LIC Jeevan Shagun

LIC Jeevan Shagun is new Money Back Plan Single premium policy from LIC. Jeevan Shagun (Plan No. 826) is good option as it provides good return and is available against one time payment.

Jeevan Shagun is  a close ended plan which would be open for sale from 01 September , 2014 for a maximum period of 90 days.

Jeevan Shagun  provides assured return and gives you life cover of 10 times the single premium you pay.

Key Features of LIC Jeevan Shagun:

1. It is good Single Premium Plan from LIC as it offers Risk Cover and assured return in a Single Plan.
2. Maturity period/ Lock in period is only  10-12 years
3. On Maturity life insurer get assured return + loyalty addition
4. Income tax Benefit under Section 80C is available
5. Good Plan for Professionals, Self Employed, Businessmen & Employees in unorganised sector.

Benefits Of LIC Jeevan Shagun

Eligibility conditions and other restrictions in LIC Jeevan Shagun Plan

Description	Minimum	Maximum
Sum Assured (Rs)	60,000	No limit
Policy Term (in years)	12 years	12 years
Entry Age of Policyholder (in years)	8 years	45 years
Premium (in Rs.)	30,000 for Single	No Limit
Payment modes	Single Premium Only
Death sum assured	10 x single premium (< 5 years from policy date) and 10 x single premium + loyalty additions (if any) after 5 years from policy date

Income Tax Benefit under section 80C :

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.

Death Benefit of Jeevan Shagun:

• On death within 5 years from the date of commencement of policy: Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged would be payable
• On death after 5 years from the date of commencement of policy: Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged + loyalty additions (if any) would be payable.

Maturity Benefit / Guaranteed Return of Jeevan Shagun:

• At the end of 10th policy year: 15% of the Maturity Sum Assured.
• At the end of 11th policy year: 20% of the Maturity Sum Assured.
• On maturity,(ie 12 the year)  65% of the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

Loyalty additions would be purely based on LIC’s claim experience.

The Loyalty Addition, if any, shall be  payable on death or surrender, provided the policy has run for atleast  five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.

Benefits Illustration of Jeevan Shagun

This illustration is for

Entry age : Person who has purchased policy at age of 30 years

Policy term of Jeevan Shagun: is 12 years

Mode of premium is Single ie only one single premium is payable

Premium payable for Jeevan Shagun: Rs 31275  (exclusive of service tax)

Maturity Sum assured in Jeevan Shagun is 60000

Basic sum assured under Jeevan Shagun Rs 312750

Amount you will get on maturity of LIC jeevan Shagun.

Amount you will get in case of Death in Jeevan Sugam.

Flexibility in Premium Payment Jeevan Shagun:

Only one single  premium is payable. You dont have to worry about making payments every year.

Premium example 

Premium payable for Maturity Sum assured (MSA) in case of different ages is given below:

• Age 8 Yrs MSA Rs.1,00,000=Rs.50,880.
• Age 20 Yrs MSA Rs.1,00,000=52,390.
• Age 25 Yrs MSA Rs.1,00,000=Rs.52,803.
• Age 30 Yrs MSA Rs.1,00,000=Rs.53,736.
• Age 35 Yrs MSA Rs.1,00,000=Rs.56,019.
• Age 40 Yrs MSA Rs.1,00,000=Rs.61,380.
• Age 45 Yrs MSA Rs.1,00,000=Rs.74,106

Rebate for higher premium:

If the maturity amount exceeds Rs. 150,000. The incentive is computed on maturity amount.

If the maturity sum assured chosen is Rs. 4 lakhs, then the incentive would be 4.5% on Rs. 4 Lakhs = Rs. 18,000. ie The total maturity amount would be Rs. 418,000 + loyalty additions (if any).

Maturity amount	Incentive
150,000	Nil
151,000 to Rs. 395,000	Rs 15
Rs. 400,000 and above	Rs 20

LOAN against Jeevan Shagun policy

Loan can be availed under this plan after one year during the policy term.

SURRENDER VALUE

Jeevan Shagun policy can be surrendered for cash at any time during the policy term. The minimum Guaranteed Surrender Value allowable shall be as under:

First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.

Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.
Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the Guaranteed Surrender Value.

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

If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based on surrender value, shall also be payable.

SERVICE TAX: Service tax, if any, shall be as per the Service Tax laws and the rate of 3.09% of premium Amount.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium.

