LIC's Komal Jeevan

Product Summary


This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above policy has been introduced to provide the best education which can be very expensive for the proposer's children. The payment of premium ceases on policy anniversary immediately after the child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26. Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs. From the commencement of the policy, whichever is later.
Policy as a gift:

The close relation such as grandparents, elder brothers or sister, uncles both from paternal or maternal side can gift single premium policy for love and affection under this plan, in such cases also, the policy will be proposed by father, mother or legal guardian. No medical examination is required for the child
Premium waiver benefit: Premium waiver benefit can be availed by the proposer under this plan for which addition premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting requirements like production of proposer's standard age proof and medical exam. Of the proposer is must.

Term rider benefit: term rider benefit can be availed by the proposer to the extent of 20% of the basic S.A. under the policy not exceeding Rs.100000/- the benefit will be payable in case the proposer dies before the policy anniversary on which the child completes 18 years.

Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal underwriting
requirements.

Eligibilities:

• Age at entry: Min.0 yrs. LBD Max.10 yrs LBD
• Maturity age: 26 yrs. LBD
• PPT: Min. 8 yrs. Max.18 yrs
• Sum assured: min. 1Lac Max. 25Lac
• S.A. in multiples: 25,000
• Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium
• Accidents benefit: N.A.
• Policy loan: N.A.
• Housing loan: N.A.
• Revival: yes
• Surrender of policy: yes
• Term rider: yes

Underwriting

• Form no: 360
• Age proof: Child 5 yrs. and above: school certificate
• If not 5yrs. and above: Birth certificate with parent joint declaration
• Female lives category: I/II
• Non-medical: Not required for L.A.
• When PWB + TRB is: Medical exam. Is necessary with
• Opted by the proposer, Standard age proof and form no.300
• Actual sum assured: Basic SA
• Risk coverage: SA+GA+LA
• Dating back @ 8%: Allowed

Benefits:

Maturity benefit: at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of age 22 & 24 yrs. 30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Example:

Mr. Rama Rao aged 32 yrs. takes a komal jeevan policy for his daughter akanksha aged 4 years for Rs.2 Lac S.A. with PWB and TRB. Risk cover of baby akanksha starts from the policy anniversary after completion of 7th year.

Aksha will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000 respectively finally, at the age of 26 years she will get Rs.3,30,000 as Guaranteed Addition @ 75/- per thousand + loyally addition, if any if aksha dies after commencement of the risk i.e. 7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand S.A+ L.A , if any, will be given to the nominee without deducting earlier paid installments.

For Insurance with LIC of India need Call 9985775558, or Email: gs.licadvisor@gmail.com

Jeevan Saral Brochure

New Bima Gold

Product summary:

LIC has introdue New Bima Gold (Plan No. 179) with effect from 4th September, 2006. It is a plan where premiums paid over the term of plan are paid back during the policy term in instalments at specified duration in case of survival of life assured and life insurance cover is available not only during the term but also during the extended term of the plan.

Extended term:
The extended term will be half of the policy term and shall commence immediately on the expiry of the term. For example for a 16 years policy term; the extended term will be 8 years with the result the total term will be 24 years. No premium are payable during the extended term of the plan.

Benefits:

Death benefit:
During the policy term: payment of amount equal to sum assured under the basic plan on death of the life assured during the policy term
During the extended term: payment of an amount equal to 50% of sum assured under the basic plan on death of the life assured during the extended term provided all the premium under the policy have been paid.
Survival benefit:

In case the life assured is surviving to the end of the specified durations, the following benefit shall be payable:
For policy term 12 years: 15% of the sum assured under basic plan at the end of each 4th policy year.
For policy term 16 tears: 15% of the sum assured under basic plan at the end of each 4th, 8th 12th policy year.

On expiry of policy term:
Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus loyalty addition, if any less the amount of survival benefit paid earlier.

Loyalty addition:
This is a with-profit plan and the policy shall participate in the profits corporation's with-profits assurance business. The policy shall however, be eligible to a share of profit in the form of loyalty addition (on time) only payable on expiry of policy term. On the life assured surviving the stipulated date of expiry of policy term, the policy may be eligible for payment of loyalty addition, if any; depending upon the experience of the corporation at such rate and on such term as may be declared by the corporation.

Auto cover:
If at least two full year's premium has been paid in respect of this policy, any subsequent premium is not duly paid, full death cover shall continue for a period of two years from the date of first unpaid premium (FUP). This period of 2 during the auto-cover period, one or more installments of premiums can be paid along with interest without considering continued of the life assured.

Paid-up & surrender values (GSV, SSV):
If after at least full year's premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years auto cover period from the due date of fist unpaid premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/ optional premium) less the survival benefit paid earlier, if any. This amount shall be called as paid up value. This policy, thereafter, shall be payable on the date of expiry of the policy term or at life assureds prior death. No survival benefit shall be free from all liabilities for payment of the within mentioned premiums.

The guaranteed surrender value shall be available after completion of at least three policy years and at least full years' premiums have been paid. The guaranteed surrender value is equal to 30 percent of the total amount of premium paid for accident benefit rider and the amount of survival benefit paid earlier.

Example:
Mr. Rama Rao, aged 30 years opts for New Bima Gold (T. No.179) for 2lac S.A, paying an annual premium of Rs.7363/- for 20 years period. He receives Rs.20,000 each at the end of 4,8,12 and 16 years.

On maturity the net amount payable will be total premium paid - paid up survival benefit + loyalty addition, if any i.e. 7363 x 20 - 20,000 x 4 = 1,47,260 + loyalty addition, if any,

He will also enjoy the extended term of 10 years i.e. the term will be 20+10 = 30 years. But if Mr. Rama Rao dies after 12 years, his nominee will receive Rs.2lac without deducting the survival benefit paid to Mr. Rama Rao.

LIC's The Whole Life Policy

Product Summary:

LIC's The Whole Life Policy (Table No.-2) is a whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured. This is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.


Eligibilities:

• Minimum Age at Entry- 15 years
• Maximum Age at Entry- 60 years
• Maximum Maturity Age- 80 years
• Minimum Sum Assured- Rs. 50,000
• Maximum Sum Assured- No Limit
• Sum Assured (In Multiple)- Rs. 5000
• Mode of Premium Payment: Yearly, Half-yearly, Quarterly, monthly or through Salary deductions (SSS).

Suitable For:

This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.

Benefits:

1. Bonuses- This 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 a policy has run for certain minimum period.
2. Death Benefit- The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.
3. Maturity Benefit- This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age.
4. Surrender- The policy may be surrendered after it has been in force for 3 years or more.