Life Insurance Corporation of India

LIC Jeevan Vriddhi Plan

admin — Wed, 07 Mar 2012 18:19:04 +0000

Life Insurance Corporation of India has a limited offer single-premium policy Jeevan Vriddhi this plan promises to almost double the premium at the end of 10 years. If life insurance plan will cover up to five times the risk premium. This plan will only be available for the next 6 months.

Benefits of Vriddhi Jeevan Plan: -

1) Death Benefit: On death, Assured Basic amount will be paid. The Basic Assured amount is 5 times the single premium excluding extra premium, if any.

2) Maturity Benefit: On maturity, the Guaranteed Maturity sum assured, along with Loyalty Addition, if any, are paid.

3) Loyalty Addition: This policy will be eligible for Loyalty Addition on maturity, price and conditions as may be declared by LIC.

4) Incentive for higher premium: If your premium is between Rs 50,000.00 to Rs 99,000, there is an increase of 1.25% guaranteed Maturity Sum Assured. If your premium is higher than Rs 100,000.00, there is an increase of 3% Guaranteed Maturity Sum Assured.

5) Liquidity: This plan provides the same facility as fix deposit you can use this policy to surrender after 1 year. The minimum guaranteed surrender value allowable is equal to 90% of the purchase price paid excluding extra premium, if any. You can use the loan to take on this plan after 1 year.

6) Tax Benefit: You can use the tax benefit under 80 C premium paid under this plan. As with other plans maturity amount is tax.

Eligibility: -

Minimum age for entry of this plan is 8 years and maximum is 50 years. Duration of this policy is fixed 10 years. The minimum insured amount is 1.5 lakh no limit to maximum sum insured. The minimum premium of the policy is Rs 30,000 and will increase in multiples of Rs 1000.

Assessment Returns: -

Guaranteed Maturity sum assured for each age at entry per Rs.1000 / – single premium (including service tax 1.545%) is as under:

So on all these policies give the same kind of return 5-7% just like any other gift plan. Look at another example given by LIC on the website.

If you buy this policy at the age of 35 years of basic sum assured and RS 5 Lakh, you must pay annual premium Rs 1 Lakh. At the end of 10 years you’re guaranteed return of Rs 1.97 Lakh and Rs 2.21 lakh Take a look at an example that LIC in the following figure.

Premium shown in the example below, exclusive of service tax if you have the actual calculation of service tax or premium will be Rs. 101545 / – (@ 1.545% service tax). Effective yield in this case will be approximately 6.85%.

You must have a good reason / purpose for the purchase of this policy: -

Risk Cover: -

Risk Cover by Jeevan Vriddhi policy is only five times the premium paid, which can not appropriately be given your income. Adequate coverage needs five to six times your income. So, if you decide to buy this policy for coverage of enormous value risk premium will be difficult to manage it every year. Risk coverage for term plan is more suitable option.

Tax Savings:

Insurance is not product for tax savings. There are many other options, such as ELSS that can provide you better returns than Jeevan Vriddhi by the tax savings.

Remember that 80 C limit is not exhausted and still scale of Rs.30000 is balance, when you purchase this plan with an annual premium of Rs 101545 / – you can save Rs. 30,000 / – as tax benefit. Your annual out to pursue this policy in this case is Rs 71,545 / -.

At maturity you will be getting a guaranteed Rs 221,651 tax free. Yield in this case, amount to 10.70%. Good ELSS tax saving can easily return more than this.

Investment: -

Considering Jeevan Vriddhi for investment, such as a time deposit Fix for 10 years, therefore, effective yield, as mentioned above will be in the range of 6-8%, most of the banks offers fix deposit with interest exceeds 10% now one day.

Catch Points: -

At first glance, this plan looks very attractive here are some points that can be captured (step): -

(1) shown Loyalty addition is estimated based on some assumption actual return may vary and depends on LIC.

(2) Tax benefit on this product, according to current tax legislation may change after the application of direct taxes code of april 2012.

(3) tax on the due amount is not applicable today as may be applicable after 10 years.

(4) With the current inflation-index this product can not beat inflation.

(5) As you invest all the money on a single time for 10 years can lose opportunity to invest in some better financial product can come in this period.

