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Chief Life Insurance Advisor, Jeypore, Odisha
LIC Jeevan Amar Table 855 is a New Term Plan by LIC. Jeevan Amar is a non-linked, non-participating life term insurance plan. LIC Jeevan Amar is offline term plan. The features of this plan are similar to LIC Tech Term Online Term Plan (Table 854). The main difference between these two plans is the amount of sum assured and mode of purchase. LIC Jeevan Amar is available only for offline purchase. Along with LIC Jeevan Amar, another online term plan LIC Tech Term is launched. You can read a review of LIC Tech Term plan here. Prior to this LIC has already launched other term plans such as e-Term, Amulya Jeevan, Anmol Jeevan, etc. However, this plan is different. Here is information about LIC Jeevan Amar.
LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death",vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as the higher of 10 times of annualised 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 all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
The policyholder has an option of availing the following Rider benefit(s):LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01)LIC's New Term Assurance Rider (UIN: 512B210V01) Rider sum assured cannot exceed the basic sum assured. For more details on the above riders, refer to the rider brochure or contact LIC'snearest Branch Office.
LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.
Death benefit : In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death ", vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. 100% of the Basic Sum Assured during first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15 th policy years and thereafter 200% of the Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any.
Maturity Benefit: "Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in force. The Bonuses shall be declared on the Basic Sum Assured.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
The policyholder has an option of availing LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01). Rider sum assured cannot exceed the Basic Sum Assured.
On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
The premiums mentioned above exclude service tax, extra premium and rider premiums, if any. On death of policyholder at any time after policy term: Basic Sum Assured Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during policy term provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.
LIC's Accidental Death and Disability Benefit Rider: LIC's Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
LIC's Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
Death benefit: In case of death of the policyholder during the policy term provided all due premiums have been paid, “Sum Assured on Death” shall be payable, which is the highest of » Basic Sum Assured or » 10 times of annualized premium or » 105% of all the premiums paid as on date of death. The premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.
In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.
Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits: Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death after completion of 5th policy year or on Policyholder surviving to the maturity.
LIC’s Accident Benefit Rider: Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.
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 before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.
Death Benefit: On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the sum of:
Annual Income Benefit equal to 10% of the Basic Sum Assured, 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 date of maturity. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.
The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above exclude tax, extra premium and rider premium(s), if any.
Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.
In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period. Final Additional Bonus shall not be payable under reduced paid-up policies.
The policyholder has an option of availing the following Rider benefit(s):
Rider Sum Assured cannot exceed the Basic Sum Assured. For more details on the above Riders, refer to the Rider brochure or contact LIC’s nearest Branch Office.
Annual Income Benefit equal to 10% of the Basic Sum Assured, 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 date of maturity. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity.
LIC’s Aadhaar Shila Plan offers a combination of protection and savings. This plan is exclusively designed for female lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
Death benefit: On death of the Life Assured during the policy term provided all due premiums have been paid then:
On death during first five years: “Sum Assured on Death” shall be payable. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Death” is defined as the highest of
The death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.
Maturity Benefit: On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Provided the policy has completed five policy years and atleast 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was inforce.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years’ premium have been paid.
The policyholder has an option of availing LIC’s Accident Benefit Rider (UIN: 512B203V02). Rider sum assured cannot exceed the Basic Sum Assured. For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.
Eligibility Conditions and Other Restrictions :
(This plan is only available for standard healthy lives without undergoing any medical examination)
he Basic Sum Assured shall be in multiples of Rs.5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-.
Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives.
* The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 3 lakh.
LIC’s Aadhaar Stambh Plan offers a combination of protection and savings. This plan is exclusively designed for male lives having Aadhaar Card issued by UIDAI (Unique Identification Authority of India). This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.
Death benefit: On death of the Life Assured during the policy term provided all due premiums have been paid then:
On death during first five years: “Sum Assured on Death” shall be payable.
On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable. Where “Sum Assured on Death” is defined as the highest of
The death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.
Maturity Benefit: On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.
Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Provided the policy has completed five policy years and atleast 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was inforce.
In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and atleast 5 full years’ premium have been paid.
The policyholder has an option of availing LIC’s Accident Benefit Rider (UIN: 512B203V02). Rider sum assured cannot exceed the Basic Sum Assured.
For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.
Eligibility Conditions and Other Restrictions :
(This plan is only available for standard healthy lives without undergoing any medical examination)
Minimum Basic Sum Assured per life* : Rs. 75,000
Maximum Basic Sum Assured per life* : Rs. 300,000
The Basic Sum Assured shall be in multiples of Rs.5,000/- from Basic Sum Assured Rs. 75,000 to Rs. 1,50,000/- and Rs.10,000/- for Basic Sum Assured above Rs.1,50,000/-.
