LIC Bima Shree Money Back Plan 848 Details

LIC Bima Shree Plan 848 is a non-linked LIMITED premium payment money back plan with inbuilt critical illness for high net worth individuals.

LIC Bima Shree Money Back Plan 848 Benefits

Guaranteed Addition payable every year @ Rs 50/- per 1000 SA for 1st 5 years and Rs 55/- till end of Premium Paying Term and Loyalty Addition if any.

Death benefit:

1st 5 years: 125% of Basic Sum assured + Accrued Guaranteed Addition

Thereafter 125% of Basic Sum Assured + Accrued Guaranteed Addition + Loyalty Addition

Additional features

• Option to defer payment of Survival benefit with payment of increased S B due at any time.
• Settlement option: To take maturity amount in 5, 10 or 15 years installment.
• Option to take death benefit in installment in 5, 10 or 15 years installment.

Policy  Term  Options 

Option – 1 :  14   years

Option – 2 :  16   years

Option – 3 :  18   years

Option – 4 :  20  years

LIC Bima Shree Money Back Plan 848 Features & Details

Age Group    –  Policy Term

18  –  55 yrs    -    14   yrs 

18  –  51  yrs    -   16   yrs 

18  –  48 yrs    -    18   yrs 

18  –  45 yrs    -    20   yrs


Term – 4  =  Premium Paying Term

14 yrs – 10 yrs

16 yrs – 12 yrs

18 yrs – 14 yrs

20 yrs – 16 yrs

LIC Bima Shree Money Back Plan Benefits Chart

• Minimum Sum assured Rs 10 lakhs.
• Maximum Sum assured No Limit (Depends of Income)
• Policy term 14, 16, 18, 20 years
• Premium term Policy term less 4 years. (i.e., 10, 12, 14 and 16 years.)
• Mini Age at entry 8 completed. For rest age nearer Birthday.
• Maximum Age 55yrs (NBD) for 14, 51yr for 16, 48yr for 18 and 45 yr. for 20 years term
• Max Maturity age 69 yrs. (NBD) for 14, 67 yr. for 16, 66 yr. for 18 and 65 yr. for 20 years term
• Rider PWB, DAB& EPDB, DAB, Term and critical illness riders allowed.
• Mode Yearly, Half yearly, Qly, SSS AND monthly under NACH.
• Grace period 30 days.
• Paid value after payment of 2 yearly premium, PAID VALUE acquired and proportionate benefit like SB due, Maturity value or death payable based on such “Maturity Paid Value Sum assured” or “death paid up sum assured”
• Loan/Surrender Allowed.

LIC Bima Shree Money Back Plan 848 Survival Benefits

If a policyholder survives to each of the specified duration during the policy term,  fixed percentage (%) of Basic Sum Assured (BSA) will be payable as given below.

For 14 Yrs Policy - 30% of Basic Sum Assured on each 10th and 12th policy year.

For 16 Yrs Policy - 35% of Basic Sum Assured on each 12th and 14th policy year.

For 18 Yrs Policy - 40% of Basic Sum Assured on each 14th and 16th policy year.

For 20 Yrs Policy - 45% of Basic Sum Assured on each 16th and 18th policy year.

LIC Bima Shree Money Back Plan 848  Death Benefits

Death Sum Assured + Guaranteed Additions + Loyalty Additions

LIC Bima Shree Money Back Plan 848  Maturity Benefits

If policyholder survives up to the policy period, then he/she will receive the below maturity benefits.

For 14 Yrs Policy - 40% of Basic Sum Assured + Guaranteed Addition + Loyalty Addition.

For 16 Yrs Policy - 30% of Basic Sum Assured + Guaranteed Addition + Loyalty Addition.

For 18 Yrs Policy - 20% of Basic Sum Assured + Guaranteed Addition + Loyalty Addition.

For 20 Yrs Policy - 10% of Basic Sum Assured + Guaranteed Addition + Loyalty Addition.