Click Here to Apply For LIC Policy Online

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LIC Jeevan Ankur Plan N o. 807

admin — Wed, 01 Feb 2012 18:18:02 +0000

LIC Jeevan Ankur New Plan details? LIC Jeevan Ankur is an excellent plan to meet the multiple financial needs. Jeevan Ankur (Plan no. 807)

Benefits Maturity Benefit: LIC Launched New Plan 2012 For Your Child “Jeevan Ankur”. Plan No. 807 or Table No. 807. Jeevan Ankur is a LIC new policy for your child. Maturity Benefit Chart of Jeevan Saral Plan no 165. LIC’s Safe investment options for kids education.

LIC Jeevan Ankur is specially designed for the benefit of the children. Your child is totally dependent on you during his/her growing up years. LIC Jeevan Ankur is an excellent plan to meet the multiple financial needs that arise as kids grow up. Through payment of Income Benefit,LIC Jeevan Ankur assures that your child’s financial needs are met in case of your unfortunate demise.The Policy term of Jeevan Ankur is based on the age of the child (18 and 25) to ensure that the financial needs of your child are taken care of till he/she is old enough to start earning and settle in life.

LIC JEEVAN ANKUR Features:
•A must plan for all parents.
•Parent is the Life Assured, child is the Beneficiary.
•Death Benefit = Sum Assured + Income Benefit + Maturity Benefit *.
•Maturity Benefit = Sum Assured + Loyalty addition.
• Riders to customize Jeevan Ankur policy.

Features
• Plan available for parents of a new born child also.
• Three Riders to customize your policy. – Accident Benefit Rider – Critical Illness Benefit Rider (With an additional option of Premium Waiver Benefit)
• Conventional with profits plan.

Eligibility conditions Particulars Minimum Maximum Entry Age Life Assured 18 years 50 years(Parent)Entry Age for child 0 years 17 years Term Maximum (18 25 minus age minus age of of child ) years Sum Assured Rs.100000/- No limit

Lic Jeevan Ankur policy details, Discuss Features, benefits & premiums, Review and Comparison, Details Analyzed, Presentations on lic Jeevan Ankur policy

Eligibility conditions & Rebates Particulars Conditions Premium Payment mode Single Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)Other Conditions Sum Assured shall be in multiples of Rs. 5000/- Mode rebate Tabular Premium Yly 2% TP(TP) Hly 1% TPService Tax shall be payable by the policyholders on Single / Installment Premium as and when premiums are due.

Eligibility conditions & Rebates High Sum Assured Rebate Mode SA in lacs ‰ SA Upto 1 . 95 Nil Single 2 to 4 .95 4.00‰ Premium >5 lacs 6.00‰ Upto 1. 95 Nil Regular 2 to 4 . 95 2.00‰ Premium > 5 lacs 3.00‰

Benefits Death Benefit :

• Immediate payment of an amount equal to the Basic Sum Assured.
• Income Benefit – Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of policy term to the nominee child.
• Another lump sum equal to Basic Sum Assured with Loyalty Addition, if any, on the maturity date
Reasons to buy LIC Jeevan Ankur:
•Monetary Benefits of the plan shall enable your child to meet important financial expenses during his/her growing-up years.
•The immediate payment of amount equal to the Sum Assured will help meet financial needs that arise on demise of the Life Assured.
•Continued benefit of 10% of SA on every policy anniversary till Maturity is helpful in meeting educational expenses from time to time.
•Plus the Maturity Benefits of Basic Sum Assured and Loyalty Additions, shall be available on maturity irrespective of your survival. You can customize your plan through Accidental Benefit Rider and Critical Illness Rider as additional security is always an added advantage.

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Lic premium payment options

admin — Fri, 13 Jan 2012 11:54:48 +0000

LIC (Life Insurance Corporation of India) has got the most number of insurance policy holders in India and in order to provide better service, it offers various ways to check LIC policy status including a premium mobile SMS number to check premium details. However, not all can find the convenience to rush to the nearest LIC office and pay their premiums. In order to make the premium payment options flexible and easier, LIC has now started accepting premiums via various other mediums.

Since LIC policy holders belong to villages, semi-urbans, urban areas and metros, they have opened many alternative ways to receive premiums dues. You can follow any of the below mentioned ways to pay LIC premiums :

* Pay Premium at ATM Counters : LIC, India has a collaboration with AXIS Bank and Corporation Bank. You can register with the bank’s website and upon approval, you can pay LIC policy premium dues at these bank’s ATM counters.

