LIC Insurance Plans
Komal Jeevan
Features:-
Product summary:
This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.
Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in one lump sum (Single premium).
Guaranteed Additions:
The policy provides for theGuaranteed Additions at the rate of Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.
Loyalty Additions:
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 loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.
Benefits:-
Survival Benefit:
The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations:
| On the policy anniversary immediately following the Life assured attains the age of | % of Sum Assured |
| 18 years | 20% |
| 20 years | 20% |
| 22 years | 30% |
| 24 years | 30% |
Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.
Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to the end of the policy term.
Premium Waiver Benefit:
This is an optional benefit that can be added to your basic plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender value is available on 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 before the date of commencement of risk is 90% of the premiums paid excluding the premiums paid during the first year and any extra premium paid. After the date of commencement of risk, the Guaranteed Surrender Value is 90% of the premiums paid before the date of commencement of risk excluding the premiums paid during the first year and any extra premium paid plus 30% of the premiums paid after the date of commencement of risk.
Corporation's policy on surrenders:
In practice, the company will pay a Special Surrender Value - which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy at the date of surrender. 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 payable 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:-
Statutory warning:
"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance."
Illustration 1
Age at entry: 0 years
Premium Paying Term: 1 Year
Single Premium: Rs. 73,980/-
Policy Term: 26 years
Sum Assured: Rs. 1,00,000/-
Year
|
Total
Premiums Paid Till End Of Year
|
Benefit
on Death during the year (Rs.) |
||||
Guaranteed |
Variable |
Total |
||||
Scenario |
Scenario |
Scenario |
Scenario |
|||
1 |
73980 |
73980 |
0 |
0 |
73980 |
73980 |
2 |
73980 |
73980 |
0 |
0 |
73980 |
73980 |
3 |
73980 |
73980 |
0 |
0 |
73980 |
73980 |
4 |
73980 |
73980 |
0 |
0 |
73980 |
73980 |
5 |
73980 |
73980 |
0 |
0 |
73980 |
73980 |
6 |
73980 |
73980 |
0 |
0 |
73980 |
73980 |
7 |
73980 |
145000 |
0 |
12000 |
145000 |
157000 |
8 |
73980 |
152500 |
0 |
16000 |
152500 |
168500 |
9 |
73980 |
160000 |
0 |
21000 |
160000 |
181000 |
10 |
73980 |
167500 |
0 |
26000 |
167500 |
193500 |
15 |
73980 |
205000 |
0 |
67000 |
205000 |
272000 |
20 |
73980 |
242500 |
0 |
128000 |
242500 |
370500 |
| 26 | 73980 |
287500 | 0 |
277000 |
287500 |
564500 |
| End of year | Benefit on Survival / Maturity at the end of Year | |||||
| Guaranteed | Variable | Total | ||||
| Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
18 |
20000 | 0 | 0 | 20000 | 20000 | |
20 |
20000 | 0 | 0 | 20000 | 20000 | |
22 |
30000 | 0 | 0 | 30000 | 30000 | |
24 |
30000 | 0 | 0 | 30000 | 30000 | |
26 |
195000 | 0 | 277000 | 195000 | 472000 | |
Illustration 2
Age at entry: 0 years
Premium Paying Term: 18 Years Annual
Premium: Rs. 7281/-
Policy Term: 26 Years
Sum Assured: Rs. 1,00,000 /-
Year |
Total
premiums paid till end of year |
Benefit
on Death during the year (Rs.) |
||||
Guaranteed |
Variable |
Total |
||||
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
1 |
7281 |
7281 |
0 |
0 |
7281 |
7281 |
2 |
14562 |
14562 |
0 |
0 |
14562 |
14562 |
3 |
21843 |
21843 |
0 |
0 |
21843 |
21843 |
4 |
29124 |
29124 |
0 |
0 |
29124 |
29124 |
5 |
36405 |
36405 |
0 |
0 |
36405 |
36405 |
6 |
43686 |
43686 |
0 |
0 |
43686 |
43686 |
7 |
50967 |
145000 |
0 |
3000 |
145000 |
148000 |
8 |
58248 |
152500 |
0 |
5000 |
152500 |
157500 |
9 |
65529 |
160000 |
0 |
8000 |
160000 |
168000 |
10 |
72810 |
167500 |
0 |
11000 |
167500 |
178500 |
15 |
109215 |
205000 |
0 |
43000 |
205000 |
248000 |
20 |
131058 |
227500 |
0 |
71000 |
227500 |
298500 |
26 |
131058 |
242500 |
0 |
91000 |
242500 |
333500 |
| End of year | Benefit on Survival / Maturity at the end of Year | |||||
| Guaranteed | Variable | Total | ||||
| Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
18 |
20000 | 0 | 0 | 20000 | 20000 | |
20 |
20000 | 0 | 0 | 20000 | 20000 | |
22 |
30000 | 0 | 0 | 30000 | 30000 | |
24 |
30000 | 0 | 0 | 30000 | 30000 | |
26 |
195000 | 0 | 176000 | 195000 | 371000 | |
(i) This illustration is applicable to
a non-smoker male/female standard (from
medical, life style and occupation point
of view) life.
