LIC Jeevan Amar Term Insurance Plan No 855

LIC Jeevan Amar (No.855) is a Non-Linked & Non-Participating Term Life Insurance Plan. 

LIC Jeevan Amar Term Insurance Plan 855 - Features

• Minimum Age : 18 years
• Maximum Age : 65 years
• Maximum Age at Maturity : 80 years
• Minimum Sum Assured is Rs.25 lakh and there is no limit for maximum sum assured.
• Maximum Sum Assured : No Limit
• Policy Term : 10 to 40 years
• Premium Paying Term (PPT) : Same as Policy term
• Single Premium : Minimum premium would be Rs. 30000/-.
• Commencement of Risk : Immediate from the date of issuance of Policy.
• You can pay the premium as regular, single or limited.
• You can opt for a level sum assured, where the sum assured you opted will remain the same throughout the policy period.
• You can opt for an increasing sum assured also, where the death benefit will remain the same up to 5 years of the first policy period. After that, it will increases at a rate of 10% for the next 10 years. From the 16th year, it will remain the same.
• Death Benefits can be taken in installments also of 5 years, 10 years or 15 years.
• Coverage up to 80 years of age.
• You can opt for Accidental Rider also.
• Optional Rider benefit.
• No Loan facility available under this plan.
• Back-dating is also not allowed under this plan.
• Free Look up period  15 days from the date of receipt of policy.
• Lower rates for Non-Smokers and special rates for women.

LIC Jeevan Amar Term Insurance Plan 855 - Benefit Options

Death Benefits

Regular Premium : For regular & Limited premium payment policy, "Sum Assured on Death" is

• 7 times or annualized premium or
• 105 % of all the premiums paid as on the date of death or
• Absolute amount assured to be paid on death.

Single Premium :

• 125 % of Single Premium
• Absolute amount assured to be paid on death.

Increasing Sum Assured

• Under this feature, the death benefit will be the same as that of the initial sum assured you have chosen for the first five years.
• From 6th policy year to 10th year, it will increase at the rate of 10% per year.
• From the 16th year of the policy period, it will remain the same throughout the remaining policy period.
• Accordingly, your nominee will receive the death benefit during which period of the policy your death occurs.

Death benefit payment option to the nominee

Your nominee can receive the death benefit as a lump sum or in installments. If you opted for installments, then LIC will pay the death benefit installments in 5 years, 10 years or 15 years.

You can choose the full death claim amount be payable in installments or a certain portion of death claim in installments.

You can choose this installment option either at the time of buying or during the policy period.


More Details coming soon.

LIC New Jeevan Utkarsh Single Premium Plan No. 846

LIC Single Premium Jeevan Utkarsh Plan No. 846 is non-linked, with-profits, and savings cum protection plan with loyalty addition benefits with ten times risk cover.

LIC Single Premium Jeevan Utkarsh Plan No. 846 Benefits:

Jeevan Utkarsh Death Benefit:

On death during first five policy years:

Before the date of commencement of risk: Refund of Single Premium without interest.
Single Premium mentioned above shall not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium, if any.
After the date of commencement of risk:  “Sum Assured on Death” shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity: “Sum Assured on Death” equal to 10 times the Tabular Single Premium along with Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death” is defined as the highest of
125% of the single premium; or
Guaranteed Sum Assured on  Maturity i.e. Basic Sum Assured ; or
Absolute amount assured to be paid on death” i.e. 10 times of Tabular Single Premium

Tabular single premiums mentioned above shall not include any extra amount if charged under the policy due to underwriting decision or taxes and is before applying any rebate for high Basic Sum Assured.

Jeevan Utkarsh Maturity:

On the Life Assured surviving to the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Jeevan Utkarsh Loyalty Addition:

Depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit after completion of five policy years in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years.

LIC Single Premium Jeevan Utkarsh Plan No. 846 Chart

Optional Benefit in Jeevan Utkarsh Plan No. 846 :

LIC’s Accidental Death and Disability Benefit Rider shall be available under this plan.

LIC’s Accidental Death and Disability Benefit Rider in Jeevan Utkarsh:

LIC’s Accidental Death and Disability Benefit Rider shall be available as an optional rider by payment of additional premium. This rider can be opted for at inception only. The benefit cover under this rider shall be available during the policy term of the base plan.

