All existing plans lic of india

Of

As on Date 01 Sep 2015

LIC’s NEW ENDOWMENT PLAN

Table No. 814

Table No. 14Endowment Assurance

PlanTable No.814

New Endowment Plan

Maturity Benefit Maturity Benefit

Basic Sum Assured along withVested Simple Reversionary Bonuses and Final Additional Bonus, if Any.

Basic Sum Assured along withVested Simple Reversionary Bonuses andFinal Additional Bonus, if Any.

Death Benefit Death Benefit

Sum Assured (SA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.

Modified ‘Sum Assured on Death' instead of SA.

No change

LIC’s New Endowment Plan – Benefits

What is Sum Assured on Death?

Sum Assured on Death shall be Higher of ~Basic Sum Assured (BSA)

OR

10 times Annualised Premium.(10 x AP).

[*The premiums mentioned in death benefit are excluding taxes, extra premiums and premiums for riders, if any]

LIC’s New Endowment Plan – Benefit on Death

Particulars

Table No. 14Endowment Assurance

PlanTable No. 814

New Endowment Plan

Age at entry 12 to 65 years 8 to 55 years

Age at Maturity Maximum 75 years Maximum 75 Years

Policy Term 5 to 55 years 12 to 35 years

Premium mode

Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)


Basic Sum Assured 50000 and above 100000 and above

( In multiples of 5000)

Eligibility Conditions and Restrictions

LIC’s New Endowment Plan

Age at entry modified

Minimum Sum Assured Modified

Policy term modified

ModeRebate

Table No. 14 Table No. 814

Yearly 3% of tabular Premium 2% of tabular premium

Half-yearly 1.5% of tabular premium

1% of tabular premium

Quarterly Nil NilTable No 14

Endowment Assurance PlanTable No. 814

New Endowment PlanBasic Sum Assured

Rebate (Rs.)

Basic Sum Assured Rebate (Rs.)

100001 and above 2.00‰ SA 5,00,000 and

above 3.00‰ BSA

50001 to 100000 1.00‰ SA 2,00,000 to

4,95,000 2.00‰ BSA

Upto 50000 Nil <1,95,000 Nil

Slab & Rate modified

Rate modified

LIC’s New Endowment Plan ~ Rebates

Table No. 14Endowment Assurance Plan

Table No. 814New Endowment Plan

Available after payment of 3 full years premiums.


Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term.

The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below.

Foreclosure action was initiated on default of 2 or more half-yearly loan interest installments.

Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is default of loan interest.

Policy Term Upto 23 24 to 27 28 to 31 32 to 35% for inforce policies 90% 80% 70% 60%% for Paid-up policies 80% 70% 60% 50%

% of loan modified

LIC’s New Endowment Plan ~ Policy Loan

Table No.14 Table No. 814Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)Available after payment of 3 full years premiums.


GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.Examples of GSV factors applicable for total premiums paidPolicy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)

Cash Value of vested bonuses, if any.

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –Year of SV – Policy Term – Factor 3 12 18.60% 19 25 20.85% 29 30 30%

LIC’s New Endowment Plan ~ Surrender Value

GSV % modified

Bonus Payablemodified

No Change

Table No. 14Endowment Assurance Plan

Table No. 814New Endowment Plan

Special Surrender Value (SSV) Special Surrender Value (SSV)Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.

Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

Surrender Value Payable Surrender Value payableThe Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

No change in SSV

LIC’s New Endowment Plan

Table No 14Endowment Assurance Plan

Table No 814New Endowment plan

A Policy may be revived within a period of 5 years from the date of first unpaid premium.


Taxes, if any , were borne by the corporation.

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

There shall be no change in the following Items

Back DatingGrace PeriodPaid-up Value

Assignment/Nomination

LIC’s New Endowment Plan ~ Table No. 814

• ‘Sum Assured on Death’ has been defined separately.

• Age at entry has been reduced.

• Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term.

• GSV percentage shall also depend on policy term and year of Surrender.

• Rebates for high SA and premium mode modified.

LIC’s New Endowment Plan –Changes over Table No.14

LIC’s NEW JEEVAN ANAND PLAN

Plan No. 815

Jeevan Anand Plan No. 149

New Jeevan Anand Plan No. 815


Basic Sum Assured along withVested Simple Reversionary Bonuses and

Final Additional Bonus, if Any.

Basic Sum Assured along withVested Simple Reversionary Bonuses

andFinal Additional Bonus, if Any


During the policy termBasic Sum Assured(BSA) along with Vested Simple Reversionary

Bonuses and Final Additional Bonus, if any.After expiry of policy term

Basic Sum Assured

During the policy term‘Sum Assured on Death’ along with Vested Simple Reversionary

Bonuses and Final Additional Bonus, if any.After expiry of policy term

Basic Sum Assured

Modification- ‘Sum Assured on Death' instead of BSA

No change

LIC’s New Jeevan Anand Plan– Benefits


Sum Assured on Death shall be Higher of ~

125% of Basic Sum Assured (1.25 x BSA)OR

10 times Annual Premium.(10 x AP).≈≈≈≈

The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death .

[*excluding taxes, extra premiums and premiums for riders, if any]

LIC’s New Jeevan Anand Plan– Benefits

Particulars Jeevan AnandPlan No. 149

New Jeevan Anand Plan No. 815



Policy Term 5 to 57 years 15 to 35 years

Premium mode



Basic Sum Assured 100000 and above 100000 and above


Maximum Age at entry reduced.

Policy term modified

LIC’s New Jeevan Anand Plan– Eligibility Conditions and Restrictions

ModeRebate

Plan 149 Plan No. 815


Half-yearly 1.5% of tabular premium 1% of tabular premium

Quarterly Nil Nil

Plan No 149Jeevan Anand

Plan No. 815New Jeevan Anand

Basic Sum Assured Rebate (Rs.) Basic Sum Assured Rebate (Rs.)

10,00,000 and above 1.75‰ BSA 10,00,000 and above 3.00‰ BSA

5,00,000 to 9,95,000 1.50‰ BSA 5,00,000 to 9,95,000 2.50‰ BSA

3,00,000 to 4,95,000 1.00‰ BSA 2,00,000 to 4,95,000 1.50‰1,00,000 to 2,95,000 Nil 1,00,000 to 1,95,000 Nil


Rate modified

LIC’s New Jeevan Anand Plan– Rebates

Jeevan AnandPlan No. 149

New Jeevan AnandPlan No.815



Loan granted shall be 90% of the Surrender Value in case of inforce

policies and 85% of the Surrender Value in case of Paid-up policies irrespective of

the policy term.