Minimum Age at entry : 8 years (completed)
Maximum Age at entry : 55 years (nearest birthday)
Policy Term : 10 to 20 years
Premium Paying Term : Same as Policy Term
Maximum Age at Maturity : 70 years (nearest birthday)
LIC’s Jeevan Amar plan is a Non-Linked, Without Profit, pure protection plan. The plan offers the flexibility to choose from two death benefit options viz: Level Sum Assured and increasing Sum Assured.
Under this plan, there are two categories of premium rates viz (1) Non-Smoker rates and (2) Smoker rates. Also lower premium rates will be available for female proposers. The policyholder has the option to choose from Single, Regular and Limited Premium payment option. The plan also offers the flexibility to choose death benefit payment either as a lump sum payment and/or in installments.
LIC’s Jeevan Amar, being a pure protection plan, offers life cover to the policyholder at a very affordable price and ensures financial support for the family in case of unfortunate death of the policyholder during the policy term.
LIC’s Anmol Jeevan - II is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.
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.
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.
LIC’s Jeevan Arogya gives you:
(A non-linked, non-participating, health insurance plan)
LIC’s Cancer Cover is a regular premium payment health insurance plan which provides financial protection in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term.
The policy can be purchased offline as well as online. To purchase the policy online please log on to www.licindia.com . The plan offers two benefit options wherein you have the flexibility to choose the type of Sum Insured at the inception. Option I Level Sum Insured: The Basic Sum Insured shall remain unchanged throughout the policy term.
Option II Increasing Sum Insured: The Sum Insured increases by 10% of Basic Sum Insured each year for first five years starting from the first policy anniversary or until the diagnosis of first event of Cancer, whichever is earlier. On diagnosis of any specified Cancer as mentioned in Para 1, all the claims shall be based on the Increased Sum Insured at the policy anniversary coinciding or prior to the diagnosis of the first claim and further increases to this Sum Insured will not be applicable.
The benefits payable under the plan shall be based on the Applicable Sum Insured, where the Applicable Sum Insured shall be equal to- The Basic Sum Insured for policies taken under Option I; or Basic Sum Insured during first year and Increased Sum Insured thereafter, as per the provisions detailed in Option II.
1. BENEFITS: The following benefits are payable during the policy year under an inforce policy:
A. Early Stage Cancer: Benefits payable on first diagnosis of any one of the specified Early Stage Cancers, provided the same is admissible are -
LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan with a combination of protection and saving features. This plan provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
Benefit on Vesting: Provided the policy is in full force, on vesting an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.
The following options shall be available to the Life Assured for utilization of the benefit amount.
a) To purchase an immediate annuity
The Life Assured shall have a choice to commute the amount available on vesting to the extent allowed under Income Tax Act. The entire amount available on vesting or the balance amount after commutation, as the case may be, shall be utilized to purchase immediate annuity at the then prevailing annuity rates. Commutation shall only be allowed provided the balance amount is sufficient to purchase a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938.
In case the total benefit amount is insufficient to purchase the minimum amount of annuity, then the said amount shall be paid as a lump sum to the Life assured. The annuity shall only be purchased from Life Insurance Corporation of India.
b) To purchase a new Single Premium deferred pension product from Life Insurance Corporation of India
Under this option the entire proceeds available on vesting shall be utilized to purchase a single premium deferred pension product provided the policyholder satisfies the eligibility criteria for purchasing single premium deferred pension product.
The Life Assured will have to intimate his / her intention to go for a particular option available on the date of vesting atleast six months prior to the date of vesting.
Death Benefit: Death during first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee. Death after first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus, if any, shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee. In any case, provided all due premiums have been paid, the total death benefit at any time shall not be less than 105% of the total premiums paid (excluding taxes, extra premium and rider premium, if any). The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.
Guaranteed Additions: The policy provides for Guaranteed Additions @ Rs.50/- per thousand Basic Sum Assured for each completed year, for the first five years.
Participation in profits: Provided the policy is in full force, depending upon the Corporation’s experience the policies shall participate in profits from 6th year onwards for a Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation. Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by way of death or on vesting, provided the policy has run for certain minimum term.
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium under regular premium policies. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived. If the policy becomes a claim either by way of death or the policy vests before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid in lump sum.