If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable on death due to accident, provided the rider is inforce at the time of accident. In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years. If the policy becomes a claim by way of death before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim amount.

LIC Single Premium Jeevan Utkarsh Plan No. 846 Eligibility Conditions and Restrictions:

For Base Plan:

a) Minimum Entry Age                    :6 years (completed)
b) Maximum Entry Age                   :47 years (nearer birthday)
c) Mode of premium payment        :Single premium only
d) Minimum Basic Sum Assured   :Rs.75,000/-
e) Maximum Basic Sum Assured   :No Limit
f) Policy Term                                   :12 years

Basic Sum Assured shall be in multiples of:
Rs. 5,000–   if Basic Sum Assured under a policy is below Rs. 3, 00,000
Rs. 20,000   –   if Basic Sum Assured under a policy is Rs. 3, 00,000 and above

Age at entry for the Life Assured is to be taken as age nearer birthday except for the minimum age at entry i.e. 6 years, where it is in completed years.

Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age.

For those aged 8 years or more, risk will commence immediately.

Date of issuance of policy: It is a date when a proposal after underwriting is accepted as a policy and the contract gets effected.

For LIC’s Accidental Death and Disability Benefit Rider (can be opted for at inception only):

a) Minimum Entry Age                                          : 18 years (completed)

b) Maximum Entry Age                                         : 47 years (nearest birthday)

c) Maximum cover ceasing Age                            : As per Base Plan

d) Minimum Accident Benefit Sum Assured       : Rs. 10,000/-

e) Maximum Accident Benefit Sum Assured      : An amount equal to the Basic Sum Assured under the Base Plan subject to the maximum of Rs.100 lakhs overall limit taking all existing policies of the Life Assured under individual as well as group policies including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

The Accident Benefit Sum Assured shall be in multiples of Rs. 10,000/- only.

Settlement Option of Jeevan Utkarsh:

Settlement Option is an option to receive claim amount (i.e. Maturity Benefit or Death Benefit) in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount. This option can be exercised only by the Life Assured aged 18 years or above at the time of exercising this option, for full or part of the Death/Maturity proceeds payable under the policy. The amount opted by the Life Assured (i.e. net claim amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

The installments shall be made in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments being as under:

Mode of Installment       Minimum installment amount

Monthly                                        Rs. 5000/-

Quarterly                                     Rs. 15000/-

Half-Yearly                                  Rs. 25000/-

Yearly                                           Rs. 50000/-

If the net claim amount is less than the required minimum installment amount as per the option exercised by the Life Assured, the claim proceed shall be paid in lump sum only.

The interest rates applicable for arriving at the installment payments under Settlement Option shall be as fixed by the Corporation from time to time.

For exercising the settlement option against Death Benefit, the Life Assured can exercise this option during his/her life while in currency of the policy, specifying the period of settlement option and net  claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

For exercising the settlement option against Maturity Benefit, the Life Assured shall be required to exercise option for payment of net claim amount in installments at least 3 months before the due date of maturity claim.

If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option the same shall be allowed on receipt of written request from the Life Assured.

After the commencement of Installment payments under Settlement Option against Maturity Benefit:

If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding installments the same shall be allowed on receipt of written request from the Life Assured. In such case, the lump sum amount, which is higher of the following, shall be paid and the policy shall terminate.

- discounted value of all the future installments due; or

- (the original amount for which settlement option was exercised) less (sum of total installments already paid);

The interest rates applicable for discounting the future installment payments, shall be as fixed by the Corporation from time to time.

After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding installments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

Rebates in Jeevan Utkarsh:

Jeevan Utkarsh High Basic Sum Assured Rebate:

Rs.75,000 to Rs.1,45,000             Nil

Rs.1,50,000 to Rs. 2,95,000         Rs. 15.00

Rs.3,00,000 to Rs. 4,80,000         Rs. 20.00

Rs.5,00,000 and above                 Rs. 25.00

LIC Single Premium Jeevan Utkarsh Plan No. 846 Benefits

Surrender Value in Jeevan Utkarsh:

The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Jeevan Utkarsh Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be as under:

First year: 70% of the Single premium

Thereafter: 90% of the Single premium.

Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision, rider premium, if any, and taxes.