The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term,

as given in the table below.

Foreclosure action was initiated on default of 2 or more half-yearly loan

interest installments.

Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is a default of loan interest.

Policy Term Upto 23 24 to 27 28 to 31 32 to 35% for inforce policies 90% 80% 70% 60%% for Paid-up policies 80% 70% 60% 50%

% of loan modified

LIC’s New Jeevan Anand Plan– Loan

Plan No.149 Plan No. 815Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)Available after payment of 3 full years premiums.


GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.Examples of GSV factors applicable for total premiums paidPolicy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)

Cash Value of vested bonuses, if any. GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –Year of SV – Policy Term – Factor 3 15 17.66% 19 25 20.85% 29 30 30%

GSV % modified

Bonus Payable modified

No Change

LIC’s New Jeevan Anand Plan– Surrender Value

Jeevan Anand Plan No. 149

New Jeevan AnanadPlan 815



The discount factors shall be surrender value factors as provided in Table-1A and 2A(whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

Surrender Value Payable Surrender Value payableThe Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.


No change in SSV

LIC’s New Jeevan Anand Plan– Surrender Value

Jeevan AnandPlan No. 149

New Jeevan AnandPlan No. 815



Accident Benefit inbuilt. Accident Benefit as a rider.



There shall be no change in the following ItemsBack DatingGrace PeriodPaid-up Value


LIC’s New Jeevan Anand Plan

LIC’s New Bima Bachat Plan( Plan No. 816)

Bima Bachat PlanPlan No. 175

New Bima Bachat planPlan No. 816


Single Premium Paid along with loyalty addition less extra premiums ,if any.

Single Premium Paid along with loyalty addition less Taxes and extra premiums ,if any

Death Claim Benefit Death Claim Benefit

Payment of Sum Assured First 5 years: Sum Assured shall be payable.After completion of 5 years:

Sum Assured and Loyalty Additions, if any shall be payable.

LIC’s New Bima Bachat PlanBenefits

Death Benefit Modified

Year->Term ↓

SURVIVAL BENEFIT(as a percentage of Sum Assured )

3RD 6TH 9TH 12TH 15th

9 15% 15% MAT XXX

12 15% 15% 15% MAT

15 15% 15% 15% 15% MAT

LIC’s New Bima Bachat Plan - Benefits

There is no change in the percentage of Survival Benefit

payable under Bima Bachat – Plan 175 and New Bima Bachat

Plan - 816 No Change in SB

ParticularsDescription

Plan No 175Bima Bachat

Plan No. 816New Bima Bachat

Age at entry

15 to 66 years irrespective of the policy term

Minimum Maximum

15 years

Term = 9 Term = 12 Term = 15

66 yrs 63 yrs 60 yrsAge at Maturity

Maximum75 Years Maximum 75 Years

Policy Term

9 , 12 and 15 years 9 , 12 and 15 years

Basic Sum Assured

Minimum 20000 and in multiple of Rs 5000 No upper

limit

Minimum MaximumTerm =

9 Term = 12 Term = 15

Term = 9/12/15

35000 50000 70000No upper LimitSA shall be in

multiple of Rs.5000

LIC’s New Bima Bachat Plan Eligibility Conditions and Restrictions

Age at Entry and SA based on policy term

New Bima BachatPlan 816

PolicyTerm Sum Assured Band

% of Tabular Premiu

m

9 years

Less than 75000 Nil75000 to less than 150000 6%

150000 and above 8%

12 years

Less than 100000 Nil100000 and less than 200000 4%

200000 and above 6%

15 years

Less than 150000 Nil150000 and less than 300000 3%

300000 and above 5%

LIC’s New Bima Bachat Plan High Sum Assured RebatE

Bima Bachat Plan No. 175

Policy Term

Sum Assured Band

% of Tabul

ar premium

Policy term – 9,12 and 15 years

Less than 50000 Nil

50000 and less than 100000

5%

100000 and less than 200000

7%

200000And above 8%

High Sum

Assured rebate

based on Term

and SA Band

LIC’s Bima BachatPlan No 175

LIC’s Bima BachatPlan No. 816

Available after completion of 1 year. Available at any time during the policy term subject to realisation of the premium cheque.

No Loyalty Addition payable. No Loyalty Addition payable. Higher of GSV or SSV payable Higher of GSV or SSV payableGuaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)GSV is equal to 90% of the single premium paid excluding extra premium and less amount of Survival benefits paid earlier.

1st Year ~ 70% of Single Premium excluding taxes and extra premium,if any.Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.

Special Surrender Value (SSV) Special Surrender Value (SSV)Discounted value of Single Premium paid excluding extra premium, if any.

Discounted value of Single Premium paid excluding taxes and extra premium,if any.

LIC’s New Bima Bachat Plan Surrender Value

SV available at any time.

GSV modified

LIC’s Bima Bachat

Plan No 175

LIC’s Bima Bachat

Plan No. 816

Loan available after payment of

first premium.

Loan facility available after

completion of 1 policy year

Loan can be granted upto 90% of

the Special Surrender Value

Loan can be granted upto 60% of

Surrender Value.

LIC’s New Bima Bachat Plan - LoanLoan ~ Modified

Table No 175Bima Bachat Plan

Table No 816New Bima Bachat Plan

Service Tax was borne by the corporation.

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.


Back DatingPaid-up Value


LIC’s New Bima Bachat Plan

LIC’s Single Premium Endowment Plan

Plan No. 817UIN 512N283V01

LIC’s SINGLE PREMIUM ENDOWMENT PLAN – Highlights

Single Premium

With Profit Endowment Plan

Minimum Age at entry is 90 days

Loan available after completion of one year

Back dating is allowed

Death Benefit

Maturity BenefitSum Assured Plus Simple Reversionary Bonuses Plus Final Additional Bonus, if any.

After Commencement of RiskBefore Commencement of

Risk#

Sum Assured plus vested Simple Reversionary bonuses and final additional bonus, if any.

Return of Single Premium excluding taxes and extra premiums, if any.

# In case the age at entry of Life Assured is less than 8 years, risk will commence either 2 years from the DOC OR policy anniversary after completion of 8 years of age whichever is earlier, for others risk shall commence immediately.

LIC’s SINGLE PREMIUM ENDOWMENT PLAN

Loan Available after completion of 1 policy year. Amount of loan will depend on year of Policy and Policy Term. The maximum loan shall be granted as a percentage of Surrender

Value(SV).