(ii) The non-guaranteed benefits (1) and
(2) in above illustration are calculated
so that they are consistent with the Projected
Investment Rate of Return assumption of
6% p.a.(Scenario 1) and 10% p.a. (Scenario
2) respectively. In other words, in preparing
this benefit illustration, it is assumed
that the Projected Investment Rate of
Return that LICI will be able to earn
throughout the term of the policy will
be 6% p.a. or 10% p.a., as the case may
be. The Projected Investment Rate of Return
is not guaranteed.
(iii) The main objective of the illustration
is that the client is able to appreciate
the features of the product and the flow
of benefits in different circumstances
with some level of quantification.
Jeevan Chhaya
Features:-
Product summary:
This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the earlier death.
Bonuses:
This is a with-profits plan and participates in the profits of the Corporation's life insurance business. It gets a share of 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. Bonuses for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Benefits:-
Benefits on death/survival:
One fourth of the sum assured is payable at the end of each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last instalment. These benefits are payable whether the life assured survives the policy term or dies during the term of policy. Further, on death during the policy term, an amount equal to Sum Assured is also payable immediately.
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 on 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 and the fixed benefit already paid.
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 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:-
Statutory
Warning:
"Some benefits are guaranteed and
some benefits are variable with returns
based on the future performance of your
insurer carrying on life insurance business.
If your policy offers guaranteed returns
then these will be clearly marked "guaranteed"
in the illustration table on this page.
If your policy offers variable returns
then the illustrations on this page will
show two different rates of assumed future
investment returns. These assumed rates
of return are not guaranteed and they
are not the upper or lower limits of what
you might get back as the value of your
policy is dependent on a number of factors
including future investment performance."
Illustration
1 (Table 103)
Age
at entry: 35 Years
Policy Term: 25 Years
Mode of premium payment: Yearly
Sum Assured: Rs. 1,00,000 /-
Annual Premium: Rs. 4653 /-
|
End
of year |
Total
premiums paid till end of year |
Benefit
on death during the year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
4653 |
100000 |
0 |
0 |
100000 |
100000 |
| 2 |
9306 |
100000 |
0 |
0 |
100000 |
100000 |
| 3 |
13959 |
100000 |
0 |
0 |
100000 |
100000 |
| 4 |
18612 |
100000 |
0 |
0 |
100000 |
100000 |
| 5 |
23265 |
100000 |
0 |
0 |
100000 |
100000 |
| 6 |
27918 |
100000 |
0 |
0 |
100000 |
100000 |
| 7 |
32571 |
100000 |
0 |
0 |
100000 |
100000 |
| 8 |
37224 |
100000 |
0 |
0 |
100000 |
100000 |
| 9 |
41877 |
100000 |
0 |
0 |
100000 |
100000 |
| 10 |
46530 |
100000 |
0 |
0 |
100000 |
100000 |
| 15 |
69795 |
100000 |
0 |
0 |
100000 |
100000 |
| 20 |
93060 |
100000 |
0 |
0 |
100000 |
100000 |
| 25 |
116325 |
100000 |
0 |
0 |
100000 |
100000 |
In addition,
| Year |
Total
Premiums paid till end of year |
Benefit payable on death/survival upto the end of policy term | ||||
| Guaranteed |
Variable |
Total | ||||
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario 2 | |||
| 22 |
102366 |
25,000 |
0 |
0 |
25,000 |
25,000 |
| 23 |
107019 |
25,000 |
0 |
0 |
25,000 |
25,000 |
| 24 |
111672 |
25,000 |
0 |
0 |
25,000 |
25,000 |
| 25 |
116325 |
25,000 |
69,500 |
182,500 |
94,500 |
207,500 |
(i) This illustration is applicable to
a non-smoker male/female standard (from
medical and life style point of view)
life.
(ii) The non-guaranteed benefits (1) and
(2) in above illustration are calculated
so that they are consistent with the Projected
Investment Rate of Return assumption of
6% p.a.(Scenario 1) and 10% p.a. (Scenario
2) respectively. In other words, in preparing
this benefit illustration, it is assumed
that the Projected Investment Rate of
Return that LICI will be able to earn
throughout the term of the policy will be 6% p.a. or 10% p.a.,
as the case may be.The Projected Investment
Rate of Return is not guaranteed.
(iii) The main objective of the illustration
is that the client is able to appreciate
the features of the product and the flow
of benefits in different circumstances
with some level of quantification.
(iv) Future bonuses will depend on future
profits and as such is not guaranteed.
However, once bonus is declared in any
year and added to the policy, the bonus
so added is guaranteed.
The Endowment Assurance Policy
Features:-
- Moderate Premiums
- High bonus
- High liquidity
- Savings oriented.
Premiums are usually payable for the selected term of years or until death if it occurs during the term period.
Suitable For:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.
Disability Benefit:
In case policy holder becomes totally and permanently disabled due to an accident before reaching the age of 70 and the policy is in full force, he will not be required to pay further premiums, (the Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and the policy will continue to be in force.
