Archive | LIC INDIA

LIC Limited Payment Endowment Plan No 830

Dec 5th, 2014No Comments

LIC Limited Payment Endowment Plan ( Plan no 830 ) is a limited premium paying plan which is launching soon.

LIC Limited Payment Endowment Plan Specifications are as follows :

Min Entry Age:- 18.

Max Entry Age:- 62.

Term:- 12, 16 & 21.

Prem Paying Term:- 8 & 9 years

Min S.A.:- 3 LAC.

Max S.A.:- No Limit.

More Details of LIC Limited Payment Endowment Plan will soon be added

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 BIMA VISHWAS & LIC JEEVAN SUGANDH

Oct 28th, 2013No Comments

LIC is Launching two new plans on 01 NOV 2013.

LIC BIMA VISHWAS and LIC JEEVAN SUGANDH plan details will be updated soon.

Please fill the below form to get updates about LIC BIMA VISHWAS (Plan no 936)LIC JEEVAN SUGANDH (Plan no 934)

Bonus rates for LIC Jeevan Anand (Plan 149) increased

Sep 11th, 20134 Comments

LIC NEW JEEVAN ANAND PLAN LAUNCHING ON 1st JANUARY 2014.

For Details Click NEW JEEVAN ANAND

LIC has declared the new bonus rates applicable for Jeevan Anand Plan as per the results of valuation dated 31st Mar 2013.

The below table shows the increase in reversionary and interim bonus rates for Jeevan Anand plan.

Jeevan Anand

(Plan 149)

2013 2012
Term Reversionary

Bonus Rate

%o Sum

Assured

(**)

Interim

Bonus Rate

%o Sum

Assured

(**)

Reversionary

Bonus Rate

%o Sum

Assured

(**)

Interim

Bonus Rate

%o Sum

Assured

(**)

<11 37 37 36 36
11 to 15 40 40 39 39
16 to 20 44 44 43 43
>20 48 48 47 47

As per the new IRDA Guidelines,  LIC JEEVAN ANAND plan closes on 30th Sept.

Visit http://www.investinsure.in/lic/investment-plans/jeevan-anand/ for more details of the plan.

LIC Jeevan Vriddhi

Feb 29th, 2012No Comments

LIC Jeevan Vriddhi is a single premium plan with guaranteed Returns.LIC Jeevan Vriddhi is an ideal combination of Insurance and Returns.

Get a personalized presentation of LIC Jeevan Vriddhi by filling the form at the end

Features of LIC Jeevan Vriddhi Plan

  • Excellent Guaranteed Returns at Maturity
  • Ideal combination of Insurance and Returns.
  • Life Cover – Five times the Premium.
  • Loyalty Addition, if any payable on maturity
  • Easy Liquidity.

Benefits of JEEVAN VRIDDHI (Plan No. 808)
i) Death Benefit: On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium excluding extra premium, if any, shall be payable.

ii) Maturity Benefit: At the end of the policy term maturity benefit equal to the Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age of the Policyholder and the single premium excluding extra premium, if any.

iii) Loyalty Addition: Provided the policy is in full force at the time of maturity, then depending upon the Corporation’s experience with regard to the policies issued under this plan, the policy will be eligible for Loyalty Addition on the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation. The Loyalty Addition payable shall be based on the Guaranteed Maturity Sum Assured.

Eligibility Conditions and Restrictions
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Mode of premium payment : Single premium
d) Minimum Single Premium : Rs.30,000/-
e) Maximum Single Premium : No Limit
The Single Premium shall be in multiple of Rs. 1000/-
f) Policy Term : 10 years
Age at entry of the Policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 8 years.
Rebates: Incentive for higher single premium (excluding extra premium, if any) by way of increase in Guaranteed Maturity Sum Assured is as under: Single Premium Increase in Guaranteed Maturity Sum Assured
Below Rs. 50,000 Nil
Rs. 50,000 to Rs. 99,000 1.25%
Rs. 100,000 and above 3.00%

Guaranteed Surrender Value
The Guaranteed Surrender Value will be available after expiry of one policy year.
The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding any extra premium, if any.

Special Surrender Value:
Special Surrender Value will be payable, if it is more favorable to the policyholder.
The Special Surrender Value will be the discounted value of the Guaranteed Maturity Sum Assured. The discount factors shall be the special surrender value factors used for Endowment Assurance plan, which will depend on the duration elapsed since commencement of the policy. The Special Surrender Value factors per Rs. 100 Guaranteed Maturity Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.

Loans:
Loan facility is available under this plan, after completion of one policy year subject to following conditions:
a) Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.
b) The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.
c) No foreclosure action should be taken under this plan even if there is a default in payment of loan interest.

