LIC Jeevan Tarun Child Plan 834

          The LIC Jeevan Tarun Plan is a limited premium payment money back plan specially designed for the children education and needs of the growing children. The LIC Jeevan Tarun Child Plan is a flexible non-linked plan where the proposer can choose the Survival Benefit Payment Options. All types of benefits can be availed under this LIC’s Jeevan Tarun Money Back Plan such as Survival Benefit, Death Benefit, and Maturity Benefit.

          It is a non-linked plan with limited premium payment. This is designed to meet the educational needs of children of20-24 years with annual Survival Benefit. Maturity Benefit is provided at 25 years. This plan gives four options for choosing the Survival and Maturity benefits, as listed in the table below.

          It can be taken by the parent or grandparent of any child upto 12 years. The Sum Assured is the payment of a fixed percentage of Sum Assured based on the table above. The Maturity benefit depends on the table above along with Simple Reversionary bonuses and Final Additional Bonus.If the policy-holder dies before the commencement of risk, the premiums paid will be returned excluding taxes, extra and rider premium. If the policy holder dies during the policy term after commencement of risk, then the Sum Assured on Death is payable (provided all due premiums are paid) which is defined as the higher among 10 times of annualized premium and 125% of Basic Sum assured, along with Simple reversionary bonuses and Final additional bonus, and this Death benefit will not be less than 105% of total premiums paid before death.

Features

• The Survival Benefit Payments are made for the Life Assured in the age between 20 to 24 years.
• The Premiums paid are exempted from Income Tax under section 80C.
• Premium Waiver Benefit Rider Option is available for the Policyholder.
• The Premiums has to be paid till the child is 20 years, and the policy continues till the child reaches the age of 25 years.
• This Jeevan Tarun Policy is a Limited Payment Policy Traditional Plan.
• The Proposer has the option to choose the Maturity and Survival Benefits for the Sum Assured.

Eligibility Conditions

Minimum Entry Age	90 Days (completed)
Maximum Entry Age	12 years (last birthday)
Minimum Maturity Age	–
Maximum Maturity Age	25 years
Minimum Sum Assured	Rs 75,000/-
Maximum Sum Assured	No Limit
	For Sum Assured Rs 75,000/- to 1,00,000 (multiples of Rs 5,000/-).
	For Sum Assured Rs 1,00,000 and above (multiples of Rs 10,000/-).
Premium Paying Term	20 years (Entry Age)
Policy Term	25 years (Entry Age)
Premium Payment Mode	Monthly (SSS or ECS), Quarterly, Half Yearly, Yearly.

Benefits 

The Different Benefits under the LIC Jeevan Tarun Policy are provided below.

Death Benefit: On Sudden death of the Proposer, the Nominee will receive the amount of premiums paid by excluding taxes with rider premium and extra premium will be payable. The Sum Assured (125%) or 10 times of annualized premium with Simple Reversionary Bonus and Final Additional Bonus is payable as the Death Benefit.

Survival Benefit: On Survival of the Proposer at the respective policy anniversary, a fixed percentage of Sum Assured will be payable as per the options chosen by the Life Assured for every policy year.

The Options for % of Sum Assured as Survival Benefit

Policy Anniversary coinciding with the following ages	Option 1	Option 2	Option 3	Option 4
20 to 24 years	NIL	5% each year	10% each year	15% each year

Maturity Benefit: If the Proposer survives till the end of the policy term, the sum assured on Maturity along with Final Additional Bonus and vested Simple Reversionary Bonus is payable as per the options chosen at the time of proposal.

Option	Maturity Benefit
Option 1	100% of Sum Assured
Option 2	75% of Sum Assured
Option 3	50% of Sum Assured
Option 4	25% of Sum Assured

Rider

          On Payment of additional premium, this rider can be opted by the Policyholder. If sudden death occurs to the Proposer, the due premiums to be paid are waived off. Depending on the proposers age, personal declaration, and related documents, the Premium Waiver Benefit Rider will be granted.