Policy Year →Term ↓ 2 3 6 9 12 13 and

above

Upto 15 yrs 55% 60% 80% 90% 90% 90%

16 to 20 yrs 40% 45% 60% 80% 90% 90%21 yrs and above 30% 30% 45% 60% 80% 90%

Some Examples of Loan as a percentage of Surrender Value are given below -


Particulars Description

Age at entry 90 days (completed) to 65 years (nearest birthday)

Age at Maturity 18 to 75 yearsPolicy Term 10 to 25 yearsPremium mode Single Premium onlyBasic Sum Assured

50000 and above ( In multiples of 5000) – No upper Limit.

Sum Assured

3,00,000 and above

2,00,000 to 2,95,000

1,00,000 to 1,95,000

50,000 to 95,000

Rebate (Rs.) 30‰ SA 25‰SA 18‰SA Nil

Rebate for High Sum Assured

Eligibility Conditions and Restrictions


The policy can be surrendered at any time during the policy term.Higher of Guaranteed Surrender Value or Special Value shall be payable.Guaranteed Surrender Value(GSV):1st Year ~ 70% of Single Premium excluding taxes and extra premium,

if any.Thereafter ~ 90% of Single Premium excluding taxes and extra

premium, if any.Plus Surrender Value of vested bonuses.

Special Surrender Value (SSV):Discounted value of Sum Assured and vested simple reversionary bonuses


S~ Single Premium -One time investment.

P~ Protection -Risk Cover# for full Sum Assured.

E~ Excellent for meeting educational needs of young ones.

C~ Children from the age of 90 days can be covered.

I~ Ideal for investment planning-Wide range of policy term.A~ Attractive - participates in profits.

L~ Liquidity through Loan.

WhyLIC’s SINGLE PREMIUM ENDOWMENT PLAN …………Because it is SPECIAL

LIC’s New Jeevan Nidhi

Plan No. 818

LIC’s New Jeevan Nidhi - Highlights

• Life Protection ~ Insurance Cover upto Date of

Vesting• Pension ~

Option To purchase an Immediate Annuity

or To purchase New Single Premium

Deferred Pension Plan• Guaranteed Additions ~ For the first 5 years @ Rs.50‰ Basic

Sum Assured

LIC’s New Jeevan Nidhi - Highlights• Participation in Profits ~ After 6th policy year, benefit of Vested

Bonus and Final Additional Bonus (if any).

• Flexibility ~ Premium Payment Frequency-

SinglePremium, Yearly,Half-

yearly,Quarterly,Monthly(ECS/SSS)• Customisation – Option for Accident Benefit Rider under

Regular Premium Policies only.

Description Minimum Maximum

Age at Entry 20 years 60 years

Age at Vesting 55 years 65 years

Deferment period 5 years 35 years

Sum Assured

Single Premium Rs.150000/- No LimitRegular Premium Rs.100000/-The Sum Assured under Basic Plan shall be in multiples of Rs.5000/-

Premium Mode

Single Premium, Yearly, Half-yearly, Quarterly, Monthly [ECS or SSS]

LIC’s New Jeevan Nidhi- Eligibility Conditions

LIC’s New Jeevan Nidhi - Benefits Benefit on VestingBasic Sum Assured

+ Accrued Guaranteed Additions

+ Vested Simple Reversionary Bonuses &Final

Additional Bonus(if any)

Commute as per Income Tax rules and purchase ImmediateAnnuity with the balance amount at the then prevailing Immediate annuity rate

Purchase a new Single Premium deferred pension product from LIC

LIC’s New Jeevan Nidhi - Benefits

Death Benefit

First 5 policy years

6th year onwards

Basic Sum Assured +

Accrued Guaranteed Additions

Basic Sum Assured +

Accrued Guaranteed Additions

+Vested Bonuses & Final Additional Bonus (if any)

The Benefit shall be paid to the nominee as lump sum OR In the form of Annuity ORPartly in lump sum and balance in the form of Annuity at the then prevailing Immediate annuity rates

LIC’s New Jeevan Nidhi - ProfitsGuaranteed Additions

Payable for the first five years @ Rs.50/- per thousand Basic Sum Assured for each completed year.

Participation in profits

•Simple Reversionary Bonus shall be added from the 6th policy year onwards till the end of the deferment period and at such rates as may be declared by the Corporation.•Final Additional Bonus shall be payable either on vesting or on earlier death at the rates declared by the Corporation.

Event Benefits

Death due to Accident

Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the Basic plan.

Disability due to Accident

All Future Premiums are waived and An amount equal to the Accident Benefit Sum Assured will be paid in monthly installments spread over 10 years.

Description Minimum MaximumAge at Entry

20 years 60 years

Sum Assured

Rs. 100000/-

Rs.50 lakh overall limit considering the Accident Benefit Sum Assured in respect of all existing/proposed individual life insurance and group policies

Term Same as Basic Plan

LIC’s New Jeevan Nidhi – Accident Benefit Rider

Eligibility Condition for Accident Benefit Rider

LIC’s New Jeevan Nidhi- Other featuresBack –dating – Allowed within same Financial year.

Revival -A policy may be revived within a period of 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.

Surrender-The policy can be surrendered at any time on payment of at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable shall be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.

Claims Concession - Allowed

Jeevan Nidhi meets all your needs across the time horizon-

Life cover now and Pension afterwards! Life Insurance cover till the date of vesting

For the wellbeing of your loved ones!And Annuity/Pension after vesting- For your wellbeing in

later years!!!

Why-LIC’s New Jeevan Nidhi !!!

LIC’s NEW MONEY BACK PLAN20 Years

( Plan No. 820 )UIN : 512N280V01

Money Back Plan -20 yearsPlan No. 75

New Money Back Plan – 20 yearsPlan No. 820


40% of the Basic Sum Assured along with

Vested Simple Reversionary Bonuses and

Final Additional Bonus, if any.





Basic Sum Assured(BSA) along with

Vested Simple Reversionary Bonuses

and


‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses

and Final Additional Bonus, if any.


Modification- ‘Sum Assured on Death' instead of SA

No change

LIC’s New Money Back Plan -20 years ~ Benefits





[Premiums - excluding taxes, extra premiums and premiums for riders, if any]


Survival BenefitPolicy Year 5th 10th 15th

Survival Benefit Payable 20% 20% 20%



Paid-up value per thousand Sum Assured

Paid –up value shall be equal to

[(Number of premiums paid/ Total

Number of premiums payable)x Basic

Sum Assured less total amount of

Survival Benefits paid under the policy.

