Pradhan Mantri Vaya Vandana Yojana Plan No. 842

Pradhan Mantri Vaya Vandana Yojana (PMVVY) for Senior citizens aged 60 years and above.

Pradhan Mantri Vaya Vandana Yojana Plan No. 842 is a Government subsidized pension Scheme which shall provide an assured return of 8% p.a. payable monthly (i.e. equivalent to 8.30% p.a.) on the pensioner surviving during the policy term of 10 years.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan No. 842 Benefits:

The benefits payable under Pradhan Mantri Vaya Vandana Yojana plan are as under:

Pension Payment :

On survival of the Pensioner during the policy term, Pension in arrears (at the end of each period as per mode chosen by the Pensioner) shall be payable.

Death Benefit:

On death of the Pensioner during the policy term, the Purchase Price shall be refunded to the nominee/legal heirs.

Pradhan Mantri Vaya Vandana Yojana Plan No. 842 Maturity Benefit:

On survival of the pensioner to the end of the policy term, Purchase price and the final pension instalment shall be payable.

Eligibility Conditions and Restrictions:

Minimum Entry Age                : [60] years (completed)
Maximum Entry Age               : No limit
Policy Term                            : 10 Years
Minimum Pension                  : Rs. 1,000 per month / 3,000 per quarter / 6,000 per half year / 12,000 per year
Maximum Pension                 : Rs. 5,000 per month / 15,000 per quarter / 30,000 per half year / 60,000 per year

Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all
the policies allowed to a family under Pradhan Mantri Vaya Vandana Yojana plan shall not exceed the maximum pension limit.
The family for this purpose will comprise of pensioner, his/her spouse and dependants.

Mode of Pension Payment :

Mode of pension payment shall be monthly, quarterly, half-yearly or yearly.

The pension payment shall be through NEFT or Aadhaar Enabled Payment System.

The first instalment of pension shall be paid after 1 year, 6 months, 3 months, or 1 month from
the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-
yearly, quarterly or monthly respectively.

Pension Rates:

The pension rates are not age specific and the rate of pension for Rs.1000/— purchase price for
different modes of pension payments are as below:

Yearly :                       Rs. 83.00 pa.
Half-yearly :                Rs. 81.30 pa.
Quarterly :                  Rs. 80.50 pa.
Monthly :                    Rs. 80.00 p.a.

The pension instalment shall be rounded off to the nearest rupee.

Purchase Price:

Pradhan Mantri Vaya Vandana Yojana (PMVVY) plan can be purchased by payment of a lump sum Purchase Price. The pensioner has an
option to choose either the amount of pension or the Purchase Price.

For offline sale of policies, the Purchase Price payable shall be accepted by cheques/drafts
payable on the Branch of the Bank which is member of the Local / CTS/ Speed Clearing Center.

The minimum and maximum Purchase Price under different modes of pension will be as under:

Mode of Pension Minimum Purchase Price Maximum Purchase Price

Yearly                                       Rs. 1,44,578/— Rs. 7,22,892/—
Half-yearly                                Rs. 1,47,601/— Rs. 7,38,007/—
Quarterly                                  Rs. 1,49,068/— Rs. 7,45,342/—
Monthly                                    Rs. 1,50,000/— Rs. 7,50,000/—

The purchase price shall be rounded off to the nearest rupee.

Rebates:

No rebate (including CEIS rebate) is available under this Pradhan Mantri Vaya Vandana Yojana.

Taxes:

Statutory Taxes, if any, imposed on this Plan by the Government of India or any other
constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable
from time to time.

Surrender Value:

The scheme allows premature exit during the policy term under exceptional circumstances like
the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse.
The Surrender Value payable in such cases shall be 98% of Purchase Price.

Loan:

Loan facility is available after completion of 3 policy years. The maximum loan that can be
granted shall be 75% of the Purchase Price.