LIC Jeevan Shiromani Plan 847 Details

LIC Jeevan Shiromani Money Back Policy Plan- 847 Features

This is a non-linked LIMITED payment money back plan with inbuilt critical illness for high net worth individuals.

# Non-linked
# With profits
# Limited Premium Payment Term
# Money Back

LIC JEEVAN SHIROMANI Policy Plan 847 Maturity Benefit

LIC JEEVAN SHIROMANI Plan 847 Eligibility:

Mini Sum assured Rs 1 crore
Maxi Sum assured No Limit (Depends of Income)
Policy term 14, 16, 18, 20 years
Premium term Policy term less 4 years. (i.e., 10, 12, 14 and 16 years.)
Mini Age at entry 18 completed.
Maxi age: 55yrs (NBD) for 14, 51yr for 16, 48yr for 18 and 45 yr. for 20 years term Policy
Max Maturity age 69 yrs. (NBD) for 14, 67 yr. for 16, 66 yr. for 18 and 65 yr. for 20 years term Policy
Rider DAB& EPDB, DAB, Term and critical illness riders allowed.
Mode Yearly, Half yearly, Qly, NACH and SSS
Grace period 30 days.
Paid value 1-year PAID VALUE acquired and proportionate benefit like SB due and Maturity value payable based on such “Maturity Paid Value Sum assured”
Loan/Surrender Allowed.
Medical Must: SUC 125% + Critical + Term rider Sum Assured if any. (Inbuilt Critical NOT to be added)
Female  Category Categories A 1 & B 1 allowed.
NRI & FNIO: NRI from Gr 5 allowed. FNIO & Mail order NOT allowed.


*Guaranteed Addition :*
Rs 50/- per 1000 Sum Assured for 1st 5 years
Rs 55/- per 1000 Sum Assured for remaining Premium Paying Term

LIC JEEVAN SHIROMANI Plan 847 Premium Chart & Maturity Benefit

LIC JEEVAN SHIROMANI Money Back Plan 847 Benefits

*Death during 5 yrs* : 125% of Basic Sum assured + Accrued Guaranteed Addition
*Death after 5 yrs* : 125% of Basic Sum Assured + Accrued Guaranteed Addition + Loyalty Addition

Sum Assured on Death : 110% of Basic Sum Assured or 10 times AP or 105% of Premiums Paid

Inbuilt 15 Critical Illness Benifit: 15 defined critical illness covered. (90 days waiting period for Date of issue of policy)

LIC JEEVAN SHIROMANI Money Back Plan 847 Survival Benefits

For 14 yrs policy : 30% of BSA in 10th & 12th year
For 16 yrs policy : 35% in 12th & 14th year
For 18 yrs policy : 40% in 14th & 16th year
For 20 yrs policy : 45% in 16th & 20th year

Sum Assured on Maturity : Remaining Sum Assured with Guaranteed Addition + Loyalty Addition

Inbuilt 15 Critical Illness
(10% of BSA on diagnosis of 15 Critical diseases + 2 years Premium Holiday)
# Paid-up after 1 Annual Premium
# Dating Back lean month introduced
# Addl AB of 1 crore
# Settlement Option
# SB can be taken later with interest


Benefit on happening of any defined illness
-10% of S A payable.
-Deferment of premium payment by 2 years(No late fees payable)
-Medical second opinion from LIC emplaned healthcare providers.

Additional features:
-Option to defer payment of Survival benefit with payment of increased S B due at any time.
-Settlement option: To take maturity amount in 5, 10 or 15 years instalment.
-Option to take death benefit in instalment in 5, 10 or 15 years instalment.

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LIC New Bima Diamond Money Back Plan 841

LIC Bima Diamond plan is the new Money Back insurance policy from LIC of India. It is a non-linked, traditional money back insurance policy. This plan provides financial support for the family not only during the policy term but also beyond the policy term during Extended Cover period.