* Pay LIC Premium Online : If you have access to internet, you can also pay all your policy dues online.

* Pay using ECS payment : If you forget LIC premium payment dates, simply register your policies with ECS payment service and the premium amount will be deducted automatically from your account.

* Pay Premium by SMS : Corporation Bank customers can register their mobile number at any Corporation Bank ATM counter and pay the premium amount just by sending a SMS from mobile phone. The amount will be deducted from your bank account.

Click Here to Apply For LIC Policy Online

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LIC Launches ‘Endowment Plus’ (Plan 802)

admin — Thu, 12 Jan 2012 23:55:03 +0000

Life Insurance Corporation of India will launch “Endowment Plus (T.No.-802) from September 20, 2010.

It is a unit linked insurance plan (ULIP) with four funds available to know Bond Secured, Balanced and Growth. Minimum entry age is 7 years, while Maximum age at entry to 60 years. Policies can be taken for 10 to 20 year period. Age 18 years minimum term would be completed. while the maximum duration to Age 70 years.

Premium may be paid in a regular or single mode. Facility of partial or complete surrender Surrender is also available after 5 years in this plan.

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LIC Fortune Plus

admin — Thu, 12 Jan 2012 11:55:14 +0000

LIC’s Fortune Plus ULIP Plan No:- 187

	Term	Age	Sum Assured
Minimum	5	12	100000
Maximum	20	60	No Limits

Premium Ceasing Age : 65 Premium Ceasing Term : 20

Plan Highlights :

LIC’s Fortune Plus, a Unit Linked Limited Endowment plan, (ULIP+Endowment) which provides twin benefits of insurance and capital market return. Brief stint with premium liability and longer period to stay invested makes it a worthy of note. It has entire range of fund options to accommodate both risk averse and aggressive investors. This plan has been designed to ensure that your money earns you handsome returns. Thus with a host of innovative options placed in front of you, Fortune Plus is definitely the right kind of insurance solution you could aim at.
An investment plan where you pay premiums only for 5 years.
Premium amount reduces to 25% after first year.

Policy term or first year is annual premium determines your sum assured.
No limit for maximum premium
Premium can be paid in yearly, half yearly, quarterly and monthly (ECS) installments.
Minimum and Maximum age to purchase policy under this plan is 12 and 60 years respectively.
You can choose policy term between 5 to 20 years.
Funds available under this plan are: Bond, Secured, Balanced and Growth.
Policyholder can switch between any fund types during the policy term. 4 switches will be
allowed free.

Flexibility of partially withdrawing the units after 3 policy years.
In case of maturity the policyholder will get an amount equal to the value of the units. In case of death the policyholder is eligible to get higher of sum assured or the value of the
units.

Maturity returns can be amplified by exercising Settlement Option wherein the
policyholder can encash the units in regular installments.
If premiums are not paid after paying at least 3 years premium then also the policyholder
enjoys life cover and accident benefit (only if opted) subjected to conditions.
Accident benefit rider option can be availed under this plan
Enjoy tax benefit under section 8OCCE. Great mixture of ULIP+Endowment Insurance Plan. Flexibility to increase/ decrease premium & withdraw money according to your needs. Save Tax upto Rs.33390.

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Wealth Plus-LIC of India-Table number 801

admin — Wed, 11 Jan 2012 23:55:01 +0000

1. Highest NAV guaranteed 7 years.

2. Very attractive returns.

3. Life cover.

4. Minimum annual premium Rs. 20,000 for three years term policy, and there is no limit on the maximum premium.

5. Exemption.

6. Limited Time Offer (available only for three months).

Guarantee applies only to the payment to the end of the political conditions – 8 years. It extends to a longer life for 2 years after the conclusion of the contract.

Premium payments under this plan is limited to a single or 3 years. The accident benefit plan system is also available. In the case of death of the insured during the contract period and the policy is in full force, the nominee receives the sum assured under the basic, value funds, together with the policyholders.

After the policy period, but before the expiration of the extension of life span, a period in the event of death of the candidate will receive the sum in the context of the basic insurance. 3 years, the blocking and the policy conditions can only be filed after completion of the third year.

The minimum age on entry is 10 years, the maximum age for participation is 65 years. This plan also provides coverage for a longer shelf life 2 years after the policy period of 8 years.

