LIC Jeevan Utkarsh Plan 846

           LIC Jeevan Utkarsh (Table No. 846) is a single premium with 12 years fixed maturity term, Loyalty Addition (with profit) based and non-linked (not share market dependent) life insurance plan. On completion of 12 years term, maturity will be Sum Assured + Loyalty Addition (LA) and in case of death during the policy term, 10 times single premium (excluding rider premium and GST) + Loyalty Addition (LA) (if any) will be death claim amount. This plan also comes with a feature of settlement option with 5, 10 or 15 years settlement period, so if policyholder does not want to receive maturity or death claim amount in one go, then he/she can opt for equated amount over a period of 5, 10 or 15 years.

           It is very well said that prevention is better than cure. LIC's Jeevan Utkarsh is one such plan which makes your life easier. Jeevan Utkarsh Plan has been recently launched in the market. It is a single premium endowment policy which offers 10 times of your single premium along with loyalty addition.  This plan was launched on 6th of September, 2017.

           LIC’s Jeevan Utkarsh is a single premium with a fixed maturity term of 12 years, Loyalty addition based and non-linked life insurance plan. At the time of the maturity, insured receives sum insured plus loyalty addition i.e. after completion of 12 years. In case of the death during policy term, a death claim amount is received which is 10 times single premium plus loyalty addition.

           Single premium life insurance is the one where entire insurance amount is paid in one year only. Because single-premium policies are paid at once, the money invested builds up rapidly, making for a potentially sizable benefit even in the event of the policyholder's sudden death.

Features 

• Settlement option of 5, 10 and 15 years i.e. the policyholder can go for an equated amount over a period of 5, 10, 15 years, if he does not wish to receive maturity or death claim amount in one go.
• Single Premium Endowment Plan with a fixed tenure of 12 years
• Loyalty Additions to be paid at the end of the policy term.
• Option of selecting Accidental Death and Disability Rider along with the plan.
• It is a close ended plan.
• One can surrender policy at any point of time during the policy period depending upon the conditions.
• Loan facility up to 90% of surrender value is available after 3 months of commencement of policy.
• High risk cover.
• Tax free maturity amount

Eligibility Conditions

Age at Entry	6 Years (Completed)
Maximum Age at Entry	47 (Nearest Birthday)
Premium Paying Mode	One Time (Single Premium)
Policy Term	12 Years
Sum Assured	75,000 and above
Surrender	70% of Single Premium in 1st Policy Year
	90% of Single Premium from 2nd Policy Year
Loan	Can be Availed after 3 Months(90 Days)

Benefits 

Maturity benefits

           At maturity of the policy sum assured along with loyalty addition, if any is given to the insured. Here the sum assured is equal to the Basic sum assured.

Death benefits

           Before the commencement of the risk, during the first five years of the policy, single premium is refunded without any interest and is free from taxes, extra chargeable premium and rider premium. On death after the completion of five years but before the date of maturity sum assured on death is equal to 10 times the Tabular single premium along with loyalty addition.

Loyalty addition

           Policies under this plan are eligible for loyalty addition at time of exit after completion of five years in the form of death during the term or maturity. Loyalty addition shall also be considered in special surrender value calculation on surrender of policy during the policy term, provided the policy has completed five years.

Optional benefits

           Optional benefits like LIC’s Accidental Death and Disability Benefit Rider are also available under this plan. They are available as optional rider by paying additional premium. This benefit is available at the time of commencement only. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of accident permanent disability, an amount equal to Accident benefit sum assured is paid in the form of equal monthly installments spread over a period of 10 years. If the assured dies before the expiry of 10 years, then the policy becomes a claim, the disability benefit installments which have not fallen due are paid along with the claim amount.

Additional Information

• Loan facility - after the payment of premium for 3 months, loan facility is available under this plan subject to policy conditions.
• Free Look period - The policyholder is provided with a free look period of 15 days, if he/she is not satisfied with the terms and conditions of the policy. For the same policyholder need to provide a proper justification and submit the policy to LIC with free look period.
• Date of vesting - It is applicable only if the age of assured is below 18 years on the date of inception of the policy.
• Suicide clause- If the policyholder commits suicide before 2 months from the date of commencement of risk, he/she can be returned with 90% of the premium paid without any taxes or extra premium.
• Taxes - Taxes, if any, will be applicable as per tax laws and rate tax applicable from time to time.
• Back dating - Allowed within the same financial year.

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LIC New Money Back Plan 20 years Plan 820

          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 20% of Basic Sum Assured will be paid at each 5th, 10th and 15th 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

• The Plan provides Maturity and Survival Benefits to the Life Assured.
• A Lump sum amount will be paid after death or a particular term.
• At the end of the Policy Term, the Life Assured will get the Sum Assured along with Simple Reversionary Bonus.
• Accidental Death and Disability Benefit Rider is provided in this LIC New Money Back Plan 20 years.
• As Survival Benefit, 20% of sum assured is paid on the 5th, 10th and 15th year of the Policy.

