LIC Jeevan Umang Plan 845

           LIC Jeevan Umang is non-linked, whole life assurance plan with profits. This plan provides annual survival benefits at the end of the completion of premium payment up to 100 years of age and a maturity lump sum amount at maturity of term or death of the policyholder during the term.
           LIC Jeevan Umang Plan 845 was recently launched in the market and came into effect from 16th May, 2017. This plan is similar to Jeevan Tarang Plan.
           LIC Jeevan Umang is a whole life product i.e. it provides life coverage up to 100 years of age. A whole life plan is a life insurance plan which remains throughout the lifetime of the policyholder. There are various companies which have offered maturity and death benefits under such a policy,LIC is one of them.

Features 

• It is whole life insurance plan i.e. for 100 years
• 8% of the Sum Assured is paid as money back at the end of the term
• Large Sum Assured available under this plan.
• Benefits like LIC Accidental Death Disability Benefit Rider and Term Rider are available under this plan.
• Simple reversionary bonus is payable on maturity or early death.
• Suitable plan for pension.
• Premiums paid are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

Age at Entry	90 Days (Completed)
Premium Paying Term (PPT)	15, 20, 25, & 30 Years
Maximum Age at Entry in Years (As per Nearest Birthday)	55 for 15 PPT
	50 for 20 PPT
	45 for 25 PPT
	40 for 30 PPT
Age at Maturity	100 Years (Nearest Birthday)
Policy Term	100 - Age at Entry
Basic Sum Assured	2,00,000 and above in multiples of 25,000
Premium Paying Mode	Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Benefits 

Death benefits

           On death before commencement of risk an amount equal to total amount of premium paid is given without any interest. On death after the commencement of risk a definite sum of Sum Assured on Death and vested Simple reversionary bonuses along with final additional bonus are given. Sum Assured on death is highest as it is 10 times of annualised premium or sum assured on maturity or absolute amount assured to be paid on death i.e. Basic Sum Assured. Premiums paid are tax free and free from any extra chargeable amount or rider premium.

Survival addition

           On the completion of the premium paying term (PPT), provided that all the due premiums have been cleared, an amount equal to 8% of basic sum assured is paid to the policyholder every year till maturity. The survival benefit payment is paid at the end of the premium paying term and on successful completion of every subsequent year till the policyholder survives or policy anniversary prior to the date of maturity.

Maturity Benefit

           On the successful completion of the term policy i.e. when all the due premiums have been paid, Sum Assured on Maturity along with vested reversionary bonuses and final additional bonus is paid. Here the sum assured on maturity is equal to basic sum assured.

Accidental and Disability benefit rider

           LIC’s accidental death and disability benefit rider is an optional rider available on payment of extra premium. This benefit can be availed any time during the premium paying term provided that the outstanding premium paying term is at least 5 years. Here the age nearer birthday of life assured should be 70 years and benefit is payable on the policy anniversary. 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 permanent accidental disability an amount equal to Accident benefit sum is paid if the form of equal monthly installments spread over a period of 10 years and future premiums for Accident benefit sum assured along with premium for the portion of Basic sum assured is also given. If the assured dies before the expiry of the given period of 10 years, then in this case disability benefit installments which have not fallen due are paid along the claim amount.

Date of commencement of risk

           If the entry age of assured is less than 8 years of, then the risk under this plan will begin either one day before the completion of 2 years from the date of inception or one day before the policy anniversary, immediately following the completion of 8 years of age. For those aged 8 years and above, risk will start immediately.

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 Jeevan Umang 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.
• Policy Revival: The Policy can be revived within 2 years from the date of first unpaid premium.
• Nominations/Assignments: The LIC Jeevan Umang provides Assignments and Nominations in this plan.

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LIC Aadhaar Shila Plan 844

          LIC Aadhaar Shila Plan (Table 844) is new Aadhaar based life insurance plan. This plan is launched along with Aadhaar Stambh Plan (Table 843). This plan is exclusively designed by LIC, for the female candidate having Aadhaar Card. The main reason of keeping policy name Aadhaar Shila is to take benefit of growing popularity of Aadhaar Card. Both the plan Aadhaar Shila and Aadhaar Stambh Plan is same except premium amount and gender eligibility.
          LIC Aadhaar Shila policy is non-linked with profit regular endowment plan. It is a first plan launched by LIC in the year 2017. This plan is available from 24th April 2017.