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LIC WEALTH PLUS Plan

admin — Wed, 11 Jan 2012 11:54:52 +0000

Market volatility has shaken the confidence of everyone. As a result, there has been a great demand for guarantees and guaranteed return products. Sensing this need, we launched a close ended plan Jeevan Aastha last year which was a big hit and collected more than Rs 10000 crore during the short period. This year, too, an assured return plan Jeevan Nischay was brought out in tune with the current market realities only for the existing policyholders of the Corporation. While that is on, there was a strong demand for a product which is market linked and yet assures the policyholders of the benefit of highest NAV over a certain period of time. Our latest offering “LIC’s Wealth Plus” is in response to the need of that segment.

LIC’s Wealth Plus is a unit linked insurance plan that safeguards investment from market fluctuations, so that investments are protected in financially volatile times. This plan will be available for sale for a limited period.

In this product there is a Guarantee of the highest NAV recorded on a daily basis, in the first 7 years of the policy, subject to a minimum of Rs.10. This means the payment at the end of the policy term will be based on highest Net Asset Value (NAV) recorded over the first 7 years of the policy, or the NAV as applicable on the end of the policy term, whichever is higher. The guarantee will be applicable only for payment made at the end of the policy term irrespective of any partial withdrawals made during the policy term. The period of 7 years starts from the date of commencement of policy

Minimum Age at entry is 10 years (age last birthday) while the Maximum Age at entry is 65 years (age nearer birthday).

A unique feature of the Plan is the extended life cover for 2 years after the completion of policy term of 8 years. One can choose the level of cover within the limits, which will depend on one’s age whether the policy is a Single premium or Limited premium contract and on the level of premium he/she agrees to pay. In case of death during the policy term, the nominee shall receive Sum Assured under the basic plan together with the Policyholder’s Fund Value as death benefit. In case of death of the Life assured after the policy term, but before the expiry of extended period, the nominee shall receive the Sum Assured under the Basic Plan.

The premium can be paid either in a Single lump sum or for 3 years regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals. Minimum Premium for 3 years Premium Paying policies is Rs [20,000] p.a. whereas for Single premium policies it is Rs. [40,000] p.a. For Monthly (ECS) mode the minimum premium is Rs [2,000] p.m.

Premiums paid after allocation charge will purchase units of the Fund. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

Accident Benefit Option equal to the amount of life cover subject to minimum of Rs. 50,000 and maximum of Rs. 50 lakh is available subject to certain limits and conditions. Accident Benefit charge at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year will be levied every month.

The policy can be surrendered only during the policy term. The surrender value, if any, is payable only after the completion of the third policy anniversary both under Single and 3 years Premium Paying Term contract. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. The policy can not be surrendered during the extended life cover period.

Two Partial withdrawals are allowed in a policy year subject to certain conditions. Top ups are not allowed.

If the policyholder is not satisfied with the “Terms and Conditions” of the policy, he may return the policy to LIC within the Cooling off period of 15 days.

Click Here to Apply For LIC Policy Online

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LIC Wealth Plus

admin — Tue, 10 Jan 2012 23:56:58 +0000

LIC Wealth Plan Plus starts today February 9, 2010 and May close during the next three months. It is a term ULIP with 8 years living as cover.

Payment of premiums under more public wealth is limited to a single or 3 years. More wealth accident benefits with ease LIC is also available. If the insured dies during the term of the policy and the policy is fully implemented, the applicant shall receive the sum assured under the basic plan, with the owners of heritage LIC return value more.

Minimum age for entry is 10 years (age last birthday), while the maximum age for entry is 65 years (age nearest birthday).

After Lic Wealth Plus term policy, but before the expiry of the extended life, a period in case of death, the candidate will receive the sum assured under the basic plan. 3 years, the period of lockout and may only be returned during Wealth Lic More after completing the third year.

The minimum age is 10 years while the maximum age for entry is 65. LIC Wealth Plus offers complete coverage for life 2 years after completion of the insurance period of 8 years.