Year ‰ Year ‰

6,11 70 15 502,7,12 140 16 1203,8,13 210 17 1904,9,14 280 18 260

19 33020 400


NO Change

in SB

Paid-up Value modified

Particulars Money Back Plan -20 years( Plan No. 75)

New Money Back Plan – 20 years ( Plan No. 820)



Policy Term 20 years 20 years

Premium Paying Term 20 Years 15 Years

Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)


Basic Sum Assured 50,000 and above 1,00,000 and above


Premium Paying term modified

LIC’s New Money Back Plan -20 years ~ Eligibility Conditions and Restrictions

Minimum Sum Assured modified

ModeRebate

Plan No. 75 Plan No. 820



Quarterly Nil Nil




1,00,000 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA

50001 to 1,00,000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSA

Upto 50000 Nil 1,00,000 to 1,95,000 Nil


Rate modified

LIC’s New Money Back Plan -20 years ~ Rebates



Available after payment of 3 full years

premiums.


Loan granted shall be 90% of the

Surrender Value in case of inforce

policies and 85% of the Surrender Value

in case of Paid-up policies.

The maximum amount of loan that can be granted

as a percentage of Surrender Value be as under:

For inforce and fully paid-up policies – upto 90%

For paid-up policies – 80%

Foreclosure action shall be initiated on

default of 2 or more half-yearly loan


Foreclosure action shall not be taken under fully

paid-up and inforce policies even if there is

default of loan interest.

% of loan modified

LIC’s New Money Back Plan -20 years ~ Loan

Plan No. 75 Plan No. 820Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)



Before Payment of Survival Benefit:GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.After Payment of Survival Benefit:GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid.Examples of GSV factors applicable for total premiums paidPolicy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)

Cash Value of vested bonuses, if any. GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –Year of SV – Factor 3 16.21% 10 18.16% 19 30%

GSV % modified


No Change

LIC’s New Money Back Plan -20 years ~ Surrender Value





The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.


Surrender Value Payable Surrender Value payable



No change in SSV









Back DatingGrace Period


LIC’s New Money Back Plan -20 years

LIC’s NEW MONEY BACK PLAN25 Years

( Plan No. 821 )UIN:51278VO1






Final Additional Bonus, if Any.



Final Additional Bonus, if Any


Sum Assured(SA) along with Vested Simple Reversionary Bonuses and


‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses

and Final Additional Bonus, if any.


Modification- ‘Sum Assured on Death' instead of SA

No change






[*Premiums - excluding taxes, extra premiums and premiums for riders, if any]


Survival BenefitPolicy Year 5th 10th 15th 20th

Survival Benefit Payable 15% 15% 15% 15%



Paid-up value per thousand Sum Assured

Paid –up value shall be equal to

[(Number of premiums paid/ Total

Number of premiums payable)x Basic

Sum Assured less total amount of

Survival Benefits paid under the policy.

Year ‰ Year ‰

6,11,16 62 20 902,7,12,17 124 21 1523,8,13,18 186 22 2144,9,14,19 248 23 276

24 33825 400


NO Change in SB

Paid-up Value modified

Particulars Money Back Plan -25 years( Plan No. 93)

New Money Back Plan – 25 years ( Plan No. 821)



Policy Term 25 years 25 years

Premium Paying Term 25 Years 20 Years

Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)


Basic Sum Assured 50,000 and above 1,00,000 and above


Premium Paying term modified

LIC’s New Money Back Plan -25 years ~ Eligibility Conditions and Restrictions

Minimum SA modified

ModeRebate

Plan No. 93 Plan No. 821



Quarterly Nil Nil




1,00,000 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA

50001 to 1,00,000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSA

Upto 50000 Nil 1,00,000 to 1,95,000 Nil


Rate modified

LIC’s New Money Back Plan -25 years ~ Rebates



Available after payment of 3 full years

premiums.


Loan granted shall be 90% of the

Surrender Value in case of inforce

policies and 85% of the Surrender Value

in case of Paid-up policies.

The maximum amount of loan that can be granted

as a percentage of Surrender Value be as under:

For inforce and fully paid-up policies – upto 90%

For paid-up policies – 80%

Foreclosure action shall be initiated on

default of 2 or more half-yearly loan


Foreclosure action shall not be taken under fully

paid-up and inforce policies even if there is

default of loan interest.

% of loan modified

LIC’s New Money Back Plan -25 years ~ Loan

Plan No. 93 Plan No. 821Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)



Before Payment of Survival Benefit:GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.After Payment of Survival Benefit:GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.Examples of GSV factors applicable for total premiums paidPolicy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)

Cash Value of vested bonuses, if any. GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –Year of SV – Factor 3 15.28% 20 21.99% 24 30%

GSV % modified


No Change








Surrender Value Payable Surrender Value payable



No change in SSV






Taxes, if any , were borne by the Corporation.



Back DatingGrace Period


LIC’s New Money Back Plan -25 years

LIC’s New ANMOL JEEVAN II

Plan No. 822

LIC’s ANMOL jeevan II FEATURES• Pure Term Assurance Policy• Low premium, high risk cover plan • Ideal for:

• Youngsters who have just started their career

• People not interested in returns but pure risk cover only

• People with financial liabilities

LIC’s ANMOL jeevan II Low Cost – benefit

• High risk cover for low premium cost• Risk cover available till age 65• Sum assured is payable to nominee on death of

the policyholder

LIC’s ANMOL jeevan II

Cost Effective

• Get higher amount of insurance cover at a very fractional cost as compared to a traditional endowment or whole life insurance plan


DEATH BENEFIT

• Full Sum Assured is paid to the Nominee in the event of death of the Policy Holder


Maturity

• No maturity benefit would be payable to the policyholder at the end of the term

LIC’s ANMOL jeevan II Features not available in the plan

• Maturity - No Maturity would be given to the policyholder at the end of the term

• Surrender value - No surrender value will be available under this plan

• Loan - Loan facility is not available in this plan• Paid up value -The policy will not acquire any paid

up value

LIC’s ANMOL jeevan II PLAN SPECIFICATION

Term Age Sum Assured

Minimum 5 yrs 18 yrs

(completed) 6,00,000

Maximum 25 yrs 55 yrs(nearest

birthday)

24,00,000

LIC’s ANMOL jeevan II Why term plan from LIC?

• India's largest life insurance company • No 1 in claim settlement among all insurance

companies in India• Market leader in terms of market share and

first year premium of policies

LIC’s ANMOL jeevan II LIC’s Claim Settlement Performance (2012-13)• Total claims settled— 183.63 lakh claims,

amounting to Rs.74077.84 crores. • 52.53% of Maturity Claims settled on or before

the date of maturity. • 88.05% of Non-early Death claims settled

within 15 days of intimation. • Outstanding Claims Ratio—(Maturity +

Survival Benefit): 0.53% • Outstanding Claims Ratio—(Death Claims) :

1.04%

LIC’s ANMOL jeevan II Is it worth buying the cheapest term policy in the

market?• Cheapest may not always be the best• Check the claim settlement record of the

company before buying?

