Jeevan Shree 1

Jeevan Shree 1

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.

New Jeevan Dhara 1 – Pension Plan

New Jeevan Dhara 1 – Pension Plan

LIC New Jeevan Dhara 1 Plan No.148 is suitable for professionals who do not have any pension scheme. Jeevan Dhara 1 allows you to make provision for regular income after your retirement.

Mode of Premiums:
You may pay Premiums yearly, half-yearly, quarterly, monthly, or through Salary deduction. Alternatively, the premium may be paid in one lump sum (single premium).

Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.

Bonuses:
These are with-profit plans and participate in the profits of the LIC’s annuity/pension business. Policies get a share of the profits in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided the policy has run for a certain minimum period.

Death Benefit:
On the death of the Life Assured during the term of the policy, the basic premiums paid, excluding any rider premiums or extra premiums, up to the date of death accumulated with interest at such rates as decided by the LIC will be payable to the nominee.

Maturity Benefit:
At maturity, the policyholder can encash up to a maximum of 25% of the maturity proceeds as a tax-free lump sum. The balance should be compulsorily converted to an annuity at the rates applicable at the time of maturity of the policy. The policyholder has the choice of opting for any one of 5 annuity options. The annuity options available are

  • (i) annuity payable for the remainder of life
  • (ii) annuity payable for life with a guaranteed period of 5, 10, 15 or 20 years
  • (iii) Joint life and last survivor annuity to the annuitant and his/ her spouse under which annuity payable to the spouse on the death of the purchaser will be 50% of that payable to the annuitant
  • (iv) Life annuity with a return of purchase price on death of the annuitant
  • (v) Life annuity increasing at a simple rate of 3% per year

Eligibility Conditions and Restrictions for LIC Jeevan Dhara 1

  • Minimum age at entry : 18 years.
  • Maximum age at entry: 65 years
  • Minimum vesting age : 50 years
  • Maximum vesting age : 79 years
  • Minimum deferment period : 2 years
  • Maximum deferment period : 35 years
  • Minimum Notional cash option for regular premium policies:Rs.50,000/-
  • Minimum premium : Rs.2,500/- p.a for regular premium Rs.10,000/- for single premium policies

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment.  However, surrender value is available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 2 years or more but before the vesting date.  The guaranteed surrender value is 90% of the basic premiums paid excluding the first year’s premium.  In the case of a single premium policy, the guaranteed surrender value is allowed after 2 years from the date of commencement of the policy.


Update: New Jeevan Dhara 1 Plan No. 148 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.

Jeevan Nischay

Jeevan Nischay

LIC Jeevan Nischay Summary: (Table No.199)
Jeevan Nischay is a close-ended single premium policy with guaranteed maturity benefits exclusively for existing LIC policyholders.

Advantages of Jeevan Nishchay:

  • Single-Premium policy.
  • Guaranteed Maturity benefits with the provision of loyalty additions.
  • The plan is exclusively for LIC policyholders.
  • Wide range of policy terms options.
  • Assured maturity benefits (Guaranteed Return + Loyalty Additions)

Assured maturity benefits equal to the Maturity Sum Assured are pre-defined. The specimen Maturity Sum Assured per Rs. 1000/- single premium is given below for some ages and terms:

Age5 Years Plan7 Years Plan10 Years Plan
30125614091715
40124914001699
50122613691645

In addition to the assured maturity benefits, there is a provision for loyalty additions. Depending upon the LIC’s experience, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the LIC.

Death benefit:
The death benefit under Jeevan Nishchay policy is equal to five times the single premium if death is within the first year of taking the policy. In case of death in subsequent years, the death benefit is equal to the maturity sum assured. In case of the death in the last year of the policy, the death benefit is equal to the maturity sum assured with declared loyalty additions, if any.

Minimum Investment:
Minimum One Time Premium under Jeevan Nischay is Rs.10,000/- However, if the premium amount is Rs. 25,000 or more, the policyholder will receive a higher maturity sum assured due to available incentive.

Loans:
A loan facility will be available under this plan after the policy. The rate of interest charged for this loan amount would be determined from time to time by the LIC Of India.

Surrender:
The policyholder can surrender the policy after one year of commencement of the policy.

Eligibility Conditions and Restrictions for Jeevan Nischay:

Minimum age at entry : 18 years (completed)
Maximum age at entry : 50 years (nearest birthday)
Policy term : 5, 7 and 10 years
Minimum Single Premium : Rs. 10,000/-
Maximum Single Premium : Rs. 10,00,000/- (Premium shall be in multiples of Rs.1,000/-)
Maximum Basic Sum Assured (First Year Death Benefit) :
Lower of- Rs. 50,00,000, and 50% of total Sum Assured (total death benefit) under all existing in-force policies

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

The Unique Identification No. of Jeevan Nischay is 512N258V01

Note:
The above is the product summary giving the key features of the Insurance plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

Update: Jeevan Nischay Table No.199 has been withdrawn, please check out other similar plans.

Jeevan Akshay VI – Pension plan

Jeevan Akshay VI Table No. 189 Summary:

Jeevan Akshay VI plan no.189 is an Immediate Pension (Annuity) plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant (Policy holder). Various options are available for the type and mode of payment of annuities.

Options Available:
The following options are available under this pension plan.

Type of Annuity:

  1. Pension (Annuity) payable for life at a uniform rate.
  2. Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
  3. Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
  4. Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
  5. Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

You may choose any one option from the above list. However once chosen, the option cannot be altered.

Mode:

The annuity may be paid either at monthly, quarterly, half-yearly, or yearly intervals. You may opt for any mode of payment of Annuity.

Special Features:

  1. Premium is to be paid in a lump sum.
  2. Minimum purchase price: Rs.50,000/= or such amount which may secure a minimum annuity as under:
    ModeMinimum Annuity
    MonthlyRs. 500 per month
    QuarterlyRs. 1000 per quarter
    Half-yearlyRs. 2000 per half year
    YearlyRs. 3000 per year
  3. No medical examination is required under the plan.
  4. No maximum limits for the purchase price, annuity, etc.
  5. Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
  6. Age proof necessary.

Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive a higher amount of annuity due to available incentives.

Annuity Rate:
The amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthdayYearly annuity amount under option
( i )( ii ) (15 years certain)( iii )( iv )( v )( vi )
40751074406930561073107120
45777076606960589075007240
50814079507000628077607420
55865083307050681081307670
60935087907110753086408030
651041093307180859094008570
70120809830726010220105609370
7514510102207360125901224010590

The Unique Identification Number (UIN) for LIC’s Jeevan Akshay VI plan is 512N234V03.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for LIC Of India’s Amulya Jeevan 1?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent.

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.