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.

New Bima Bachat Plan 816 – One Time Premium

New Bima Bachat Plan 816 – One Time Premium

LIC New Bima Bachat Plan no. 816 is a non-linked participating plan. It is a non-linked means, it is not linked to market ups and downs whereas participating means it is going to provide profit as per the experience of the corporation. It is a single premium plan which provides scheduled payment along with the return of a single premium paid plus additional benefits at the end of the term of the policy. For Old Bima Bachat Table No. 175 Click Here

Features and details of LIC new Bima Bachat plan

  • LIC New Bima Bachat is a single premium plan that means the policyholder has to pay the premium only once.
  • It is a money-back plan which also provides a bonus at the end of the term of the policy.
  • Policy terms can be chosen as 9 years, 12 years, or 15 years.
  • It provides a survival benefit at the end of every 3 years of the policy term.
  • If the policyholder survives throughout the policy term the whole premium that is assured along with bonus is paid to the policyholder as maturity benefit and the policy gets terminated
  • If the policyholder dies within the policy term the sum assured at the time of policy purchasing plus bonus will be given to the nominee of the policyholder as a death benefit.

Benefits provided under LIC New Bima Bachat plan

Maturity benefit

If the policyholder survives throughout the policy term then the corporation provides the whole sum of premium that is paid plus loyalty addition to the policyholder at maturity benefit.

Death benefit

If the policyholder meets to death within the policy term, then the death benefit is provided to the nominee of the policyholder.

Detail of death benefit provided
If the policyholder dies within the 5 years of the policy term then only the sum assured would be paid.

If the policyholder dies after the 5 years of the policy term then the sum assured + loyalty addition is paid as a death benefit.

Loyalty benefit

LIC New Bima Bachat policy provides loyalty addition that is declared after the completion of 5 years of the policy.

survival benefit

LIC’s New Bima Bachat plan provides a survival benefit that is 15% of the sum assured at the end of every 3 years of the policy term to the policyholder as a survival benefit. It is one of the main parts of this policy plan.

Year: Term3rd Yr6th Yr9th Yr12th Yr15th Yr
915%15%MaturityNANA
1215%15%15%MaturityNA
1515%15%15%15%Maturity

Eligibility Conditions and Restrictions

Tax benefit

As per the Income Tax Act, the premium paid under this plan is tax-free as per section 80 C and the claim which is received is also tax-free under section 10 D.

Eligibility criteria and premium details of LIC New Bima Bachat plan

  • The minimum age for entry of this plan is 15 years and the maximum age for entry is 66 years.
  • The maximum age at the time of maturity of the policyholder can be 75 years.
  • The policy term can be chosen as 9 years, 12 years, or 15 years.
  • The premium paying term is only single because it is a single premium pain plan.
  • The minimum sum assured for the policy term of 9 years is 35000 and for 12 years is 50000 and for 15 years is 70000 and there is no upper limit for the sum assured.

Documents required for LIC new Bima Bachat 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.

Terms related to LIC new Bima Bachat plan

Surrender value

The corporation provides a surrender value that is within the first year of LIC New Bima Bachat Plan is 70% of the premium paid and from the second year onwards is 90% of the premium paid excluding taxes.

Exclusion

If the policyholder commits suicide within 12 months of the policy period then 90% of the premium paid is returned to the nominee of the policyholder.

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.

Single Premium Endowment Plan 817

Single Premium Endowment Plan 817

LIC single premium endowment plan no.817 is one of the best saving plan for heavy amounts as the name says this is a single premium endowment plan. means there is no tension of paying the premiums monthly, quarterly or yearly. If you are having the lump sum amount of money this is the best plan in LIC to invest. It also provides return plus bonuses such as simple reversionary bonuses and final additional bonuses. It also provides death benefits.

Details of the LIC single premium endowment policy plan

  • It is a single premium policy that means the premium is only paid at the start of the endowment plan.
  • It is a complete package of investment return + protection against death + bonus
  • This LIC endowment plan can be purchased or taken by anyone between the age group of 90 days to 65 years
  • If the policyholder survives till the end of the policy tenure. the sum assured plus the assured bonus if any will be given to the policyholder.
  • If the policyholder meets to death within the assure period the sum assured plus assured bonus if any, will be given to the nominee of the policyholder.
  • The profits which are provided under this plan are a Simple reversionary bonus and a final additional bonus
  • There is a loan facility also available in this plan after the completion of one year of the policy
  • There is also tax benefit as per section 80c there is no Income Tax imposed on the sum paid as the premium of LIC under 1 lakh.

Benefits provided under LIC single premium endowment plan are following

Maturity benefit
On survival of the policyholder till the end of the policy period, the amount provided will be the sum assured with a simple reversionary bonus and final additional bonus if any, to the policyholder.

Death benefit
If the insured person meets that with him the policy turner before the commencement of the risk only policy amount will be given to the nominee of the policyholder but after the commencement of the risk period Sum assured + bonus if any would be paid to the nominee as the death benefit.

