Showing posts with label Short Term Plan. Show all posts
Showing posts with label Short Term Plan. Show all posts
Thursday, April 2, 2015
Friday, January 3, 2014
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.
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 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
Tuesday, July 2, 2013
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.
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.
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 :
|
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Friday, May 17, 2013
LIC's Jeevan Mitha (Triple Benefit) Features & Details
What does LIC's Jeevan Mitra (Triple Cover) Offer you?
Sum Insured + Bonus Accrued For the Policy Term chosen, on your surviving the premium payment term you have chosen (15 to 30 years), 3 times the basic sum Insured + Bonus accrued on the basic sum insured in case you do not outlive the premium payment term you have chosen ( 15 to 30 years)
4 times the basic sum insured in case death is due to accident against a little extra, Waiver of further premium payable + Basic Sum Insured spread over in the form of an Annuity for next 10 years + All other Maturity benefits in case of Total and Permanent Disability due to Accident, Loan against surrender value at 9.00% per annum simple interest,
Why Should You Invest On LIC's Jeevan Mitra (Triple Benefit)?
Financial security available to your nominee in your absence during the currency of the plan is maximum, Maturity Benefit available should you outlive the PPT you have chosen is quite impressive, Premium paid qualifies for Section 80 C benefit within the overall limit of Rs 1 Lakh per annum allowed for various savings, Policy proceeds received by you on surviving the PPT chosen are free from income-tax under section 10(10D) of the I.T Act.
Policy loans available under the plan offer you additional investment facilities without effecting any of the policy privileges, Most ideal as a collateral security while drawing housing or any capital loans in view of the high security it offers.
These are some of the prominent reasons why you should invest on LIC's Jeevan Mitra (Triple Benefit) as much as you can.
How long you need to Invest on LIC's Jeevan Mitra (Triple Benefit)?
15 to 30 years ceasing at death, if it occurs early.
What are the Modes of Investment available under LIC's Jeevan Mitra (Triple Benefit)?
Yearly, Half-yearly or Quarterly or Monthly.
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LIC's Bima Account -1 Features & Plan Details
What does LIC's Bima Account - 1 Offer you?
Balance in your Account ( Total investment in regular
premium account + Total investment in top up premium account - expenses) on
surviving the policy term you have chosen (5 to 7 years),
Sum Insured + Balance in your account ( Total
investment in regular premium account till the day of death + Total investment
in top up premium account till day of death - expenses till the day
of death) in case you do not survive the policy term chosen ( 5 to 7
years)
Guaranteed Interest at 6% per annum on the balance in
your account,
Possibility of enhanced interest on the premium account
portion of the policy account,
Loan against surrender value at 9.00% per annum simple
interest after 1 year from the commencement,
Facility for topping up the premium with additional
amount.
Why Should You Invest On LIC's Bima Account-1?
It is a short term plan of 5 to 7 years.
You are assured of a minimum 6% per annum on the
balance in your account. In addition, there is a possibility of higher returns
on your premium account. But in reality, you are earning more every year,
since, more and more amount out of your gross investment is getting
transferred to your policy account with reduction in charges towards expenses.
Coupled with Section 80C benefit subject to a overall limit of Rs 1 Lakh
per annum allowed for various savings and full I.T exemption on the claim
amount you receive under section 10(10D) of the I.T Act, you will
observe Bima Account 1 as one of the most lucrative investment
options you love to explore.
The plan offers quite an impressive life insurance coverage
right from day one till day last. In addition, entire balance in the policy account
is returned in such an event marking the uniqueness of the plan!
Policy loans available under the plan offer you
additional investment facilities without affecting any of the policy
privileges.
These are some of the prominent reasons why you should invest
on LIC's Bima Account-1) as much as
you can.
How long you need to Invest on LIC's Bima Account-1?
How long you need to Invest on LIC's Bima Account-1?
5 to 7 years ceasing at death, if it occurs early.
What are the Modes of Investment available under LIC's
Bima Account-1?
Yearly, Half-yearly or Quarterly or Monthly.
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LIC's Bima Account -2 Features & Plan Details
What does LIC's Bima Account - 2 Offer you?
Balance in your Account ( Total investment in regular
premium account + Total investment in top up premium account - expenses) on
surviving the policy term you have chosen (10 to 15 years),
Sum Insured + Balance in your account ( Total
investment in regular premium account till the day of death + Total investment
in top up premium account till day of death - expenses till the day
of death) in case you do not survive the policy term chosen ( 10 to 15
years)
Guaranteed Interest at 6% per annum on the balance in
your account,
Possibility of enhanced interest on the premium account
portion of the policy account,
Loan against surrender value at 9.00% per annum simple
interest after 1 year from the commencement,
Facility for topping up the premium with additional
amount.
Why Should You Invest On LIC's Bima Account-2?
It is a short term plan of 10 to 15 years.
You are assured of a minimum 6% per annum on the
balance in your account. In addition, there is a possibility of higher returns
on your premium account. But in reality, you are earning more every year,
since, more and more amount out of your gross investment is getting
transferred to your policy account with reduction in charges towards expenses.
Coupled with Section 80C benefit subject to a overall limit of Rs 1 Lakh
per annum allowed for various savings and full I.T exemption on the claim
amount you receive under section 10(10D) of the I.T Act, you will
observe Bima Account 2 as one of the most lucrative investment
options you love to explore.
The plan offers quite an impressive life insurance coverage
right from day one till day last. In addition, entire balance in the policy
account is returned in such an event marking the uniqueness of the plan!
Policy loans available under the plan offer you
additional investment facilities without affecting any of the policy
privileges.
These are some of the prominent reasons why you should
invest on LIC's Bima Account-2) as
much as you can.
How long you need to Invest on LIC's Bima Account-2?
How long you need to Invest on LIC's Bima Account-2?
10 to 15 years ceasing at death, if it occurs early.
What are the Modes of Investment available under LIC's
Bima Account-2?
Yearly, Half-yearly or Quarterly or Monthly.
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