LIC Bima Diamond Plan Features

LIC Bima Diamond Plan Benefit & Features

Minimum Sum Assured

The minimum sum assured for the LIC Bima Diamond Plans should be Rs 1 lac.

Maximum Sum Assured

This plan offers maximum Rs 5 lacs of Sum Assured. You cannot take sum assured of 5 lacs under this plan. For more sum assured you can take LIC Endowment Plan 814.

Policy Term / Premium Paying Term

16/10, 20/12 & 24/15 years where 16,20 & 24 is Policy Term while 10, 12 & 15 are premium paying term.

LIC Bima Diamond 841 Maturity Illustration 10 Years Premium Paying Term

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 10 years
Policy / Maturity Term           : 16 years
Assumed Loyalty Addition    : 340 per 1000

Minimum age at Entry

LIC is a Money back plan so you can take it for your son or daughter who are older then 18 years or for yourself. The minimum age for this policy is 14 years (nbd).

Maximum age at Entry

16 Years Policy Term : 50 years (nbd)

20 Years Policy Term : 45 years (nbd)

24 Years Policy Term : 41 years (nbd)

Maximum age at Maturity

16 Years Policy Term          : 66 years (nbd)

20 & 24 Years Policy Term : 65 years (nbd)

Extended Cover Period

Bima Dimaond covers extended cover period, i.e for 16/10 years term policy extended cover would be next 8 years i.e. you will be covered for 24 years while for 20/12 policy you will be covered for 20 years & for 24/15 plan you will be covered for 36 years. This period starts after elapsation of  policy term and applicable for inforce policies as on the date of maturity.

Date of Commencement of Risk

Under this plan, risk will be immediately commenced from the date of issue policy.

Date of issuance of policy is a date when a proposal after underwriting is accepted as a policy and the contract gets effected between LIC and Customer.

Auto Cover 

Auto Life cover is provided for 2 years even if the premium is not paid. This benefit will be extended only if 5 policy years are completed.

LOAN

Loan facility is available in this plan only after payment of premiums are paid at least 3 full years with few below conditions:

For Inforce policies : Upto 90%

For paid up policies : Upto 80%

Percentage may vary time to time. For more details contact us.

LIC Bima Diamond 841 Maturity Illustration 12 Years Premium Paying Term

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 12 years
Policy / Maturity Term           : 20 years
Assumed Loyalty Addition    : 500 per 1000

Death Benefits 

In case of the death of Life Assured before the date of Maturity

During the first 5 policy years “Sum Assured on Death” will be paid to the nominee.

After completion of 5 policy years but before the date of maturity: “Sum Assured on Death” and Loyalty addition (if any) will be paid to the nominee of the Life Assured.

The death benefit will not be less than the 105% of all the premium paid in the policy as at the date of death of the life assured. (The premium referred above will not include any taxes, extra amount charged due to underwriting decision and rider premium, if any.)

In case of the death of Life Assured during the extended cover period

An amount equal to 50% of Basic sum assured will be paid to the nominee.

LIC’s Accidental Death and Disability Benefit Rider

If this benefit is opted for, an additional amount equal to “Accidental Benefit sum Assured” is Payable on death due to Accident, provided the rider is inforce at the time of the accident. In the case of the accidental permanent disability (within 180 days from the date of accident) an additional amount equal to “Accidental Benefit sum Assured” is Payable in equal monthly installments spread over 10 years. The future premium will be waived for the accidental benefit rider and premiums for the portion of Basic sum assured will be waived. This rider can be taken at the inception of the policy or before the premium term is over.

LIC’s New Term Assurance Rider

If this benefit is opted for, an additional amount equal to “Term Assurance Rider sum Assured” is Payable on death to nominee, provided the rider is inforce at the time of the death of the Life Assured. This rider can be taken at the inception of the policy.