Accident Benefit:
By paying a small extra premium of Rs.1 per Rs.1000/- sum assured per year he or his family are entitled to the following benefits on death or permanent disability caused by accident. Even students above the age of 18 years can avail of this benefit.
Premium Stoppage:
If payment of premiums ceases after at least THREE years' premiums have been paid , a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.
Bonus:
Is there anything extra payable besides the sum assured at the time of claim settlement? Yes, but only if it is a 'with profits' policy. Every year the Life Insurance Corporation distributes its surplus among policyholder to 'with profits' polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.
Benefits
This is the most popular form of life
assurance since it not only makes provision
for the family of the Life Assured in
the event of his early death, but also
assures a lump sum at any desired age.
The amount assured, if not paid by reason
of his earlier death, becomes payable
at the end of the endowment term when
it may be invested to provide an annuity
during the remainder of his life or in
any other way he may think most suitable
at the time.
Suitable
For:
Being an endowment assurance policy, this
plan is apt for people of of all ages
and social groups who wish to protect
their families from a financial setback
that may occur owing to their demise.
The amount assured if not paid by reason
of his death earlier will payable at the
end of the endowment term where it can
be invested in an annuity provision for
the rest of the policyholder's life or
in any other way he may think most suitable
at that time.
Plan Parameters
| Minimum |
Maximum |
|
|
Entry Age |
12 |
65 |
|
Sum Assured
(Rs.) |
50000 |
NO
LIMIT |
|
Term (years) |
5 |
55 |
|
Mode Of Payment |
Maximum Premium
Paying Period |
Policy Loan
Available |
|
Monthly, Quarterly,Half-Yaerly,
Yearly, Salary Saving Scheme. |
75 Years |
Yes |
Jeevan Mitra(Triple Cover Endowment Plan)
Features:-
Product summary
This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the policy term.
Premiums :
Premiums are payable yearly, half-yearly,
quarterly, monthly or through Salary deductions,
as opted by you, throughout the term of
the policy or earlier death.
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.
Benefits
Death
Benefit :
Table No 88: Twice the Sum Assured plus
all bonuses on the basic sum assured to
date is payable in a lump sum upon the
death of the life assured.
Table No 133: Thrice the Sum Assured plus
all bonuses on the basic sum assured to
date is payable in a lump sum upon the
death of the life assured.
Maturity Benefit : The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.
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
value will be 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.
Company's policy on surrenders : In practice, the company will pay a Special Surrender Value - which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premiums paid.
The Corporation reviews the surrender value payable 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
Statutory Warning
"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance."
Illustration 1:
Table No 14
Age at entry: 35 years
Policy Term: 25 years
Sum Assured: Rs.1,00,000/-
Premium paying term: 25 years
Mode of premium payment: Yearly
Annual Premium : Rs.4,750 /-
|
End
Of Year |
Total
Premiums Paid Till End Of Year |
Benefit Payable On Death/Maturity At The End Of Year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
4,750 |
200000 |
2,100 |
5,700 |
202100 |
205700 |
| 2 |
9,500 |
200000 |
4,200
|
11,400 |
204200 |
211400 |
| 3 |
14,250 |
200000 |
6,300 |
17,100 |
206300 |
217,100 |
| 4 |
19,000 |
200000 |
8,400 |
22800 |
208400 |
222800 |
| 5 |
23,750 |
200000 |
10,500 |
28500 |
210500 |
228500 |
| 6 |
28,500 |
200000 |
12,600 |
34200 |
212600 |
234200 |
| 7 |
33,250 |
200000 |
14,700 |
39900 |
214700 |
239900 |
| 8 |
38,000 |
200000 |
16,800 |
45600 |
216800 |
245600 |
| 9 |
42,750 |
200000 |
18,900 |
51300 |
218900 |
251300 |
| 10 |
47,500 |
200000 |
21,000 |
57000 |
221000 |
257000 |
| 15 |
71,250 |
200000 |
31,500 |
85500 |
231500 |
285500 |
| 20 |
95,000 |
200000 |
56,000 |
152000 |
256000 |
352000 |
| 25 |
118,750 |
200000 |
69,500 |
189500 |
269500 |
389500 |
| End
of year |
Total
premiums paid till end of year |
Benefit payable on death / maturity at the end of year |
||||
| Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 25 |
118,750 |
100,000 |
69,500 |
189500 |
169500 |
289500 |
Illustration
2:
Table No 133
Age at entry: 35 years
Policy Term: 25 years
Sum Assured: Rs.1,00,000/-
Premium Paying term: 25 years
Mode of premium payment: Yearly
Annual Premium: Rs.5,453 /-
|
End
Of Year |
Total
Premiums Paid Till End Of Year |
Benefit Payable On Death/Maturity At The End Of Year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
5453 |
300000 |
2,100 |
5,700 |
302100 |
305700 |
| 2 |
10906 |
300000 |
4,200
|
11,400 |
304200 |
311400 |
| 3 |
16359 |
300000 |
6,300 |
17,100 |
306300 |
317,100 |
| 4 |
21812 |
300000 |
8,400 |
22800 |
308400 |
322800 |
| 5 |
27265 |
300000 |
10,500 |
28500 |
310500 |
328500 |
| 6 |
32718 |
300000 |
12,600 |
34200 |
312600 |
334200 |
| 7 |
38171 |
300000 |
14,700 |
39900 |
314700 |
339900 |
| 8 |
43624 |
300000 |
16,800 |
45600 |
316800 |
345600 |
| 9 |
49077 |
300000 |
18,900 |
51300 |
318900 |
351300 |
| 10 |
54530 |
300000 |
21,000 |
57000 |
321000 |
357000 |
| 15 |
81795 |
300000 |
31,500 |
85500 |
331500 |
385500 |
| 20 |
109060 |
300000 |
56,000 |
152000 |
356000 |
452000 |
| 25 |
136325 |
300000 |
69,500 |
189500 |
369500 |
489500 |
| End
Of Year |
Total
Premiums Paid Till End Of Year |
Benefit Payable On Death/Maturity At The End Of Year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 25 |
136325 |
100000 |
69500 |
189500 |
169500 |
289500 |
i)
This illustration is applicable to a non-smoker
male/female standard (from medical, life
style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and
(2) in above illustration are calculated
so that they are consistent with the Projected
Investment Rate of Return assumption of
6% p.a. (Scenario 1) and 10% p.a. (Scenario
2) respectively. In other words, in preparing
this benefit illustration, it is assumed
that the Projected Investment Rate of
Return that LICI will be able to earn
throughout the term of the policy
will be 6% p.a. or 10% p.a., as the case
may be. The Projected Investment Rate
of Return is not guaranteed.