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

Loan interest will be recovered from pension amount payable under the policy. The Loan
interest will accrue as per the frequency of pension payment under the policy and it will be due
on the due date of pension. However, the loan outstanding shall be recovered from the claim
proceeds at the time of exit.

Suicide Clause: 

There shall be no exclusion on count of suicide and full Purchase Price shall be payable.

Free Look Period :

If a policyholder is not satisfied with the "Terms and Conditions” of the policy, he/she may return
the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the
date of receipt of the policy.

The amount to be refunded within free look period shall be the Purchase Price deposited by the
policyholder after deducting the charges for Stamp duty and pension paid, if any.

Policy stamping :

Policy stamping charges will be at the rate of 20 paisa per thousand of Purchase Price under
this Plan.

Reinsurance:

No reinsurance is required for policies taken under Pradhan Mantri Vaya Vandana Yojana plan.

Assignments/Nominations

Assignment as per section 38 of the insurance Act, 1938 as amended from time to time shall be

allowed in favour of HO of india only, if pensioner opts for loan under the policy.

Nomination by the pensioner is required as per Section 39 of the insurance Act, 1938, as
amended from time to time.

The notice of nomination or change of nomination should be submitted for registration to the
office of the Corporation, where the policy is serviced. In registering nomination the Corporation
does not accept any responsibility or express any opinion as to its validity or legal effect.

Pradhan Mantri Vaya Vandana Yojana - Proposal Form 842

Normal requirements for claim:

All the claim payments under this plan shall be paid through NEFT/ Aadhaar Enabled Payment
System. Other requirements are as under:

For benefit payable on death of the Pensioner:

The normal documents which the claimant shall submit while lodging the claim in case of death
of the Pensioner shall be claim forms, as prescribed by the Corporation, accompanied with
original policy document, proof of title, proof of death, to the satisfaction of the Corporation. if

the age is not admitted under the policy, the proof of age of the Pensioner shall also be
submitted.

For pension payments:

The Pensioner shall submit the Life Certificate in the proforma of the Corporation or online
“Jeevan Pramaan” as enabled by Corporation in this regard at the time intervals as prescribed
from time to time. The pension payments shall be released only on receipt of the Life Certificate.

For benefit payable on Surrender:

The Pensioner shall submit the discharge form along with the original policy document, proof of
medical treatment of self/spouse and proof of age, if the age is not admitted earlier.

For benefit payable on Maturity:

The Pensioner shall submit the discharge form along with the original policy document and
proof of age, if the age is not admitted earlier.

Other Plans :  LIC JEEVAN Akshay VI Table No 189 , LIC New Jeevan Anand Plan Table No - 815, LIC New Endowment Plan Table No - 814

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189

LIC Pension Plans - Jeevan Akshay VI Table No 189 Comparison with SBI

Pension Plans - Jeevan Akshay VI Table No 189

Introduction:                                                                                    

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

·  Type of Annuity:

o Annuity payable for life at a uniform rate.

o Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

o Annuity for life with return of purchase price on death of the annuitant.

o Annuity payable for life increasing at a simple rate of 3% p.a.

o Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

o Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

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

Salient features:

o Premium is to be paid in a lump sum.

o Minimum purchase price :

§ Rs.100, 000/- for all distribution channels except online.

§ Rs.150, 000/- for on line sale.

o No medical examination is required under the plan.

o No maximum limits for purchase price, annuity etc.

o Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).

o Age proof necessary.

Annuity Rate:

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

Age last birthday	Yearly annuity amount under option
	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30	6750	6730	6430	4870	6640	6530	6410
40	7080	7020	6470	5230	6870	6680	6430
50	7710	7530	6520	5900	7330	6990	6470
60	8930	8390	6600	7140	8220	7620	6530
70	11650	9460	6730	9820	10130	8970	6620
80	17410	10080	6920	15440	14170	11940	6760

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Incentives for high purchase price:

For purchase price of Rs. 2.50 lakh or more, higher amount of annuity/ pension due to available incentives shall be paid.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

Cooling-off period:

If you are not satisfied with the? Terms and Conditions? Of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 of Insurance Act 1938:

o No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of Insurance Act 1938:

o No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

o Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies:

1.    Under option (i) annuity ceases.

2.    Under option (ii)
On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
On death after the guaranteed period - annuity ceases.