Eligibility Conditions

Minimum Entry Age	18 years
Maximum Entry Age	55 years
Maximum cover ceasing age	70 years
Rider Term	20 (Age of the child at the time of opting rider).

Additional Information 

Grace Period: The Policyholder will be provided a grace period of 15 days for monthly payments and 30 days for Quarterly, Half Yearly and Yearly payments.

Free Look (Cooling Off Period): The Policyholder can return the Policy within 15 days from receipt of policy, if not satisfied with the Terms and Conditions of the Policy.

Proposal Form: The Revised Proposal No 340 or 360 shall be used for this LIC Jeevan Tarun Child Plan.

Loan Facility: The Loan can be availed by the proposer as mentioned below.

• For Premium Paying Term less than 10 years, the premium should be paid for atleast 2 years.
• For Premium Paying Term more than 10 years, the Policyholder must pay the premium for atleast 3 years.

Policy Revival: The Policy can be revived within 2 years from the first unpaid premium.

Surrender Value: The Proposer can surrender the LIC’s Jeevan Tarun Plan at any time, after completion of the premium payment for 2 years (10 years premium paying term), 3 years (more than 10 years premium paying term).

Back dating Interest: The Policy can be dated back with the same financial year.

Nominations/Assignments: The Life Assured can assign the Policy to the spouse, children or close relatives.

Claim Process

          Within the Policy Term, if the Policy Holder subjected to Sudden Death or Disability Claim can be made by the Nominee. After the completion of the Policy Term you can make a Claim. The Documents required for Claim Process is available in the official website or the regional office of LIC. The Documents required are.

• Policy Bond.
• Duly filled Claim Form.
• Death Certificate.
• Age Proof.
• Identification Proof.
• Medical treatment document before death.

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LIC New Children Money Back Plan 832

          LIC New Children’s Money Back Plan is a regular premium payment money back plan. The LIC New Children Money Back Plan is a Non- Linked Plan specially designed to meet the financial needs of children. The Plan was introduced by Life Insurance Corporation on 04th March 2015 with UID 512N296V01. During the Policy Term, the child is provided with risk cover on their life.

          This is a non-linked plan which is designed to fulfill the educational and marriage needs of growing children through Benefits of Survival. It can be taken by the parent or grandparent of any child up to 12 years. If the policy-holder dies before Maturity of policy or before commencement of risk, then the premiums will be returned excluding taxes and extra, rider premium. If the policy holder dies after the date of commencement of risk, the Death Benefit is payable, which is the Sum Assured (greater than 10 times of annualized premium or Basic Sum Assured). The Death benefit will not be less than 105% of total premiums paid till death, excluding taxes, extra and rider premium. If the policy holder survives till the age of 18, 20 and 22 years, 20% of the Basic Sum Assured will be paid on each of the mentioned years. If the policy holder survives till Maturity of policy, then he/she is entitled to receive Sum Assured on Maturity which is 40% of Basic Sum Assured, in addition to Reversionary and Final Additional Bonuses.The age of policy holder must be between 0-12 years and the age of Maturity is 25 years. The term of Policy would be (25- Age at entry) years. The minimum basic Sum Assured is 1, 00,000 Rupees and there is no maximum limit.

          The optional benefits provided are the Option to defer the Survival Benefits and the LIC Premium Waiver Benefit Rider. According to this the policy holder will have the option to claim the Survival Benefit on or after the due date. If this option is availed, the Corporation will be paying increased survival benefit which is equal to Survival Benefits % * Sum Assured * (Factor applicable to Survival Benefit (s)), provided written intimation by policy holder before 6 months of due date. The LIC Premium Waiver Benefit Rider is available to the proposer (between 18-55 years) with additional premium payment. If the proposer dies, the premiums after death under the basic policy will be waived off. However this does not apply to suicide of the proposer in sane or insane conditions within 12 months of issue of first Premium receipt or within 12 months of policy revival, and the cost of medical and special reports are not covered by the Corporation.

