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LIC TERM INSURANCE NEW PLANS

Feb 1st, 2014No Comments

LIC Launches 2 New Term Insurance Plans.

LIC ANMOL JEEVAN 2 (Plan no 822) and LIC AMULYA JEEVAN 2 ( Plan no 823)

The premium rates are lesser by 25-35 % than the older Term insurance Plans.

Why Term Insurance from LIC?

  • —India’s largest life insurance company
  • —No 1 in claim settlement among all insurance companies in India
  • Market leader in terms of market share and first year premium of policies
  • —Total claims settled— 183.63 lakh claims, amounting to Rs.74077.84 crores (2012-13)
  • —88.05% of Non-early Death claims settled within  15 days of intimation.
  • Outstanding Claims Ratio—(Death Claims) :   1.04%

Amulya Jeevan 2 Features

o  Pure Term Assurance Policy

o Low Premium, High Risk Cover Plan

  • Ideal for:

o Youngsters making start-in-life

o People interested in pure risk cover only

  • LOW COST – BENEFIT

Cheapest Policy for Risk Cover Purpose

Risk Cover available till age 70

Sum Assured is provided to Nominee on death of the Policyholder

  • DEATH BENEFIT

Full Sum Assured is paid to the Nominee in the event of death of the Policy Holder

Term Age Sum Assured
Minimum 5 18 years completed 25,00,000
Maximum 35 60 (nearest birthday) No Limit

No Maturity would be paid to the policyholder at the end of term.

LIC SINGLE PREMIUM ENDOWMENT PLAN NO 817

Jan 2nd, 20141 Comment

LIC SINGLE PREMIUM ENDOWMENT PLAN

LIC SINGLE PREMIUM ENDOWMENT PLAN ( Plan no 817) is a one time premium paying conventional with profits Endowment Assurance Plan.


Benefits of LIC SINGLE PREMIUM ENDOWMENT PLAN :

Death  Benefit
After Commencement of Risk Before  Commencement of Risk#
Sum Assured + Vested  Simple Revisionary bonuses & final additional bonus. Return of Single Premium excluding taxes and extra premiums, if any.
# In case the age at entry of Life Assured is less than 8 years, risk will commence either 2  years from the DOC OR policy anniversary after completion of  8 years of age whichever is earlier, for others risk shall commence immediately.

Maturity Benefits of LIC Single Premium Endowment Plan

SumAssured+Simple ReversionaryBonuses+Final Additional Bonus, if any.

Eligibility Conditions and Restrictions

Particulars Description
Age at entry 90 days (completed) to 65 years (nearest birthday)

Age at Maturity

18 to  75 years
Policy  Term

10 to 25 years

Premium mode

Basic Sum Assured
Single Premium only

50000 and above ( In multiples of 5000) – No upper Limit

Loan

  • Available  after completion of 1 policy year.
  • Amount of loan will depend on year of Policy and Policy Term.
  • The maximum loan shall be granted as a percentage of Surrender Value(SV).

Some Examples of Loan as a  percentage of Surrender Value are given below -

Policy Year → Term  ↓ 2 3 6 9 12 13 and above
Upto 15 yrs 55% 60% 80% 90% 90% 90%
16 to 20 yrs 40% 45% 60% 80% 90% 90%
21 yrs and above 30% 30% 45% 60% 80% 90%

Why LIC’s  SINGLE  PREMIUM  ENDOWMENT  PLAN

Because it is SPECIAL
S~ Single Premium -One time investment.

P~ Protection -Risk Cover# for full Sum Assured.

E~ Excellent  for meeting educational needs of young ones.

C~ Children from the age of 90 days can be covered.

I~ Ideal  for investment planning-Wide range of policy term.

A~ Attractive -  participates in profits.

L~ Liquidity through Loan.

Benefit illustration will be updated soon.

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