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 Children Money Back Jeevan Tarun Plan 834 Details

LIC Children Money Back JEEVAN TARUN 834 plan

 is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Option                      Survival Benefit                       Maturity Benefit

Option 1                      No survival benefit                        100% of Sum Assured

Option 2      5% of Sum Assured every year for 5 years 75% of Sum Assured

Option 3    10% of Sum Assured every year for 5 years 50% of Sum Assured

Option 4    15% of Sum Assured every year for 5 years 25% of Sum Assured

Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity.

The chosen option shall become a part of the policy contract and no further change in option shall be allowed.

In addition, this plan also takes care of liquidity needs through its loan facility.

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

Benefits available under an inforce policy:

LIC Children Jeevan Tarun Death Benefit: 

On death during the policy term (before commencement of risk): 

In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.

On death during the policy term (after commencement of risk):

In case of death during the policy term provided all due premiums have been paid 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 Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.

This Death Benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

LIC Jeevan Tarun Survival Benefit:

A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below:

Policy Anniversary coinciding/ following completion of ages Percentage of Sum Assured to be paid as Survival Benefit

                          Option 1            Option 2 Option 3                Option 4

20 to 24 years    Nil       5% each year        10% each year 15% each year

Policyholder has to opt for any one of the options above at the proposal stage only.

LIC Jeevan Tarun Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:

Maturity Age Option 1 Option 2 Option 3 Option 4

25 year          100% 75%         50%           25%

In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is inforce.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

LIC Jeevan Tarun Optional Rider:

LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01), on the life of proposer may be opted for by payment of additional premium.

LIC Children Jeevan Tarun Policy Premium Chart Details

LIC Children Jeevan Tarun Premium Chart Table No 834

Lic Jeevan Lakshya Plan 833 - (Kanyadan Policy) Details

LIC’s Jeevan Lakshya or LIC Kanyadan Policy is a limited premium paying conventional With-Profits Endowment Assurance plan. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity independent of survival of the Policyholder. The benefits and other details of the plan are given below.

BENEFITS:

The benefits payable under an inforce policy are as under:

a) Benefits payable on death:

Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable at various durations as mentioned below:

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

-Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.

- Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and

-The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

The premiums mentioned above exclude taxes (including service tax), extra premium and rider premium(s), if any.

LIC Kanyadan Policy

b) Benefits payable on maturity:

On survival to the end of the policy term provided all due premiums have been paid, “Sum Assured on Maturity” along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable. Where Sum Assured on Maturity is equal to Basic Sum Assured.

c) Participation in Profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final Additional Bonus, if any, at such rate and on such terms may also be declared under the policy as on due date of maturity.

In case of death under a policy which is in full force, the policy shall continue to participate in profits up to the due date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.

Final Additional Bonus shall not be payable under reduced paid-up policies.

OPTIONAL BENEFIT:

This plan provides the following optional rider by payment of additional premium:

i) LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider (AD&DB) 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 Basic Plan provided the outstanding premium paying term is at least 5 years. The benefit cover under this rider shall be available during the policy term.

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. If the policy becomes a claim by way of death or maturity 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 shall be paid during the premium paying term of the Basic Plan.

If there be more policies than one and if the total Accident Benefit exceeds Rs.100 lakhs, the benefits shall apply to the first Rs. 100 lakhs Sum Assured in order of date of policies issued.

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. 

ii) LIC’s New Term Assurance Rider : - LIC’s New Term Assurance Rider is available at the inception of the policy on payment of additional premium. The additional premium for this Rider will need to be paid along with the premium of the Basic Plan and any other rider, if opted for, during the premium paying term of the policy. If this rider is opted for, on death of the Life Assured during the policy term an additional amount equal to Term Assurance Rider Sum Assured shall be payable provided the rider cover is inforce.

If there be more policies than one and if the total Term Assurance Rider Sum Assured exceeds Rs. 25 lakhs, the benefits shall apply to the first Rs. 25 lakhs Term Assurance Rider Sum

Assured in order of date of policies issued.

