LIC of India, Zindagi ke Sath bhi Aur Baad Bhi

09/02/2016

LIC Jeevan Lakshya Plan no 833 Review
LIC Jeevan Lakshya Policy(plan no 833) was introduced on March, 2015 as a With-Profits Endowment Assurance plan. Lic Jeevan Lakshya plan is a limited premium paying conventional plan. Jeevan Lakshya Lic policy provides Annual Income benefit to fulfill the needs of the family. It is mainly beneficial for children, in case of unfortunate death of policyholder during the policy term i.e., any time before maturity. Jeevan Lakshya Lic new plan also provides a lump sum amount at the time of maturity regardless of survival of the policyholder.
Lic Jeevan Lakshya UIN (Unique Identification Number) is 512N297V01. This UIN has to be quoted in all relevant documents furnished to the policyholders and other users.
Lic jeevan lakshya plan details like conditions, benefits, documents required etc., are given below. Also you can calculate the Premium rates using lic jeevan lakshya premium chart and Calculator based on some parameters given below.
Jeevan Lakshya Lic Policy Eligibility Conditions
Eligibility Conditions of Basic Plan are,
Entry Age: • Minimum: 18 years
• Maximum: 50 years
Maximum Maturity Age: • 65 years
Policy Term: • Minimum: 13 years
• Maximum: 25 years
Premium Term: • (Policy term – 3) years
Sum Assured: • Minimu: 1 Lakh
• Maximum: No limit
• Basic SA shall be in multiples of Rs. 10,000/- only.
Premium paying modes: • Yearly, Half-yearly, Quartely and Monthly mode.
Jeevan Lakshya Lic New Plan Rebates
Under Jeevan Lakshya Lic Plan there are two types of rebates, they are
1. Mode Rebate
2. High Basic Sum Assured Rebate
Mode Rebate:
Mode Percentage
Yearly 2% of tabular premium
Half-yearly 1% of tabular premium
Quarterly and monthly Nil
igh Basic Sum Assured Rebate:
Basic Sum Assured Rebate (in Rs.)
1,00,000 to 1,90,000 Nil
2,00,000 to 4,90,000 2% of Basic Sum Assured
5,00,000 and above 3% of Basic Sum Assured
Jeevan Lakshya Lic Plan Maturity Benefit
On survival of the policyholder till the end of the policy term provided all due premiums have been paid, Maturity Benefit = “Sum Assured on Maturity” + vested Simple Reversionary bonuses + Final Additional bonus, if any. Where ‘Sum Assured on Maturity’ is equal to Basic Sum Assured (SA).
Lic Jeevan Lakshya plan Death Benefit
On death of the policyholder during the policy term, Death Benefit = “Sum Assured on Death” + vested Simple Reversionary Bonuses + Final Additional Bonus (FAB), if any.
Where ‘Sum Assured on Death’ = Annual Income Benefit + Assured Absolute Amount
• Annual Income Benefit = 10% of the Basic SA, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the maturity date.
• Assured Absolute Amount = 110% of Basic SA, which shall be payable on due date of maturity.
The vested Simple Reversionary Bonuses and FAB, if any, included in the Death Benefit, shall be payable on due date of maturity.
The Death Benefit shall not be less than 105% of all the premiums paid as on date of death.
Lic Jeevan Lakshya 833 Riders (Optional Benefits)
Lic Jeevan Lakshya 833 Policy provides optional riders with the payment of additional premium. There are 2 optional riders available under Lic Jeevan Lakshya Policy, they are
1. Accidental Death and Disability Benefit Rider
2. New Term Assurance Rider
Lic Accidental Death and Disability Benefit Rider:
Lic Accidental Death and Disability Benefit can be opted for at any time within the Premium Paying Term (PPT) of the Basic Plan provided the outstanding PPT is atleast 5 years. If Accidental Death and Disability Benefit is opted for, then
• On death due to an accident, an additional amount equal to the Accident Benefit Sum Assured is payable, provided the rider is inforce at the time of accident.
• In case of accidental permanent disability, an amount equal to the Accident Benefit SA will be paid in equal monthly installments spread over 10 years. Future premiums for Accident Benefit SA and premiums for the portion of Basic SA (which is equal to Accident Benefit SA), shall be waived.
Eligibility Conditions for Accidental Death and Disability Benefit Rider:
Minimum Entry Age: • 18 years (last birthday)
Maximum Entry Age: • This cover can be opted for at inception provided the minimum PPT left under the Basic plan is 5 years.
Maximum cover ceasing Age: • 65 years (nearer birthday)
Accident Benefit Sum Assured : • Minimum: Rs. 10,000/-
• Maximum: An Amount equal to Basic SA subject to the maximum of Rs.100 lakh overall limit.
• Accident Benefit SA shall be in multiples of Rs. 10,000/- only.
Lic New Term Assurance Rider:
Lic New Term Assurance Rider is available at the beginning of the policy on payment of additional premium. It is to be paid along with the premium of the basic plan and any other rider (if opted for), during the PPT of the Lic Jeevan Lakshya policy. If this rider is opted for,
• On death of the Life Assured during the policy term, an additional amount equal to Term Assurance Rider Sum Assured shall be payable provided the rider cover is inforce.
Eligibility Conditions for New Term Assurance Rider:
Entry Age: • Minimum: 18 years (last birthday)
• Maximum: 50 years (nearest birthday)