LIC’s New ANMOL JEEVAN II

Plan No. 822

LIC’s ANMOL jeevan II FEATURES• Pure Term Assurance Policy• Low premium, high risk cover plan • Ideal for:

• Youngsters who have just started their career

• People not interested in returns but pure risk cover only

• People with financial liabilities

LIC’s ANMOL jeevan II Low Cost – benefit

• High risk cover for low premium cost• Risk cover available till age 65• Sum assured is payable to nominee on death of

the policyholder


Cost Effective

• Get higher amount of insurance cover at a very fractional cost as compared to a traditional endowment or whole life insurance plan


DEATH BENEFIT

• Full Sum Assured is paid to the Nominee in the event of death of the Policy Holder


Maturity

• No maturity benefit would be payable to the policyholder at the end of the term

LIC’s ANMOL jeevan II Features not available in the plan

• Maturity - No Maturity would be given to the policyholder at the end of the term

• Surrender value - No surrender value will be available under this plan

• Loan - Loan facility is not available in this plan• Paid up value -The policy will not acquire any paid

up value

LIC’s ANMOL jeevan II PLAN SPECIFICATION

Term Age Sum Assured

Minimum 5 yrs 18 yrs

(completed) 6,00,000

Maximum 25 yrs 55 yrs(nearest

birthday)

24,00,000

LIC’s ANMOL jeevan II Why term plan from LIC?

• India's largest life insurance company • No 1 in claim settlement among all insurance

companies in India• Market leader in terms of market share and

first year premium of policies

LIC’s ANMOL jeevan II LIC’s Claim Settlement Performance (2012-13)• Total claims settled— 183.63 lakh claims,

amounting to Rs.74077.84 crores. • 52.53% of Maturity Claims settled on or before

the date of maturity. • 88.05% of Non-early Death claims settled

within 15 days of intimation. • Outstanding Claims Ratio—(Maturity +

Survival Benefit): 0.53% • Outstanding Claims Ratio—(Death Claims) :

1.04%

LIC’s ANMOL jeevan II Is it worth buying the cheapest term policy in the

market?• Cheapest may not always be the best• Check the claim settlement record of the

company before buying?

Jeevan Rakshak Plan No.827

LIC Limited payment Endowment plan

Table No. 830

PLAN HIGHLIGHTS

• Conventional with-profits endowment assurance plan

• Limited premium payment term

BASIC CONDITIONS Minimum Age at Entry 18 Years

Maximum Age at Entry 62 limit

Policy Term 12/16/21 yearsMinimum Maturity Sum Assured

3,00,000

Maximum Sum Assured No Limit (in multiples of 10,000)

Premium Paying Term 8 & 9 years

BENEFITSMATURITY BENEFIT

Maturity Sum Assured + Simple Reversionary

Bonus+ Final Addition Bonus (if any)

BENEFITSDEATH BENEFIT

Maturity Sum Assured + Simple Reversionary

Bonus+ Final Addition Bonus (if any)

With profit plan

New Children Money Back - 832

BENEFITS1. Installment Benefit: After completion of Age : 18 - 20% of S.A. " 20 - 20% of S.A. " 22 - 20% of S.A.

2. Maturity Benefit:This Policy Matures at the Age 25

40% of S.A. + Bonus + F.A.B.


• Option to defer the Survival Benefit(s):

• The policyholder will have the option to take the survival benefit (s) at any time on or after its due date. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to

• Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s)


• Death Benefit:• After Risk Cover: Natural or

Accidental Death Full S.A. + Bonus + F.A.B.

• the actual risk cover only after completing age of 8 years or after two years from the date of commencement of Policy whichever is earlier.

• If death occurs before this period, only the premiums paid excluding taxes, extra premium and rider premium, if any shall be payable as claim.


• Mini & Maxi Age at entry 0 to 12 lbd.• Age at maturity 25 years. • Policy Term & P.P.T. (25- age at entry)

years.• Riders PWB available• Premium Mode Yly, Hly, Qly , SSS and ECS.• Mini Sum assured 100,000• Maxi SA equal to parent’s insurance• Mode Rebate: Yly: 2% of TP,Hly: 1%

of TP, • Date Backing Lean month benefit

allowed.• Surrender & loan Allowed.• High Sum Assured Rebate: Basic S A Rebate

(Rs.) 1,00,000 to 1,90,000

Nil 2,00,000 to 4,90,000

2 5,00,000 and above

3• Proposal Form 340 or 360 and 300

(in case of PWB),


Benefits payable on maturity:

“Sum Assured on Maturity” + bonuses & Final Additional

bonus, if any is payable.

Jeevan Lakshya - 833

• Benefits payable on death:• Sum Assured on Death + Bonuses & Final

Additional Bonus, if any, shall be payable in following manner.

• Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity)

• Assured Absolute Amount of 110% of Basic Sum Assured, payable (on due date of maturity)

• Along with Bonuses & Final Additional Bonus, if any, on maturity. (on due date of maturity)


• Eligibility:• Mini & Maxi Age at entry 18 to 50 years lbd.• Age at maturity 65 years. • Policy Term 13 to 25 years.• PPT (Policy Term - 3) years• Premium Mode Yly, Hly, Qly , SSS and ECS.• Mini Sum assured 100,000. No upper Limit.• Riders: DAB available upto 1 crore &Term Rider upto 25

Lacs including previous TR.• Age proof Only Standard age proof and

NSAP I & II acceptable.** Mode Rebate: Yly: 2% of TP, Hly: 1% of TP, Qtly & monthly : NIL


Date Backing Allowed with Lean month benefit. Surrender & loan Allowed. Female All categories allowed. ** Non Medical allowed as per present rules. ** NRI Allowed for Both NRI and FNIO in V,VI & VIII countries. **

High S A Rebate: Basic Sum Assured Rebate (Rs.)

1,00,000 to 1,90,000 Nil 2,00,000 to 4,90,000 2 5,00,000 and above 3

Proposal Form 300


LIC’S PLAN NO. 834 JEEVAN TARUN

PLAN

INTRODUCTION• Lic Jeevan Tarun plan 834 is a Non-linked,

with-profits, optional money back plan which was introduced by LIC (Life Insurance Corporation of India).

• It is a limited premium plan specially designed to meet the specific expenses such as

• children's education, • marriage and • other needs in the future.