Eligibility Conditions and Restrictions:

For Basic Plan:

1) Minimum Age at entry for Life Assured   : 18 years (last birthday)

2) Maximum Age at entry for Life Assured   : 50 years (nearer birthday)

3) Maximum Maturity Age   : 65 years (nearer birthday)

4) Policy Term   : 13 to 25 years

5) Premium paying Term   : (Policy Term - 3) years

6) Minimum Basic Sum Assured   : Rs. 1,00,000/-

7) Maximum Basic Sum Assured   : No Limit

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

    LIC Sukanya Samriddhi Yojna Premium Calculator

 Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 22 years
Policy / Maturity Term           : 25 years

Calculation of Risk cover at Age 34

Natural Risk Cover:

10% of the Sum Assured is given every year from Age:34-Age:54
50000*21=Rs.1050000

On maturity 110% of Sum Assured along with bonus is given Rs.1387500
1050000+1387500 = Rs.2437500

Accidental Risk Cover:

Double Accidental Benefit is given intermediately at Age:34 (Rs.500000)

10% of the Sum Assured is given every year from Age:34-Age:54
50000*21=Rs.1050000 

On maturity 110% of Sum Assured along with bonus is given Rs.1387500
500000+1050000+1387500 = Rs.2937500

For LIC’s Accidental Death and Disability Benefit Rider:

1) Minimum Entry Age   : 18 years (last birthday)

2) Maximum Entry Age   : The cover can be opted for at inception or at any policy   anniversary thereafter provided the minimum premium   paying term left under the Basic plan is 5 years.

3) Maximum cover ceasing Age   : 65 years (nearer birthday)

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

5) Maximum Accident Benefit Sum Assured  : An amount equal to the Basic Sum Assured subject to the maximum of Rs.100 lakh 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 New Term Assurance Rider:

1) Minimum Entry Age   : 18 years (last birthday)

2) Maximum Entry Age   : 50 years (nearest birthday)

3) Policy Term   : Same as Basic Plan

4) Premium Paying Term   : Same as Basic Plan

5) Minimum Term Assurance Rider Sum Assured   : Rs. 100,000/-

6) Maximum Term Assurance Rider Sum Assured  : The maximum Term Rider Sum Assured shall be less than or equal to the Basic Sum   Assured under the basic plan, but not exceeding the overall limit of Rs. 25 lakhs   taking all Term Assurance Riders Sum Assured under all existing policies of the life assured   including the new proposal under consideration.

The Term Assurance Rider Sum Assured can be taken in multiples of Rs. 10,000/- only.

MODE OF PREMIUM PAYMENT:

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

GRACE PERIOD FOR PAYMENT OF PREMIUM:

A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly premiums and 15 days for monthly mode of premium payment.

If the death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as inforce and the benefits will be paid after deduction of the said unpaid premium and also the unpaid premium/s falling due before the next policy anniversary from any immediate benefit(s) payable under such policy.

If premium is not paid before the expiry of the days of grace, the Policy lapses.

If the Policy has not lapsed and the claim is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from any immediate benefit(s) payable under such policy.

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REBATES:

The rebates for basic 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 (in Rs.)

1,00,000 to 1,90,000   - Nil

2,00,000 to 4,90,000   - 2%o Basic Sum Assured

5,00,000 to and above   - 3%o Basic Sum Assured

LOAN:

Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to following conditions:

a)The maximum loan that can be granted as a percentage of surrender value are as under:

For inforce policies – 90%

For paid-up policies – 80%

However, the above percentages may vary from time to time.

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

The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Revival of Premium Waiver Benefit Rider, if opted for, will be considered only along with revival of the Basic Policy, and not in isolation.

Taxes: 

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums and rider premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan. 

Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Presentation

Lic New Jeevan Lakshya Premium Payment Plan Table No 833 Details from Satyendra Gupta - 9811362697

LIC NEW JEEVAN LAKSHAY Children Plan Premium Chart - 833

Related Plans :  Lic New Children's Money Back Premium Payment Plan Table no 832, 

Lic New Jeevan Sangam Single Premium Payment Plan Table No 831 Details

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Lic Children's Money Back Plan 832 Details

LIC’s Children’s Money Back Plan is a non-linked, with-profit, regular premium payment money back plan specially designed to meet various financial needs of children through Survival Benefits. It provides for the risk cover on the life of child during the policy term and number of survival benefits on surviving to the end of the specified duration's. The benefits and other details of the plan are given below.

1. LIC’s Children’s Money Back Plan Benefits:

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

a) Death Benefit :

On death Before the Date of Commencement of Risk:

An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable.

On death After the Date of 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 higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude tax, extra premium and rider premium, if any.

b) Survival Benefit: 

On the Life Assured surviving on each policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the Basic Sum Assured on each occasion shall be payable provided the policy is in full force.

c) Maturity Benefit : 

On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

d) Participation in profits :

Depending upon the Corporation’s experience the policies shall participate in the profits and shall be eligible for Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation
.

Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.

Lic Children's Money Back Premium Payment Plan Table no 832 Calculation Details

2. LIC New Children’s Money Back Plan Survival Benefit(s):

The policyholder will have the option to take the survival benefit (s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to

Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s)

This option shall be required to be intimated by the policyholder six months before the due date of the Survival Benefit (s) in writing.