Policy Term: • Same as Basic plan i.e.,
• Minimum: 13 years
• Maximum: 25 years
Premium Paying Term: • Same as Basic plan i.e.,
• (Policy term – 3) years
Term Assurance Rider Sum Assured: • Minimum: Rs. 100,000/-
• Maximum: Rs. 25 lakhs.
• Term Assurance Rider SA can be taken in multiples of Rs. 10,000/- only.
Lic Jeevan Lakshya Premium Calculator
You can calculate the premium and Maturity benefits using Lic Jeevan Lakshya Premium and Maturity calculator. Policy period, Age and Sum assured are required to calculate the premium and maturity benefits.
LIC Jeevan Lakshya 833 Buying Procedure
Documents required for buying Lic Jeevan Lakshya Plan:
• Application form/Proposal form 300 along with photo.
• Address proof
• Age proof
• Medical reports (if required)
Additional Information about Lic Policy Jeevan Lakshya
Paid-Up Value:
If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, Lic Jeevan Lakshya Policy will acquire Paid-Up Value.
• The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called“Maturity Paid-up Sum Assured”. Maturity Paid-up Sum Assured = Sum Assured on Maturity * (no. of premiums paid / no. of premiums payable).
• The benefit payable in case of death under a paid-up policy, called “Death Paid-up Sum Assured”, shall be equal to the sum of:
• Reduced Income Benefit i.e. 10% of Basic SA x (No. of premiums paid/Total No. of premiums payable) shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary prior to maturity date.
• [(No. of premiums paid/Total No. of premiums payable) x Absolute amount assured to be paid on death] which shall be payable on the date of maturity.
Lic Jeevan Lakshya Surrender Value:
Jeevan Lakshya Lic new plan can be surrendered at any time during the policy term provided atleast three full years’ premiums have been paid.
• Guarenteed Surrender Value: The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) – any extra premiums and premiums for riders, if opted for.
• Special Surrender Value: The Special Surrender Value will be the discounted value of the sum ofMaturity Paid-up Sum Assured and the vested Simple Reversionary bonuses, if any.
Revival:
If Lic Jeevan Lakshya policy has lapsed, it may be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium.
Loan:
Loan Facility is available under Lic Jeevan Lakshya policy after payment of premiums for at least 3 full years.
Su***de clause:
If the life assured commits su***de before 12 months from the date of commencement of risk, he/she will be returned back with 80% of single premium paid excluding any taxes and extra premium, if any.
Taxes:
Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
Cooling-off Period:
If Policyholder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Backdating Interest:
The policies can be dated back with in the same financial year.
Policy Stamping:
Under Lic Jeevan Lakshya policy, stamping charges will be 20 paise per thousand of basic sum assured.
Assignments/Nominations:
Assignments and Nominations is possible under this Lic Jeevan Lakshya Policy plan no 833.
Lic Policy Jeevan Lakshya Benefit Illustration
Mr. Raju has taken LIC Jeevan Lakshya policy with following details:
• Rajus’ age: 30 years
• Policy Term: 20 years
• Basic Sum Assured: 10 lakhs
• Premium Paying term: ( Policy term – 3 years)= 20 years- 3 years = 17 years
Death Benefit: If Raju dies after 5 years from the date of receipt of policy. The death benefit payable will be:
• From the 6th year of policy period, nominee will receive Rs. 1,00,000/- (10% of Basic sum assured) on every policy anniversary till end of the policy term(20th Year).
• At end of policy term/ maturity date, Nominee will be paid Rs. 11,00,000/- (110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any).
Maturity Benefit: If Mr. Raju is surviving till the end of the policy, the maturity benefit received
Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus (if any)
Maturity Amount = 10,00,000 + vested Simple Revisionary bonuses + Final Additional bonus (if any)
FAQ’s of LIC Plan Jeevan Lakshya
What will be the Commission payable to intermediaries?
Commission rates (as a percentage of premium net of taxes) during the premium paying term are as under:
Agents and Corporate Agents:
Premium Paying Term 1st Year 2nd and 3 rd Year Subsequent Years
10 to 14 years 20% 7.5% 5%
15 years and above 25% 7.5% 5%
Bonus Commission: 40% of 1st year commission.
Brokers:
Premium Paying Term 1st Year 2nd and 3 rd Year Subsequent Years
10 to 14 years 25% 5% 5%
15 years and above 30% 5% 5%
Bonus Commission: No bonus commission is payable to brokers.
What will be the credit to Development Officer?
Credit (as a % of the first year premium net of taxes) are as under:
Premium Paying Term Credit
10 to 14 years 60%
15 years and above 100%
Is Lic Jeevan Lakshya Policy eligible for CEIS Rebate?
Lic Jeevan Lakshya Policy completed under CEIS will be eligible for CEIS (Corporation Employees’ Insurance Scheme) rebate in tabular premium for the basic plan as well as on rider(s) premium, if opted for, provided policy is not taken through any intermediary are as under:
Premium Paying Term CEIS Rebate
10 to 14 years 5%
15 years and above 10%