Eligibility Conditions 

Minimum Entry Age	13 years
Maximum Entry Age	50 years
Maximum Maturity Age for Life Insured	70 years
Policy Term	20 years
Minimum Basic Sum Assured	100000
Maximum Sum Assured	No Limit
Premium Payment Term	15 years
Premium Payment Mode	Monthly, Quarterly, Half yearly and Yearly

Benefits 

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 offered to the Nominee. The Sum Assured is 10 times the annualized premium or 125% of the Basic Sum Assured.

Survival Benefit: If the Life Insured survives till the end of the specified durations, 20% of the Basic Sum Assured is provided on the 5th, 10th & 15th Policy year.

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 Life Assured.

Riders

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 have 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 the case of permanent disability due to the accident, the Accident Benefit Sum Assured will be paid in monthly installments for 10 years. The Future Accident Benefit Sum Assured Premiums will be waived off.

Eligibility Conditions 

Minimum Entry Age	18 years
Maximum Entry Age	Can opt 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 is 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 also with a final additional bonus.

Final Additional Bonus: If the policy is run for a specified 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 until 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.
• Suicide Clause: If the Life Assured commits suicide within 12 months, 80% of the premium paid will be returned.
• Housing Loan Surety: The Policy Holder can avail the Housing Loan Surety.
• 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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LIC JEEVAN SHIROMANI PLAN 847

LIC JEEVAN SHIROMANI PLAN 847

             LIC is Launched an new money back plan LIC Jeevan Shiromani Plan 847 on 19th December 2017

Non linked, with guaranteed addition, limited payment, moneyback plan, covering many critical diseases. With lot of volatility in Indian financial market, LIC OF INDIA has launched a special plan for HNI’s, & NRI’s, which will give guaranteed returns. There is no such plan available in entire insurance industry which can give returns as are given by this Plan. So anyone who wants guaranteed returns must buy LIC jeevan Shiromani Plan 847.

Why Jeevan Shiromani is for HNI’s & NRI’s?

Minimum sum assured for Jeevan Shiromani is Rs 1 crore and there after the insurance can be increased in the multiple of Rs 5 lac and after that there is no upper limit.

How LIC jeevan Shiromani is guaranteed return plan?

This plan offers the guaranteed addition. For the first 5 years, the guaranteed addition will be Rs.50 per Rs.1,000 Sum Assured.

From 6th year onward to till POLICY PREMIUM PAYING TERM, this plan offers the guaranteed addition of Rs.55 per Rs.1,000 Sum Assured.

That is Rs 5lac per annum will be added to the policy for first five years and from 6th years onward Rs5.5lac per annum(till the end of the premium paying term) will be added to this policy in the form of the bonus. Note: This bonus is highest among any plan in the entire insurance industry.

Features of LIC Jeevan shiromani Plan:

There are four different terms available in LIC Jeevan Shiromani Plan and with limited premium paying term (4 years less than the term of the plan).

1.    Term 20years with Premium Payment 16years

2.    Term 18years with Premium Payment 14years

3.    Term 16years with Premium Payment 12years

4.    Term 14years with Premium Payment 10years

Moneyback also called Survival Benefits are paid in this plan on alternate years starting from the end of the premium paying term to end of the term.

Example:

For 20years Term premium paying term is 16years and the moneyback will be paid in 16th year = 45% of SA, 18th year = 45% of SA and rest( 10% of SA with guaranteed addition) in 20th yr

For 18years Term premium paying term is 14years and the moneyback will be paid in 14th year = 40% of SA, 16th year = 40% of SA and rest( 20% of SA with guaranteed addition) in 18th yr

For 16years Term premium paying term is 12years and the moneyback will be paid in

12th year = 35% of SA, 14th year = 35% of SA and rest( 30% of SA with guaranteed addition) in 16th yr

For 14years Term premium paying term is 10years and the moneyback will be paid in

10th year = 30% of SA, 12th year = 30% of SA and rest( 40% of SA with guaranteed addition) in 14th yr

Note: % of Moneyback is different in every term. 

DEATH BENEFITS OF LIC JEEVAN SHIROMANI PLAN 847

There are two conditions to pay the death benefits under this plan and they are as below.

a) Death during the first 5 years of policy period

If death occurs during the first 5 years of the policy period, then the benefit is as below.

Sum Assured on death+Guaranteed Addition at Rs.50 per Rs.1,000 Sum Assured.

b) Death from 6th year to policy maturity date

Sum Assured on death+Guaranteed Addition (for first 5 years Guaranteed Addition will be at Rs.50 per Rs.1,000 Sum Assured and from 6th year onward it will be Rs.55 per Rs.1,000 Sum Assured)+Loyalty Addition.

MATURITY BENEFITS OF LIC JEEVAN SHIROMANI PLAN 847

If policyholder survives up to the policy period, then he will receive the below benefits.

·         For 14 Yrs Policy-40% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition. As 60% of Basic Sum Assured is already paid in two equal money back installments in 10th Yr & 12th Yr each of 30-30%.