Entry Age

• Minimum: 90 days• Maximum: 12 years

Minimum/Maximum Maturity Age

• 25 years

Policy term

• 25 years – Age at entry (years)

Premium Paying Term

• 20 years – Age at entry (years)

Sum Assured (SA)

• Minimum: Rs. 75,000/-• Maximum: No limit• (SA shall be in multiples of• 5,000/- from SA 75,000/- to 1,00,000/-• 10,000/- for SA above 1,00,000/-)

Survival Benefit

Policy Anniversary coinciding with / following the completion of ages

Percentage of Sum Assured to be paid as SB (Survival Benefit)

Option 1 Option 2 Option 3 Option 4

20 to 24 years Nil 5% each year

10% each year

15% each yea

Maturity Benefit• On Survival of the life assured till the end

of the policy term, • Maturity Benefit = Sum Assured on

maturity + vested Simple Reversionary Bonuses + Final Additional Bonus, if any

Options Maturity Benefit

Option 1 100% of Sum Assured




Death Benefit• On Death before the Date of

commencement of risk: Death benefit = Total no. of premiums paid – taxes, extra premium and rider premium (if any)

• On Death after the Date of commencement of risk: Death benefit = ‘Sum Assured on death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

Premium Waiver Benefit Rider

Entry Age: •Minimum: 18 years•Maximum: 55 years

Term of the Rider: •20 – Age of the child at the time of opting the rider

Maximum Cover ceasing age: •70 years

New Endowment PlusPlan No. 835

UNIQUE IDENTICATION NO 512L301V01

Salient Features

• New Endowment Plus is ULIP Plan.• This Plan came after a gap of nearly 2

years after last ULIP Plan was withdrawn.• This Plan has been developed considering

past experience and new IRDA guidelines providing safety of capital with some new very unique features to safe guard customer interest.

Parameters• Minimum Age : 90 days (LBD)

• Maximum Age : 50 Years (NBD)

• Maximum Maturity Age: 60 Years (NBD)

• Minimum Entry Age DAB : 18 Years (LBD)

• Maximum Entry Age DAB : 55 Years (NBD)

• Minimum Term : 10 Years• Maximum Term : 20 Years• Minimum Premium.. Yearly : 20000.. Half Yearly : 13000.. Quarterly ` : 8000.. Monthly (ECS) : 3000

Life Risk Cover• 10 times of Annualized premium or 105%

of total premiums paid or Fund Value of invested amount whichever is higher.

How this policy runs• First, Customer chooses the amount he

wants to invest and term.• He can choose, yearly/Half Yearly/

Quarterly/ Monthly ECS Mode.• He also decides the term which could be

10 to 20 years• Life Risk cover is 10 times of annualized

premium or 105% of total premium paid, whichever is higher.

• As already stated, Minimum Yearly premium is Rs 20000/-

• For Half Yearly/Quarterly & Monthly (ECS) modes it is Rs 13000/8000 & 3000 respectively.

• For example, one wants to invest Rs 10000 monthly premium. Then the risk will be 10000x12x10 =1200000/-

• On death during the term, nominee gets either sum assured or total accumulated funds whichever is higher.

• If DAB opted, and person dies by accident then another sum assured is also paid.

• Taking the example, person paying Rs 10000 pm for 5 years and he dies. He has already paid Rs 600000.

• His nominee will get Rs 1200000.• However, if total fund for example is Rs 1300000,

then nominee gets Rs1300000.

Salient Features of New Endowment Plus• If policy holder survives opted term and he

has paid all premiums then at the end of said term (maturity) he is paid fund generated from his investments.

• He/she has 2 options to take his/her moneys. This is called settlement options

1. He can take full amount immediately.2. He can ask for payment in 5 yearly or 10 Half-yearly

installment. In this case total units available in his account are divided into 10 equal parts. 1/10th is paid every half yearly at NAV of units on such date.

Expenses to be recovered:

Premium Band (per annum)

Allocation chargeFirst year

2nd to 5th year

thereafter

20000 & above 7.50% 5.00% 3%

Expenses during the Term

• Since policy holder’s balance amount has been converted into Units, LIC shall recover Mortality, Dab, Policy Administration charges and Fund Management Charges by canceling units at prevalent NAV.

Options for InvestmentFund Type Investment in

Government / Government Guaranteed Securities / Corporate

Debt

Short-term investments such as money market instruments

Investment in Listed Equity

Shares

Details and objective of the

fund for risk / return

Bond Fund

Not less than 60%]

Not more than 40%

Nil Low risk

Secured Fund

Not less than 45%

Not more than 40%

Not less than 15% &

Not more than 55%

Steady Income –Lower to

Medium risk

Balanced Fund

Not less than 30%

Not more than 40%

Not less than 30% &

Not more than 70%

Balanced Income and growth – Medium risk

Growth Fund

Not less than 20%

Not more than 40%

Not less than 40% &

Not more than 80%

Long term Capital growth – High risk

Discontinued Fund• A new concept.

• As per norms, policy holder has to run this policy for minimum 5 years. After this, he can simply surrender the policy.

• However, if due to reasons, he is not in position to pay premiums for 5 years, then policy lapses in around 2 months.

• After this period, policy is considered as surrendered and after deducting surrender charges, LIC compulsorily converts balance fund in a Discontinued fund. This fund invests moneys in Money markets and government securities.

• Presently interest on this securities is near to 8%. However, as per IRDA, we minimum guarantee 4%. Both ways customer loses nothing.

• This is a new feature to protect customer interest as his balance invested money still earn a handsome return

Surrender • Allowed after 5 completed years.• If policy holder wants to surrender before 5 years, then surrender

charges are applicable. After 4 years no surrender charges.

Where the policy is discontinued during the policy year

Discontinuance charges for the policies having annualized premium up toRs. 25,000/-

Discontinuance charges for the policies having annualized premium above Rs. 25,000/-

1Lower of 15% * (AP or FV) subjectto a maximum of Rs. 2500/-

Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-

2Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/-


3Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-


4Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-


5 and onwards NIL NIL

AP – Annualised PremiumFV – Policyholder’s Fund Value as on the date of discontinuance

DISCONTINUANCE OF PREMIUMS:

• One month time is given as grace period to pay premium.

• If not paid, a letter will be sent by LIC within 15 days of end of grace period. 30 days after issue of letter following 2 scenario may emerge:

If the policy is discontinued on or before the expiry of the 5 years’ lock-in-period:

• Policyholder has to exercise one of the following options within a period of thirty days of receipt of such notice.