Jeevan Utkarsh Special Surrender Value:

The Corporation may, however, pay Special Surrender Value as applicable on date of surrender provided the same is higher than Guaranteed Surrender Value.

The Special Surrender Value will be the Special Surrender Value factor multiplied by the Basic Sum Assured. These Special Surrender Value factors shall depend on duration elapsed since commencement of the policy and are enclosed in Annexure 3.

If the policy is surrendered after completion of five policy years, Loyalty Addition, if any, shall be payable.

Further, if the policy is surrendered during the last policy year the same shall be the discounting value of Basic Sum Assured along with Loyalty Addition, if any.

No surrender value will be available on Accidental Death and Disability Benefit Rider, if opted for. However, premium charged in respect of cover for the outstanding term after date of surrender shall be refunded.

Loan:

Policy Loan can be availed under this policy at any time after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the Free-Look Period, whichever is later, subject to the following conditions:

The maximum loan that can be granted shall be 90% of the surrender value.

The rate of interest to be charged for the loan amount would be determined from time to time by the Corporation.

In case the policy becomes a claim by way of death or surrender or maturity, the amount of the loan or any portion thereof which is outstanding, along with all outstanding interest shall be recovered from the claim proceeds.

In the event of default in payment of Loan interest on the due date and when the outstanding loan amount along with interest is to exceed the surrender value, the Corporation shall be entitled to foreclose such policies. On foreclosure of such policies, the difference of surrender value and the outstanding loan amount along with interest, if any, shall be paid to the policyholder and the policy will terminate.

Jeevan Utkarsh Proposal Form:

Revised Proposal Form No. 300, 340 and 360 shall be used under this plan.

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LIC JEEVAN UMANG Whole Life Plan No. 845 Details

LlC’s Jeevan Umang is a non-linked, with-profits whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

LIC Jeevan Umang Policy is a whole life plan with pension cum saving plan and guaranteed 8% return on survival.

LlC’s Jeevan Umang BENEFITS:

The benefits payable under an in force policy are as under:

a) Death Benefit of Jeevan Umang:

On death before the commencement of Risk:

An amount equal to the total amount of premium/s paid without interest shall be payable.


On Death after the commencement of Risk:

Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.

Where “Sum Assured on Death” is defined as the highest of

• 10 times of annualised premium; or
• Sum Assured on Maturity; or
• Absolute amount assured to be paid on death, i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

b) Survival Benefit of Jeevan Umang: 

On the life assured surviving to the end of the premium paying term, provided all due premiums have been paid, a survival benefit equal to 8% of Basic Sum Assured shall be payable each year. The first survival benefit payment is payable at the end of premium paying term and thereafter on completion of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.

c) Jeevan Umang Maturity Benefit:

On the life assured surviving to the end of the policy term, provided all due premiums have  been paid, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses (as mentioned in 3 below) and Final Additional bonus, if any, shall be payable.  

Where “Sum Assured on Maturity” is equal to Basic Sum Assured. 

LIC JEEVAN UMANG Plan No. 845 Details

LIC Jeevan Umang Calculator

PARTICIPATION IN PROFITS OF JEEVAN UMANG:

Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy shall participate in profits during the policy term.

During the premium paying term:

Policies shall be eligible to receive Simple Reversionary Bonuses declared as per the  experience of the Corporation during the premium paying term, provided the policy is inforce.

Final Additional Bonus may also be declared under an inforce policy in the year when such policy results into a claim by death. However, Final Additional Bonus shall not be payable under paid-up policy or on surrender of a policy during the premium paying term.

In case the premiums are not duly paid, the policy shall cease to participate in future profits during premium paying term.  

After the premium paying term {applicable only for fully paid-up policies or for paid-up policies with Maturity Paid-up Sum Assured of Rs. 2 Iakhs or more):

Under a fully paid-up policy (i.e.where all premiums payable during the term of the policy are paid) or in a paid-up policy with Maturity Paid-up Sum Assured of Rs. 2 Iakhs or more, the terms for participation of profits after the premium paying term may be in a different form  and on a differential scale depending on the Corporation’s experience under this plan at that time.

Final Additional Bonus may also be declared under the policy in the year when a policy results into a claim either by death or maturity. In addition, applicable Final Additional Bonus  for surrendering policies, if any, may also be considered in payment of Special Surrender Value.