iii) The main objective of the illustration
is that the client is able to appreciate
the features of the product and the flow
of benefits in different circumstances
with some level of quantification.
iv)Future bonus will depend on future
profits and as such is not guaranteed.
However, once bonus is declared in any
year and added to the policy, the bonus
so added is guaranteed.
Jeevan Anand
Features:-
Product Summary:
This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.
Premium:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.
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. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.
Benefits:-
Benefits in case of death during the selected term:
The Sum Assured along with the vested bonuses is payable on death in a lump sum.
Benefits in case of survival to the end of selected term::
The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter.
Accident Benefit:
An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in instalments.
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 on 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. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded.
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 reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. 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's surrender value will be reviewed from time to time and may change depending on the economic environment, our experience and other factors.
Benefit Illustration:-
Statutory Warning:
"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance."
Illustration 1:
Age at entry: 35 years
Sum Assured: Rs.1,00,000/-
Premium Paying term: 25 years
Mode of premium payment: Yearly
Annual Premium: Rs. 4,535 /-
|
End
of year |
Total
premiums paid till end of year |
Benefit payable on death / maturity at the end of year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
|
1 |
4,535 |
100000 |
1500 |
5100 |
101500 |
105100 |
|
2 |
9,070 |
100000 |
3000 |
10200 |
103000 |
110200 |
|
3 |
13,605 |
100000 |
4500 |
15300 |
104500 |
115300 |
|
4 |
18,140 |
100000 |
6000 |
20400 |
106000 |
120400 |
|
5 |
22,675 |
100000 |
7500 |
25500 |
107500 |
125500 |
|
6 |
27,210 |
100000 |
9000 |
30600 |
109000 |
130600 |
|
7 |
31,745 |
100000 |
10500 |
35700 |
110500 |
135700 |
|
8 |
36,280 |
100000 |
12000 |
40800 |
112000 |
140800 |
|
9 |
40,815 |
100000 |
13500 |
45900 |
113500 |
145900 |
|
10 |
45,350 |
100000 |
15000 |
51000 |
115000 |
151000 |
|
15 |
68,025 |
100000 |
22500 |
76500 |
122500 |
176500 |
|
20 |
90,700 |
100000 |
33000 |
113000 |
133000 |
213000 |
|
25 |
1,13,375 |
100000 |
41500 |
141000 |
141500 |
241000 |
|
End
of year |
Total
premiums paid till end of year |
Benefit payable on death / maturity at the end of year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 26 |
1,13,375 |
100000 |
41500 |
141000 |
141500 |
241000 |
| 27 |
1,13,375 |
100000** |
- |
- |
100000** |
100000** |
* In addition to the benefits given in the column, an Accident Benefit of Rs. 1,00,000 /- will also be available without payment of extra premium in case of death/disability due to accident
** Benefit payable on death after the selected term. If the death occurs due to accident up to age 70 an additional Rs. 1,00,000/- will also be paid.
(i) The above illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
(ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
(iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
(iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.
Jeevan Shree-I
Features:-
Product summary:
This is an Endowment Assurance plan offering the choice of many convenient premium paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly or through Salary deductions, as opted by you, throughout the premium paying term or till earlier death. Alternatively premium may be paid in one lump sum (Single premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim.
Bonuses:
The policy participates in the profits of the Corporation's life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteed benefits of the plan.
Benefits
Death Benefit:
The Sum Assured alongwith guaranteed additions and vested bonuses, if any, is payable in a lump sum on death of the life assured during the policy term.
Maturity Benefit:
The Sum Assured alongwith guaranteed additions and reversionary bonuses, if any is payable in a lump sum on survival to the end of the policy term.
