LIC RETIREMENT PLAN

LIC Amulya Jeevan 2 Plan No. 823 - Term Plan

LIC Amulya Jeevan 2 Plan No. 823 is a Pure Term Insurance Plan consists of Death Benefit & Maturity Benefit. LIC Amulya Jeevan 2 plan 823 is a protection plan which provides financial protection to the insured’s family in case of death of life insured during the policy term. In case of any unfortunate death of the policyholder during the policy term, the Sum Assured is paid to nominee. As the name suggests, this is a high value plan where the minimum benefit value is 25 lakh INR. The uniqueness of the LIC Term Plan is that a policy member could obtain high value fiscal support for the family member against very low premium payments. LIC released “Amulya Jeevan Plan 2 (Table 823)” on 3rd February 2014 as per new guidelines of IRDA.



LIC Amulya Jeevan 2 Plan No. 823

General Information of LIC Amulya Jeevan 2 plan 823

A. In Amulya Jeevan Plan 823 introduced by LIC, Service tax is added which is 14.5%. Amulya Jeevan II is a pure Term Insurance Plan.

B. This plan has no maturity benefits or no survival benefit.
C. Anmol Jeevan lic policy has the only death benefit. LIC Term Plan Amulya Jeevan 2 covers for the limited period, i.e. maximum up to 35 years from the date of commencement of policy.
D. Premium amount of LIC Amulya Jeevan Plan is very less i.e. 2 - 3 rupees for 30 years aged person for 1000 rupees risk coverage.
E. Amulya Jeevan 2 is a regular premium paying conventional plan without any profit. It is a pure protection plan provided by LIC of India.

Benefits Of Amulya Jeevan 2 Plan 823

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

Eligibility Conditions and Restrictions

*Min Age at entry – 18 years (Completed)
*Max Age at entry – 60 years (Nearest Birthday)
*Age at Maturity – Maximum 75 Years
*Min Policy Term – 5 years
*Max Policy Term – 35 Years
*Premium mode – Yearly, Half-yearly
*Minimum Sum Assured – 25,00,000 (25 Lacs)
*Maximum Sum Assured – No limit
*Maximum insurance cover age limit – 70 years (nearest birthday) Sum assured will be multiple of 1,00,000
*Grace period will be not more than 30 days
*Loan – NO Loan will be granted
*Surrender Value– No surrender value
*Paid up value – No paid up value

LIC Anmol Jeevan II Plan 822 - Term Plan

LIC Anmol Jeevan II plan 822 is a most economic pure life insurance policy to cover your life and protect your family. Lic Anmol Jeevan II policy will cover your life and protect your family from unfortunate things. Anmol Jeevan lic policy is a term insurance plan. LIC Anmol Jeevan II Policy provides insurance cover at low premium. The Premium amount of LIC Anmol Jeevan II Policy is about 2 - 3 rupees for every 1000 Rupees of total sum assured by the policyholder.



LIC Anmol Jeevan Plan No. 822

Lic Anmol Jeevan Plan 822 Benefits:

• Anmol Jeevan-II Maturity Benefit: At the end of the policy term, No benefits shall be payable.
• Anmol Jeevan-II Death Benefit: TheSum assured is payable on the death of Life Assured.