09/02/2016

http://www.licindia.in/LICs_JEEVAN_LAKSHYA_Benefits.html

LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time be…

11/09/2015

Life insurance in India made its debut well over 100 years ago.

In our country, which is one of the most populated in the world, the prominence of insurance is not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with some of the concepts of life insurance, with special reference to LIC.

It should, however, be clearly understood that the following content is by no means an exhaustive description of the terms and conditions of an LIC policy or its benefits or privileges.

For more details, please contact our branch or divisional office. Any LIC Agent will be glad to help you choose the life insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

That of dying prematurely leaving a dependent family to fend for itself.
That of living till old age without visible means of support.
Life Insurance Vs. Other Savings

Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.
Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Insurance For Women

Prior to nationalisation (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalisation of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes

Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.

With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

Keyman Insurance

Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

11/09/2015

As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.



Lic's Single Premium Endowment Plan
Lic's New Endowment Plan
Lic's New Jeevan Anand
LIC's Jeevan Rakshak
LIC's Limited Premium Endowment Plan
LIC's Jeevan Lakshya


LIC's NEW MONEY BACK PLAN - 20 YEARS
LIC's NEW MONEY BACK PLAN - 25 YEARS
LIC's NEW BIMA BACHAT
LIC's NEW CHILDREN'S MONEY BACK PLAN
LIC's Jeevan Tarun


LIC's Anmol Jeevan II
LIC's Amulya Jeevan II
LIC's e-Term
LIC's NEW TERM ASSURANCE RIDER - (UIN: 512B210V01)