Key features of LIC Wealth Plus plan:
LIC Wealth Plus provides guaranteed returns the highest net asset value of the first 7 years of the 8th year of the net asset value, whichever is greater.
Or 3 years Payment term premium or single premium per customer choice.
Minimum single premium of Rs 40,000 and minimum annual premium of Rs 20,000.
In case of death during the term of the policy, the plan returns the basic amount plus the value of the funds provided
Making additional risk cover for 2 years, even after the end of term.
Partial withdrawals allowed at any time after 3 years.
Insurance against 5 times the annual premium or single premium of 1.25 times.
Accident Benefit Raider (EDAB) has allowed a nominal amount of Rs 0.50 for 1000
Policy 8 years

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LIC Bima Account 1

admin — Tue, 10 Jan 2012 11:55:20 +0000

LIC Bima Account Summary:

LIC Bima Account 1 (Plan No. 805) is a non-profit Variable Insurance Product in which the proposals are accepted only under Non-medical scheme. Under the plan, a policyholder account maintained separately for individual policyholders, which consists of two parts;

1. Regular Premium Account policyholder
2. Top-up Premium policyholder account.

The policyholder account earning an annual interest rate of 6% per year if the policy is Intensification and 5% per year if the policy is paid up. The interest will be guaranteed for the whole of the policy term. LIC may also declare an additional interest on policyholder account for Regular Premium Reinforcement of the policy based on the experience under the LIC Bima Account Plan 1.

LIC Bima an account at a glance

* An Endowment Plan with a guaranteed return
* Premium Top Up Facility
* A plan with guaranteed interest of 6% for full term
* A very high risk cover
* Short term policy (5-7 years)
* Loan Available after 1 year: 60% of the amount in the account of policyholder
Surrender * Available after 1 year, but money will be given after 3 years
* No Surrender charges

ADVANTAGES:

a) death grants:
In case of death of the insured during the term, when the policy is Closer, the candidate will receive the sum insured, together with the balance in the account of the policyholder.

b) Benefits are paid at maturity:
On the life assured surviving to maturity an amount equal balance in the Account of the policyholder due.

c) guaranteed interest:
Guaranteed rate is applicable to policyholder account and not on the gross premium paid by the policyholder.

Account of the policy that is both insured and Regular Premium Account
Top-up Premium Account policyholder earning an annual interest rate of 6% per year if the policy is Intensification and 5% per year if the policy is paid up. The interest will be guaranteed for the whole of the policy term.
During the revival period, the policyholder will take to earn guaranteed interest rate of 5% per year on revival of the policy, the guaranteed rate of interest on policyholder account holder 6% per annum from the date of revival.
The interest amount will be calculated on a daily basis to balance the account of the policyholder after deduction of all costs and be credited to the account of the policyholder at the end of each calendar month.

d) additional interest:
The LIC of India may also declare an additional interest on policyholder account for Regular Premium Reinforcement of the policy based on the experience under this plan.

Grant Conditions and FEATURES:

Minimum sum assured: 10 times the annual premium

Assured maximum amount:

* 20 times the annualized premium to age 35 years
* 14 times the annualized premium for the age between 36 to 45 years
* 10 times the annualized premium for the age between 46 to 50 years

The maximum sum insured subject to the maximum ceiling for non-medical life are guaranteed.

Minimum Premium:
LIC Bima Premium Account 1 Annual Biannual Fashion quarterly monthly (ECS)
Min. Premium Rs.7000 Rs.4000 Rs.2000 Rs.600
Max. Premium Rs.7000 Rs.3500 Rs.1100 Rs.14000

Annual premiums are paid in multiples of Rs.1, 000 for all functions other than the ECS monthly. For monthly (ECS), the premium in multiples of Rs. 100 / -.

Minimum Entry Age: 11 (rounded)
Maximum Entry Age: 50 (nearest birthday)
Policy Term: 5 to 7 years
Minimum term Age: 18 (rounded)
Maximum term Age: 57 (nearest birthday)
On entry age should be taken as age nearest birthday with the exception of the minimum age at entry.

LIC Bima loads under Account 1:
First year 27.5%
Second year and 7.5%
3rd year later: 5%
Top-up Premium: 2.5%

Click Here to Apply For LIC Policy Online

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LIC Anmol Jeevan

admin — Mon, 09 Jan 2012 23:55:17 +0000

Premium cease Age: 60 Premium Term end: 0

Plan Highlights Features

LIC’s Anmol Jeevan is a unique plan of the term assurance policy with LICs Table No. 164, by far the cheapest policy to buy, cheaper than even a lifetime to start the policy. This plan is permitted to sub-standard and standard of living (up to Class VI EMR). In the case of female lives, this plan will be limited to Category I and II lives only. Disabled are not eligible for this plan.

