionary bonus and final additional bonus if any. The periodical survival benefit which has been provided to the policyholder will also not get deducted from the sum assured.

Maturity benefit

In case of policyholder survives throughout the policy term then the maturity benefit will be provided to the policyholder. That will be 40% of the basic sum assured plus a simple reversionary bonus and a final additional bonus.

Survival benefit

There is a survival benefit provided at the end of each fifth, tenth, and fifteenth years of the policy. Survival benefit is 20% of the basic sum assured.

Tax Benefit

According to Income tax act 80C. The premium which is paid to this plan is tax-free and as per section 10 D, the maturity amount is also tax-free that means you can file an income tax return on the amount which is paid as the premium.

Accidental death and disability benefit

These benefits can opt for the payment of an additional premium as an add-on policy. This provides additional benefits in case of accidental death or disability caused due to accident. It can be taken after attaining the age of 18 years of the policyholder.

Documents required for LIC new money back plan 20 years

  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
  6. 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 we return after the receipt of the policy document.

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.

Loan.

The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of three years of policy paying term. As per the terms and conditions of the corporation.

LIC New Children’s Money Back Plan

LIC New Children’s Money Back Plan

LIC New Children’s money back plan no. 832 is proposed by the LIC of India to secure the future of the child. Even the parents are not there, it provides benefits at the various stages of the life of a child also provides life protection of the child in the form of insurance coverage. It is a non-linked participating money back plan, It provides survival benefits to the child at the age of 18 years 20 years, and 22 years. One can buy this policy for the future of his child, such as his higher study, marriage, etc

Features of LIC new children’s money back plan

  • It is a non linked endowment plan that means it is protected from the ups and downs of the market
  • It is a participating endowment plan that means it provides benefit as per the experience of the corporation
  • This plan can be taken for any child between the age 0 to 12 years by parents or grandparents
  • This is a limited premium paying endowment plan that means the policyholder should not have to pay the premium each year of the policy term.
  • It provides various benefits such as survival benefit, maturity benefit, and death benefit including this there are also some additional benefits.

Benefits provided under LIC new children’s money back plan

Survival benefit

The corporation provides survival benefits to the child when he attends the age of 18 years 20 years and 22 years. 20% of the sum assured is given on each occasion.

Maturity benefit

In case of the maturity of the plan, the 40% of the basic sum assured plus a simple reversionary bonus plus a final additional bonus if any is payable to the child.

Death benefit

If the life assured meet to death before the commencement of the risk. The premium is paid till that time is returned.

In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policyholder.

Tax benefits

The premium paid under LIC new children’s money back plan is tax-free as per section 80 C and the claim which is received by the Corporation is also tax-free under section 10D of the Income Tax Act.

Eligibility criteria detail of  LIC new children money back plan

  • The minimum date for the entry of this plan is zero years and the maximum age for the entry of this plan is 12 years.
  • The maximum age at the time of maturity of the policy is 25 years.
  • The policy term is 25 years.
  • The premium paying term is 5 years less than the policy term. Such as, if the policyholder takes a policy for 12 years then he will have to pay the premium for 7 years only.
  • The policy can be paid annually, half-yearly, quarterly, or monthly
  • The minimum sum that can be assured 1 lakh and there is no maximum limit for the upper level of the sum assured.

Documents required for LIC new children’s money back 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
  6. 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 receiving the policy document.

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.

New Children’s Money Back Plan Ready Reckoner Premium and Maturity Details

Loan.

The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of three years of policy paying term. As per the terms and conditions of the corporation.

LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun (Table No: 834) is a non-linked and participating endowment plan that provides insurance coverage to the children. It not only provides insurance coverage but also takes care of the basic needs at a certain age of the child. Such as, for education, for marriage, for higher education, etc. For meeting these needs, it provides survival benefits at a certain age there are four options to choose survival benefits by which the policyholder can take the benefit of insurance.

Features of LIC Jeevan Tarun

  1. It is a participating endowment plan and non-linked with market ups and downs.
  2. It is a limited premium paying plan that means the premium paying term is not equal to the policy term.
  3. This plan can be taken for the child with a minimum age of 90 days and the maximum is 12 years.
  4. It provides various benefits like survival benefits, maturity benefits, and death benefits as well as loyalty benefits to the policyholder.
  5. There are four options available for the survival benefit that can be chosen by the policyholder

Benefits provided under LIC Jeevan Tarun

Survival benefit
There are four options for the survival benefit according to which the maturity benefit is also decided

Option number 1
If no survival benefit is taken then the hundred percent of the sum assured will be given as the maturity benefit

Option number 2
5% of the sum assured will give him for 5 years and 75% of the sum assured will be given at the time of maturity.

Option number 3
10% of the sum assured will be given every year for 5 years and 50% of the sum assured will be given as maturity.

Option number 4
15% of the sum assured will be given for 5 years and 25% of the sum assured will be given at the time of maturity.

Here is the table for easy understanding.

OptionSurvival BenefitMaturity Benefit
Option 1No survival benefit100% of Sum Assured
Option 25% of Sum Assured every year for 5 years75% of Sum Assured
Option 310% of Sum Assured every year for 5 years50% of Sum Assured
Option 415% of Sum Assured every year for 5 years 25% of Sum Assured

Maturity benefits

Maturity benefits are provided as per the option taken for survival benefit that is discussed above

Death benefit

If the life assured meet to death before the commencement of the risk. The premium is paid till that time is returned.