Features

• The Plan provides the financial needs of the children with risk cover of the child.
• The Life Assured can avail the Premium Benefit Rider option on payment of additional premium.
• The Policyholder will receive the 20% of Sum Assured as Survival Benefit at 18,20 and 22 years of age.
• On Maturity, 40% of Sum Assured along with reversionary bonus and Additional Bonus is provided to the Proposer.
• The Policyholder can take the Survival Benefit at any time after the due date but during the policy term.
• Loan Facility: The Life Assured can avail the Loan Facility as a % of Surrender Value.

Eligibility Conditions 

Minimum Entry Age	0 years.
Maximum Entry Age	12 years (last birthday).
Minimum Proposer’s Age	18 years.
Maximum Proposer’s Age	55 years.
Minimum Sum Assured	Rs 1,00,000/-.
Maximum Sum Assured	No Limit.
Policy Term	25 – (Age at Entry)
Maturity Age	25 – (Age of Entry of Child in years).
Premium Payment Mode	Monthly (ECS & SSS), Quarterly, Half Yearly, Yearly

Benefits

Death Benefit: There are two types of Risk Coverage for this LIC New Children’s Money Back Plan. They are.

• Death before the Date of Commencement of Risk: The amount equal to the total amount of premiums paid excluding extra premium, taxes, and rider premium is payable.
• Death After the Commencement of Risk: The Risk cover is available after completing the 8 years of Life Assured age or 2 years from the date of commencement of policy.
• For Accidental Death or Natural Death: Sum Assured + Bonus + Final Additional Bonus.

Maturity Benefit: If the Policyholder survives until the end of Maturity Age, Maturity Benefit is provided. The amount of Maturity is equal to 40% of Sum Assured + vested Simple Reversionary Bonus + Final Additional Bonus.

Survival Benefit: On Survival of the Life Assured at 18, 20 and 22 years of age, the Survival Benefit is provided immediately on completion of the following ages. The Survival Benefits are provided as follows.

• At the Age of 18 years = 20% of Sum Assured.
• At the age of 20 years = 20% of Sum Assured.
• At the age of 22 years = 20% of Sum Assured.

Riders

          The Policyholder can avail the Premium Waiver Benefit Rider on payment of additional premium along with the basic plan. The Rider can opt at the initial stage or at the policy term for a minimum base plan of 5 years. The Rider benefit can be availed at the time of death, accident or disability in which all the future premiums are waived off.

Eligibility Conditions 

Minimum Entry Age	18 years (completed).
Maximum Entry Age	55 years (nearest birthday).
Premium Payment Term	Same as the basic plan.
Cover Ceasing Age	70 years (nearest birthday).
Premium Payment Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS or SSS).

Option to defer the Survival Benefit

          The Policyholder can choose the option to take the Survival Benefit at any time on or after the due date but during the Policy term. In the case of postponement of the due survival benefit by the Life Assured, the LIC will pay the increased Survival Benefit as follows.

Survival Benefits % x Sum Assured x Factor applicable to Survival Benefit (s).

Additional Information 

Paid Up Value: The Sum Assured on Death underpaid up policy shall be reduced to such a sum called

For Death Paid-up Sum Assured= [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death].

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called

Maturity Paid-up Sum Assured= [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity+Total Survival Benefits payable under the policy)].

Grace Period: The Life Assured is provided with a Grace Period of 30 days for payment of a due premium amount for Yearly, Half Yearly and Quarterly, 15 days for monthly payments.

Loan Facility: The Loan that can be granted as a percentage of Surrender Value.

• Upto 90% – for inforce policies.
• Upto 80% – for paid up policies.