Special Features

Persons following a dangerous occupations attract additional Appeals Rs.4 / – or more per Rs.1000 / -
Sum insured will not qualify for the plan. Medical examinations will be borne by the Corporation.
• Standard age proof will be submitted along with the proposal form for term insurance plan.
• Proposals will be considered based on medical and special reports (if any).
• Cost of medical examination (including special reports, if applicable) will be borne by the LIC per rules.

• The basic sum assured under this plan will form the basis for medical examination and be SUC.

Benefits

Survival Benefits:

This is a pure term assurance policy, no maturity proceeds are paid.

Death:
On the other hand, the risk of premature death is fully covered to the extent of the sum insured.

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Privacy Policy

admin — Sun, 08 Jan 2012 11:55:20 +0000

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Click Here to Apply For LIC Policy Online

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LIC may seek bank licence

admin — Sat, 07 Jan 2012 23:54:50 +0000

State-owned Life Insurance Corporation of India (LIC) is likely to seek a licence to float a bank when the Reserve Bank of India (RBI) allows more players.

T S VijayanSources close to the development said the country’s largest insurer had been keen to run a bank for a long time to manage the large premium collection and claim settlement work.

This year, for instance, the public sector insurer is expected to collect over Rs 176,000 crore as premium income. Similarly, it settles over 15 million claims annually which involves payouts to policyholders. Regular payments for the annuities business also need to be made.

LIC holds stakes in several Indian banks and, based on special clearance from the insurance regulator, it was allowed to hold 26 per cent in state-owned Corporation Bank.

IN STOCK

LIC’s Shareholding at the end of Dec, 2009
Corporation Bank    26.32
SBI    10.53
ICICI Bank    10.35
Axis Bank*    10.34
HDFC Bank    7.02

* Part of promoter group Figures in % Source: BSE

The insurer was also one of the promoters of Axis Bank, now the country’s third-largest private bank, and has tried to take control of it in the past. Its proposals were, however, turned down by the RBI on grounds that the bank had received a licence as a “private sector bank” whereas LIC was a government-owned entity.

Asked to comment, LIC Chairman T S Vijayan said: “Corporation Bank is a public sector bank and it is a strategic investment. We are one of the promoters in Axis Bank. But starting a bank is an entirely different ball-game. We are waiting for the guidelines to come and will take a call based on the regulations.”

To go ahead with its banking plans, LIC will need permission from the Insurance Regulatory and Development Authority (Irda), which took a considerable amount of time clearing its proposal to acquire a stake in Corporation Bank.

LIC is the latest to join the list of companies to evince interest in setting up a bank.

The list includes Aditya Birla Financial Services, Reliance Capital, Bajaj Finserv Srei, Shriram Transport, Indiabulls and IFCI.

In the Budget, Finance Minister Pranab Mukherjee had announced the RBI’s intent to issue fresh bank licences. This will be the first set of licences to be issued since Yes Bank and Kotak Mahindra Bank received permission eight years ago. The Kotak group is a majority shareholder in Business Standard.

The insurer will also need additional capital for its banking foray. Under the law governing it, LIC has a paid-up capital base of Rs 5 crore.

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Life Insurance Corporation of India (LIC)

admin — Fri, 06 Jan 2012 23:55:09 +0000

Life Insurance Corporation of India (LIC) is a Government of India enterprise, and is said to be the largest life insurance company and also the largest investor of the country. LIC had been established on the 1st of September, 1956, after the Life Insurance Corporation Act had been passed by the Parliament of India in the same year. The corporation is aimed at providing life insurance services primarily to the rural masses and the socially & economically backward sections of the Indian society. It also aims at promoting the people for saving their money, and offers attractive savings features along with various insurance policies.

Vital Details

The headquarters of Life Insurance Corporation of India are located in Mumbai, and as of April 2009 it has 8 zonal offices, 101 divisional offices and 2048 branches located in different towns and cities of India. Along with a workforce of 112,184 employees serving the institution, more than 1 Million agents of the Life Insurance Corporation of India are helping the people nationwide in adopting the various life insurance policies being offered by the corporation. Apart from India, LIC is also present in 12 other countries currently, fulfilling the life insurance needs of its overseas customers most of which are Non Resident Indians (NRIs).