3. LIC’s Premium Waiver Benefit Rider 

LIC’s Premium Waiver Benefit Rider is available on payment of additional premium. This rider can be opted for along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years.

a) If this rider is opted for, in case of death of the proposer, the payment of the premiums falling due after the date of death shall be waived;

b) The Premium Waiver Benefit shall be granted on the basis of the proposer's age, personal declaration and other related documents. In case it is found that any untrue or incorrect statement is contained therein or any material information is withheld, then and in every such case but subject to the provisions of Section 45 of the Insurance Act, 1938, as amended from time to time, all claim to the benefit shall cease and determine;

c) The Premium Waiver Benefit shall not operate if the proposer (whether sane or insane) commits suicide within 12 months from the date of issuance of First Premium Receipt or within 12 months from the date of revival;

d) The additional premium shall not be taken into account in arriving at the amount to be refunded in the event of death of the Life Assured before the date of commencement of risk and in calculating the surrender value of the policy;

e) The medical report and special reports, if required, at proposal stage or on revival, shall be at the proposer’s own expense from the Corporation's appointed Medical Examiner;

f) The revival of the rider will be considered along with the revival of the basic policy. The rider can be revived at any time but within a period of two consecutive years from the due date of the said unpaid premium or before the date of expiry of policy term, whichever is earlier subject to evidence of health and habits of the proposer to the satisfaction of the Corporation

g) The Premium Waiver Benefit shall cease to apply if policy is in lapsed condition;

    4. Children's Money Back Plan Eligibility Conditions and Restrictions:

For Basic Plan

(a) Minimum Age at entry for Life Assured : [0] years (last birthday)

(b) Maximum Age at entry for Life Assured :[12] years (last birthday)

(c) Policy Term : [25 – Age at entry] years

(d) Minimum/Maximum Maturity Age : [25] years

(e) Minimum Basic Sum Assured : Rs. [100] in ‘000’s

(f) Maximum Basic Sum Assured : No Limit

The Basic Sum Assured shall be in multiples of Rs. 10,000/-

Date of commencement of risk under the plan:

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 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 vesting under the plan:

The policy shall automatically vest in the Life Assured 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 LIC’s Premium Waiver Benefit (PWB) Rider – optional:

(a) Minimum Entry Age : [18] years (completed)

(b)  Maximum Entry Age : [55] years (Nearer Birthday)

(c)  Premium paying term : Same as basic plan

(d) Maximum cover ceasing age : [70] years (Nearest Birthday)

5. Mode of Premium Payment :

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

6. Grace Period for Payment of Premium:

A grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.

If death of the Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as in force and the benefits will be paid after deductions of the said unpaid premium as also the unpaid premium/s falling due before the next anniversary of the policy.

If the premium is not paid before the expiry of the days of grace, the policy lapses.

If the policy has not lapsed and the claim is admitted in case of death under the policy where the mode of payment of premium is other than yearly, unpaid premium(s), if any, falling due before the next policy anniversary shall be deducted from the claim amount.

The above grace period will also apply to rider premium as the rider premium is to be paid along with Basic Premium.

7. Rebates:

Mode Rebate:

Yearly mode : 2% of tabular premium

Half-yearly mode : 1% of tabular premium

Quarterly and monthly : NIL

High Sum Assured Rebate:

Basic Sum Assured Rebate (Rs.)

1,00,000 to 1,90,000 Nil

2,00,000 to 4,90,000 2 per thousand Basic Sum Assured

5,00,000 and above 3 per thousand Basic Sum Assured

8. Paid-up Value :

If after at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.

The Sum Assured on Death under paid–up policy shall be reduced to such a sum called “Death Paid-up Sum Assured” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death]

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy)] less Total amount of Survival Benefits already paid under the policy.

9. Surrender Value :

The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.

Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premium for rider, if opted for, less any survival benefits already paid. This percentage will depend on policy term and year in which the policy is surrendered.

In addition, the surrender value of vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the Surrender Value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which policy is surrendered.

10. Revivals:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time.

The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Revival of Premium Waiver Benefit Rider, if opted for, will be considered only along with revival of the Basic Policy, and not in isolation.

11. Loan:

Loan facility is available under this plan after the payment of premiums for at least three full years and after obtaining the declaration from the proposer to the effect that loan is raised for the benefit of the minor life assured. The loan shall be subject to the following conditions:

1) The Maximum loan that can be granted as a percentage of Surrender Value shall be as under:

· For in force policies – upto 90%

· For paid-up policies – upto 80%

However, the above percentages may vary from time to time.