Surrender Value: The Policyholder can surrender the policy at any time during the policy term, after completion of the payment of premium for 3 years. There are two Surrender Values. They are.

• Guaranteed Surrender Value = % of total premiums paid (net of taxes) – any extra premiums and premium for the rider.
• Special Surrender Value = The discounted value of the sum of Maturity Paid-up Sum Assured and vested Simple Reversionary Bonuses.

Assignments/Nominations: The Policy can be assigned to the Nominee as per the Insurance Act.

Free Look Period: If the Life Assured is not satisfied with the terms and conditions of the policy, the LIC Children Money Back Plan can be returned within 15 days from the date of receipt of the policy.

Taxes: Taxes including Service Tax is applicable which varies from time to time.

Suicide Clause: If the Policyholder commits suicide within the 12 months from the date of commencement of Risk, 80% of Premium is paid excluding taxes.

Claim Process

          The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured. 

• NEFT form.
• Discharge form.
• Original Policy Bond.
• Medical Reports.
• Cancel check or Bank Passbook xerox.
• Death Certificate.
• Discharge Form.
• Proof of Title.
• Proof of Age.

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LIC New Bima Bachat Plan 816

         LIC New Bima Bachat Plan is a participating money back plan where the premium is paid as lump sum amount at the outset of the policy. LIC Bima Bachat Plan 816 was introduced by Life Insurance Corporation of India on 07th January 2014 with UIN Number 512N284V01. It is a Single Premium Plan with many benefits.

         It is a savings cum protection plan which is non-linked and provides financial protection against death of policy holder along with payment of survival benefits at certain durations during the term. On reaching Maturity the single premium is paid along with Loyalty addition.This policy offers Death Benefit         which is Sum Assured on death before five policy years and Sum Assured with Loyalty Addition after completion of five policy years.The maximum age limit is 66 years for term of 9 years, 63 years for term of 12 years and 60 years for term of 15 years. The sum assured should be a minimum of 35,000 Rupees for 9 years, 50,000 Rupees for term of 12 years and 70,000 Rupees for term of 15 years. The Maturity age is 75 years.

         The survival benefit is 15% of Sum Assured at end of 3rd and 6th year for a policy term of 9 years, at the end of 3rd, 6th, and 9th year for a policy term of 12 years and at the end of 3rd, 6th, 9th, 12th year for policy term of 15 years. The Loyalty addition depends upon the participation of the policy holder in the profits of the Corporation as declared by it, after the policy has crossed a minimum of 5 years.

Features

• LIC New Bima Bachat Plan is a Single Premium participating plan.
• During the Policy Term, the Policy can be surrendered at any time.
• Financial Protection is provided against death of the Insured during the Policy Term.
• At the end of the Policy Term, an extra Loyalty Addition is provided to the Life Assured.
• Cooling off period is made available to the Policyholder if he/she is not satisfied with the terms and conditions of the Policy.
• On Surrendering the Policy, Special Surrender Value and Guaranteed Surrender Value is available to the Proposer.
• Survival Benefits are provided at specified duration’s during the Policy Term.

Eligibility Conditions

Minimum Entry Age	15 years.
Maximum Entry Age	66 years (for term 9 years).
	63 years (for term 12 years).
	60 years (for term 15 years).
Premium Payment Mode	Single Premium.
Maximum Maturity Age	75 years.
Minimum Sum Assured	Rs 35,000/- (for 9 years term).
	Rs 50,000/- (for 12 years term).
	Rs 70,000/- (for 15 years term).
Maximum Sum Assured	No Limit.
	(Sum Assured will be in multiples of Rs 5000/-).
Policy Term	9, 12 and 15 years.

Benefits 

Survival Benefit: The following benefits are provided on the survival of the Life Assured for the specified duration.

• For 9 years Policy Term: 15% of Sum Assured will be payable at the end of 3rd and 6th policy year.
• For Policy Term 12 years: 15% of Sum Assured will be paid at the end of 3rd, 6th and 9th policy year.
• For 15 years Policy Term: The Life Assured will receive the 15% of Sum Assured at the end of 3rd, 6th, 9th and 12th policy year.