Features

• This plan provides auto cover facility i.e. it takes care of liquidity needs through its Auto cover as well as loan facility.
• This plan is only available for females.
• It is low premium plan.
• It is an Endowment policy wherein the amount is given as a lump sum at maturity i.e. at the end of the term.
• In this plan Loyalty Addition will be paid additionally if the death occurs after 5 years, whereas normal insurance coverage will equal to Basic Sum Assured.
• At the maturity of this plan the policyholder receives Basic Sum Assured + Loyalty Addition.
• Critical illness benefits are not available under this plan.
• Loan facility is available under this plan but only after completion of three years.
• Benefits like LIC’s Accidental Rider and permanent disability rider are available.
• Revival of lapsed policy is available under this policy within the two years of first unpaid premium.
• Paid premiums are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

  Female Only

Age at Entry	8 Years (Completed)
Maximum Age at Entry	55 (Nearest Birthday)
Minimum Term	10 Years
Maximum Term	20 Years
Maximum Age at Maturity	70 Years (Nearest Birthday)
Sum Assured	Minimum 75,000 and Maximum 3,00,000
Premium Paying Mode	Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Benefits 

Maturity benefits

On successful completion of the term policy while the assured is alive i.e. when all the due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition is paid.

Death benefits

On death of the assured during first five years, Sum Assured on Death is paid. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, is paid. Where Sum assured on death is defined as the higher of 10 times of annualised premium or basic sum assured. The death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

Loyalty addition

If the policy has completed five years and full premium has been paid for at least five years, then the plan is eligible for Loyalty Addition at the time of exit in the form of death during the policy term or maturity. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in force. Loyalty addition is also considered during Special Surrender Value Calculation on surrender of policy during the term, only if the policy has completed five years and at least for five years full premium has been paid.

Optional Accidental benefit rider

Policy holders above 18 years of age have option of availing LIC’s Accidental Benefit Rider with this plan, which will provide additional amount equal to basic sum assured in case of death caused due to accident.

Date of commencement of risk

Under this plan the risk will commence immediately from the date of inception of policy. It also includes minor lives.

Payment of premium

Premium under this policy can be paid in intervals in the form of yearly, half yearly, quarterly and monthly, where monthly premium can only be through NACH or salary deduction during the term of policy. A grace period of one month but not less than 30 days is allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Revival

A revival period of two years is given to the assured from the date of first unpaid premium but before the date of maturity. This happens when the policy gets lapsed, if the premium is not paid by the end of the grace period. The policy can be revived by paying all due premium along with interest at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

Paid up value

All the benefits under the policy will cease after the expiry of grace period and nothing will be paid, if the premiums have been paid for less than 3 years. In case of premium fully paid for three years and any subsequent premium is not duly paid, then the policy won’t be ceased but continued as a paid-up policy.

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LIC Aadhaar Stambh Plan 843

          LIC’s Aadhaar Stambh Plan is a non-linked insurance plan, with profits and regular premium paying endowment plan. This plan is a combination plan which offers both savings as well as protection. LIC’s Aadhaar Stambh Plan is exclusively for male policy holders having Aadhaar cards issued by UIDAI. This is a Loyalty Addition based plan. This plan does not require any medical test and is available standard healthy lives.
          LIC’s Aadhaar Stambh Plan also provides financial support to the family in case of unfortunate death of policyholder before maturity and a lump sum amount the time of maturity for the surviving policyholder.

Features

• This plan provides auto cover facility i.e. it takes care of liquidity needs through its Auto cover as well as loan facility.
• This plan is only available for males.
• It is low premium plan.
• It is an Endowment policy wherein the amount is given as a lump sum at maturity i.e. at the end of the term.
• In this plan Loyalty Addition will be paid additionally if the death occurs after 5 years, whereas normal insurance coverage will equal to Basic Sum Assured.
• At the maturity of this plan the policyholder receives Basic Sum Assured + Loyalty Addition.
• Critical illness benefits are not available under this plan.
• Loan facility is available under this plan but only after completion of three years.
• Benefits like LIC’s Accidental Rider and permanent disability rider are available.
• Revival of lapsed policy is available under this policy within the two years of first unpaid premium.
• Paid premiums are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

  Male Only

	Minimum	Maximum
Basic Sum Assured*	Rs. 75,000	Rs. 3,00,000
Policy Term	10 years	20 years
Premium Payment Term	Same as policy term
Entry Age	8 years (completed)	55 years (nearest birthday)
Maximum Maturity Age	70 years (nearest birthday)
Premium paying frequency	Annually, Half-yearly, Quarterly, Monthly

Benefits 

Maturity benefits

On successful completion of the term policy while the assured is alive i.e. when all the due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition is paid.

