Today’s world is very fast paced. It is imperative that each life is insured to give an individual security as well as those who are dependent him/her or living with him/her. Along with security and insurance benefits LIC’s Special Plans are opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance and investment.

BENEFITS

• Guaranteed Additions : Guaranteed additions at the compound rate of Rs.50 per thousand Sum Assured per annum for the policy with term of 5 years and at the compound rate of Rs.55 per thousand Sum Assured per annum for the policy with term of 10 years.
• Loyalty Addition : Depending upon the Corporation’s experience with regard to mortality, interest and expenses and based on term of the policy, Loyalty addition, if any, may be declared by the corporation and paid on maturity.
• Maturity Benefit : The Basic Sum Assured along with compounded Guaranteed Additions will be payable.
  Note : Loyalty addition, if any, will also be added to this benefit.
• Payment on death : In case of the unfortunate death of the Life Assured during the term of the policy, Sum Assured along with the accrued guaranteed additions will be payable.
• Surrender Value : Surrender value is payable after the policy has run at least for one year.
  Riders : Term Assurance rider is available.

FEATURES

Bima Nivesh 2005 is a plan with compound rate of guaranteed additions and loyalty additions . This is the revised version of LIC’s popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from their customers . It is a single premium, ideal investment plan for those who have no regular income but good periodical income . Bima Nivesh 2005 is available for terms 5 and 10 years. The guaranteed surrender value is payable after the policy has run for at least one year. Term Assurance Rider is also available by payment of a single premium at the option of the proposer.

ELIGIBILITY & RESTRICTIONS

Premium Rates:

Single Premium rates for Rs.1000 Sum Assured are Rs.995 for 5 years term and Rs. 976 for 10 years term;

Note:
The Term Rider Premium depends on the age nearer birthday and the term of the policy.

REBATES
1% of basic premium on the premium in excess of Rs.50,000.
Rs.500 plus 1.5% of basic premium on the premium in excess of Rs.1,00,000.

LOAN
Loan will be available to the policyholders under this plan within the Surrender Value.

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Today’s world is very fast paced. It is imperative that each life is insured to give an individual security as well as those who are dependent him/her or living with him/her. Along with security and insurance benefits LIC’s Special Plans are opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment

BENEFITS

Maturity Benefit: On your surviving to the date of maturity, payment of the Maturity Sum Assured along with vested bonuses, if any.

The specimen Maturity Sum Assured per Rs. 1200/- annual premium are given below for some of the decennial ages and terms:

Death Benefit: Payment of an amount equal to total premiums payable during the entire term of the policy along with vested bonuses, if any.

Accidental Death and Disability Benefit: On death arising as a result of accident an additional amount, equal to Death Benefit Sum Assured shall be available during the term of the policy.

On total and permanent disability arising due to accident (within 180 days from the date of accident), the Accident Benefit will be payable in monthly instalments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:

a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle

Auto-Cover Facility: If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue from the due date of First Unpaid Premium(FUP) for a period of two years or till the end of policy term, whichever is earlier.

During the Auto Cover Period, the Accident Benefits shall not be available.

Participation in Profits of the Corporation: Simple Reversionary Bonuses shall be declared per thousand Death Benefit Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force.

In case of a paid up policy bonuses shall be payable only if at least 3 full years’ premiums have been paid.

On surrender, the discounted value of vested bonuses, if any, will be payable.

Paid-up Value: If after at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid up policy and the Sum Assured shall be reduced to a sum, called the paid-up value. The Paid up Sum Assured shall be calculated as the Maturity Sum Assured multiplied by the ratio of number of premiums actually paid to the total number of premiums originally stipulated for in the policy. This paid up value along with vested bonuses, if any, shall be payable on the date of maturity or at Life Assured’s prior death.

The Accident Benefit will cease to apply if the policy is in lapsed condition.

Surrender Value: You may surrender the policy for cash after at least two full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid. Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly or fortnightly or weekly premiums.

Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years but before maturity from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time.

Cooling-off period: If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.

Exclusions: If the Life Assured commits suicide (whether sane or insane at that time) within one year from the date of commencement of risk under the Policy, the Corporation shall not entertain any claim except to the extent of a third party’s interest under the policy.

The Corporation shall not pay the accidental benefit in case accidental death/ disability arises due to following reasons:

(i) intentional self injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence of intoxicating liquor, drug or narcotic; or
(ii) injuries resulting from riots, civil commotion, rebellion, war (whether war be declared or not), snake biting, invasion, hunting, mountaineering, steeplechasing or racing of any kind; or
(iii) the Life Assured committing any breach of law

FEATURES

LIC’s JEEVAN MADHUR is a simple savings related life insurance plan where you may pay premiums regularly
at weekly, fortnightly, monthly, quarterly, half-yearly or yearly intervals over the term of the policy.

Minimum instalment premium for different modes of premium payment shall be:

Further, the premium chosen by you shall be subject to the minimum and maximum
sum assured of Rs. 5,000/- and Rs. 30,000/- respectively payable on death and maturity
under this plan.

BENEFIT ILLUSTRATION

Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.

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Today’s world is very fast paced. It is imperative that each life is insured to give an individual security as well as those who are dependent him/her or living with him/her. Along with security and insurance benefits LIC’s Special Plans are opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment.

BENEFITS

1. Benefits :
Death Benefit: On death during the term of the policy the Sum Assured under the basic plan is payable, provided the policy is kept in force.