Death Benefit:

• Death During First years of Policy: The Nominee will receive the Sum Assured.
• Death After Completion of Five Policy Years: The Sum Assured along with Loyalty Addition is payable to the Nominee.

Maturity Benefit: If the Policyholder survives till the end of the Policy Term, a Single Premium along with Loyalty Addition is provided.

Loyalty Addition: Depending on the Corporation experience, the policy shall participate in profits and eligible for Loyalty Additions. During the death of the Proposer after five policy terms or surviving till maturity, Loyalty Addition is provided.

Claim Process

          The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured. 

• Duly filled claim form.
• Original Policy Document.
• Identification Proof.
• Death Proof.
• Medical treatment documents before death.
• Age proof.
• Employer’s Certificate.

Additional Information 

Loan Facility: After the completion of one Policy year, Loan facility is available under this plan to the Life Assured. The Amount of Loan given to the Policyholder is equal to the 60% of the Surrender Value as on Date of Sanction of Loan.

Assignments/Nominations: At the time of Proposal Stage of the Policy, the nomination is to be made by the Policyholder. The Nominee should be Children, Spouse or close relatives of the Life Assured.

Taxes: Taxes including Service Tax and any Other Taxes on Single premium including extra premium shall be Payable by the Policy Holder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.

Cooling-off Period: If the Policy Holder is not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond.

Back-dating Interest: The Policies can be Dated back within the Same Financial year. The Rate of Back-dating Interest will be charged by the corporation from time to time of completion of policy.

Suicidal Exclusion: If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 90% of the Single premium paid excluding any taxes and Extra Premium paid.

Surrender Value: The LIC New Bima Bachat policy can be Surrendered at any time during the policy period subject to realization of the Premium Cheque. The Guaranteed Surrender Value and Special Surrender Value is payable on surrendering the policy to the Policyholder.

Guaranteed Surrender Value: The allowable Guaranteed Surrendered Value is as follows

• For First Year: 70% of the Single Premium Paid excluding Extra Premiums Paid and Taxes.
• Thereafter: 90% of the Single Premium Paid excluding Extra Premiums Paid, Survival Benefits.

Special Surrender Value: The Corporation will pay Special Surrender Value as applicable on the date of surrender provided the same is higher than Guaranteed Surrender Value.

Proposal Forms: The Life Assured have to use the Proposal Form no. 300 or 340 will be useful for this Plan.

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LIC New Money Back Plan 25 years Plan 821

          LIC New Money back Plan-20 years offers financial protection against death throughout the term as well as periodic payment at specified durations during the period. It provides financial cover for the family of the deceased policy-holder until Maturity and lump sum amount (40% of Basic Sum Assured along with Simple Reversionary Bonus and Final Additional Bonus) at the time of Maturity in case of survival. The Death benefit provided by this policy includes the Sum Assured on Death (higher one of 125% of Basic Sum Assured or 10 times of annualized premium) along with Simple Reversionary Bonuses and Final Additional Bonus.. If the policy holder survives till the end of specified term 15% of Basic Sum Assured will be paid at each 5th, 10th and 15th and 20th years.

          The maximum age at entry must be 30 years while the minimum must be 15 years. The term is 20 years. The minimum Sum Assured is 1, 00,000Rupees and there is no maximum limit. The maximum Maturity age is 70 years. The policy holder will get a share in the profits of the company through Simple Reversionary Bonus if the policy is running properly. Final Bonus will be declared at the time of claiming the policy through death or maturity.In case of accidental death, an optional rider called Accidental Death Benefit rider can be opted for which provides twice the sum assured, available with payment of Rs.100 per 1 lakh sum assured every year.