Option Description1 Pay the due premium (s) during the notice period

2 Revive the policy at any time within a revival period of two years from the date of discontinuance

3 Complete withdrawal from the policy without any insurance cover, or

No optionselected

Payout the proceeds at the end of lock-in-period or 2 years’ revival period, whichever is later

• If Policyholder exercises Option (1) i.e. pays the due premium(s) during the notice period, then the policy shall continue as in force policy.

• If Policyholder exercises Option (2), then the Policyholder’s Fund Value after deducting the Discontinuance Charge as specified in Para 3.(IV).e) shall be transferred to the Discontinued Policy Fund and shall be invested in debt instruments

• In case the Policyholder revives the policy during the revival period of 2 years, the policy shall be revived and discountinue charges (Deducted earlier) shall be added back to fund and transferred back to either of 4 funds as chosen by LA

• In case the Policyholder does not revive the policy during the revival period of 2 years, then the policy shall be terminated on the expiry of the revival period or on the completion of 5 years’ lock-in-period, whichever is later and the proceeds of the Discontinued Policy Fund shall be payable.

If the policy is discontinued after the expiry of 5 years’ lock-in- period

• Policyholder has to exercise one of the following options available within a period of thirty days of receipt of such notice.

Option Description

1 Pay the due premium(s) within the notice period

2 Revive the policy at any time within a revival period of two yearsFrom the date of discontinuance or up to the date of maturity,whichever is earlier

3 Complete withdrawal from the policy without any insurance cover

4 Convert the policy into paid-up policy, or

No option selected

Treatment will be as if Option 3 were selected (This implies that for 2 years, risk cover will continue and after these 2 years, policy funds shall be refunded to policy holder)

Partial Surrender• One can partially surrender his policy by requesting

for encashment of certain units which his unit account holds.

• He can also request for a fixed amount. Accordingly units shall be canceled.

• This is allowed any time after completion of 5 year.• For minors it is allowed on or after he acquires 18

years of age.• Partial surrender is allowed subject to minimum

balance of 2 annualized premiums in his unit account.

• For 2 years his basic sum assured shall be reduced to the extent of partial surrender amount

Non Negative Claw Back Additions

• At various durations starting from 5th year, LIC will calculate gross yield on the moneys invested till date by adding premiums paid by customer and returns on them.

• From this there will be reduction of partial withdrawal. This will provide gross yield till date.

• Then LIC will calculate nett yield, which will be based on projected gross yield already attained.

• This nett yield shall exclude future mortality, DAB, service tax etc.

• This is called calculated Reduction in Yield (RIY)

Above calculated RIY will then be compared with the maximum RIY requirement table below:

Maximum Reduction in Yield (difference between Gross and Net Yield) No. of years elapsed since inception

5 6 7 8 9 10 11 12 13 14 15 and there after

For continuing policies

4% 3.75% 3.50% 3.3% 3.15% 3% 2.75% 2.75% 2.5% 2.5% 2.25%

maturing policies

3% 2.25% 2.25% 2.25% 2.25% 2.25%

• If the difference between calculated RIY and Maximum RIY required is positive then an equivalent number of units shall be added to the Policyholders’ Fund in such a way that the calculated RIY shall be equal to the maximum RIY. The same shall be called as Non-negative claw-back addition. The units of the Non-negative claw-back shall be based on the NAV declared as on the date of Non-negative claw-back addition.

Example• At the beginning of 5th year, gross yield is 9% and expected

nett yield is 8%.• As per parameters calculated reduction in yield is 1%.• As per IRDA regulation, maximum reduction (RIY) in yield

allowed could be 4%.• Thus calculated RIY is 3% positive.• Now LIC will add such additional fund available back into

customer’s UNIT ACCOUNT as per the fund held @ of NAV on the day of action.

• For example he has 5 lacs in his UNIT ACCOUNT, and positive is RIY is 3% and NAV is Rs 15/-.

• We will add Rs 15000/- (3%) as 1000 UNITS (15000/15)• By this action, calculated RIY and Maximum RIY shall be

equal.

Other features : Switching• When policy holder takes Endowment

plan he/she has to choose one option of investment by LIC i.e. Bond, secured, balance, or growth.

• However during each policy year he/she can switch 4 times from one fund to another.

• For further switches Rs. 100/- shall be charged per switch.

Top Up (Additional Premium)• Not allowed.

BACK DATING:Back dating of policy will not be allowed

Loan• No Loan facility since partial surrender is

allowed

ALTERATIONS

• Allowed like change of mode to higher frequency, reduction of sum assured, grant of accident benefit after commencement.

• Rs. 50/- shall be charged.

COOLING-OFF PERIOD:• If a policyholder is not satisfied with the “Terms and

Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:

• Value of units in the Policyholder’s Fund Plus unallocated premium. Plus Policy Administration charge deducted

Less charges @ Rs.0.20%o Sum Assured under the Basic Plan

Less Actual cost of medical examination and special reports, if any.

In case the policy is returned during the cooling-off period, Commission shall be recovered from the concerned Agent

Commission to Agents• Year Commission• First 5% • 2nd & 3rd Year 3.5%• Thereafter 2.50%

There will be 40% bonus commission on the first year commission under the policies.

165

Introducing LICs New Health Plan

Jeevan ArogyaTable no. 904

166

Special Attractions

Maximum Number of days for HCB increased to 720 days Maximum Number of days for ICU increased to 360 days No of Surgeries in MSB increased to 140 MSB available for Minors also Addition of 140 Day Care Procedures (DCPB) All other Surgeries covered under Other Surgical Benefit (OSB)

167

Special Attractions

Age at entry for PI and Spouse increased to 65 Years Age at entry for Parents and Parents-in-law

is 75 Years

Maximum Health cover for elders - up to 80 Yrs

Premiums are guaranteed for 3 Yrs

Optional Term Rider and Accident Benefit

168

IT Rebate Under Section 80(D) available for Full Premium Paid

169

USP of LICs Jeevan Arogya Comprehensive Family Health plan:

Covering entire family consisting of Husband Wife Dependent Children Dependent Parents of Husband and/or Wife

Entry age limits-LICs Jeevan Arogya Entry Age up to 65 yrs for Husband and wife.

Entry Age up to 75 yrs for parents/in-lawsEntry Age from 91 days to 17 years for

children

Risk cover Self, Spouse, Parents, in-laws : 80 Yrs

Children : 25 Yrs

171

USP of LICs Jeevan ArogyaA novel policy offering Multiple benefits: Hospital cash benefit (HCB).