Additional Information of LIC Anmol Jeevan-II Policy

• Loan Facility is not available in LIC Anmol Jeevan II policy.
• Under this LIC Anmol Jeevan II plan, No paid up value is provided
• No riders are available Under this LIC Anmol Jeevan II policy
• Surrender benefits are not provided under this Anmol Jeevan II policy
• Revival Policy : If the premium is not paid by you within the grace period then the policy will lapse. If you are interested to continue this policy then you can revive your lic policy on or before 2 years from date of first unpaid premium.
• Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignee or nominee.
• Payment of claims: No claims concession will be applicable to this policy.
  Payment of Premiums:
• Premiums can be paid regularly during the term of the policy at yearly or half-yearly intervals.
• A grace period of one month but not less than 30 days will be allowed for payment of premiums.
  Plan Information In Short:
  Plan Number: 822
  Plan name:Anmol Jeevan - II
  Minimum age at entry – 18 years (completed)
  Maximum age at entry – 55 years (nearest birthday)
  Minimum Sum Assured – 6 Lakh
  Maximum Sum Assured - 24 Lakh (The Sum Assured shall be in multiples of 1 Lakh)
  Maximum cover ceasing age – 65 years (nearest birthday)
  Minimum policy term - 5 years
  Maximum policy term – 25 years
  Maximum Sum Assured: No Limt(Multiple of Rs. 5000)
  Mode of Premium payment: Yly, Hly
  Gender Allowed: Both
  Death Benefit – Sum Assured shall be payable
  Maturity / Survival Benefit - No benefits on maturity
  Loan – NO Loan will be granted
  Surrender Value- No surrender value
  Paid up value – No paid up value 
  
  

LIC's Jeevan Labh Plan No. 936

Jeevan Labh is a limited premium paying, non-linked, with-profit endowment assurance Plan. Unique identification number (UIN) of Jeevan Labh plan is 512N304V01. Lic New Jeevan Labh Plan provides Optional Benefit, Accidental Death and Disability Benefit Rider by payment of additional premium. LIC Jeevan Labh Plan also takes care of Liquidity needs through its loan facility. This plan offers a combination of protection and saving features. This policy is available from a child of 8 years old to person of age 59. LIC Jeevan Labh Plan 936 is an endowment plan newly introduced on January 4th, 2016 for customers by LIC. The LIC New Jeevan Labh Endowment Plan Unique identification number is 512N304V01. LIC New Jeevan Labh Plan primary feature is a limited premium payment option. For 16-year policy term, the customer has to pay a premium for 10 years. For 21 and 25 years of the policy term, the policyholder has to pay the premium for 15 and 16 years respectively.

LIC's Jeevan Labh Plan No. 936

Benefits of Jeevan Labh Endowment Plan

Maturity Benefits:

In case of life assured survives through the policy term, s/he will receive Sum Assured on Maturity together with vested revisionary bonuses and Final Additional Bonus, if any.

Maturity benefit (Benefits payable on maturity) = Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

Death Benefit:

On death of the life assured during the term of the policy, the Death Benefit defined as sum of “Sum Assured on Death” and vested simple reversionary bonuses and Final Additional Bonus, if any, shall be payable.

Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

Where  “Sum Assured on Death” is defined as the higher of 10 times of annualized premium or absolute amount assured to be paid on death i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of the total premiums paid as on date of death.

Premium mentioned above will not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any

Jeevan Labh Key Features: 

• Minimum Age at entry: 8 years
• Maximum maturity age : 75 years
• Policy Term options : 16 years / 21 years / 25 years
• Premium Paying Term options : 10 years / 15 years / 16 years respectively.
• Minimum Sum Assured : Rs 2 Lakh
• Death Benefit under Jeevan Labh : The policyholder’s nominee will receive; Sum Assured + Bonus + Final Additional Bonus (if any).
• Maturity Benefit under Jeevan Labh : Sum Assured + Bonus + Final Additional Bonus (if any).
• Optional riders like Term insurance rider (TR) & DAB (Double Accident Rider) are available.

Additional Information about New Jeevan Labh LIC Endowment Plan

Following is the additional information about the LIC New Jeevan Labh Endowment Plan.

·    Loan: Loan facility is available under LIC New Jeevan Labh 936 Plan after paying the premiums for 3 years.

·      Riders: Riders are available under this  LIC Jeevan Labh 936 Plan. Availability of Accidental Death and Disability Benefit Rider.

·     Suicide clause: If the policyholder commits suicide for any of the reason within 12 months of the date of commencement of risk or from the date of revival, then 80% of the premium for what he had paid will be returned to his assignees or nominees.

·   Income Tax Reduction: Available for premiums paid and for Maturity returns.