The Accident Benefit Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 1,00,000 and maximum of Rs. 50 lakh (under individual as well as group policies with LIC of India). This benefit will be available only till the vesting age.
This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity. The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).
This plan can be purchased offline as well as online. To purchase the plan online, please log on to our website www.licindia.in
Make one time investment and get Guaranteed life long income. 9 different annuity options to choose from to suit every need and circumstance. Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.
Annuity rates are guaranteed from inception of the policy. Guaranteed additions during deferment period. This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
Loan Available: Loan facility shall be available after completion of 1 policy year.
Surrender Allowed: The policy can be surrendered at anytime after three months from the completion of policy when Annuity Option is with return of purchase price.
Free look Period: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15days. Option to take the plan for the benefit of handicapped dependant (Divyangjan) life
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDERS WILL NOT BE ABLE TO SURRENDER/ WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.
LIC's New Endowment Plus is a unit linked non-participating endowment assurance plan which offers investment cum insurance cover during the term of the policy. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.
You have a choice of investing premiums in one of the four types of investment funds available. Premiums paid after deduction of Premium Allocation Charge will purchase units of the Fund type chosen. The unit fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).
1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (ECS) premiums.
A) Death Benefit: On death of the Life Assured before the stipulated Date of Maturity provided policy is inforce, then
On death before the Date of Commencement of Risk:
An amount equal to the Policyholder's Fund Value shall be payable.
On death after the Date of Commencement of Risk:
An amount equal to the higher of Basic Sum Assured or Policyholder's Fund Value shall be payable. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.
On Life Assured surviving the date of maturity provided the policy isinforce, an amount equal to Policyholder's Fund Value shall be payable.
The policyholder has an option of availing LIC's Linked Accidental Death Benefit Rider (UIN: 512A211V01).
LIC’s Micro Bachat is a regular premium, non-linked, participating micro-insurance plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder during the policy term and a lump sum amount at the time of maturity for the surviving policyholder.
This plan also takes care of liquidity needs through its Loan facility.
1. Eligibility Conditions and Other Restrictions (This plan is only available for standard healthy lives without undergoing any medical examination)
a) Minimum Basic Sum Assured : Rs. 50,000
b) Maximum Basic Sum Assured per life* : Rs. 200,000 The Basic Sum Assured shall be available in multiples of Rs.5,000/-.
c) Minimum Age at entry : 18 years (completed)
d) Maximum Age at entry : 55 years (nearer birthday)
e) Policy Term : 10 to 15 years
f) Premium Paying Term : Same as Policy Term
g) Maximum Age at Maturity : 70 years (nearer birthday)
* The total Basic Sum Assured under all policies issued under this plan for an individual life shall not exceed Rs. 2 lakh. Date of commencement of risk: Under this plan the risk will commence immediately from the date of acceptance of the risk.
LIC’s New Jeevan Mangal is a protection plan with return of premiums on maturity, where you may pay the premiums either in lump sum or regularly over the term of the policy. This plan has an in-built Accident Benefit which provides for double risk cover in case of accidental death.
Requirements to be submitted for preferring a claim:
The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured shall be the claim forms, as prescribed by the Corporation, accompanied with original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, proof of accident, medical treatment prior to the death, school/ college/ employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life assured shall also be submitted. Where the policy results into a maturity claim or in case of surrender of the policy, the Life Assured shall be required to submit the discharge form along with the original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account besides proof of age, if the age is not admitted earlier.
Introduction:
LIC’s Bhagya Lakshmi is a non-par limited payment protection oriented plan with return of 110% of total amount of premiums payable on maturity where the premium paying term is 2 years lesser than the policy term.
Bima Bachat (Table 816) is a limited premium non-linked with profits endowment plan
Death benefit: On death of the life assured before the stipulated date of maturity provided the policy is in force. Sum assured on death + Simple Reversionary Bonus + Financial Additional Bonus, if any (Sum Assured on death = Higher of 10 times of annualized premium of basic sum assured)
Maturity Bonus: Sum assured + Vested Bonus + Final additional bonus if any at the end of the policy term
Secure your child’s future with LIC’s Children plan. Gift your children the present of freedom. Freedom to choose what he wants to be, freedom of starting a business, freedom of studying at the prestigious colleges.
The plan can be purchased for children between he age of 0 to 25 years. The maturity of the plan happens when the child attains the age of 25 years.
The premium of the policy is approx. 22,000 if the maturity amount is 5 lakhs.