3.    Under option (iii) annuity ceases and the purchase price is paid to the nominee.

4.    Under option (iv) annuity ceases.

5.    Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

6.    Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

7.    Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

TAX Benefit:

The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.

Persons who have invested in this plan during the financial year 2007-08 or subsequently (relevant assessment year being 2008-09 and subsequent assessment years till now) will be eligible for deduction of the amount invested from their total income chargeable to income tax. The benefit will, however, be limited to the overall ceiling of Rs.1, 50,000 available for deductions under section 80C.

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Jeevan Akshay VI Table No 189 Return Rate

Jeevan Akshay Proposal Form number 440:

Varishtha Pension Bima Yojana Senior Citizens Plan 828

Lic Varishtha Pension Bima Yojana for Senior Citizens Plan 828 Details 

Maximum Limit of Investment under Pradhan Mantri Vaya Vandana Yojana is Rs. 15 lakhs per senior citizen as against the existing limit of Rs. 7.5  lakhs per family and extended the period  up to 31 March, 2020.

• Available to citizens aged 60 years and above. No maximum age limit.

• Pension would be on immediate annuity basis in monthly, quarterly, half-yearly or annual mode, varying, respectively, between Rs. 500 to 5000 (monthly), Rs. 1500 to 15,000 (quarterly), Rs. 3000 to Rs. 30,000 (half-yearly) and from Rs. 6,000 to Rs. 60,000 (annually), depending on the amount subscribed and the option exercised.

• The payout implies an assured return of 9% on monthly payment basis, which amounts to an annualized return of 9.38%. 

• Loan (up to 75% of subscribed amount) can be availed after 3 years from the Date of Commencement. Present interest rate is 9% compounded half yearly.

• On death, the full purchase price will be refunded to nominee. 

• Exit/surrender would be allowed after 15 years or earlier in special circumstances like critical / terminal illness of self or spouse.

• Payment will be through ECS or NEFT. 

Rebate: 

No Rebate is available under this plan.

Taxes: 

As per Tax laws, Taxes including service tax is applicable. Present year tax rate is 3.09 %. Policyholder has to pay the tax amount also while taking the policy. Tax amount which you pay on the purchase price is not considered for calculation of pension.

Surrender value:

The Varishtha Pension plan can be surrendered after 15 years. The surrender value payable is 100% Purchase Price means what we invested will be returned back if we want to withdraw after 15 years.

If any medical emergency exists for self or spouse then pension plan can be surrendered under exceptional circumstances, 98% of the purchase Price will be refunded back to the customer.

Pension Payable: 

Pension in the form of Annuity is payable to the pensioner during the life time of the pensioner as per the mode (yearly, half yearly, quarterly, monthly)  chosen by the pensioner.

Death Benefits: 

If Death Occurs, Nominee gets invested amount.

Suicide clause:  Not applicable

Locking period: 15 days. Policy Holder can return the policy if not satisfied with policy terms and conditions.

Assignments and Nominations: Possible

80C or 10(10D) tax benefits - Investment under this scheme does not qualify for any tax deduction under section 80C or 80CCD. Moreover, the pension income is taxable as per the tax slab of the pensioner.

Free Look Period - If you are not satisfied with the terms and conditions of this scheme, you may ask for a refund of your investment amount within 15 days from the date of receipt of the policy stating the reason of objections. The amount to be refunded within free look period will be the investment amount deposited by the investor less the stamp duty charges.

Premature Surrender - The policy can be surrendered after completion of 15 years. The investor will get the investment amount in full as the surrender value after 15 years. However, under exceptional circumstances, if the pensioner requires money for the treatment of any critical/terminal illness of self or spouse, then the policy can be surrendered before the completion of 15 years and the surrender value payable will be 98% of the investment amount.