Under a paid-up policy with Maturity Paid-up Sum Assured of less than Rs. 2 Iakhs, the policy shall not participate in future profits.  

LlC’s Jeevan Umang OPTIONAL BENEFIT:  

The following four optional riders are available under this plan. However, the policyholder can opt for either LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a policyholder can opt for a maximum of three riders under this plan.  

LlC’s Accidental Death and Disability Benefit Rider:

LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. This rider can be opted for at any time within the premium paying term of the Base Plan provided the outstanding premium paying term is atleast 5 years. The benefit cover under this rider shall be available upto the policy anniversary on which the age nearer birthday of the Life Assured is 70 years. Thereafter the cover shall cease.

If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable on death due to accident, provided the rider is inforce at the time of accident. In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived. The premium for the portion of Basic Sum Assured which exceeds the Accident Benefit Sum Assured and premium(s) in respect of other Rider(s), if opted for, shall continue to be paid. If the policy becomes a claim by way of death before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim amount.

The premium for this rider will not be required to be paid after the premium paying term of the base plan.

LlC’s Accidental Death and Disability Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply, if policy is in lapsed condition.

LIC’s Accident Benefit Rider:

LlC’s Accident Benefit Rider is available as an optional rider payment of additional premium.

This rider can be opted for at any time within the premium paying term of the Base Plan provided the outstanding premium paying term is atleast 5 years. The benefit cover under this rider shall be available only during the premium paying term of the base plan. Thereafter the cover shall cease.

If this benefit is opted for and if the Life Assured is involved in an accident leading to death within 180 days from the date of accident then an additional amount equal to the Accident benefit Sum Assured is payable. However, the policy shall have to be inforce at the time of accident irrespective of whether or not it is inforce at the time of death. 

LlC’s Accident Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply, if policy is in lapsed condition.

LIC’s New Term Assurance Rider:

LIC’s New Term Assurance Rider is available as an optional rider at the inception of the policy by payment of additional premium. The additional premium for this rider will need to be paid along with the premium of the Base Plan and any other rider(s), if opted for, during the premium paying term of the policy. The benefit cover under this rider shall be available for a term of 35 years or till the policy anniversary on which the age nearer birthday of the Life assured is 75 years, whichever is earlier. Thereafter the cover shall cease. If this rider is opted for, an additional amount equal to Term Assurance Rider Sum Assured shall be payable on death of the life assured, provided the rider cover is inforce.

LIC’s New Critical Illness Benefit Rider:

LIC’s New Critical Illness Rider is available as an optional rider at the inception of the policy by payment of additional premium. The additional premium for this rider will need to be paid along with the premium of the Base Plan and any other rider(s), if opted for, during the premium paying term of the policy. The cover under this rider shall be available for a policy term of 35 years or till the policy anniversary on which the age of the Life Assured is 75 years, whichever is earlier.

If this rider is opted for, on first diagnosis of any one of the 15 critical Illness covered under this rider, the Critical Illness Sum Assured shall be payable subject to the conditions specified in the rider circular.

LIC’s New Critical Illness Rider shall not acquire any paid-up value and the rider benefit will cease to apply, if policy is in lapsed condition.

Beyond the specific details as mentioned in this circular in respect of this rider, any additional details like refund to be made in respect of this rider on surrender of base plan etc., may be referred from the rider circular.

Note: The premiums under all the riders put together shall be subject to a ceiling of 30% of the premium of the Base policy. Any benefit arising under each of the riders shall not exceed the Sum Assured under the Basic product.

ELIGIBILITY CONDITIONS AND RESTRICTIONS of Jeevan Umang:

For Base Plan:
Minimum Age at entry                    : [90] days (completed)

Maximum Age at entry                    : 55 years (nbd) for PPT=15
                                                            50 years (nbd) for PPT=20
                                                            45 years (nbd) for PPT=25
                                                            40 years (nbd) for PPT=30

Premium Paying Term (PPT)            : [15, 20, 25 and 30] years

Minimum age at the end of the PPT : [30] years (nbd)

Maximum Age at the end of PPT     : [70] years (nbd)

Age at Maturity                               : [100] years (nbd)

Policy Term                                     : [100-age at entry] years

Minimum Basic Sum Assured          : Rs. 2,00,000

Maximum Basic Sum Assured         : No Limit

The Basic Sum Assured Shall be in multiples of Rs. 25,000/— only.