Major surgical benefit (MSB)

Day Care Procedure Benefit(DCPB)

Other Surgical Benefit(OSB)

172

USP of LICs Jeevan Arogya Other Benefits: -

Premium waiver benefit

Ambulance expenses

Quick cash Advance Payment

No claim bonus

Auto increase in HCB& MSB to take care of inflation with no increase in premium

Risk cover under LICs Jeevan Arogya

Risk cover up to 4 lacs per insured Subject to overall limit of 10 lacs (All our Health Policies put togethor)

Guaranteed renewal after every three yrs

Risk cover up to 4 lacs per insured Subject to overall limit of 10 lacs (All our Health Policies put togethor)

Guaranteed renewal after every three yrs

HCB options for each Life

Rs.1000/- per Day

Rs.2000/- per Day

Rs.3000/- per Day

Rs.4000/- per Day

HCB limits for each Insured

P.I Min-1000,Max-4000

Spouse < or = P.I

Children < or = Spouse / < or = P.I if no spouse

Parents < or = PI / Spouse

176

HCB - Benefits at a glance HCB increases by 5% every year Up to1.5 times.Eg. Rs 1000/- after 1 Yr becomes Rs.1050 and in the 11th Year becomes Rs.1500/-(Max) Hospitalization eligibility condition: Fraction of 4 Hours treated as a day First 28 hrs eligible for 1 day benefit First 24 hours No benefit Exception: -When hospital stay exceeds continuous period of 6 days and 4 hours, HCB for 7 days (including First day also) will be allowed

177

HCB - Benefits at a glance

Annual limit for each insured

Maximum limit for each insured during entire

policy term 1st policy year 30 days of hospitalization of which 15 days of ICU is allowed.subsequent years Each year- 90 days of hospitalization of which 45 days of ICU is allowed.

720 days .of which360 days of ICU allowed

178

Hospital Cash Benefit( HCB)

Fixed per day benefit to cover expenses on the event of hospitalization of insured members for sickness/accidental body injury.

Benefit payout is fixed irrespective of actual expenses incurred.

179

Major Surgical Benefit (MSB)

• MSB = (HCB X 100)

• MSB risk cover limits do not include

MSB of Plan 901, 902 & 903

180

Major Surgical Benefit(MSB)

A percentage of sum assured is paid in the event of insured members undergoing specified surgeries.

Benefit is fixed irrespective of actual expenses incurred. Advantageous to the insured members

MSB is available to all the insured including children for all ages

181

MSB- Benefits at a glanceMSB allowed for 140 surgical procedures

Annual Limit

100 times of HCB in a policy year (Min 1 Lac)

Life time Limit

800 times of HCB during entire policy term (Min 8 Lacs)

182

Premium waiver benefit

In the event of any insured undergoing major surgery under category I or 2 premium payable for one year from the next premium due date coinciding or following the date of surgery is waived

183

Day care procedure benefit(DCPB)

DCPB = 5 X HCB

140 Listed day care procedures

3 Day care Procedures per year

24 Day care Procedures in Policy Life time

184

Other surgical benefit(OSB) OSB = 2 x HCB

Any surgery other than MSB, DCPB surgeries

At least 24 hours stay in Hospital is required

Annual limit : 15 days in First policy year 45 days in each subsequent years

Life time limit : 360 days per insured

185

Term Assurance Benefit RiderMinimum Term Assurance SA : Rs.

1,00,000Maximum Term Assurance SA : Equal to

initial MSB-SA (i.e.,100 X

HCB )Term Assurance SA - in multiples of

Rs.25000/-

Minimum Entry Age 18 Yrs completed

Maximum Entry Age 50 Yrs (NBD)

Maximum age for cover 60 Yrs (NBD)

Maximum Term 35 Years

186

Accident Benefit RiderThis benefit is available only if Term Assurance Benefit rider is opted

Minimum Benefit : Rs. 25,000Maximum Benefit : Equal to initial MSB-SA ( i.e.,100 X HCB)AB Sum Assured shall be in multiples of Rs.5000/-

Minimum Entry Age 18 Yrs completed

Maximum Entry Age 50 Yrs completed

Maximum age for cover 60 Yrs completed

Maximum Term 35 Years

187

Quick cash facilityAdvance amount to PI

Cat I or Cat II Surgeries

Hospitalized in a ‘Net work’ Hospital

PI/relative informs LIC/TPA

TPA processes request/advices LIC on payment

LIC credits eligible amount to PI Bank account

188

Ambulance chargesRs. 1000/- reimbursed per insured towards Ambulance charges

Ambulance charges incurred for transportation of the insured to undergo Major Surgeries under category 1 or 2

189

No claim Benefit During the period between two automatic

renewal dates or From DOC to next Automatic renewal date, if there are no claims in respect of any insured, No claim Benefit is payable

No claim benefit would be equal to 5% of initial Daily Benefit

Effective from the immediately following automatic renewal date

190

Rebates available on Tabular premiums

Mode Rebate Rebate for HCB Opted

Hly Yly2000 HCB 3000HCB 4000HCB

PI others PI others PI others

1% 2% Rs.500 Rs.250 Rs.1000 Rs.500 Rs.1500 Rs.750

191

Addition of members

Condition When to include

The cover starts from

Marriage/remarriage of the Principal Insured after DOC

Within 1 Year from the date of marriage

The following policy anniversary

A Child born or Legally adopted child after DOC

Health Cover starts from the policy anniversary falling immediately after the child completes 3 months

Legally adopted child is more than 3 months old

From the policy anniversary falling after date of adoption

New members must be included by the Principal Insured only. No new members will be allowed after the death of the principal insured.

192

USP of LICs Jeevan Arogya

Addition of newly eligible members during the currency of the policy.

Fixed Benefit scheme: Benefit paid as opted irrespective of actual expenses for hospitalization and Surgeries

Benefits are payable independent of payments received through mediclaim or any other health schemes.

193

The policy lapses…

When premium is not paid within days of grace, the policy lapses and no benefits will be payable there after .

Policy can be revived within 2 years from the date of first unpaid premium subject to payment of outstanding premiums with interest and underwriting.

0 days for accident claims

90 days from the Date of Commencement for HCB & MSB45 days after revival, if revived within 90 days from FUP of

the policy. for Hospital Cash Benefit and Major Surgical Benefit

90 days if revived after 90 days from FUP

194

The waiting Period for availing the benefits……………….

• Since it is purely MEDICAL INSURANCE plan and premium does not have any saving element hence there is no maturity claim

• No Death claim under basic plan. • Loan, surrender, assignment- n.a.• Mode of payment- Yly, Hly

Things to remember:

All existing plans lic of india

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