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 value is available on 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 of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.
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 reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. 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 payable 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
Statutory warning
"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance."
Age at entry: 35 years
Policy term: 25 years
Premium Paying Term: 16 years
Sum Assured: Rs. 5,00,000/-
Yearly Premium: Rs. 25,186/-
End
of year |
Total
premiums paid till end of year |
Benefit
payable on death / maturity at
the end of year |
||||
Guaranteed |
Variable |
Total |
||||
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
1 |
25186 |
500000 |
0 |
0 |
500000 |
500000 |
2 |
50372 |
525000 |
0 |
0 |
525000 |
525000 |
3 |
75558 |
550000 |
0 |
0 |
550000 |
550000 |
4 |
100744 |
575000 |
0 |
0 |
575000 |
575000 |
5 |
125930 |
600000 |
0 |
0 |
600000 |
600000 |
6 |
151116 |
625000 |
9500 |
36500 |
634500 |
661500 |
7 |
176302 |
625000 |
19000 |
73000 |
644000 |
698000 |
8 |
201488 |
625000 |
28500 |
109500 |
653500 |
734500 |
9 |
226674 |
625000 |
38000 |
146000 |
663000 |
771000 |
10 |
251860 |
625000 |
47500 |
182500 |
672500 |
807500 |
12 |
377790 |
625000 |
95000 |
365000 |
720000 |
990000 |
15 |
402976 |
625000 |
104500 |
401500 |
729500 |
1026500 |
20 |
402976 |
625000 |
189500 |
729500 |
814500 |
1354500 |
25 |
402976 |
625000 |
253000 |
973000 |
878000 |
1598000 |
(i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
(ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
(iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
(iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.
(v) The Maturity benefit is the amount shown at the end of the Policy term.
The Money Back Policy-20 Years
Features:-
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.
In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.
An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.
Benefits
Introduction
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).
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
These are Money Back type Assurance plans that provide financial protection against death throughout the term of plan along with the periodic payments on survival at specified durations during the term.
Premiums :
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy, or till the earlier death.
Bonuses :
This is a with-profit plan and participate 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. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Death Benefit:
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured during the policy term irrespective of the Survival benefit /benefits paid earlier.
Survival Benefits:
The percentage of Sum Assured as mentioned below will be paid on survival to the end of specified durations :
|
% of Sum Assured
paid at the end of specified duration |
||
|
Duration |
Plan |
|
|
75 |
93 |
|
|
5 |
20% |
15% |
|
10 |
20% |
15% |
|
15 |
20% |
15% |
|
20 |
40% |
15% |
|
25 |
- |
40% |
All bonuses declared upto the maturity date will also be paid alongwith the final survival benefit.
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 and all survival benefits paid earlier.
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 duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premiums paid.
The Corporation reviews the surrender value payable 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.
|
Plan/ Term |
75/ 20 Years |
93/ 25 Years |
|
At the end of
5 years |
20% |
15% |
|
At the end of
10 years |
20% |
15% |
|
At the end of
15 years |
20% |
15% |
|
At the end of
20 years |
balance 40%
+ bonus |
15% |
|
At the end of
25 years |
NIL |
balance 40%
+ bonus |
Benefit Illustration :
Statutory warning :
"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance."
Illustration 1:
Age at entry : 35 years
Policy Term : 20 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 6564 /-
|
End
of year |
Total
premiums paid till end of year |
Benefit
on Death during the year (Rs.) |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
6564 |
100000 |
2400 |
4800 |
102400 |
104800 |
| 2 |
13128 |
100000 |
4800 |
9600 |
104800 |
109600 |
| 3 |
19692 |
100000 |
7200 |
14400 |
107200 |
114400 |
| 4 |
26256 |
100000 |
9600 |
19200 |
109600 |
119200 |
| 5 |
32820 |
100000 |
12000 |
24000 |
112000 |
124000 |
| 6 |
39384 |
100000 |
14400 |
28800 |
114400 |
128800 |
| 7 |
45948 |
100000 |
16800 |
33600 |
116800 |
133600 |
| 8 |
52512 |