Age at entry for the Policyholder is to be taken as age nearer birthday (nbd) except for the minimum age at entry 90 days i.e. where it is completed days.

LIC JEEVAN UMANG Plan 845 Calculator

In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Date of issuance of policy:

It is a date when a proposal after underwriting is accepted as a policy and the contract gets effected.

Date of vesting under this plan (Applicable only if the Life Assured is below 18 years on
the- date of commencement of policy):

If the policy is inforce and the Life Assured is alive on the vesting date and if a request in writing for surrendering the policy has not been received by Corporation before such vesting date from the person entitled to the policy moneys, this policy shall automatically vest in the Life Assured on such vesting date i.e. on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

For LlC’s Accidental Death and Disabiligy Benefit Rider:

Minimum Entry Age                         : 18 years (completed)

Maximum Entry Age                        : The cover can be opted for at inception or at any policy anniversary thereafter, provided the outstanding premium paying term under the base plan is at least 5 years.

Maximum cover ceasing Age           : 70 years (nbd)

Minimum Accident Benefit Sum Assured : Rs. 10,000/-

Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured under the Base Plan subject to the maximum of Rs.100 lakhs overall limit taking all existing policies of the Life Assured under individual as well as group policies including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

The Accident Benefit Sum Assured shall be in multiples of Rs. 10,000/-only.

For LIC’s Accident Benefit Rider: (cover under this rider shall be available during the PPT only)

Minimum Entry Age                            : 18 years (completed)

Maximum Entry Age                           : The cover can be opted for at inception or at any policy anniversary thereafter, provided the outstanding premium paying term under the base plan is at least 5 years.

Cover ceasing Age                              : Age at the end of premium paying term

Minimum Accident Benefit Sum Assured : Rs. 20,000/-

Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured
under the base plan subject to the maximum of Rs.100 Iakh overall limit taking all
existing policies of the Life Assured under individual as well as group policies including
policies with inbuilt accident benefit taken with Life Insurance Corporation of India and
the Accident Benefit Sum Assured under the new proposal into consideration.


The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-only.


Note :The overall limit of Accident Benefit Sum Assured shall be inclusive of Sum Assured under both the Accident Benefit riders i.e. the LlC’s Accidental Death and Disability Benefit Rider and LlC’s Accident Benefit Rider.

For LlC’s New Term Assurance Rider:

Minimum Entry Age                                       : 18 years (completed)

Maximum Entry Age                                      : 55 years (nbd) for PPT=15
                                                                          50 years (nbd) for PPT=20
                                                                          45 years (nbd) for PPT=25
                                                                          40 years (nbd) for PPT=3O

Premium paying term                                     : same as Base plan

Maximum policy term                                    : 35 years

Maximum cover ceasing Age                         : 75 years (nbd)

Minimum Term Assurance Rider Sum Assured: Rs. 1,00,000/-

Maximum Term Assurance Rider Sum Assured: An amount less than or equal to the Basic Sum Assured under the Base plan, but not exceeding the overall limit of Rs.25 Iakhs taking all Term Assurance Rider Sum Assured under all existing policies of the Life Assured including the new proposal into consideration.

The Term Assurance Rider Sum Assured shall be in multiples of Rs. 5,000/-only.

For LIC’s New Critical Illness Benefit Rider:

Minimum Entry Age                                      : 18 years (completed)

Maximum Entry Age                                      : 55 years (last birthday) for PPT=15
                                                                           50 years (last birthday) for PPT=20
                                                                           45 years (last birthday) for PPT=25
                                                                           40 years (last birthday) for PPT=3O

Maximum cover ceasing Age                           : 75 years (last birthday)

Maximum policy term                                      : 35 years

Premium paying term                                       :same as Base plan

Minimum Critical Illness Sum Assured           : Rs. 1,00,000/-

Maximum Critical Illness Sum-Assured          : An amount equal to the Sum Assured on Death under the Base plan but not exceeding an overall limit of Rs.25 lakh Critical Illness Sum Assured taking all existing policies of the Life Assured under this rider and the Critical Illness Sum Assured under the new proposal into consideration.

The Critical Illness Sum Assured shall be in multiples of Rs 25,000/- only.