Our Conclusion: 

LIC New Jeevan Shagun is a good plan. It offers Assured return with loyalty additions.This traditional plan will offer less return then Fixed deposit.But return in Jeevan shagun is tax free, whereas Fixed deposit interest is taxable.

It will provide  return lower than PPF, Jeevan Shagun  provides additional life cover which is not available in PPF.

For best investment , it is advisable to invest in Term deposit and balance amount in PPF.

Do you want to purchase LIC Jeevan Shagun policy.  Contact us now for Investing in Jeevan Shagun

Why Should You Invest On LIC's Komal Jeevan?

Why Should You Invest On LIC's Komal Jeevan?

-Premium payable is quite low as compared to other conventional life insurance plans.
You need to pay premium only upto your child's age of 17 years whereas the policy is valid upto its age of 26 years.

-There is a Guaranteed Addition @ Rs 75.00 per Rs 1000/- of the sum assured per annum. This is different from normal bonus. While bonus is subject to variation depending on the market as on the day of valuation, GA (Guaranteed Addition) is independent of market fluctuation and is a guaranteed commitment from LIC.

-Loyalty Addition payable on the child's attaining 26 years age is likely to be quite impressive.
GA is calculated upto age 26 (unless in case of child not being alive till then) whereas premium is payable only upto age 17. In other words, there is a free GA @ Rs 75.00 per Rs 1000/ of the sum assured for 9 years !

-Installments received at the child's age of 18,20,22 and 24 can be better utilized, not to speak of the amount available at the age of 26 which is quite substantial.

-Premium paid enjoys I.T exemption upto Rs 1 Lakh per annum under section 80 C of the I.T Act along with certain other investments provided under the same section, whereas claim/surrender values as and when received enjoys I.T exemption under section 10(10D).

-Last but not least, no evidence of health of the child is required for issuing the policy, since the maximum age of entry under the plan is only 10 years.
For more Details visit http://www.insuranceindiamart.com/

LIC’s New Bima Gold Summary: (Table No.179)

Gold never loses its value, just like LIC Of India‘s New Bima Gold insurance policy. LIC’s
New Bima Gold (plan no.179) is a special with profit money back plan that offers 50% of the life cover during extended term even after maturity.

Features:

Auto-cover Facility: If atleast 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.

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.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.

Eligibility Conditions and Restrictions for LIC Of India’s
New Bima Gold:

FOR BASIC PLAN:

1. Minimum age at entry: 14 years (completed)
2. i. Maximum age at entry: 57 years (nearest birthday) for Term 12 years
ii. Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years

Age at expiry of extended term: Maximum 75 years (nearest birthday)

Policy Term: 12, 16 and 20 years.

Minimum Sum Assured: Rs. 50,000 /-

Maximum Sum assured: No limit

Sum Assured will be in multiples of Rs.5,000 /- only.

FOR THE ACCIDENT BENEFIT RIDER OPTION :

1. Minimum age at entry: 18 years (completed)

2. Maximum age at entry: 57 years (nearest birthday) for
Term 12 years

ii.Maximum age at entry:
51 years (nearest birthday) for Term 16 years

iii.Maximum age at entry:
45 years (nearest birthday) for Term 20 years

Minimum Sum Assured: Rs. 50,000 /-

Sum Assured will be in multiples of Rs.5,000 /- only.

Cooling off period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may
return the policy to LIC of India within 15 days.

he Unique Identification Number (UIN) for LIC
Of India‘s New Bima Gold Plan is 512N236V01.

LIC’s New Bima Gold (Table No.179)

KOMAL JEEVAN LIFE INSURANCE POLICY BY LIC (table:159)

Features of plan

This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above policy has been introduced to provide the best education which can be very expensive for the proposer's children. The payment of premium ceases on policy anniversary immediately after the child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26. Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs. From the commencement of the policy, whichever is later.


POLICY AS A GIFT: the close relation such as grandparents, elder brothers or sister, uncles both from paternal or maternal side can gift single premium policy for love and affection under this plan, in such cases also, the policy will be proposed by father, mother or legal guardian. No medical examination is required for the child

Premium waiver benefit: Premium waiver benefit can be availed by the proposer under this plan for which addition premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting requirements like production of proposer's standard age proof and medical exam. Of the proposer is must.