Unfortunate Event - On death of the pensioner, the investment amount will be refunded in full to the nominee of the pensioner. However, as only the invested amount is refunded, there is no special insurance benefit available with this scheme.

Service Tax Exemption on VPBY Effective April 1, 2015

What I understand from the info available publicly, it will be effective April 1, 2015. If it is correct, what about all those investors who have invested in this scheme till date? I think they will definitely stand disappointed and rightly so. I think they should also be provided such benefit right from their date of investment. The government should once again think about it.

As far as investment in this scheme is concerned, I think service tax exemption has made this scheme a little more attractive as compared to fixed deposits or other small saving schemes. You can consider this scheme if you want a super safe investment avenue with reasonably high returns for yourself.

Lic Varishtha Pension Bima Yojana Table No 827 Chart including 3.09 % Tax

Lic Varishtha Pension Bima Yojana Table No 827 Form

LIC New Jeevan Anand Policy Table No 815 Details

LIC Jeevan Anand Policy Table 815 Details

LIC New Jeevan Anand(815) Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump sum at the end of the selected policy term in case of his or her survival.

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 Annual Premium. (10 x AP).

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

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

Particulars	Jeevan Anand Plan No. 149		New Jeevan Anand Plan No. 815
Age at entry	18 to 65 years		18 to 50 years
Age at Maturity	Maximum  75 years		Maximum 75 Years
Policy Term / Premium Paying Term	5 to 57 years		15 to 35 years
Premium mode	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)		Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured	100000 and above		100000 and above ( In multiples of 5000)
Mode		Rebate
		Plan 149		Plan No. 815
Yearly		3% of tabular Premium		2% of tabular premium
Half-yearly		1.5% of tabular premium		1% of tabular premium
Quarterly		Nil		Nil

Plan No 149 Jeevan Anand		Plan No. 815 New Jeevan Anand
Basic Sum Assured	Rebate (Rs.)	Basic Sum Assured	Rebate (Rs.)
10,00,000 and above	1.75‰ BSA	10,00,000 and above	3.00‰ BSA
5,00,000 to 9,95,000	1.50‰ BSA	5,00,000 to 9,95,000	2.50‰ BSA
3,00,000 to 4,95,000	1.00‰ BSA	2,00,000 to 4,95,000	1.50‰
1,00,000 to 2,95,000	Nil	1,00,000 to 1,95,000	Nil

Jeevan Anand Plan No. 149	New Jeevan Anand Plan No.815
Available after payment of 3 full year’s premiums.	Available after payment of 3 full year’s premiums.
Loan granted shall be 90% of the Surrender Value in case of in force policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term.	The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below.
Foreclosure action was initiated on default of 2 or more half-yearly loan interest installments.	Foreclosure action shall not be taken under fully paid-up and in force policies even if there is a default of loan interest.

Policy Term	Upto 23	24 to 27	28 to 31	32 to 35
% for in force policies	90%	80%	70%	60%
% for Paid-up policies	80%	70%	60%	50%

Plan No.149	New Jeevan Ananad Plan No. 815
Guaranteed Surrender Value (GSV)	Guaranteed Surrender Value (GSV)
Available after payment of 3 full years’ premiums.	Available after payment of 3 full years’ premiums.
GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.	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. Examples of GSV factors applicable for total  premiums paid Policy Year ~ GSV factor          3   =   30%          5   =   50%        t -1  =   80% (t=Policy Term)
Cash Value of vested bonuses, if any.	GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors – Year of SV – Policy Term – Factor        3                  15                  17.66%                   19                 25                  20.85%       29                 30                  30%

Jeevan Anand Plan No. 149	New Jeevan Ananad Plan 815
Special Surrender Value (SSV)	Special Surrender Value (SSV)
Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.	Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
The discount factors shall be surrender value factors as provided in Table-1A and 2A (whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.	The discount factors shall be Special surrender value factors as provided in Table-1A and 2A (Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Surrender Value Payable	Surrender Value payable
The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.	The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

Jeevan  Anand Plan No. 149	New Jeevan Anand Plan No. 815
A  Policy may be revived within a period of 5 years from the date of first unpaid premium.	A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
Accident Benefit inbuilt.	Accident Benefit as a rider.
Taxes, if any, were borne by the corporation.	Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

LIC Jeevan Anand 815 Policy Benefits: 

Death benefit : 

Provided all due premiums have been paid, the following death benefit shall be paid:

On Death during the policy term: 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 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death. 