In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policyholder.

Tax benefits

The premium paid under LIC new children’s money back plan is tax-free as per section 80 C and the claim which is received by the Corporation is also tax-free under section 10D of the Income Tax Act.

Eligibility criteria detail of  LIC Jeevan Tarun

  • The minimum date for the entry of this plan is 90 days and the maximum age for the entry of this plan is 12 years.
  • The maximum age at the time of maturity of the policy is 25 years.
  • The policy term is 25 years.
  • The premium paying term is 5 years less than the policy term. Such as, if the policyholder takes a policy for 12 years then he will have to pay the premium for 7 years only.
  • The policy can be paid annually, half-yearly, quarterly, or monthly
  • The minimum sum that can be assured 75,000/- and there is no maximum limit for the upper level of the sum assured.

Documents required for LIC Jeevan Tarun

  • Fully filled application form with photographs
  • Age proof of policy buyer. (Child)
  • 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 receiving the policy document.

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.

Loan.

The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of certain years of policy paying term. As per the terms and conditions of the corporation.

Premium Ready Reckoner Jeevan_Tarun_Premium_Chart_:

Jeevan Surabhi

Jeevan Surabhi

Summary:
LIC Jeevan Surabhi is a money-back plan. Jeevan Surabhi’s plan is similar to other LIC money-back plans. However main differences between regular moneyback plans and Jeevan Surabhi are as the Maturity term is more than the premium paying term. Early and a higher rate of survival benefit payment. A life insurance cover is available throughout the term of the plan. Risk cover increases every five years.

Jeevan Surabhi is a with-profit plan available in 3 different terms of 15 yrs, 20 yrs and 25 years.

LIC Jeevan Surabhi policy is divided into 3 tables depending on the term (Years):

Plan NameTable No. /Plan No.Term (Policy duration)
Jeevan SurabhiTable No. 10615 years
Jeevan SurabhiTable No. 10720 years
Jeevan SurabhiTable No. 10825 years
  • Accident Insurance:
    Accident Benefit is available
  • Benefits:
    Death Benefits:
    1. Accrued bonus is paid if the policyholder dies before maturity.
    2.  Sum Assured risk cover increases by 50%, Once in every 5 years.
    3. Already paid survival benefit to the policyholder will not be deducted from the death claim amount.
    4. If insurance is financed by parent’s income up to SA of 10 lakhs then this plan is allowed to minor females.
    5.  Life Risk cover increases without undergoing a special medical report or medical exam. You also don’t need to pay an extra premium.
    6.   Accident benefit is provided only on basic SA during premium paying term.

Survival Benefits:
Survival benefit for Rs. 1 Lakh basic  SA.

Policy Term PPT 4th yr8th yr 12th yr 15th yr 18 yr
15 yrs12 yrsRs.30,000Rs.30,000Rs.40,000
20 yrs15 yrsRs.25,000Rs.25,000Rs.25,000Rs.25,000
25 yrs18 yrsRs.20,000Rs.20,000Rs.20,000Rs.20,000Rs.20,000

Money Back :
Full sum assured is paid back (Money Back) as a survival benefit by the end of the premium paying term. However, the risk cover (Insurance) and additional risk cover continue and your policy participates in profits till the end of the policy term.  Jeevan Surabhi plan is suitable for professionals and Businessmen as they need money periodically.

Income-Tax exemption:

  1. Premium paid under section 80C of the Income Tax Act within the overall cap of Rs 1 Lakh per annum allowed for tax savings.
  2. On the claims received either by way of survival benefits or Maturity claims, whatever be the bonus accrued is also non-taxable.

Premiums :
You can pay Jeevan Surabhi Premiums yearly, half-yearly, quarterly, monthly, or through salary deductions.

Jeevan Surabhi Eligibility Conditions and Restrictions:

Min. age at entry: 14 years. (last birthday)
Max. age at entry:

  • 55 yrs for plan 106
  • 50 yrs for plan 107
  • 45 yrs for plan 108

Min. Sum Assured.: Rs.50,000/-
Max. SA.: No Limit
SA in multiples: Rs. 5000
Max. Maturity age: 70 years.
Min Term: 15 yrs
Max Term: 25 years.
Modes Allowed: All
Policy Loan: Available
Accident benefit per 1000 SA: Re. 1 extra.
Form Number: 300/340
This plan is not allowed for pregnant ladies and when occupation Extra is chargeable.

Example:
Let’s assume Mr. Dilip takes Jeevan Surabhi policy for 25 years for Rs. 1 lakh with Premium Paying Term (PPT) 18 years. After 4 years, he will receive Rs 20,000 and again in the 8th year Rs 20,000. If Mr. Dilip expires during the 10th year of the policy then his nominee will receive Rs. 2,00,000 (Rs.1,50,000 as claim and Rs.50,000 as bonus at an estimated Rs. 50 per thousand p.a. for 10 years).


Update:  Jeevan Surabhi Plan No.106, 107, and 108 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.