Maturity Benefit: On surviving to the date of maturity, an amount equal to the total amount of premium paid during the term of the contract excluding the accident benefit premium and all extra premium, if any, is payable ,provided the policy is kept in force

2. Optional Rider:
Accidental Benefit Rider: On death arising as a result of accident during the term of the policy, an additional amount, equal to Accident Benefit Rider Sum Assured is payable .

On total and permanent disability arising due to accident (within 180 days from the date of accident), the Accident Benefit will be payable in monthly instalments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit installments which have not fallen due will be paid along with the claim.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accidents are covered:
a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle

The future premiums shall be waived after the disability claim is admitted.

3. Exclusions:
Suicide : If the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under this policy, the sum assured under this policy shall not be payable, instead all the premiums paid under this policy shall be refunded in such cases.

Accident Benefit: The Corporation shall not pay the accidental benefit in case accidental death/ disability arises due to following reasons:

(i) intentional self injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence of intoxicating liquor, drug or narcotic; or

(ii) injuries resulting from riots, civil commotion, rebellion, war (whether war be declared or not), invasion, hunting, mountaineering, steeple chasing or racing of any kind; or

(iii) result from the Life Assured committing any breach of law; or

(iv) arises from employment of the Life Assured in the armed forces or military service of any country at war (whether war be declared or not) or from being engaged in police duty in any military, naval or police organization; or

(v) occur after 180 days from the date of accident of the Life Assured.

Note : The above is the product summary giving the key features of the plan. This is for illustration purpose only. This does not represent a contract and for details please refer to your policy document.

FEATURES

1. Introduction:
LIC’s Jeevan Mangal is a term assurance plan with return of premiums on maturity, where you may pay the premiums either in lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the term of the policy.

2. Eligibility Conditions and Other Restrictions:
Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum age at maturity : 70 years (nearest birthday)
Term : 10 to 15 years for regular premium.
10 years for single premium.
Minimum Instalment Premium :Rs 15/-
Minimum Sum Assured : Rs. 10,000/-
Maximum Sum Assured : Rs. 50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)

3. Mode of Premium Payment :
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, Monthly including SSS, fortnightly, weekly and Single Premium. (Single premium is allowed for 10 year term only.)

4. Sample Premium Rates:
Following are some of the sample premium rates per Rs. 1000/- Sum Assured:

Annual Premium for Rs.1000 Sum Assured:

Single Premium for Rs.1000 Sum Assured (Available for 10 year term only)

The main objective of the illustration is that the client is able to appreciate
the features of the product and the flow of benefits in different circumstances with some level of quantification.

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Today’s world is very fast paced. It is imperative that each life is insured to give an individual security as well as those who are dependent him/her or living with him/her. Along with security and insurance benefits LIC’s Special Plans are opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment.

BENEFITS

Survival Benefit:

Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year

For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year
For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year
On expiry of policy term:
Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.

DEATH BENEFIT:

During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.

OPTIONAL RIDER BENEFIT:

Accident Benefit rider shall be available as an optional benefit for a premium at the rate of Re.1 per thousand Accident Benefit Rider Sum Assured. Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the basic plan subject to overall limit of Rs.50 lakh taking all existing policies of the Life Assured under individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration. This rider benefit is available only during the policy term but not during extended term.

This rider shall be available for the Life Assured engaged in police duty either in any military, naval or police organisation by payment of an additional premium at the rate of Rs.0.50 per thousand Accident Benefit Rider Sum Assured.

ACCIDENTAL DEATH AND DISABILITY BENEFIT: On death arising as a result of accident an additional amount equal to the Accident Benefit Rider Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Rider Sum Assured will be paid over a period of 10 years in monthly instalments.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accident are covered:
a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the
ankle
No benefit will be paid if accidental death or disability arises due to accident in case of :
a) intentional self-injury, attempted suicide insanity or immorality or the Life
Assured is under the influence of intoxicating liquor, drug or narcotic
b) engagement in aviation or aeronautics other than that of a passenger in any air craft
c) injuries resulting from riots, civil commotion, rebellion, war, invasion,
hunting, mountaineering, steeple chasing or racing of any kind
d) accident resulting from committing any breach of law
e) accident arising from employment in armed forces or military services or police organisation.

AUTO-COVER FACILITY: If at least two full years’ premiums have been paid in respect of this policy, any  subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.

PAID UP VALUE: If after at least three full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years Auto Cover Period from the due date of First Unpaid Premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/optional premium) less the survival benefits paid earlier, if any. This amount shall be called as Paid Up Value. This paid up value shall be payable on the date of expiry of policy term or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies. The policy, thereafter, shall be free from all liabilities for payment of the within mentioned premiums.

The Accident Benefit Rider will cease to apply if the policy is in lapsed condition. During the Auto Cover Period also, the Accident Benefit Rider shall not be available. The extended term cover shall not be available in case of paid-up policies.  

GUARANTEED SURRENDER VALUE: The Guaranteed Surrender Value shall be available after completion of at least three policy years and at least three full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid excluding the premiums for the first policy year, all extra premiums paid, the premiums paid for Accident Benefit Rider and the amount of survival benefits paid earlier.

OTHER BENEFITS: The plan offers other benefits as follows :
Loan : Loan facility is available under this plan after the policy acquires paid up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.
Grace Period : A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
Revival : Subject to production of satisfactory evidence of continued insurability,  a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as decided by the Corporation from time to time.
Cooling-off period: If you are not satisfied with the “Terms and Conditions” of  the policy you may return the policy to us within 15 days.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

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