Survival Benefits

If life assured survives to the specified duration during the policy term, then a fixed percentage of Basic Sum Assured is  will be payable to the life assured. The fixed percentage in various terms are mentioned below:

Money Back

Guaranteed Money back every 4 Years, during the policy term. Bima Dimaond Money back after every 4 yrs 15% in 16 and 20 yrs term plan  and 12% of BSA (Basic Sum Assured) in 24 yrs term.

Example:

For Policy Term 16 years :
15% of BSA at the end of each of 4, 8, 12 policy year. It means if you have taken a Sum Assured of 5 Lacs, you will get 75 thousand 4th, 8th & 12th policy year.

For Policy Term 20 years :
15% of BSA at the end of each of 4, 8, 12, 16 policy year. It means if you have taken a Sum Assured of 5 Lacs, you will get 75 thousand 4th, 8th , 12th & 16th policy year.

For Policy Term 24 years :
12% of BSA at the end of each of 4, 8, 12, 16, 20 policy year. It means if you have taken a Sum Assured of 5 Lacs, you will get 60 thousand 4th, 8th , 12th, 16th & 20th  policy year.

LIC lic-bima-diamond-money-back-plan-841-presentation

LIC Bima Diamond Money Back Plan 841 Presentation

LIC Money Back Plan 841 Presentation 

If the Life Assured survives till the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any will be payable to the Life Assured.

Where “Sum Assured on Maturity” in this is

55% of Basic Sum Assured in policy term 16 years

40% of Basic Sum Assured in Policy terms 20 and 24 years.

Optional Benefits

Proposer can opt for the optional riders by payment of additional premium. Benefits under the optional rider will be available during the policy term only.

LIC Bima Diamond 841 Maturity Benefit Illustration with 15 Years Premium Paying Term

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 15 years
Policy / Maturity Term           : 24 years
Assumed Loyalty Addition    : 815 per 1000

LIC BIMA DIAMOND PREMIUM CHART CALCULATOR 841

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

LIC New Golden Money Back Policy Details

LIC New Golden Money Back Maturity Plan Details

LIC New Golden Money Back is a plan where premiums paid over the term of plan are paid back during the policy term in instalments and life insurance cover is available not only during the term but also during the extended term of the plan.

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

LIC Money Back Policy 20 Years Plan Table No 820

LIC Money Back Policy 20 Years Plan Table No 820

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit - 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any

Death Benefit -‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.

What is Sum Assured on Death?

Sum Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)

OR 10 times Annualized Premium. (10 x AP).

[Premiums - excluding taxes, extra premiums and premiums for riders, if any]

SURVIVAL BENEFIT (as a percentage of Sum Assured)

Policy Year	5th	10th	15th
Survival Benefit Payable	20%	20%	20%

Paid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable) x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

Eligibility Conditions and Restrictions

·         Age at entry - 13 to 50 years

·         Age at Maturity - Maximum 70 Years

·         Policy Term - 20 years

·         Premium Paying Term – 15 Years

·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

·         Basic Sum Assured - 1,00,000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years’ premiums

The maximum amount of loan that can be granted as a percentage of Surrender Value be as under:

·         For enforce and fully paid-up policies – up to  90%

·         For paid-up policies – 80%

·         Foreclosure action shall not be taken under fully paid-up and enforce  policies even if there is default of loan interest

Surrender Value-

Guaranteed Surrender Value (GSV) -

·         Available after payment of 3 full years’ premiums.

·         GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid.

·         Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1 =   80% (t=Policy Term)

GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –

Year of SV – Factor

3            16.21%

10            18.16%

19               30%

Special Surrender Value (SSV) - Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

LIC New Money Back plan table no 820 - 20 years from Satyendra Gupta

LIC Money Back Plan for 20 Years Table No 820 Premium Chart

LIC Money Back Plan for 20 Years Table No 820 Illustration

LIC Golden Money Back Policy Details

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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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