·         Policy Revival: If you do not pay the premium within the grace period then the policy will lapse. If you are interested in continuing this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.

·      Proposal Forms: Proposal Form no. 300 or 340 or 360 will be used under this LIC Jeevan Labh Plan 936.

·         Tax: Service tax payable by the policyholder on premiums.

·     Free Look (Cooling Off) Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the plan.

·         Backdating interest: The policy can be backdated within the same financial year.

·     Assignments/Nominations: Assignees and nominees are possible under this LIC New Jeevan Labh 936 plan.

·         Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable during the premium paying term).

·         Surrender Value: This policy can be surrendered at any time, paying the premiums for 3 full years. The guaranteed surrender value is the percentage of total premiums paid.

Policy Stamping: Under, LIC New Jeevan Labh Plan stamping charges will be 20 paise per thousand Sum Assured.

LIC's Jeevan Shikhar Plan No. 837

Jeevan Shikhar from LIC is a non linked endowment insurance plan which would be opened only for 4 months. Generally LIC launches insurance plans during tax season January 11 up to March 31. In this season this is the second insurance plan from LIC in 2016. It is a non-linked, with profits, single premium plan, wherein the risk cover is 10 times of tabular single premium providing a combination of savings and risk cover.

Lic Jeevan Shikhar Plan

Lic New Jeevan Shikhar Plan 837 provides Death Benefit by the payment of additional premium. Under LIC Jeevan Shikhar Plan 837 the insured can avail Maturity Sum Assured along with Loyalty Addition if any shall be payable. New Jeevan Shikhar Plan also takes care of Liquidity needs through its loan facility. This plan offers a combination of protection and saving features.

Key Features of LIC Jeevan Shikhar (Plan no 837)

Sum Assured on Death : 10 times of tabular single premium

Minimum Maturity Sum Assured : Rs. 100,000/-

Maximum Maturity Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 20,000/- only)

Policy Term : 15 years

Minimum Entry Age : 6 years (completed)

Maximum Entry Age : 45 years (nearer birthday)

Premium payment mode : Single premium only

Maturity benefit:

On survival of policy holder i.e. completion of 15 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.

Death benefits:

On death during first five policy years:

If Death happens before 8 years of age, then single premium paid less service tax will be returned.

If Death happens after 8 years of age, 10 times of premium paid (excluding service tax) will be paid as death benefit.

On death after 5 year of policy and before maturity:

10 times of single premium paid (excluding service tax & rebate) + loyalty addition will be paid as death benefit.

Note: 8 Year is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.

Loyalty Addition : The Loyalty Addition shall be  payable on death of the policy holder or on surrender of the policy, provided the policy has run for atleast  five policy years, or on policyholder surviving till policy maturity.

Surrender option & Surrender value : The policy can be surrendered at any time during the policy year.  The Guaranteed Surrender Value allowable shall be as under:

First year : 70% of the Single premium (excluding extra premiums paid and taxes).

Thereafter : 90% of the Single premium paid (excluding extra premiums paid and taxes. If policy is surrendered after completion of 5 years, Loyalty addition (if any) will also be paid)

LIC's Jeevan Arogya Plan No. 904

LIC's Jeevan Arogya is a unique non-participating non-linked plan which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.

Health has been a major concern on everybody’s mind, including yours. In these days of skyrocketing medical expenses, when a family member is ill, it is a traumatic time for the rest of the family. As a caring person, you do not want to let any unfortunate incident to affect your plans for you and your family. So why let any medical emergencies shatter your peace of mind.

In Lic Jeevan Arogya Plan, policy holder can choose Rs. 1,000 to Rs. 4000 per day of Initial daily benefit i.e. the daily Hospital Cash Benefit (HCB) applicable in the first year of the policy. This HCB will be payable to the policyholder in the event of hospitalization in the first year on a per day basis.