During the financial year 2006-07, the total number of Life Insurance Corporation of India policy holders were more than 200 Million, which was equal to the population of fourth largest populous country in the world at that time.

Subsidiaries

Life Insurance Corporation of India has a number of subsidiaries which help it in leveraging its potential to the maximum, providing an enhanced set of diversified services to its customers. These subsidiaries include LIC International, LIC Nepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes.

Head Office
Life Insurance Corporation of India,
“Yogakshema”, Jeevan Bima Marg,
Mumbai – 400021
Website: www.licindia.com.

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LIC Jeevan Nischay

admin — Fri, 06 Jan 2012 11:55:07 +0000

Jeevan Nischay (Plan 199): LIC’s New Jeevan Nischay premium unique One Time Back Guarnteed investment plan for holders of existing policies.

Details of the plan 199 are as follows: It has been decided to introduce “LIC Jeevan Nischay (Plan No. 199) completed the closure plan would be open for sale from October 29, 2009 to March 31, 2010. This plan is only available to our current policyholders.

Advantages:

LIC Jeevan Nischay is a single premium plan of insurance with loyalty additions, if any. It must be offered without any medical examination, only to existing policyholders of the Company whose previous policies have been accepted at the standard rate and have at least one inforce policy.

Death Benefit:
In case of death during the first year of insurance: 5 times the single premium excluding extra premiums, if applicable.

In case of death during the term of the policy after first policy year, except last year of the contract: Maturity sum assured

On the death over the last year of the Contract Sum Assured maturity more accurately, where appropriate.

Delivery at Maturity:

In case of life: the sum due Assured with added loyalty, if any, must be paid. Maturity sum assured will depend on the age at entry of a fixed amount of the premium.

1. Eligibility requirements and restrictions
a) Eligibility Minimum age: 18 years (completed)
b) The maximum entry age: 50 years (nearest birthday)
c) Minimum Single Premium: RS. 10,000
d) maximum single premium: RS. 10,00,000
The premium is in multiples of Rs. 1,000 / -.
e) Policy Period: 5, 7 and 10 years
f) Minimum / Maximum Maturity sum assured: There is no specific minimum and maximum maturity sum assured. This will depend on the single premium paid.

Contact us to discuss free quote / Charts / Calculations / presentations etc. Plan on New Jeevan LIC Nischay / Nischay Single Premium Guaranteed Return Plan Type Schemes life insurance policy. Our Authorized Agent LIC of India / Insurance consultant will contact you within 24 hours.

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LIC New Market Plus 1

admin — Mon, 19 Dec 2011 11:57:02 +0000

LIC’s Market Plus – I (Plan 191): , launched on 17th
June 2008, is a Unit Linked Deferred Pension plan where the policy holder can choose the plan with or without risk cover. Explanation is as under.

Benefits
On death of the policy holder within the deferment term where Life cover is opted for and is in force, the nominee is eligible to get the Sum Assured under the Basic Plan together with the Policyholder’s Fund value

On death of the policy holder where the policy is taken without life cover, then the Policyholder’s Fund value, is payable to the nominee.

On the policyholder surviving upto the date of vesting, the Policyholder’s Fund value will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option.

Top-Up (Additional Premium)
The policyholder can pay Top-up in multiples of Rs.1,000/- without any limit at anytime during the term of the policy.

Eligibility & Conditions:

For Basic Plan without Life Cover

a)Minimum Sum Assured : NIL.
b)Maximum Sum Assured : NIL.
c)Minimum Premium : Rs. 5,000 p.a. for Regular premium (other than monthly (ECS) mode)
Rs. 1,000 p.m. for monthly (ECS) mode, increasing thereafter in multiples of Rs. 250. thereafter in multiples of Rs. 250.
d)Maximum Premium : No Limit.
e)Minimum Entry Age : 18 years last birthday.
f)Maximum Entry Age : 74 years nearest birthday.
g)Minimum Deferment Team : 5 years.
h)Minimum Vesting Age : 40 years completed.
i)Maximum Vesting Age : 79 years completed.

Annualized premiums (other than monthly (ECS)) is payable in multiples of Rs. 1,000.