MODE OF PREMIUM PAYMENT:

The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (NACH only) or through salary deductions.

LOAN on Jeevan Umang:

Loan facility shall be available under this plan after at least 3 full years premiums have been paid.

If loan is availed during the premium paying term:

The maximum loan as a percentage of surrender value shall be as under:

• For inforce policies- upto 90%
• For paid-up policies- upto 80%

Interest on Loan during the premium paying term shall be paid on compounding half-yearly basis to the Corporation at the rate to be specified by the Corporation at the time of taking loan under this policy. In case the loan is not repaid during the premium paying term and if there is default in interest payment, then due interest on the loan shall be recovered from survival benefits due or any other amount payable under the policy.

If loan is availed after the premium paying term:

The maximum permissible amount of new loan (where no previous loan taken earlier is outstanding) for policies which are entitled for survival benefits shall be arrived at in such a way that the effective annual interest amount payable on loan does not exceed 50% of the annual survival benefit payable under the policy.

Interest on the loan shall be recovered from the survival benefits and at the rate which
shall be specified by the Corporation when the loan is made.

In the event of default in payment of loan interest on the due dates and when the outstanding loan amount along with interest is to exceed the surrender value the policy shall be foreclosed. On foreclosure of- such policies, the difference of surrender value and the loan outstanding amount along with interest, if any, shall be paid to the policyholder and the policy will terminate.

In case a policy becomes a claim by way of death, surrender or maturity the amount of outstanding loan along with all due interest shall be recovered from the claim benefit payment.

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Other Plans :  LIC New Jeevan Anand Plan Table No - 815, LIC New Endowment Plan Table No - 814

LIC AADHAAR SHILA Plan No. 844 Details & Calculator

• Non-linked 
• With-profits  
• Regular Premium Endowment Assurance Plan

LIC AADHAAR Shila Plan 844 Features :

• Exclusively designed for Female Lives 
• AADHAAR Card issued by UIDAI mandatory 
• Available for Standard healthy lives 
• Non- Medical 
• S.A. maximum 3 lakhs

LIC AADHAAR Shila Plan 844 Maturity Benefit's :

On survival to the end of the policy term “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

LIC AADHAAR Shila Plan 844 Maturity Death Benefit:

On death during first five years:

“Sum Assured on Death” shall be payable.

On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death” is defined as the higher of 10 times of annualised premium OR Absolute amount assured to be paid on death, i.e. 110 % of Basic Sum Assured.

The death benefit shall not be less than 105% of all the premiums paid as on date of death.  

LIC AADHAAR Shila Plan 844 Accident Benefit Rider :

LIC’s Accident Benefit Rider is available as an optional rider by payment of additional premium during the term of the policy. Under an in force policy the LIC’s Accident Benefit Rider can be opted for at any time within policy term of the Base Policy provided, the outstanding policy term of the Base Policy is at least five years.

LIC AADHAAR Shila Plan 844 Auto Cover Period:

“Auto Cover Period” under a paid-up policy is the period from due date of first unpaid premium (FUP), which includes the Grace Period. The applicable duration of Auto Cover Period shall be as under:


If at least three full years’ but less than five full years’ premiums have been paid in respect of a policy and any subsequent premium is not duly paid: Auto Cover Period of six months from the due date of first unpaid premium (FUP) shall be available.


If at least five full years’ premiums have been paid in respect of a policy and any subsequent premium is not duly paid: Auto Cover Period of two years from the due date of first unpaid premium (FUP) shall be available.

The benefits payable under a paid-up policy during Auto Cover Period shall be as follows:

On Death:

Death Benefit, as payable under an inforce policy will be paid after deduction of


(a) the unpaid premium(s) in respect of the base policy with interest thereon up to the date of death, and


(b) the balance premium(s) for the base policy falling due from the date of death and before the next policy anniversary, if any.  

On Maturity:

“Maturity Paid-up Sum Assured” is payable and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

LIC AADHAAR Shila Plan 844 ELIGIBILITY CONDITIONS AND RESTRICTIONS:

For Base Plan:

Minimum Age at entry : 8 years (completed) 

Maximum Age at entry : 55 years (nearest birthday)
Minimum Policy Term : 10 years
Maximum Policy Term : 20 years
Maximum Age at Maturity : 70 years (nearest birthday)
Minimum Basic Sum Assured per life : Rs. 75,000/-
Maximum Basic Sum Assured per life : Rs. 300,000/-  

The Basic Sum Assured shall be in multiples of Rs.5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-.