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

On death of policyholder at any time after policy term: Basic Sum Assured

Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

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 during policy term provided the policy is in full force.

Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.

Optional Benefit: 

LIC'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 during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments 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.

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Loan :

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.

Income Tax Benefit :

Premium paid under this plan is eligible for TAX rebate under section 80c.
Maturity amount under this plan is free under sec 10(10D).

Proposal Form : 300 shall be used under this plan.

There shall be no change in the following Items

Back Dating

Grace Period

Paid-up Value

Assignment/Nomination

You can buy this as a LIC pension plan with single maturity or multiple maturities.

Lic New Jeevan Anand Plan Table No 815 

  LIC New Jeevan Anand Plan Table No 815 Illustration

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LIC Endowment Plan 814 Features & Details

LIC's Endowment Plan 814 is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Benefits:

Death benefit:

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 Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Where premiums exclude service tax, extra premium and rider premiums, if any.

LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 12 YEARS

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 12 years
Policy / Maturity Term           : 12 years
Bonus Rate (2016)                 : 38 per 1000

Maturity Benefit:

Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

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 may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

Optional Benefit:

LIC’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. In case of accidental death, the Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments 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.

‘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 ~ Basic Sum Assured (BSA) OR 10 times Annualized Premium. (10 x AP). [*The premiums mentioned in death benefit are excluding taxes, extra premiums and premiums for riders, if any]

Lic Endowment Plan Eligibility Conditions and Restrictions

·         Age at entry – 8 to 55 years

·         Age at Maturity – Maximum 75 Years

·         Policy Term – 12 to 35 years

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

·        Minimum Basic Sum Assured – 100000 and above
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
·        Maximum Sum Assured – No Limit

LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 21 YEARS

Above Illustration is for

Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 21 years
Policy / Maturity Term           : 21 years
Bonus Rate (2016)                 : 48 per 1000

Accidental Death and Disability Benefit Rider

 1. Minimum Accident Benefit Sum Assured : Rs. 100,000
 2. Maximum Accident Benefit Sum Assured :
An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built 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. 5000/-)
1.Minimum Age at entry : 18 years (completed)
2.Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
3.Maximum cover ceasing age : 70 years (nearest birthday)

Loan Benefit

Available after payment of 3 full years’ premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term.

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

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.

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 –

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

Year of SV – Policy Term – Factor

3                  12                  18.60%

19                 25                  20.85%

29                 30                  30%

(In multiples of 5000)

Special Surrender Value (SSV)

The discount factors shall be 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.

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

LIC ENDOWMENT PLAN 814 MATURITY ILLUSTRATION 35 YEARS

Above Illustration is for LIC New Endowment Plan
Age                                      : 30 years
Sum Assured                       : 5,00,000 (5 Lacs)
Premium Paying Term          : 35 years
Policy / Maturity Term           : 35 years
Bonus Rate (2016)                 : 48 per 1000

LIC’s New Endowment Plan – Changes over Table No.14

1.       Sum Assured on Death’ has been defined separately

2.       Age at entry has been reduced.

3.       Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term.

4.       GSV percentage shall also depend on policy term and year of Surrender

5.       Rebates for high SA and premium mode modified.

LIC New Single premium Endowment Plan 817-2014 

LIC New Endowment Plan Table No 814 Premium Chart

You can buy this as a LIC Pension Plan with single maturity or multiple maturities.

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