The Major Surgical Benefit (MSB) will be 100 times the Initial Daily Benefit that the insured have chosen. Thus the initial MSB sum assured will be Rs. 1 lakh to 4 lakh respectively. Some other benefits like Dare Care Procedure Benefit (DCPB), Other Surgical Benefit (OSB) and Premium Waiver Benefit (PWB) will also be payable depending upon the daily Hospital Cash Benefit chosen.

Key features in Lic Jeevan Arogya:

Lump sum benefit irrespective of actual medical costs.

Flexible premium payment options.

Financial protection in case of surgery, hospitalization, etc.

Increasing health cover every year.

No claim benefit.

LIC's Jeevan Arogya (Plan No: 904) Smart Health Insurance plan

Features	Principle Insured	Insured Spouse (If any), Parents/ In-Law	Insured Children
Min. Initial Daily Benefit	Rs. 1000/-	Rs. 1000/-	Rs. 1000/-
Max. Initial Daily Benefit	Rs.4000/-	Equal or Less than PI	Equal or Less than PI
Min. Entry Age	18 yrs LBD	18 yrs LBD	3 months (completed)
Max. Entry Age	65 yrs LBD	75 yrs LBD	17 yrs LBD
Max. Age for Cover	80 years	80 years	25 years

There are three types of rebates under Lic Jeevan Arogya Plan, they are

Mode rebate

HCB rebate

CEIS rebate

Mode rebate:

Mode Percentage

Yearly mode 2% of tabular premium

Half-yearly mode 1% of tabular premium

HCB rebate:

If HCB is more than Rs. 1000, then the premium amount arrived at in respect of a member covered under the policy will be reduced by an amount given below.

HCB For PI (Principal Insured) For each insured member other than PI

Rs. 2000/- 500 250

Rs. 3000/- 1000 500

Rs. 4000/- 1500 750

CEIS rebate:

For eligible lic employees CEIS rebate will be 10% of the tabular premium.

Lic Jeevan Arogya Benefits:

Hospital Cash Benefit (HCB)

An amount equal to the Applicable Daily Benefit (ADB) available under Lic Jeevan Arogya policy during the policy year will be payable, if PI or any insured covered under the policy is hospitalized.

During the 1st year of cover ADB shall be the Initial Daily Benefit amount (i.e., Rs. 1,000, Rs. 2000, Rs. 3000 or Rs. 4000 per day) which is chosen by policyholder.

Later every year ADB increases by 5% and will continue until it attains a maximum amount of 1.5 times the initial daily benefit (i.e. 150%).

Benefits will be payable only after the first 24 hours of hospitalization. If the hospitalization extends for a continuous period of 7 days then, the daily HCB would also be paid for 1st 24 hours of the hospitalization.

Limits of HCB:

Total number of days for which HCB would be payable, in a policy year would be restricted to,

Maximum of 30 days of hospitalization including 15 days of I.C.U i.e. total 45 days in the 1st policy year.

Maximum of 90 days of hospitalization including 45 days of I.C.U i.e. total 135 days in the 2nd and subsequent policy years.

Total no. of days for which HCB would be payable during the policy period, shall be limited to a maximum of 720 days out of which 360 days shall be in an ICU.

Major Surgical Benefit (MSB)

Under Lic Jeevan Arogya Plan, if PI or any insured covered under policy undergoes any surgery within the cover period, then the percentage of MSB Sum Assured as specified in the MSB Annexure shall be payable.

Quick Cash Facility is available in which 50% of eligible MSB amount will be payable in advance.

In case of surgery, total 1 year premium will be waived from the installment due date following the surgery date.

An additional lump sum of Rs. 1000/- will be paid for Ambulance service.

Limits of MSB:

MSB will be paid only if Surgery occurs within India.

It will be paid as lump sum by providing proof of surgery to the company.

MSB sum assured is 100 times the ADB (Applicable Daily Benefit).

Amount payable under the MSB in any policy year during the cover period shall not exceed 100% of the MSB SA (Sum Assured) in that policy year.

Total amount payable under the MSB during the cover period (i.e. maximum lifetime benefit) shall not exceed 800% of the MSB SA.