·         For 16 Yrs Policy-30% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.As 70% of Basic Sum Assured is already paid in two equal money back installments in 12th Yr & 14th Yr each of 35-35%.

·         For 18 Yrs Policy-20% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition. As 80% of Basic Sum Assured is already paid in two equal money back installments in 14th Yr & 16th Yr each of 40-40%.

·         For 20 Yrs Policy-10% of Basic Sum Assured+Guaranteed Addition+Loyalty Addition.As 90% of Basic Sum Assured is already paid in two equal money back installments in 16th Yr & 18th Yr each of 45-45%.

INBUILT CRITICAL ILLNESS BENEFITS OF LIC JEEVAN SHIROMANI PLAN 847

LIC Jeevan Shiromani is a special plan which provides critical illness rider free of cost or one can say a compulsory part of this plan.

On the first diagnosis of any one of the 15 Critical Illness as specified below, and also if the policy is in force, then the following benefits will be provided.

1.    Cancer of specified severity

2.    Open chest CABG

3.    Myocardial infarction

4.    Kidney failure requiring regular dialysis

5.    Major organ/bone marrow transplant (as recipient)

6.    Stroke resulting in permanent symptoms

7.    Permanent paralysis of limbs

8.    Multiple sclerosis with persisting symptoms

9.    Aortic Surgery

10.  Primary (idiopathic) pulmonary hypertension

11.  Alzheimer’s disease/dementia

12.  Blindness

13.  Third-degree burns

14.  Open heart replacement or repair of heart valves

15.  Benign brain tumor

If the policyholder is diagnosed with any of the above-said illnesses, then LIC will give him the following below mentioned benefits.

a) Lump Sum Benefit:–

Inbuilt critical illness benefits equal to 10% of Basic Sum Assured will be payable subject to the following.

·         This benefit will be payable after LIC satisfied with the reports with specific deferment period (in respect to specific diseases). The benefit will be payable only once during the policy period.

·         A Survival period of 30 days is applicable from the date of diagnosis of critical illness. If death occurs during the 30 days period, then no critical illness benefit will be payable.

·         A waiting period of 90 days will apply from the date of commencement of risk or date of revival of risk (whichever is later).  However, such waiting period is not applicable for accidental cases.

b) Option to defer the payment of premiums if there is a critical illness claim:-

If LIC accepted the critical illness claim, then you no need to pay the premiums for the next two years. LIC will not charge any interest on such delayed payment. However, if there is a survival benefit dues to be payable to policyholder during this 2 years period, then LIC will pay the survival benefit by DEDUCTING the premiums due.

c) Medical Second Opinion:–

Under this benefit, the policyholder has an option to take the second opinion from the LIC impaneled healthcare providers or through reputed hospitals in India based on the arrangement made by LIC.

Do remember that this facility is available only once during the policy period, for which you no need to pay the cost. The policyholder can take this second opinion immediately after informing LIC about the illness (without bothering about whether his critical illness benefit will be accepted or not).

However, such second opinion not involves any test. If you do the test, then you have to bear the cost of that.

Also, such second opinion is purely based on the facilities and recommendations LIC provide.

How LIC Jeevan Shiromani works conceptually, explained below with the help of an example for a Sum Assured of Rs 1 crore on the age of Mr. X aged 30yrs.

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LIC BIMA SHREE TABLE NO 848

LIC BIMA SHREE  TABLE NO 848

              LIC Bima Shree Table no 848  is a non-linked, with-profits, limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 10 lakh especially designed for targeted segment of High Net-worth Individuals.

              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.

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.

Loan :
                   Loan Facillity is available under this plan, after payment of premiums for at least 2 full years.

Minimum Entry Age :

8 Years completed

Maximum Entry Age :

55 Years (Nearer Birthday) for Term 14

51 Years (Nearer Birthday) for Term 16

48 Years (Nearer Birthday) for Term 18

45 Years (Nearer Birthday) for Term 20

Maximum Maturity Age :

69 Years (Nearer Birthday) for term 14

67 Years (Nearer Birthday) for term 16

66 Years (Nearer Birthday) for term 18

65 Years (Nearer Birthday) for term 20

Minimum Sum Assured:

Rs 10 lakh (Multiple of 1 lakhs thereafter)

Maximum Sum Assured :

No Limit

Guaranteed Addition :

Rs 50/- per 1000 SA for 1st 5 years

Rs 55/- per 1000 SA for remaining PPT

On Death :
Death during 5 yrs : SA on Death + GA
Death after 5 yrs : SA on Death + GA + LA

*SA on Death* : 125% of BSA or 10 times AP or 105% of Premiums Paid

Survival Benefits :
For 14 yrs policy : 30% of BSA in 10th & 12th year
For 16 yrs policy : 35% in 12th & 14th year
For 18 yrs policy : 40% in 14th & 16th year
For 20 yrs policy : 45% in 16th & 18th year

Maturity time : Remaining SA with GA + LA

Lic’s Premium Waiver Benefit Rider available.

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