Death benefits

On death of the assured during first five years, Sum Assured on Death is paid. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, is paid. Where Sum assured on death is defined as the higher of 10 times of annualised premium or basic sum assured. The death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

Loyalty addition

If the policy has completed five years and full premium has been paid for at least five years, then the plan is eligible for Loyalty Addition at the time of exit in the form of death during the policy term or maturity. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in force. Loyalty addition is also considered during Special Surrender Value Calculation on surrender of policy during the term, only if the policy has completed five years and at least for five years full premium has been paid.

Optional Accidental benefit rider

Policy holders above 18 years of age have option of availing LIC’s Accidental Benefit Rider with this plan, which will provide additional amount equal to basic sum assured in case of death caused due to accident.

Date of commencement of risk

Under this plan the risk will commence immediately from the date of inception of policy. It also includes minor lives.

Payment of premium

Premium under this policy can be paid in intervals in the form of yearly, half yearly, quarterly and monthly, where monthly premium can only be through NACH or salary deduction during the term of policy. A grace period of one month but not less than 30 days is allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Revival

A revival period of two years is given to the assured from the date of first unpaid premium but before the date of maturity. This happens when the policy gets lapsed, if the premium is not paid by the end of the grace period. The policy can be revived by paying all due premium along with interest at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

Paid up value

All the benefits under the policy will cease after the expiry of grace period and nothing will be paid, if the premiums have been paid for less than 3 years. In case of premium fully paid for three years and any subsequent premium is not duly paid, then the policy won’t be ceased but continued as a paid-up policy.

Free-look Period

If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned.

Grace Period

In case of Yearly, Half-yearly and Quarterly premium payment mode you have a grace period of 30 days from the premium due date. In case of monthly premium payment mode, the grace period is of 15 days. 

Loan

You can avail a long against this policy after you have paid 3 years of premium.

Riders  

You have the choice of taking the following rider by paying an extra premium amount:

LIC’s Accident Benefit Rider

Surrender Value

If you surrender the plan anytime before paying 3 years of premiums, you will not be paid anything back. In case you have paid at least 3 years premiums, the policy will acquire a Surrender Value. Check the Surrender Value of LIC Aadhar Stambh Plan.

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LIC Jeevan Arogya Plan 904 (LIC Health Insurance Plan)

          LIC Jeevan Arogya Policy is a Non-Participating Health Insurance Plan, which covers you and your family at the time of medical emergency. LIC Jeevan Arogya Plan 904 was a modified Jeevan Arogya 903 Plan in force from 16th November 2013. The LIC Health Insurance Plan 904 provides health insurance cover for the entire family including Individual, Spouse, Children, Parents and Parents in Law.

          Every Person worries because of the unfortunate events or the unexpected health issues that may occur in future. This LIC Health Plan 904 is a Non-Linked Plan, which provides financial protection at the time of Hospitalization and Surgeries. The Principal Insured can use the LIC Jeevan Arogya Premium Calculator for the yearly and half yearly premiums.

Features

• Premium Payment options are Flexible.
• Health Cover will increase every year.
• In the case of the Hospitalization and Surgery, financial protection is provided.
• The Benefit limit is flexible to choose.
• Regardless of actual medical costs lump sum benefits are made available to the Life Assured.
• No Claim Benefit: If there is No Claim during the Policy Commencement Date and next Renewal Date, the Principal Insured will get the No Claim Benefit from the LIC.

Eligibility Conditions 

Name of the Insured	Minimum Entry Age	Maximum Entry Age	Maximum Ceasing Cover Age
Principal Insured/Spouse	18 years	65 years	80 years
Parents/Parents in Law	18 years	75 years	80 years
Dependent Children	91 Days	17 years (last birthday)	25 years (last birthday)
Modes of Premium Payment: Half Yearly or Yearly.

Benefits 

Hospital Cash Benefits (HCB): In the event of Hospitalization of the Insured and their family members the Hospital Cash Benefits is provided. The Minimum Initial Daily Benefit of Rs 1000/- and the multiples of 1000/- is paid.

Major Surgical Benefit (MSB): The Principal Insured during Jeevan Arogya cover period, undergoes any of the surgery, the MSB sum assured for the surgery as mentioned in the MSB Annexure will be paid to the PI. LIC will provide Ambulance Charges of Rs 1000/- in addition at the time of Major Surgical Treatment.

Day Care Procedure Benefit (DCPB): If the Insured is undergoing any specified Day Care Procedure mentioned in the Day Care Procedure Benefit Annexure will get an amount of 5 times the applicable daily benefit (ADB).