The policy premium can be paid yearly, half-yearly, monthly
Secure your child’s future with LIC’s Tarun plan. Gift your children the present of freedom. Freedom to choose what he wants to be, freedom of starting a business, freedom of studying at the prestigious colleges.
The plan can be purchased for children between he age of 0 to 25 years. The maturity of the plan happens when the child attains the age of 25 years.
The premium of the policy is approx. 22,000 if the maturity amount is 5 lakhs.
The policy premium can be paid yearly, half-yearly, monthly
If you are in Gurgaon, get in touch with us to understand Jeevan Tarun in simple language and see how it can be of tremendous use to you.
new children money back Other benefits
Yes, loan is available.
Yes, revival of policy is possible within 2 years from last premium paid date i.e. If you started a policy in 2000, paid premiums in 2001 and 2002 and due to some reason could not pay the premium for the years 2003 and 2004, the policy can be revived in 2004 with all benefits.
Yes, the policy can be surrendered after 3 years of policy. The surrender value of the policy is different for different policies and it mainly depends on how far the maturity date is.
Bima Shree (Table 848) is a limited premium non-linked with profits endowment plan
Death benefit: On death of the life assured before the stipulated date of maturity provided the policy is in force. Sum assured on death + Simple Reversionary Bonus + Financial Additional Bonus, if any (Sum Assured on death = Higher of 10 times of annualized premium of basic sum assured)
Maturity Bonus: Sum assured + Vested Bonus + Final additional bonus if any at the end of the policy term
LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.
The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.
i) Death benefit: On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term.
On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy.
On death of child/nominee after Life Assured’s death: The policy shall continue and the benefits shall be payable to the legal heir(s).
ii) Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.
iii) Loyalty Addition: Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.
2. Optional Benefits: You may choose the following optional riders by payment of additional premium
Jeevan Umang (Table 845) is a limited premium non-linked with profits endowment plan
Death benefit: On death of the life assured before the stipulated date of maturity provided the policy is in force. Sum assured on death + Simple Reversionary Bonus + Financial Additional Bonus, if any (Sum Assured on death = Higher of 10 times of annualized premium of basic sum assured)
Maturity Bonus: Sum assured + Vested Bonus + Final additional bonus if any at the end of the policy term.
Jeevan Shiromani (Table 847) is a limited premium non-linked with profits endowment plan
Death benefit: On death of the life assured before the stipulated date of maturity provided the policy is in force. Sum assured on death + Simple Reversionary Bonus + Financial Additional Bonus, if any (Sum Assured on death = Higher of 10 times of annualized premium of basic sum assured)
Maturity Bonus: Sum assured + Vested Bonus + Final additional bonus if any at the end of the policy term
What is Bima Bachat?
LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity. What other benefits do I receive during the specified duration of the policy?
For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.
For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.
There’s no denying that a health insurance policy is crucial to managing the healthcare needs and expenses of your family. But with so many health insurance plans in the market, you may end up confused. Especially if you’re new to this, buying medical insurance plans may seem like a hassle with all that paperwork and planning.
With Max Bupa’s Health Companion, an affordable and comprehensive family floater health insurance, you can say goodbye to your insurance worries. Designed for individuals, couples, and nuclear families, this policy offers a solid cover of up to Rs. 1 crore. With lifetime renewability and smart top-up options to boost your coverage, you enjoy cashless treatments in 4000 Max Bupa network hospitals. What’s more, you can also claim tax benefit under section 80D of the IT Act. Get refill benefits and hospital accommodation for your loved ones with no limits. And if you opt for a two-year policy, you get a flat 12.5% discount on the second year’s premium. These and more excellent features make the Health Companion the best mediclaim policy for family! Let’s take a look.
Some treatments don’t need the patient to be hospitalized. This family medical insurance plan covers all such procedures.
For every claim-free year, you receive a no-claim bonus of 20% of your basic sum up to a maximum of 100%.
We compensate you for medical expenses associated with hospitalization 30 days before the hospitalization and 60 days after.
Depending on your plan, you receive a complimentary health check-up once a year or once every two years.
If the base amount or the no-claim bonus has been exhausted (partially or completely), this health insurance plan refills your sum insured, up to the base sum insured.
We offer cashless facility to customers taking treatment in our local network of more than 3500 hospitals. For the remaining hospitals, the insured can claim through reimbursement mode.
If you do not want to proceed with your health insurance policy, you can request a refund within 15 days from receiving the policy document.
Max Bupa Health Companion offers customized medical insurance plans for everyone. One of the leading health insurance companies in India, Max Bupa is the only company that has been a Superbrand for two consecutive years.