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

3) No foreclosure action under in force policies shall be taken under this plan even if there is a default in payment of loan interest. However, any loan outstanding along with interest shall be recovered from any survival benefits or claim proceeds at the time of exit.

12. Suicide Clause :

This policy shall be void

i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy except for 80% of the premiums paid excluding any taxes and extra premium, if any, provided the policy is in force. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years.

ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes and extra premium, if any,) or the surrender value shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable:

a) in case the age of the Life Assured is below 8 years at the time of revival; or

b) for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.

13. Taxes:

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the policyholder on premiums including extra premiums and rider premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan. 

Lic Children's Money Back Premium Payment Plan Calculation

Related Plans :  LIC Bima Diamond Money Back Plan 841,  LIC New Jeevan Anand Plan Table No - 815 ,  LIC New Endowment Plan Table No - 814 ,  LIC Single Premium Endowment Plan - 817

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LIC New Dhan Varsha Money Back Policy

LIC New Dhan Varsha Money Back Policy

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

LIC Money Back Plan for 25 Years Table No 821

LIC's Money Back Plan-25 years is a non-linked plan with attractive combination of protection against death throughout the term.

A Policy may be revived within a period of 2 years from the date of first unpaid premium.
Taxes, if any, 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	20th
Survival Benefit Payable	15%	15%	15%	15%

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 45 years
Age at Maturity - Maximum 70 Years
Policy Term - 25 years
Premium Paying Term – 20 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                     15.28%
20                   21.99%
24                   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 Table No 821-25 years from Satyendra Gupta

LIC Money Back Plan for 25 Years Table No 821 Premium Chart

LIC Money Back Plan for 25 Years Table No 821 Illustration

Lic Bima Bachat Money Back Plan 816 Features & Details

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

LIC Bima Bachat Maturity Benefit -Single Premium Paid along with loyalty addition less Taxes and extra premiums, if any

LIC Bima Bachat Death Benefit -

First 5 years: Sum Assured shall be payable.

After completion of 5 years: Sum Assured and Loyalty Additions, if any shall be payable.

LIC Bima Bachat SURVIVAL BENEFIT (as a percentage of Sum Assured)

Year >Term	3rd	6th	9th	12th	15th
9	15%	15%	Maturity	NA	NA
12	15%	15%	15%	Maturity	NA
15	15%	15%	15%	15%	Maturity

Eligibility Conditions and Restrictions

· Age at entry - 15 years

· Age at Maturity - Maximum 75 Years

· Policy Term - 9 , 12 and 15 years

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

·

Basic Sum Assured –

Min Term 9 Yrs.	Min Term 12 Yrs.	Min Term 15 Yrs.	Maximum Term – 9/12/15
Sum Assured	35000	50000	70000	No upper Limit SA shall be in multiple of Rs.5000
Maximum Age	66 years	63 years	60 years

Loan – Loan facility available after completion of 1 policy year.

Loan can be granted up to 60% of Surrender Value

Surrender Value-

· Available at any time during the policy term subject to realization of the premium cheque.

· No Loyalty Addition payable

· Higher of GSV or SSV payable

Guaranteed Surrender Value (GSV) -

1st Year ~ 70% of Single Premium excluding taxes and extra premium, if any.

Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.

Special Surrender Value (SSV) -Discounted value of Single Premium paid excluding taxes and extra premium, if any.

Lic New Bima Bachat Plan Table No 816 Premium Chart

LIC Single Premium Bima Bachat Plan 816 Maturity Illustration 9 YEARS

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 2,00,000 (2 Lacs)
Premium                              : 146945 (141634 + 5311 (S. Tax))
Premium Paying Term          : Single
Policy / Maturity Term           : 9 years
Loyality Addition (2016)        : 110 per 1000

LIC Single Premium Bima Bachat Plan 816 Maturity Illustration 12 YEARS

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 2,00,000 (2 Lacs)
Premium                              : 150783 (145333 + 5450 (S. Tax))
Premium Paying Term          : Single
Policy / Maturity Term           : 12 years
Loyality Addition (2016)        : 150 per 1000

LIC Single Premium Bima Bachat Plan 816 Maturity Illustration 15 YEARS

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 2,00,000 (2 Lacs)
Premium                              : 155787 (150156 + 5631 (Tax))
Premium Paying Term          : Single
Policy / Maturity Term           : 15 years
Loyality Addition (2016)        : 220 per 1000

Lic New Bima Bachat Plan Table No 816 Illustration

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