Day Care Procedure Benefit (DCPB)

Under Lic Jeevan Arogya Plan, if PI or any insured covered under policy undergoes any Day Care Procedure mentioned in the Day Care Procedure Annexure, a lump sum amount equal to 5 times the ADB will be paid.

Limits of DCPB:

DCPB will be paid only if the Surgery occurs within India.

It will be paid as lump sum by providing proof of surgery to the company.

It will be payable upto maximum of 3 surgical procedures in any policy year during the cover period.

DCPB will be payable only upto maximum of 24 surgical procedures during the cover period i.e. Maximum Lifetime benefit is for 24 surgical procedures.

Other Surgical Benefit (OSB)

Under Lic Jeevan Arogya Plan, if PI or any insured covered under the policy undergoes any surgery not listed under MSB or DCPB, then a daily benefit equal to 2 times the ADB will be paid. It will be paid for each continuous period of 24 hours within the cover period.

Limits of OSB:

OSB will be paid only if the Surgery occurs within India.

It will be paid as lump sum by providing proof of surgery to the company.

It will be payable under Lic Jeevan Arogya Plan for the maximum of 15 days in the 1st policy year and 45 days for 2nd and subsequent policy years following the date of commencement.

OSB will be payable for the maximum of 360 days during the cover period.

No Claim Benefit

Under Lic Jeevan Arogya Policy, if there are no claims in respect of any insured under policy then no claim benefit will be payable. No claim benefit = 5% of the Initial Daily Benefit. It will be paid during the period between date of commencement and next Automatic Renewal Date or between 2 Automatic Renewal dates of policy.

Riders available under Lic Jeevan Arogya Policy

Two riders are available under Lic Jeevan Arogya Policy, they are

Term Assurance Rider.

Accident Benefit Rider.

Term Assurance Rider:

Term Assurance Rider is applicable for PI and/or Insured Spouse only. They can opt this rider as optional rider which is equal to the MSB Sum Assured. An amount equal to Term Assurance Sum assured will be payable on unfortunate death during the policy term.

Eligibility conditions for Term Assurance Rider:

ENTRY AGE:

Minimum: 18 years (completed).

Maximum: 50 years (Nearest birthday).

MAXIMUM AGE FOR COVER:60 years (Nearest birthday).

MAXIMUM POLICY TERM:35 years.

SUM ASSURED:Minimum: Rs. 100,000.

Maximum: Amount equal to MSB sum assured, subject to the maximum of Rs. 25 lakh overall limit of existing policies.

SUM ASSURED IN MULTIPLES:Rs. 25,000/-.

Accident Benefit Rider:

Accident Benefit Rider is also applicable for PI and/or Insured Spouse only. Maximum Accident Benefit SA (Sum Assured) will be equal to the Term Assurance Rider SA. If you have opted for this rider, an amount equal to Accident Benefit SA will be payable on unfortunate death due to an accident during the policy term. You can get this Accident Benefit by paying additional of Rs. 0.50/- for every thousand rupees of the Accident Benefit SA per policy year.

Eligibility conditions for Accident Benefit Rider:

ENTRY AGE:

Minimum: 18 years (completed).

Maximum: 50 years (Nearest birthday).

MAXIMUM AGE FOR COVER: 60 years (Nearest birthday).

MAXIMUM TERM: 35 years.

SUM ASSURED: Minimum: Rs. 25,000.

Maximum: Amount equal to Term assurance sum assured, subject to the maximum of Rs. 50 lakh overall limit of existing policies.

SUM ASSURED IN MULTIPLES: Rs. 5,000/-.

Death Benefit under Lic Jeevan Arogya Plan

Under Lic Jeevan Arogya plan,

On the death of any insured, no death benefits will be paid unless Term assurance or Accident benefit rider has been opted for.

On death of the PI, the insured spouse will become the Principal Insured (PI) only if the option is exercised at the beginning of the contract.

Lic Jeevan Arogya Policy will be terminated if the option is not exercised at the beginning of the contract.