“The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 3 lakh”.

These wordings have to appear in the First Premium Receipt (FPR) and in the policy document for every policy under LIC AADHAAR SHILA plan.   Age at entry for the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years, where it is in completed years.

LIC AADHAAR Shila Plan 844 Eligibility Conditions and Restrictions:

For Accident Benefit Rider:

Minimum Entry Age : 18 years (completed)
Maximum Entry Age : The cover can be opted for at any time within policy term of the Base Policy provided, the outstanding policy term of the Base Policy is at least five years.

Maximum cover ceasing Age : Same as under the base plan.
Minimum Accident Benefit Sum Assured : Rs. 20,000/-
Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs.100 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.  

The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-.

LIC AADHAAR Shila Plan 844 MODE OF PREMIUM PAYMENT :

The modes of premium payment allowable are :

• Yearly 

• Half Yearly 

• Quarterly 

• Monthly ( through NACH only or through salary deductions)

LIC AADHAAR Shila Plan 844 REBATES :

The rebates for base plan are as under :

Mode Rebate:

Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly mode : NIL

High Basic Sum Assured Rebate: 

Basic Sum Assured Rebate (Rs.) 
75,000 to 1,90,000 : Nil
2,00,000 to 2,90,000 : 1.50 ‰  Basic Sum Assured
3,00,000 : 2.00 ‰ Basic Sum Assured

LOAN:

Loan facility is available under LIC AADHAAR SHILA plan, after payment of premiums for at least 3 full years subject to certain conditions.

SURRENDER VALUE:

LIC AADHAAR SHILA policy can be surrendered at any time during the policy term provided at least three full years’ premiums have been paid.  

LIC AADHAAR Shila Plan 844 Premium Calculation Chart

Other Plans :  LIC New Jeevan Anand Plan Table No - 815, LIC New Endowment Plan Table No - 814

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Jeevan Saral ATM Plan table no 165 Details

LIC Jeevan Saral 165 ATTRACTIONS  

• A unique plan – First of its kind Only traditional non-linked insurance plan having provisions for partial surrenders. 
• A conventional plan with features of linked products.
• No surrender penalty after 5 years Risk cover same for any entry age and term and depends on the premium only.
• Loyalty additions Option available to keep policy in force, for reduced premium and benefits, even after partial surrender. Provides guarantees and smooth return over the term High liquidity and flexibility of term Higher risk cover at same cost. 

LIC Jeevan Saral 165 Features 

Who can avail of this policy ? 

Those aged between 12 years (completed) and 60 years (nearest birthday) .

What are the periods for which risk cover is available?

Options are available for terms 10 to 35 years. 

Are their limits on maturity age? 

Maximum age at maturity : 70 years. 

Are their limits on premium payable?

• For entry age up to 49 years, minimum premium payable is Rs. 250 per month. 

• For entry age 50 years and above, minimum premium payable is Rs. 400 per month 

• There is no maximum limit on premium. 

• Monthly premium will be in multiples of Rs. 50/-

Following optional riders are available by payment of additional premium: 

• Accidental death and disability benefit rider

• Term Assurance benefit rider 

• The maximum cover for the above riders will be Rs.25 lakhs under all policies. 

• The Term Assurance and Accident Benefit Sums Assured under the riders will be equal to or less than Death Benefit Sum Assured under the basic plan. 

For the term rider, the following conditions apply : 

Entry Age:                           Between 18 years (comp.) & 50 years 

Maximum age at maturity :   60 years 

Sum Assured :                     Between Rs.1 lakh and Rs. 25 lakhs (including Term Rider taken under all LIC plans) 

• Term rider shall be available for the same term as that under the main policy and the Term Rider Sum Assured should be in multiples of Rs.10,000. 

• Partial Surrender After completion of 3 years or more from commencement provided premiums are paid for at least 3 full years, partial surrenders are permitted. 

Basic premium shall be reduced & surrender value corresponding to amount by which the basic premium is reduced will be paid subject to following conditions:  

Once a partial surrender is made, all benefits under the policy will get automatically reduced proportionately.