Health insurance policies here at Max Bupa can be bought online, so you can be assured you’ll have the best health insurance plans without trips to the bank and tons of paperwork. Once you purchase our policy online, you receive a policy kit and card instantly. For more information on our medical insurance plans, you can get in touch with our sales persons. Call us on our toll-free number - 1860 500 8888 – any time between 9 am and 6 pm, Monday through Saturday. If you’d like to discuss your options in person, visit the nearest branch.
Visit the website to calculate your premium in just three simple steps, and get access to one of the best mediclaim policy in India
Travel Insurance provides coverage against different type of emergencies like medical expenses (incl. repatriation & medical evacuation), delay
of checked-in baggage or total loss of checked-in baggage, missed connection, financial emergency assistance etc. while you are travelling. Travel Insurance Policy is an essential piece of documentation that is required when you travel abroad and should be bought in advance to cover the dates you travel on.
Travel Insurance gives you the power to take a step back and enjoy your travel experience. So, make sure you have the right Travel Insurance policy as it would cover all your needs right from the first flight to your stay and return journey as well. Travel Insurance can be bought online on Bharti AXA General Insurance website. Buying Travel Insurance from Bharti AXA General Insurance would help you to stay secure in case there is a mishap.
What Is Covered
Medical Expenses Inclusive Of Repatriation And Emergency Medical Evacuation/ Dental Treatment
Travel insurance includes medical expenses, repatriation, and emergency medical evacuation. Even dental care expenses such as acute anesthetic treatment of teeth are covered.
Personal Accident
Travel insurance includes compensation for accidental bodily injuries, permanent or partial disablement, death caused in an accident.
Daily Allowance In Case Of hospitalization
Payment of daily allowance for the number of days that the insured person is hospitalized beyond the specified number of days mentioned in the policy document.
Loss Of Passport And Documents
Travel insurance covers loss/theft of passport and documents.
Legal Expenses
All legal costs and expenses are covered in case of claims towards third-party liabilities that arise out of death or bodily injuries.
Trip Cancellation And/ Or Interruption
Payment towards the non-refundable prepaid payments or the additional expenses incurred subject to a limit of Sum Insured, on the trip being cancelled or interrupted due to medical problems of insured/Insured person’s family member, personal employment problems or natural disasters.
Emergency Accommodation
Due to some fire, flood, earthquake, storm, hurricane, explosion, if you are not able to stay in the original accommodation, you will be compensated for the additional cost of emergency accommodation.
Hijack Distress Allowance
In case if there is hijack on a common carrier for a certain number of hours, distress allowance is compensated under travel insurance.
What Is Not Covered
Cosmetic Surgery
Travel insurance does not cover any cosmetic surgery done to enhance your beauty.
Self-inflicted Injury/Harm
Suicide, alcoholism, depression, or any direct/indirect loss due to death, illness, etc. is not covered under travel insurance.
Participation In Warfare
Travel insurance coverage is not provided for those involved in naval, military, or air force operations.
Performing Professional And Risky Sports
Participating in risky winter sports, like mountaineering is not covered unless specifically agreed and mentioned in the policy document.
Non-Allopathic Treatment
Travel insurance strictly excludes coverage for yogic, homeopathic, unani, and ayurvedic treatments.
Medical Expenses Due To Unproven Treatment:
You will not receive any coverage for expenses with respect to unproven or experimental treatment.
Illegal Activity
Hazardous occupation or engaging in criminal activities while on the trip abroad is not covered under travel insurance.
Limitations In Medical Expenditure
Daily allowance isn’t paid in case of hospitalization for certain pre-existing conditions.
Treatment That Could Be Delayed Until Return
No coverage is given if the treating physician and the emergency service provider decide that the treatment could have been delayed until return to India.
Farhad was driving back to his office after meeting a client. As the traffic signal turned green, he turned towards his office building. Suddenly, there was a loud bang. A speeding bus had rammed into his car. Farhad was trapped inside. Onlookers rushed Farhad to the hospital. There, the doctors informed him that his fractures required him bed rest till it heals completely. That meant at least a month off from work. The person on the bed next to him, confused by Farhad’s calm reactions, asked why is he not worried? Farhad told him that though the injuries are painful, that is all he has to worry about because he has a good personal accident insurance. The other man, interested now asked how it works. “Personal accident insurance is a policy that can reimburse your medical costs, provide compensation in case of disability or death caused by accidents. There are other benefits too that you can get with an IPA insurance” said Farhad, continueing with the following:
1. Accidental death:
If the policyholder dies in an accident then his nominee gets accidental death compensation. The family is financially secure in this situation. The compensation can vary from Rs 5 lakh to Rs 1 crore.