Other Surgical Benefit (OSB): If any of the Insured of Jeevan Arogya Plan, undergoing any surgery not listed in the Day Care Procedure Benefit or Major Surgical Benefit will get an amount of two times the ADB as a daily benefit for a continuous period of 24 hours during the cover period.

Grace Period: The Insured will be provided 30 days of Grace Period for the payment of due Premium. Finally policy lapses if the premium amount is not made available within the Grace Period.

Cooling-off period: LIC will provide 15 days of time for the Policy Holder to return the Policy if not satisfied with the Terms and Conditions of the Policy.

Riders

1. Accident Benefit Rider.
2. Term Assurance Rider.

Accident Benefit Rider: This Rider applies to the Insured and Spouse. The Accident Benefit Rider will be available by paying an extra premium of Rs 0.50/- for every Rs 1000/- of the Accident Benefit Sum Assured per policy year. If the case of sudden death, along with the Term Insurance Sum Assured a lump sum amount is available for the Nominee. After the Policy Anniversary, the Insured will not be required to pay Additional Premium for Accident Benefits rider.

Eligibility Conditions:

Minimum Age of Entry	18 years
Maximum Age of Entry	50 years
Benefit Closing Age	60 years
Maximum Term	35 years
Sum Assured	Minimum: 25,000/-.
	Maximum: The Amount equal to Term Assurance Sum Assured, subject to a maximum of Rs 50 lakh for the overall limit of existing policies.
Sum Assured in Multiples	Rs 5,000/-.

Term Assurance Rider: LIC Jeevan Arogya Term Assurance Rider is an optional rider for Principal Insured or Insured Spouse only. The Premium amount is made available along with the base plan. During the term, if unfortunate death occurs an amount equal to Term Assurance Sum Assured will be payable.

Eligibility Conditions:

Minimum Age of Entry	18 years
Maximum Age of Entry	50 years
Benefit Closing Age	60 years
Maximum Term	35 years
Sum Assured	Minimum: 100,000/-.
	Maximum: The Amount equal to MSB Sum Assured, subject to a maximum of Rs 25 lakh for the overall limit of existing policies.
Sum Assured in Multiples	Rs 25,000/-.

Additional Information 

Death Benefit: The Insured will not get any Death Benefit unless opted for Accident Benefit Rider or Term Assurance Rider Benefit.

Maturity Benefit: There is no Maturity Benefit at the end of the cover period.

Loan Facility: The Principal Insured will not get any loan for this Jeevan Arogya Plan.

Surrender Value: No Surrender Value is made available for Jeevan Arogya Policy.

Discontinuance of Premiums: If the Life Assured does not pay the premiums within grace period the policy will lapse, and no benefits are made available for the Principal Insured.

Revival: The Policyholder can revive the plan within two years from the due date of first unpaid premium.

Options available 

Option to migrate: The Children included in this plan can migrate to new health insurance plan after the completion of 18 years of age or at the specified exit age. The Policyholder can purchase the policy within 90 days after the termination of the existing policy.

Cover to new members: If the Principal Insured gets married, the spouse and parents in law can be included within six months from the date of marriage. The Newborn child or legally adopted child can join within three months from the date of birth or legal adoption.

Quick Cash Facility: The Principal Insured can avail the 50% of the MSB amount, for the treatment of any surgery listed in the Major Surgical Benefit (MSB).

Claim Process 

           The Nominee/Life Assured can apply for Claim at the time of completion of the Policy Term or during the sudden Hospitalization of the Policyholder. Apply with all the required documents for the Claim amount. The Documents required at the time of Claim Process is available below.

• Original Policy Bond / Document.
• NEFT Form.
• Discharge form.
• Proof of Accident and Disability.
• Proof of title.
• Cancel check or Bank Passbook xerox.

Note:

Treatments not covered during the particular waiting period:

• Treatment for Cataract.
• Treatment for benign enlargement of prostate gland.
• Treatment for adenoid or tonsillar disorders.
• Treatment for benign uterine disorders like fibroids, uterine prolapse, dysfunctional uterine bleeding, etc.
• Treatment for anal fistula or anal fissure.
• Treatment for benign thyroid disorders.
• Treatment for slip disc.
• Treatment for degenerative joint conditions.
• Treatment for Gallstones.
• Treatment of Hernia.
• Treatment for Piles.
• Treatment for sinus disorders.
• Treatment for varicose veins.
• Treatment for hydrocele.
• Treatment for benign breast disorders e.g. fibroadenoma, fibrocystic disease, etc.
• Treatment for Carpal tunnel syndrome.
• Treatment for kidney or urinary tract stones.

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