100000 |
19200 |
38400 |
119200 |
138400 |
| 9 |
59076 |
100000 |
21600 |
43200 |
121600 |
143200 |
| 10 |
65640 |
100000 |
24000 |
48000 |
124000 |
148000 |
| 15 |
98460 |
100000 |
36000 |
72000 |
136000 |
172000 |
| 20 |
131280 |
100000 |
48000 |
96000 |
148000 |
196000 |
|
End
of year |
Total
premiums paid till end of year |
Benefit
on survival / maturity at the
end of year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
6564 |
0 |
0 |
0 |
0 |
0 |
| 2 |
13128 |
0 |
0 |
0 |
0 |
0 |
| 3 |
19692 |
0 |
0 |
0 |
0 |
0 |
| 4 |
26256 |
0 |
0 |
0 |
0 |
0 |
| 5 |
32820 |
20000 |
0 |
0 |
20000 |
20000 |
| 6 |
39384 |
0 |
0 |
0 |
0 |
0 |
| 7 |
45948 |
0 |
0 |
0 |
0 |
0 |
| 8 |
52512 |
0 |
0 |
0 |
0 |
0 |
| 9 |
59076 |
0 |
0 |
0 |
0 |
0 |
| 10 |
65640 |
20000 |
0 |
0 |
20000 |
20000 |
| 15 |
98460 |
20000 |
0 |
0 |
20000 |
20000 |
| 20 |
131280 |
40000 |
53000 |
106000 |
93000 |
146000 |
Illustration 2:
Age at entry : 35 years
Policy Term : 25 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 5507 /-
|
End
of year |
Total
premiums paid till end of year |
Benefit
on Death during the year (Rs.) |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
5507 |
100000 |
2700 |
4800 |
102700 |
105800 |
|
2 |
11014 |
100000 |
5400 |
9600 |
105400 |
111600 |
| 3 |
16521 |
100000 |
8100 |
14400 |
108100 |
117400 |
| 4 |
22028 |
100000 |
10800 |
19200 |
110800 |
123200 |
| 5 |
27535 |
100000 |
13500 |
24000 |
113500 |
129000 |
| 6 |
33042 |
100000 |
16200 |
28800 |
116200 |
134800 |
| 7 |
38549 |
100000 |
18900 |
33600 |
118900 |
140600 |
|
8 |
44056 |
100000 |
21600 |
38400 |
121600 |
146400 |
| 9 |
49563 |
100000 |
24300 |
43200 |
124300 |
152200 |
| 10 |
55070 |
100000 |
27000 |
48000 |
127000 |
158000 |
| 15 |
82605 |
100000 |
40500 |
72000 |
140500 |
187000 |
| 20 |
110140 |
100000 |
54000 |
116000 |
154000 |
216000 |
25 |
137675 |
100000 |
67500 |
145000 |
167500 |
245000 |
|
End
of year |
Total
premiums paid till end of year |
Benefit
on survival / maturity at the
end of year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
5507 |
0 |
0 |
0 |
0 |
0 |
| 2 |
11014 |
0 |
0 |
0 |
0 |
0 |
| 3 |
16521 |
0 |
0 |
0 |
0 |
0 |
| 4 |
22028 |
0 |
0 |
0 |
0 |
0 |
| 5 |
27535 |
15000 |
0 |
0 |
15000 |
15000 |
| 6 |
33042 |
0 |
0 |
0 |
0 |
0 |
| 7 |
38549 |
0 |
0 |
0 |
0 |
0 |
| 8 |
44056 |
0 |
0 |
0 |
0 |
0 |
| 9 |
49563 |
0 |
0 |
0 |
0 |
0 |
| 10 |
55070 |
15000 |
0 |
0 |
15000 |
15000 |
| 15 |
82605 |
15000 |
0 |
0 |
15000 |
15000 |
| 20 |
110140 |
15000 |
0 |
0 |
15000 |
15000 |
25 |
137675 |
40000 |
74500 |
161000 |
114500 |
201000 |
i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.
Plan Parameters:-
|
Minimum |
Maximum |
|
|
Entry age |
13 (lbd) |
50 |
|
Sum assured
(Rs.) |
50,000 |
NO
LIMIT |
|
Term (years) |
Fixed at 20
for plan 75 and 25 for plan 93 |
- |
|
Mode
of Payment |
Maximum Maturity
Age |
Policy loan
available |
|
Yearly, Half-yearly,Quarterly,
Monthly, Salary Saving Scheme |
70 years |
No |
Jeevan Surabhi-20 years
Features:-
Jeevan
Surabhi plan is similar to other money
back plans.However main differences in
regular money back plans and Jeevan Surabhi
are as under
Maturity term is more than premium paying
term.
Early and higher rate of survival benefit
payment.
Risk cover increases every five years.
The actual term and the premium paying
term for these plans are as under.
| Plan no. | Policy Term | Premium Paying Term |
| 106 | 15 years | 12 years |
| 107 | 20 years | 15 years |
| 108 | 25 years | 18 years |
Full sum assured is paid back as survival
benefit by the end of premium paying term.
However, the risk cover and additional
risk cover continue and the policy participates
in profits till the end of policy term.
Accident Benefit is restricted to the
premium paying period and to the overall
limit of Rs.5 lakhs on a single life.
Suitable
For:
This 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:-
Introduction
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).
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 :
This is a with-profit plan and participate 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 alongwith 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.
If death occurs at anytime during the term of a policy (provided the policy has been kept in force by payment of all premiums that had fallen due), the basic sum assured along with the vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from this claim amount. An additional amount (depending on the duration of the policy) will also be paid on death under such a policy. The additional amounts payable, at various stages are shown in the table given below.