2. Permanent total disability in an accident:
At times, despite medical help the victim becomes disabled for life. Then the insurance policy pays a certain amount depending upon the nature of the disability. The policy also covers loss of speech, loss of vision in both eyes, and hearing loss in both ears.
3. Permanent partial disability:
This is applicable if a person has partially lost their hearing in one ear or suffered eyesight loss in one eye. Or, it could be that the policyholder has lost an index finger, a thumb, or even a hand. In all these cases, the policyholder can approach the insurer for a claim.
4. Transportation benefit:
Some insurers also grant a family transportation benefit. Say, the insured person is in a hospital outside 150 km of his home. The immediate family member will incur certain transportation expenses to reach the hospital. The insurance will reimburse these expenses up to a maximum of Rs 50,000.
5. Further benefits:
The insurance covers other factors like education and employment benefits, and funeral expenses. You also get coverage for hospital charges, including ambulance costs. Some policies offer an educational allowance and home or vehicle alteration benefits.
Before buying your policy, you must keep these things in mind
Important dates: An accident insurance policy provides a free-look period of 15 days. This allows you to cancel the policy within that period. There is a ‘grace period’ of 30 days for policy renewal.
Exclusions: Your insurer will not cover any loss arising out of acts of war or terror. It will not cover any claims regarding existing physical disabilities or pre-existing diseases. The exclusions also comprise mental disorders, HIV or AIDS, and congenital anomalies. The insurer will not honour any intentional injury claims. Any injuries arising from participation in adventure sports come under exclusions as well. This includes activities like bungee jumping, mountaineering, and river rafting.
Motor insurance Introduction This is an introductory guide to provide you with a better understanding of what motor insurance is and what you must know when buying motor insurance policies and making claims.
Types of motor policies When you buy a motor vehicle, you need to buy a motor insurance. There are, however, many types of motor insurance policies available. The common types are: •Third party cover - This policy insures you against claims for bodily injuries or deaths caused to other persons (known as the third party), as well as loss or damage to third party property caused by your vehicle.
•Third party, fire and theft cover - This policy provides insurance against claims for third party bodily injury and death, third party property loss or damage, and loss or damage to your own vehicle due to accidental fire or theft.
•Comprehensive cover - This policy provides the widest coverage, i.e. third party bodily injury and death, third party property loss or damage and loss or damage to your own vehicle due to accidental fire, theft or an accident
Exclusions/extensions A standard motor insurance will not cover certain losses, such as your own death or bodily injury due to a motor accident, your liability against claims from passengers in your vehicle (except for passengers of hired vehicles such as taxis and buses) and loss or damage arising from an act of nature, such as flood, storm and landslide.
However, you may pay additional premiums to extend your policy to cover flood, landslide, landslip as well as cover your passengers. It is important to check your policy for the exclusions.
Insured value/sum insuredIf you are buying a policy against loss/damage to your vehicle, you must ensure that your vehicle is adequately insured as it will affect the amount you can claim in the event of loss/damage. For a new vehicle, the insured value will be the purchase price while for other vehicles, the insured value is the market value of the vehicle at the point you apply for the insurance policy.
•Under-insurance – If you insure your vehicle at a lower sum than its market value, you will be deemed as self-insured for the difference, i.e. in the event of loss/damage, you will only be partially compensated (up to the proportion of insurance) by your insurance company.
•Over-insurance – Should you insure your vehicle at a higher sum than its market value, the maximum compensation you will receive is the market value of the vehicle as the policy owner cannot ‘profit’ from a motor insurance claim. Duty of disclosure Duty of disclosureYou should disclose fully all material facts, including previous accidents (if any), modification to engines, etc.
When in doubt as to whether a fact is relevant or not, it is best to ask your insurance company.
If you fail to disclose any material fact, your insurance company may refuse to pay your claim or any claim made by a third party against you. In such cases, you are personally liable for such claims.
PriceThe price you pay for your motor insurance will depend on the type of policy selected. The insurance premium charged by your insurance company is the standard minimum rate in accordance with the Motor Tariff.
However, in addition to the standard minimum rate, your insurance company may impose additional premiums known as loadings to the premium payable in view of higher risk factors involved such as age of vehicle and claims experience.
Loadings are governed by Bank Negara Malaysia (BNM) and no insurance company may charge loadings higher than the levels permitted by BNM.