Features 

• Death Benefit and Maturity Benefit is provided to the Life Assured in this LIC Money Back Policy 25 years.
• Loan Facility can be availed by the Insured in this plan.
• After the completion of the Policy Term, the Policyholder is provided with vested Reversionary Bonus + Additional Bonus with Sum Assured.
• Rider Option is available for this Policy.
• 15% of sum assured will be paid at 5th, 10th, 15th, 20th years of the policy after the premium is paid at regular intervals.
• At the time of Death of the Life Assured, Nominee will be provided with the lump sum amount along with bonuses.

Eligibility Conditions

Particulars	Minimum	Maximum
Entry Age	13 years	45 years
Maturity Age	–	70 years
Policy Term	–	25 years
Premium Paying Term	–	20 years
Basic Sum Assured	1,00,000/-	No Limit
Premium Mode	Monthly (ECS or SSS), Quarterly, Half Yearly, Yearly

Benefits

Survival Benefit: The Life Assured will be provided 15% of Sum Assured at intervals of 5th, 10th, 15th and 20th years of the policy at the end of specific duration.

Death Benefit: If the Life Assured dies within the policy term, the Nominee is provided with the Sum Assured as Death Benefit. The Sum Assured along with Simple Reversionary Bonuses and Final Additional Bonus is provided to the Nominee. The Sum Assured is 10 times the annualized premium or 125% of the Basic Sum Assured. The Death Benefit paid shall not be less than 105% of the premiums paid as on date of death.

• Death Benefit = Sum Assured (125%) + vested Simple Reversionary Bonuses + Final Additional Bonus.

Maturity Benefit: On Survival of the Policyholder till the end of Policy, the remaining 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus is provided to the Policyholder.

Rider

          The Life Assured can select the Accidental Death and Disability Benefit Rider which is optional.

LIC’s Accidental Death and Disability Benefit Rider

• By Payment of additional premium, this rider can be opted which is available throughout the Policy term.
• During Accidental Death, the Accident Benefit Sum Assured along with death benefit is provided to the Nominee.
• In case of permanent disability due to accident, the Accident Benefit Sum Assured will be paid in monthly installments for a period of 10 years. The Future Accident Benefit Sum Assured Premiums will be waived off.

Eligibility Conditions

Minimum Entry Age	18 years
Maximum Entry Age	Can be opted at any time during the premium payment term.
Maximum Cover Ceasing Age	70 years
Minimum Accident Benefit Sum Assured	Rs 1,00,000/-.
Maximum Accident Benefit Sum Assured	Amount equal to Basic Sum Assured which is subjected to a maximum of Rs 50,00,000/- of overall limit.

Bonus Details

There are two bonus available for LIC New Money Back Plan 20 years. They are.

1. Simple Reversionary Bonus.
2. Final Additional Bonus.

Simple Reversionary Bonus: At the end of each financial year, the Simple Reversionary Bonus is declared per thousand of sum assured. The Bonus is accured during the premium paying term but paid at the time of death or end of the term in addition with final additional bonus.

Final Additional Bonus: If the policy is run for a certain minimum period, the additional bonus will be paid. It is Provided at the time of Maturity or Death.

Additional Information

• Loan Facility: The Life Assured can avail the Loan Facility under this Plan.
• Risk Coverage: This option is available till the end of the Policy Term.
• Riders: The LIC Money Back Plan 20 years has rider option facility.
• Cooling off period: The Policy can be returned within 15 days, if the Life Insured is not satisfied with the Terms and Conditions of the policy.
• Policy Revival: The Policy can be revived within 2 years from the date of first unpaid premium.
• Nominations/Assignments: The LIC Money Back Policy 20 years provides Assignments and Nominations in this plan.

Claim Process

          The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured. 

• Duly filled claim form.
• Original Policy Document.
• Identification Proof.
• Death Proof.
• Medical treatment documents before death.
• Age proof.
• Employer’s Certificate.

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