|
Policy |
1st
year Policy |
policy
year 6th-10th |
11th-15th
policy year |
16th-20th
policy year |
21st-26th policy
year |
| 106 |
NIL |
500 | 1000 |
NIL |
NIL |
| 107 |
NIL |
500 |
1000 |
1500 |
NIL |
| 108 |
NIL |
500 |
1000 |
1500 |
2000 |
Survival Benefits:
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 |
Plan |
||
|
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% |
|
| Plan
no |
Survival
Benefits |
%
of basic Sum Assured. |
Risk
Cover upto |
| 106 |
at the end
of 4 years |
30 |
15
years |
| at the end
of 8 years |
30 |
||
| at the end
of 12 years |
40 |
||
| at the end
of 15 years |
Bonus |
||
| 107
|
at the end
of 4 years |
25 |
20
years |
| at the end
of 8 years |
25 |
||
| at the end
of 12 years |
25 |
||
| at the end
of 15 years |
25 |
||
at the end of
20 years |
Bonus |
||
108 |
at the end
of 4 years |
20 |
25
years |
| at the end
of 8 years |
20 |
||
| at the end
of 12 years |
20 |
||
| at the end
of 15 years |
20 |
||
at the end of
18years |
20 |
||
at the end of
25years |
Bonus |
Maturity Benefit :
The 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 :
Statutory warning :
"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance."
Illustration 1:
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 /-
|
End
of year |
Total
premiums paid till end of year |
Benefit
on death during the year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
10963 |
100000 |
2400 |
4800 |
102400 |
104800 |
| 2 |
21926 |
100000 |
4800 |
9600 |
104800 |
109600 |
| 3 |
32889 |
100000 |
7200 |
14400 |
107200 |
114400 |
| 4 |
43852 |
100000 |
9600 |
19200 |
109600 |
119200 |
| 5 |
54815 |
100000 |
12000 |
24000 |
112000 |
124000 |
| 6 |
65778 |
150000 |
14400 |
28800 |
114400 |
178800 |
| 7 |
76741 |
150000 |
16800 |
33600 |
116800 |
183600 |
| 8 |
87704 |
150000 |
19200 |
38400 |
169200 |
188400 |
| 9 |
98667 |
150000 |
21600 |
43200 |
171600 |
193200 |
| 10 |
109630 |
150000 |
24000 |
48000 |
174000 |
198000 |
| 12 |
131556 |
200000 |
28800 |
57600 |
228800 |
257600 |
15 |
131556 |
200000 |
36000 |
72000 |
236000 |
272000 |
|
End
of year |
Total
premiums paid till end of year |
Benefit
on survival / maturity |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
10963 |
0 |
0 |
0 |
0 |
0 |
| 2 |
21926 |
0 |
0 |
0 |
0 |
0 |
| 3 |
32889 |
0 |
0 |
0 |
0 |
0 |
| 4 |
43852 |
30000 |
0 |
0 |
30000 |
0 |
| 5 |
54815 |
0 |
0 |
0 |
0 |
20000 |
| 6 |
65778 |
0 |
0 |
0 |
0 |
0 |
| 7 |
76741 |
0 |
0 |
0 |
0 |
0 |
| 8 |
87704 |
30000 |
0 |
0 |
30000 |
0 |
| 9 |
98667 |
0 |
0 |
0 |
0 |
0 |
| 10 |
109630 |
0 |
0 |
0 |
0 |
20000 |
| 12 |
131556 |
40000 |
0 |
0 |
40000 |
20000 |
| 15 | 131556 | 0 | 36000 |
72000 |
36000 | 72000 |
Illustration 2:
Age at entry : 35 years
Policy Term : 25 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 5507 /-
|
End
of year |
Total
premiums paid till end of year |
Benefit
on Death during the year (Rs.) |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
9581 |
100000 |
2100 |
4600 |
102100 |
104600 |
| 2 |
19162 |
100000 |
4200 |
9200 |
104200 |
109200 |
| 3 |
28743 |
100000 |
6300 |
13800 |
106300 |
113800 |
| 4 |
38324 |
100000 |
8400 |
18400 |
108400 |
118400 |
| 5 |
47905 |
100000 |
10500 |
23000 |
110500 |
123000 |
| 6 |
57486
|
150000 |
12600 |
27600 |
162600 |
177600 |
| 7 |
67067 |
150000 |
14700 |
32200 |
164700 |
182200 |
| 8 |
76648 |
150000 |
16800 |
36800 |
166800 |
186800 |
| 9 |
86229 |
150000 |
18900 |
41400 |
168900 |
191400 |
| 10 |
95810 |
150000 |
21000 |
46000 |
171000 |
196000 |
| 12 |
114972 |
200000 |
25200 |
55200 |
225200 |
255200 |
| 15 |
143715 |
200000 |
31500 |
69000 |
231500 |
269000 |
| 20 |
143715 |
250000 |
42000 |
92000 |
292000 |
342000 |
|
End
of year |
Total
premiums paid till end of year |
Benefit
on survival / maturity at the
end of year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
9581 |
0 |
0 |
0 |
0 |
0 |
| 2 |
19162 |
0 |
0 |
0 |
0 |
0 |
| 3 |
28743 |
0 |
0 |
0 |
0 |
0 |
| 4 |