Sum assured under Accident and term rider benefits & additional premium payable for such benefits will also get correspondingly reduced, provided reduced basic annual premium after partial surrender is not less than Rs.3,000/-, where the entry age is 49 years or below & Rs.4800 where the entry age is 50 years or above. 

Minimum basic annual premium that can be surrendered at a time is Rs.1200/- p.a. & in multiples of Rs.600 p.a. thereafter. 

Minimum waiting period of one year is required between two successive surrenders. 

Partial surrender is allowed if no loan is outstanding. Subject to above conditions, any number of partial surrenders are permitted. 

LIC Jeevan Saral Benefits Death Cover :        

250 times the monthly basic premium + Return of premiums paid (less FY Premium and extra / rider premiums, if any, plus + Loyalty additions, if any.  

Maturity Benefit :           

Maturity sum assured, plus + Loyalty Additions, if any. 

Loyalty Addition : 

Loyalty additions will be declared after the policy has been in full force for at least 10 years. Loyalty additions will also be payable if a death claim occurs in the 10th year of the policy provided that the policy is in full force. 

Loyalty additions will be subject to the Corporation’s experience. 

Jeevan Saral ATM Plan table no 165



Jeevan Saral Chart

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LIC Jeevan Surabhi (Money Back) Plan Details

Features:

This plan is similar to other money back plans. However main differences in regular money back plans and LIC Jeevan Surabhi are as under

Maturity term is more than premium paying term.

Early and higher rate of survival benefit payment.

Risk cover increases every five years.

The actual term and the premium paying term for these plans are as under.

Plan no.	Policy Term	Premium Paying Term
106	15 years	12 years
107	20 years	15 years
108	25 years	18 years

Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

Suitable For:
LIC Jeevan Surabhi plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

Benefits:

JEEVAN SURABHI – (Table Nos. 106,107 & 108)

Introduction:

For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.

Product summary:

This is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals.

Premiums:  

Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the premium paying term of the policy or till the earlier death.

Bonuses: LIC Jeevan Surabhi is a with-profit plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of bonuses. Simple Reversionary 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. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Death Benefit:     

The Sum Assured along with the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.

Survival Benefit: A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:

Percentage of Sum Assured payable at the end of specified duration
Plan and Term ( Premium Paying Term )
Duration	106/15(12)	107/20(15)	108/25(18)
4	30%	25%	20%
5	-	-	-
8	30%	25%	20%
10	-	-	-
12	40%	25%	20%
15		25%	20%
18	-	-	20%

Maturity Benefit:    

LIC Jeevan Surabhi policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.

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 values are available under the plan on earlier termination of the contract.

Guaranteed Surrender Value:

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 case no survival benefit payment has already fallen due. Where one or more survival benefits have fallen due, the guaranteed surrender value will be 30% of the premiums paid on or after the due date of payment of latest survival benefit.

Corporation’s policy on surrenders:

 In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the number of premiums paid and the duration at which surrender value is calculated. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value under its plans from time to time depending on the economic environment, experience and other factors.

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

Benefit Illustration:

            Illustration 1 (Table 106)

            Age at entry: 35 years

            Policy Term: 15 Years   

            Premium Paying Term: 12 Years  

            Mode of premium payment: Yearly

            Sum Assured : Rs. 1,00,000 /-

            Annual Premium : Rs. 10963 /-

               Illustration 2 (Table 107)

            Age at entry : 35 years

            Policy Term : 20 Years     

            Premium Paying Term : 15 Years  

            Mode of premium payment : Yearly

            Sum Assured : Rs. 1,00,000 /-

            Annual Premium : Rs. 9581 /-

                 

                Illustration 3 (Table 108)

            Age at entry : 35 years

            Policy Term : 25 Years     

            Premium Paying Term : 18 Years  

            Mode of premium payment : Yearly

            Sum Assured : Rs. 1,00,000 /-

            Annual Premium : Rs. 8776 /-

                 

            Plan Parameters :

Minimum Maximum Entry age 14 (last birthday) plan 106 55 plan 107 50 plan 108 45 Sum assured (Rs.) 50,000 NO LIMIT Term (years) 15 years Fixed Term Mode of Payment Maximum Maturity Age Policy loan available Yearly, Half-yearly, Quarterly, Monthly, Salary Saving Scheme 70 years Yes

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