Questions and answers related to LIC single premium endowment plan

What will be the surrender value if anyone surrenders his policy?

In this policy plan, there is a fixed value for the surrender of the policy. if anybody surrenders his policy within one year the policyholder will get the 70% of the premium amount which is paid at the start of the policy and the policy will be terminated.

If anybody surrenders his her policy after more than one year of the policy tenure the policyholder will get 90% of the premium amount which is paid at the start of the policy.

What is simple reversionary bonus and final additional bonus?

A simple reversionary bonus is the percentage of sum assured under the LIC single premium endowment plan which is declared every year. it is not added to the assured sum.

The final additional bonus can be said as the reward amount to the policyholder if he or she has paid all the policy premium on time. there are some terms and conditions imposed on the final additional bonus.

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?

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 Shagun Plan No. 826: Single Premium Money Back Plan

Jeevan Shagun Plan No. 826: Single Premium Money Back Plan

LIC Jeevan Shagun Single-Premium, Money Back Plan (Table No. 826) It’s a close-ended plan, Available for 90 days from 1st November 2014.

Features:

  • Single-Premium
  • Money-Back Plan
  • 10 times sum assured
  • Loan & Surrender available from 2nd year onward
  • 12 Year Term
  • Surrender any time.

Death Benefit:

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.

Read More: How To Check the Current Value of your ULIP Policy?

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.

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Update: Jeevan Shagun Plan No. 826 Has Been Discontinued.
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LIC Jeevan Sugam

LIC Jeevan Sugam

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
  • Plan for every age 8-45
  • Tax benefit u/s 80C and Maturity Tax-free maturity u/s 10(10)D
  • Term: 10 years

Benefits:

Maturity Benefit: Maturity Sum Assured along with Loyalty Additions if any.

In case of Death of policyholder before Maturity

  • Death within 5 years: Basic Sum Assured (10 times of Single premium) excluding extra premium.
  • Death after 5 completed years: Basic Sum Assured (10 times of Single premium) excluding extra premium with loyalty addition, if any.

Eligibility conditions and other restrictions:

  • Minimum Entry age: 08 years (completed)
  • Maximum Entry age: 45 years (Nearest birthday)
  • Maturity sum assured: Min. Rs.60,000/- No maximum Limit

Guaranteed Surrender value: GSV

  • First-year: 70% of single premium excluding extra premium paid if any.
  • Second-year onward: 90% of single premium excl. extra premium, if any.

Liquidity:
You will be eligible to take a loan on your Jeevan Sugam policy from the next day onward. The loan value will depend on your premium.

  • Loan on the first year: 42% of the premium paid.
  • Subsequent year: 60% of surrender value.

Update: Jeevan Sugam Plan No. 813 Has Been Discontinued.


LIC Jeevan Vaibhav

LIC Jeevan Vaibhav

LIC Jeevan Vaibhav (Plan No.809) is a non-linked one-time premium endowment assurance policy. Jeevan Vaibhav is a guaranteed return plan. Being a non-linked plan share market risk is Nil.

Policy Availability:
LIC Jeevan Vaibhav is a close-ended plan. It will be available for sale from 21st May 2012 for a maximum period of 120 days.

Benefits:

Death Benefit:

  • During Policy term, excluding last policy year: Sum Assured shall be payable to the nominee.
  • During the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable to the nominee.

Maturity Benefit:
On the maturity date, the sum assured along with loyalty addition, if any, will be payable to the policyholder.

Eligibility Conditions and Restrictions for LIC Jeevan Vaibhav

  • Minimum Entry Age: 8 years (completed)
  • Maximum Entry Age: 65 years (nearest birthday)
  • Mode of Premium Payment: Single premium
  • Policy Term: 10 years
  • Minimum Sum Assured: Rs.2 lakh
  • Maximum Sum Assured: No Max Limit
  • The sum assured would be in multiple of Rs.10,000/-
  • Back-dating: Yes
  • Loan: Available

Rebate:
Large SA rebate tabular premium per thousand sum assured is as under:
Upto Rs.3,90,000/- : Nil
Rs.4,00,000/- to Rs.5,90,000/- : 2.00
Rs.6,00,000/- and above :  3.00

Loan on policy:
A loan will be given after the completion of one policy year. The loan amount would be a maximum of 70% of surrender value at the rate of 10.25% p.a. compounding half-yearly.

Guaranteed Surrender Value (GSV):
GSV is available after the completion of one policy year. GSV will be 90% of the single premium paid excluding extra premium if any.

Special Surrender Value (SSV):
SSV will be payable if it’s more favorable to the policyholder. SSV is the discounted value to the sum assured. SSV will depend on the policy term and the duration elapsed since the commencement of the policy.

Proposal form:
Form No. 300 or 340


Update: LIC Jeevan Vaibhav Plan No. 809 Has Been Discontinued.