38324 |
25000 |
0 |
0 |
25000 |
25000 |
| 5 |
47905 |
0 |
0 |
0 |
0 |
0 |
| 6 |
57486 |
0 |
0 |
0 |
0 |
0 |
| 7 |
67067 |
0 |
0 |
0 |
0 |
0 |
| 8 |
76648 |
25000 |
0 |
0 |
25000 |
25000 |
| 9 |
86229 |
0 |
0 |
0 |
0 |
0 |
| 10 |
95810 |
0 |
0 |
0 |
15000 |
15000 |
| 15 |
114972 |
25000 |
0 |
0 |
25000 |
25000 |
| 20 |
143715 |
25000 |
0 |
0 |
25000 |
25000 |
25 |
143715 |
0 |
56000 |
122000 |
56000 |
122000 |
Illustration 2:
Age at entry : 35 years
Policy Term : 25 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 5507 /-
|
End
of year |
Total
premiums paid till end of year |
Benefit
on Death during the year (Rs.) |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
8776 |
100000 |
2800 |
6500 |
102800 |
106500 |
| 2 |
17552 |
100000 |
5600 |
13000 |
105600 |
113000 |
| 3 |
26328 |
100000 |
8400 |
19500 |
108400 |
119500 |
| 4 |
35104 |
100000 |
11200 |
26000 |
111200 |
126000 |
| 5 |
43880 |
100000 |
14000 |
32500 |
114000 |
132500 |
| 6 |
52656 |
150000 |
16800 |
39000 |
166800 |
189000 |
| 7 |
61432 |
150000 |
19600 |
45500 |
169600 |
195500 |
| 8 |
70208 |
150000 |
22400 |
52000 |
172400 |
202000 |
| 9 |
78984 |
150000 |
25200 |
58500 |
175200 |
208500 |
| 10 |
87760 |
150000 |
28000 |
65000 |
178000 |
215000 |
| 12 |
105312 |
200000 |
33600 |
78000 |
233600 |
278000 |
| 15 |
131640 |
200000 |
42000 |
97500 |
242000 |
297500 |
| 18 |
157968 |
250000 |
50400 |
117000 |
300400 |
367000 |
20 |
157968 |
250000 |
56000 |
130000 |
306000 |
380000 |
25 |
157968 |
300000 |
70000 |
162500 |
370000 |
462500 |
|
End
of year |
Total
premiums paid till end of year |
Benefit
on survival / maturity at the
end of year |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
| 1 |
9581 |
0 |
0 |
0 |
0 |
0 |
| 2 |
19162 |
0 |
0 |
0 |
0 |
0 |
| 3 |
28743 |
0 |
0 |
0 |
0 |
0 |
| 4 |
38324 |
20000 |
0 |
0 |
20000 |
20000 |
| 5 |
47905 |
0 |
0 |
0 |
0 |
0 |
| 6 |
57486 |
0 |
0 |
0 |
0 |
0 |
| 7 |
67067 |
0 |
0 |
0 |
0 |
0 |
| 8 |
76648 |
20000 |
0 |
0 |
20000 |
20000 |
| 9 |
86229 |
0 |
0 |
0 |
0 |
0 |
|
10 |
95810 |
0 |
0 |
0 |
20000 |
20000 |
| 15 |
114972 |
20000 |
0 |
0 |
20000 |
20000 |
| 20 |
143715 |
20000 |
0 |
0 |
20000 |
20000 |
25 |
143715 |
0 |
93000 |
220500 |
93000 |
220500 |
i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.
Plan Parameters:-
|
Minimum |
Maximum |
|||||||
|
Entry age |
14 (last birthday) |
|
||||||
|
Sum assured
(Rs.) |
50,000 |
NO
LIMIT |
||||||
|
Term (years) |
15 years |
Fixed Term |
|
Mode
of Payment |
Maximum Maturity
Age |
Policy loan
available |
|
Yearly, Half-yearly,Quarterly,
Monthly, Salary Saving Scheme |
70 years |
Yes |
Jeevan Tarang
Features:-
Introduction:
This is a with-profits whole of life plan
which provides for annual survival benefit
at a rate of 5½ % of the Sum Assured
after the chosen Accumulation Period.
The vested bonuses in a lump sum are payable
on survival to the end of the Accumulation
Period or on earlier death. Further, the
Sum Assured, along with Loyalty Additions,
if any, is payable on survival to age
100 years or on earlier death.
Accumulation
Period :
The plan offers three Accumulation periods
- 10, 15 and 20 years. A proposer
may choose any of them.
Payment
of Premium:
Premiums can be paid regularly at yearly,
half-yearly, quarterly or monthly intervals
or through salary deductions over the
Accumulation Period. Alternatively, a
Single Premium can be paid on commencement
of a policy.
Sample Premium
Rates:
The tables below provide tabular premiums
for various age-term combinations for
Rs. 1000/- Sum Assured.
Regular
premiums |
|||
|
Accumulation period |
|||
Age |
10
years |
15
years |
20
years |
Up
to 40 years |
109.10
|
71.40
|
51.50 |
41
to 45 years |
109.10 |
71.40 |
53.40
|
46
to 50 years |
109.10 |
73.80 |
56.60 |
51
to 55 years |
111.80 |
77.90 |
- |
56
to 60 years |
116.60 |
- |
- |
Single
premiums |
|||
|
Accumulation period |
|||
Age |
10
years |
15
years |
20
years |
Up
to 46 years |
756.00 |
644.00 |
|