Term rider benefit: term rider benefit can be availed by the proposer to the extent of 20% of the basic S.A. under the policy not exceeding Rs.100000/- the benefit will be payable in case the proposer dies before the policy anniversary on which the child completes 18 years.

Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal underwriting requirements.

Plan parameters

Age at entry: Min.0 yrs. LBD Max.10 yrs LBD

Maturity age: 26 yrs. LBD

PPT: Min. 8 yrs. Max.18 yrs

Sum assured: min. 1Lac Max. 25Lac

S.A. in multiples: 25,000

Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium

Accidents benefit: N.A.

Policy loan: N.A.

Housing loan: N.A.

Revival: yes

Surrender of policy: yes

P.W.B.: yes

Term rider: yes

CIR: N.A.



Underwriting

Form no: 360

Age proof:

Child 5 yrs. & above: school certificate

If not5yrs. And above: Birth certificate with parent
joint declaration

Female lives category: I/II

Non-medical: Not required for L.A.

When PWB + TRB is: Medical exam. Is necessary with

Opted by the proposer, Standard age proof and form no.300

Actual sum assured: Basic SA

Risk coverage: SA+GA+LA

Dating back @ 8%: Allowed



BENEFIT

Maturity benefit: at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of age 22 & 24 yrs. 30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Example: Mr. Vineet aged 32 yrs. Takes a komal jeevan policy for his daughter Shefali aged 4 years for Rs.2 Lac S.A. with PWB and TRB. Risk cover of baby Shefali starts from the policy anniversary after completion of 7th year.


Shefali will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000 respectively finally, at the age of 26 years she will get Rs.3,30,000 as Guaranteed Addition @ 75/- per thousand + loyally addition, if any, if Shefali dies after commencement of the risk

i.e. 7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand S.A+ L.A , if any, will be given to the nominee without deducting earlier paid installments.

JEEVAN ANAND LIFE INSURANCE POLICY

Features of plan

Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.

Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.CIR: yes

UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)

Death benefit:

If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term.Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate.

Example: Mr. Ram 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Ram will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-).

Even after the premium paying term is over, risk cover continues till the death of Mr. Ram .But if, Mr. Ram dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Ram dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus.

Why do you need Life Insurance?

Life is full of uncertainties & you can’t really presume that your future is devoid of risks, so to be safe one has to get himself insured so that his dependents are offered with financial help in any unforeseen event.
Life Insurance caters to your following requirements :
• Financial Security to your family
• Saving options for Children through Children Insurance Plans
• Investment & saving options
• Protection of your home mortgage
• Saving options for Retirement through Pension plans

Jeevan Nischay

It is a single premium policy:
(1) 6% guaranteed Compound Interest with
(2) possibility of some extra interest in form of Loyalty Additions.
(3) Insurance cover 5 times of premium if it happens in first year.
(4) In case of the death in subsequent years, the death benefit is equal to the maturity sum assured.
(5) In case of the death in last year of the policy, death benefit is equal to the maturity sum assured with declared loyalty additions.

Jeevan Mangal - A Micro Insurance Product

Jeevan Mangal is a term assurance plan with return of premium on maturity providing for a sum assured (risk cover) ranging from minimum of Rs.10,000/- to maximum of Rs.50,000/- with an optional accident benefit rider, together providing for total death benefit equal to double the sum assured, on death due to accident.

Flexible modes of premium payment have been provided ranging from weekly, fortnightly, monthly, quarterly, half-yearly, annually and a single premium payment option has also been provided.

LIC- Anmol Jeevan

Anmol Jeevan: This is pure Life Insurance Term plan. The plan is available to standard & sub standard lives (upto Class VI).
You need to submit a standard age proof with the proposal form.
Feature of Anmol Jeevan
1. Entry Age- Minimum age- 18years & maximum age 55years.
2. Policy Term- Minimum 5yeras & maximum 65years of tenure.
3. Sum Assured- Minimum Rs.5, 00,000/- & maximum Less than 25, 00,000.
4. Mode of Premium- Yearly, Half- Yearly and Single premium.
Other Features of Anmol Jeevan
a. Sum Assured Rebate: In case of regular premium payment the rebate is NIL.
b. Mode Rebate: In case of yearly mode the annual premium is of 1% and NIL in case of 6months.
c. The policy does not require any paid-up value.
d. No surrender value is available under this policy too.
e. No claim concession will be applicable to this policy.