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.

MONEY BACK 20 YEARS INSURANCE POLICY BY LIC

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the end of the endowment period, this scheme provides periodic payments of partial survival benefits as follows during the term of the policy. Of course so long as the policyholder
is alive this plan is best suitable for businessmen and professionals.



In case of a 20-year money-back policy (table 75), 20% of the S. A. become payable each after 5,10,15 year, and the balance 40% plus the accrued should have attained majority.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full S.A. without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.



Plan parameters

Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)
Maturity age: Max.70 yrs.
Sum. in Multiples: 5000, Min. Max No Limit
Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)
Mode of Payment: YLY/HLY/QLY/SSS/MLY
Accident Benefit: Re.1 Extra per
(Max. 50 Lac inclusive 1000 S.A. All plan)
Policy loan: yes,@ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes



Underwriting condition



Form no.: 300/340

Age proof: std /NSAP-1,2,3

Female lives category: I/II/III

Non-medical (Gen): allowed

Non-medical (pro): allowed

Non-medical (special): allowed

Actual sum assured: basic SA

Rusk coverage: SA + bonus

Dating back@ 8%: Allowed

Benefits

Death benefits: payment of full S.A. + bonus
on full S.A. + FAB. If any is paid to the nominee The
survival benefit already paid, if any is not deducted.

Maturity benefit: balance survival benefit +
bonus on full S.A. + FAB, if any

Example: Ms. Neha, aged 25 invests Rs.2lac in a money back policy (T.No-75) paying an annual premium of Rs.12,546/- for 20 years period. she receives Rs.40,000 at the end of each 5th, 10th, 15th year. On maturity balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate
of 2005 i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB

if Ms. Neha dies after 8 year, his nominee will receive S.A. +Bonus without deducting the survival benefit survival benefit already paid to Ms. Neha

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.

Insurance Delhi: Jeevan Nischay

Insurance Delhi: Jeevan Nischay

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.