Why one should buy LIC JEEVAN VRIDDHI?

a) In the time of uncertainity, LIC JEEVAN VRIDDHI is the only guaranteed plan.

b) This is one time (Single Premium) investment LIC POLICY in which the customer get returns alongwith insurance.

c) You can get loan on your investment at very reasonable rate 8.5% per annum.

d) There is tax benefit on the premium under section 80C.

e) The maturity is also tax free under section 10.10D.

f) Best plan for people with High Income group as they can get tax benefit on the premium and the maturity will also be tax free.

On completion of the term i.e. at Maturity the Guaranteed Maturity Sum Assured (GMSA) is payable. Some Examples of Guaranteed Maturity Sum Assured for sample premium amount is given below :

LIC JEEVAN ANKUR

Jan 19th, 20121 Comment

LIC Jeevan Ankur is specially designed for the benefit of the children.LIC Jeevan Ankur is an excellent plan to meet the multiple financial needs that arise as kids grow up.Through payment of Income Benefit,LIC Jeevan Ankur assures that your child’s financial needs are met in case of your unfortunate demise.The Policy term of Jeevan Ankur is based on the age of the child (18 and 25) to ensure that the financial needs of your child are taken care of till he/she is old enough to start earning and settle in life.

Get a personalized presentation of LIC Jeevan Ankur by filling the form at the end

LIC JEEVAN ANKUR Features :

A must plan for all parents.

Parent is the Life Assured, child is the Beneficiary.

Death Benefit = Sum Assured + Income Benefit + Maturity Benefit *.

Maturity Benefit = Sum Assured + Loyalty addition.

Riders to customize Jeevan Ankur policy.

  • Accident Benefit Rider
  • Critical Illness Benefit Rider( With an additional option of Premium Waiver Benefit)
Particulars Minimum Maximum
Entry Age Life Assured (Parent) 18 years 50 years
Entry Age for child 0 years 17 years
Term Maximum (18 minus age of child, 8 ) years 25 minus age of child
Sum Assured Rs.100000/- No limit


Get a personalized presentation of LIC Jeevan Ankur by filling the form at the end
Death Benefits in Jeevan Ankur Plan

•Immediate payment of an amount equal to the Basic Sum Assured.

Income Benefit – Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of policy term to the nominee child.

•Another lump sum equal to Basic Sum Assured with Loyalty Addition, on the maturity date

Jeevan Ankur Eligibility conditions – Critical Illness Rider

Particulars Minimum Maximum
Entry Age 18 years 50 years
Policy Term Regular – 10 years Single – 8 years As per basic plan
Maturity Age 60 years
Critical Illness Sum Assured (CISA) Rs.50000/- Maximum of 5 lakh overall limit under all existing policies and new proposals
Other Conditions CISA shall be in multiples of Rs.10000/- PWB option can be availed provided the BSA = CISA.

Jeevan Ankur Eligibility conditions – Accident Benefit Rider

Particulars Minimum Maximum
Entry Age 18 years 50 years
Maturity Age As per Basic Plan 70 years
Accident Benefit Sum Assured (ABSA) Rs. 25000/- Rs.50 lakh overall limit, taking into account ABSA  under all existing policies, i.e. Individual,Group and new proposals. The policies may be from LIC or any other insurance company.
Other Conditions ·AB Premium shall be @ Re.0.50 ‰. ·The ABSA shall be in multiples of Rs.5000/-. ·This Benefit is available under Regular Premium policies only.

LIC Jeevan Ankur Benefit Illustration

Particulars Description
Age 35 years
Term 25 years
Mode Yearly
Premium 3587/- ( Exclusive of Service Tax)
Sum Assured 100000

Maturity Value @ 10% 194000
Death Benefit 100000 payable immediately 10000 on every policy anniversary after death till maturity. All Maturity Benefits payable on Maturity

Reasons to buy LIC Jeevan Ankur

Monetary Benefits of the plan shall enable your child to meet important financial expenses during his/her growing-up years.

The immediate payment of amount equal to the Sum Assured will help meet financial  needs that arise on demise of the Life Assured.

Continued benefit of 10% of SA on every policy anniversary till Maturity is helpful in meeting educational  expenses from time to time.

Plus the Maturity Benefits of  Basic Sum Assured  and Loyalty Additions, shall be available on maturity irrespective of your survival.

.You can customize your plan through Accidental Benefit Rider and Critical Illness Rider as additional security is always an added advantage.

Check settlement record before buying insurance policy

Jan 19th, 2012No Comments

Most people ask about returns, guaranteed or otherwise, premiums, tax breaks (not necessarily in this order) before buying a life insurance cover. Since for many the main purpose of buying life insurance cover during the first three months of every year is an exercise in tax planning, it fits the bill in that context.