If the insured spouse had died before the Principal Insured, then the existing policy will terminate. The other insured will have the option to take new Lic Jeevan Arogya Policy. In that case,

If the new policy is bought within 90 days of the termination, then the policy will be issued without any underwriting.

Maximum age at entry condition will not apply.

Other terms and conditions will be applicable for the new policy.

On death of an Insured person other than the PI, the jeevan arogya policy will continue after removal of the insured. The change in premium will apply from installment premium due date.

Lic Jeevan Arogya Maturity Benefit

Under Lic Jeevan Arogya Plan Maturity Benefit is not applicable. That is at the end of the policy cover, no benefits are payable to the insured.

Lic Jeevan Arogya Policy Additional Information

Revival:

If Lic jeevan arogya policy is lapsed, it can be revived with in a period of 2 years from the due of FUP (First Unpaid Premium) but before the expiry of cover.

Discontinuance of premiums:

In case of discontinuance of premiums, a grace period not less than 30 days will be allowed for the payment of yearly or half yearly premiums. If premium is not paid before the expiry of a grace period jeevan arogya policy lapses.

You may return the jeevan arogya policy to the company within 15 days from the date of receipt of the policy, if you are not satisfied with the terms and conditions of Policy.

Surrender Value:

Under Jeevan Arogya plan, Surrender Value is not available.

Loan / Assignment:

Under Jeevan Arogya plan, Loan / Assignment facility is not available.

Automatic Renewal Date:

The installment premium will be guaranteed with reference to each insured for a period of three years from the Date Of Commencement of the policy. At the end of every 3rd policy anniversary the premiums may be reviewed.

Termination of Jeevan Arogya Policy:

If policy is issued on single life, the LIC Jeevan Arogya policy will terminate at the earliest of the following,

On the date of cover expiry.

Non-payment of premiums within the revival period.

On death of the insured.

On exhausting all the maximum lifetime benefit limits.

If policy is issued on more than one life, the Jeevan Arogya policy will terminate at the earliest of the following,

On PI exhausting all the maximum lifetime benefit limits.

On the death or date of cover expiry, of the PI and if the policy is discontinued with the Insured spouse as the PI.

On the death or date of cover expiry, of Insured Spouse after the policy continues with the Insured spouse as the PI.

Non-payment of premiums within the revival period.

Waiting Period:

General Waiting Period:

There will be no general waiting period in case the hospitalization is due to Accidental bodily injury.

If the hospitalization is due to sickness, general waiting period is applicable during which no benefits shall be payable.

It will be 90 days from the date of commencement of cover, in respect of each insured.

In case of revived policy,

General waiting period will be of 45 days from the revival date, if the request for revival is within 90 days from the due date of the FUP.

General waiting period will be of 90 days from the revival date, if the request for revival is beyond 90 days from the due date of the FUP.

Specific Waiting Period:

No benefits are available and no payment will be made to any of the following during specific waiting period in respect of each Insured.

Treatment for benign uterine disorders like fibroids, uterine prolapse, dysfunctional uterine bleeding etc.

Treatment for Piles.

Treatment for benign enlargement of prostate gland.

Treatment for adenoid or tonsillar disorders.

Treatment for slip disc.

Treatment for benign thyroid disorders.

Treatment for anal fistula or anal fissure.

Treatment for degenerative joint conditions.

Treatment for benign breast disorders e.g. fibroadenoma, fibrocystic disease etc.

Treatment for kidney or urinary tract stones.

Treatment for Carpal tunnel syndrome.

Treatment for sinus disorders.

Treatment for varicose veins.

Treatment for Cataract.

Treatment for hydrocele.

Treatment for Gall stones.

Treatment for Hernia.

Options under Lic Jeevan Arogya Policy

Option to Migrate:

Children covered under Jeevan Arogya plan will have the option to take a new health insurance plan at the end of the specified exit age or at the policy renewal after completion of 18 years of age. New lic jeevan arogya policy should be purchased within 90 days of the termination of child’s membership.