Rarely do people actually bother to ask whether the insurance company can be trusted to honour a claim. Ironically, this is the most important aspect of an insurance product. In fact, that is the chief function of a life insurance policy – offering financial protection to the dependents of the policyholder on his or her death.
Understanding the claim track record

To be fair, very few know the parameter to be used to ascertain the company’s dependability when it comes to approving claims. And, it is very unlikely that your agent will volunteer to share this information, unless his company has an outstanding track record of settling claims.

So, how do you get your hands around this key determinant? Well, for starters, you can refer to the Insurance Regulatory and Development Authority’s (Irda) Annual Report for 2010-11, which was released recently and put up on its website. Every year, the report lists claim settlement, repudiation (rejection) and pending ratios for all life insurers.

While a thorough research would necessitate studying these ratios for a longer period, even a year’s data is not bad to begin with. The data sheet may look complicated, but all you have to do is focus on the percentages mentioned in brackets for each company. For instance, LIC’s claim settlement ratio is over 97%.

Claim settlement is an important criterion for all insurance covers, be it a term plan, traditional plan or Ulip, as insurance is the primary consideration,

LIC’s record can be said to be very good, especially since the public sector giant processed over 7 lakh claims during the year. Some private sector companies, in contrast, have a dismal ratio of around 50%, despite handling just a few hundred claims.

Market share of LIC rises to 76.92% during FY11

Aug 12th, 2011No Comments

LIC India Logo The market share of the Life Insurance Corporation of India (LIC of INDIA) in insurance industry has increased to 76.92 percent during 2010-11.The market share of LIC has been increasing consistently during the last two years.

LIC’s market share for 2009-10 and 2010-11 is as under:-

Market Share (%)  for year-2009-10
First Year Premium- 64.86
Policies- 73.02

Market Share (%)  for year-2010-11
First Year Premium- 68.70
Policies-76.92

The public sector behemoth, which has government backing for all its policies, has registered growth in its market share for the second consecutive year despite increasing number of private players entering into the business.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a Question in Lok  Sabha today.

LIC Jeevan Arogya

May 24th, 2011130 Comments


Health has been a major concern on everybody’s mind, including yours. In these days of skyrocketing medical expenses, when a family member is ill, it is a traumatic time for the rest of the family. As a caring person, you do not want to let any unfortunate incident to affect your plans for you and your family. So why let any medical emergencies shatter your peace of mind,get yourself a Health Insurance Policy like LIC Jeevan Arogya and you and your family can rest assured.Get yourself a personalized presentation of LIC Jeevan Arogya by proving your email id. Jeevan Arogya Premium details are given at the end.List of Surgeries covered in LIC Jeevan Arogya has been uploaded in the end

LIC Jeevan Arogya Health Insurance Plan

LIC Jeevan Arogya (Plan No. 903), a unique non-linked Health Insurance plan from LIC of INDIA which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.List of Day Care Surgeries (140 Surgeries) covered in LIC Jeevan Arogya would soon uploaded.

[contact-form 5 "Contact form Jeevan Arogya"]

LIC Jeevan Arogya features at glance:

  • Valuable financial protection in case of hospitalization, surgery etc
  • Increasing Health cover every year
  • Lump sum benefit irrespective of actual medical costs
  • No claim benefit
  • Flexible benefit limit to choose from
  • Flexible premium payment options
  • Spouse, Children, Parents and Parents-in-law can also be covered under the same policy
  • Term Assurance Rider and Accident Benefit Rider available

LIC Jeevan Arogya benefits :

  • Hospital cash benefit (HCB)
  • Major Surgical Benefit (MSB)
  • Day Care Procedure Benefit
  • Other Surgical Benefit
  • Ambulance Benefit
  • Premium waiver Benefit (PWB)

All the benefits, inclusions and exclusions would be provided in personalized presentation.

[contact-form 5 "Contact form Jeevan Arogya_1"]

Who can be insured?

You (as Principal Insured (PI)), your spouse, your children, your parents and parents of your spouse can all be insured under one policy.Quite a relief isn’t it, to have all insured under one policy.
The minimum and maximum age at entry is as under:

LIC JEEVAN AROGYA PREMIUM DETAILS:

Jeevan Arogya Premium Details

List of Surgeries Covered in Jeevan Arogya:

Jeevan Arogya Diseases Covered

Jeevan Arogya Surgeries Covered

List of Surgeries Covered in LIC Jeevan Arogya

List of Surgeries Covered in LIC Jeevan Arogya


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