For Basic Plan with Life Cover

a)Minimum Sum Assured : NIL.
b)Maximum Sum Assured : NIL.
Single Premium : Equal to single premium.
Regular Premium :
If Critical Illness Benefit Rider is opted for -
10 times of the annualized premium if age at entry is upto 40 years.
5 times of the annualized premium if age at entry is 41 years and above.
If Critical Illness Benefit Rider is not opted for -
20 times of the annualized premium if age at entry is upto 40 years.
10 times of the annualized premium if age at entry is 41 years and above.
c) Minimum Premium : Rs. 5,000 p.a. for Regular premium.
Rs. 25,000 for Single premium.
d) Maximum Premium : No Limit
e) Minimum Entry Age : 18 years last birthday.
f) Maximum Entry Age : 65 years nearest birthday.
g) Minimum Deferment Term : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 75 years nearest birthday.
j) Maximum LifeCover Ceasing Age : 75 years nearest age.

Sum Assured is available in multiples of Rs. 5,000 and Annualized premiums is payable in multiples of Rs. 1,000.

For Accident Benefit

a) Minimum Sum Assured : Rs. 25000
b) Maximum Sum Assured : An amount equal to the Sum Assured under the Basic Plan, subject to maximum of Rs. 50 lakhs overall limit considering the Accident Benefit Sums Assured in respect of all existing policies on the life of the Life Assured under individual and group schemes including the policies with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.
The Sum Assured is in multiples of Rs. 5,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 65 years nearest birthday.
f) Minimum Policy Term : 5 years.
g) Maximum Accident cover Ceasing Age : 70 years nearest birthday.

For Critical Illness Rider Benefit

a) Minimum Sum Assured : Rs. 50000
b) Maximum Sum Assured : An amount equal to the sum assured under Basic Plan subject to the maximum of Rs.10 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration.
The Sum Assured is available in multiples of Rs. 10,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 50 years nearest birthday.
f) Policy Term : 10 to 35 years.
g) Maximum Critical Illness Ceasing Age : 60 years nearest birthday.

Payment Methods

The policyholder has the choice either to pay a single premium (in a lump sum) or regular premium (annual, biannual, quarterly or monthly (through ECS only)). Minimum Annualized Premium of Rs. 5000 increasing thereafter in multiples of Rs. 1000. There will be no way of specific charges / discounts.

Single premium can be paid with a minimum of Rs. 10,000 if not opted to cover the life and SRM. 25,000 cases have opted for life cover and thereafter multiples of Rs. 1000. Flexibility to increase / decrease the premium and withdraw the money according to your needs. Save tax on income up to Rs.33390 under section 80 C.

When I started the analysis of LIC Market Plus, I went to the site looking for the LIC policy booklet. Unsurprisingly, I could not find it on the site. LIC appears to be one of very few insurers who did not provide details on policy complements the site. Anyway, there was some information and illustrate the benefits provided on the site.

LIC Market Plus I is a basic ULIP pension plan. There are three jumpers available for the customer to say, life cover, Accident Benefit and Critical Illness Benefit. The last two riders are only available if you opt to cover the rider’s life. It is good to see that life insurance is available as a rider. It’s always better to have the flexibility of insurance products. As there is not much information available on the site, let us consider the cost of the ULIP. Here’s the surprise! For a policy 20 years without covering life, the net return ture proved to be 8.6% to 10% return on investment. This makes it one of the lowest pension costs (most likely the lowest cost ULIP) available on the market.

Overall, not much information is available for this plan, a plan is extremely low cost. So if you decided to buy this plan, you pay much less likely that most investors ULIP.

Get Today’s Latest Market Plus/ Market Plaus 1 NAV Click here.
To Activate Online Premium Payment or ECS Dowanload Form by Cliking Here.

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Child Career Plan

admin — Sun, 18 Dec 2011 23:57:43 +0000

LIC Child Career Plan (Table No 184):

	Term	Age	Sum Assured
Minimum	11	0	100000
Maximum	27	12	1000000

Premium Ceasing: Age 27 Premium Ceasing Term: 11 Years

Features:

Child Career Plan is with profits plan for children. The features of the plan are mentioned below:

o Guaranteed returns in the form of survival benefits .

o Receive 30% of sum assured 5 years before the policy maturity plus revisionary bonus.

o Receive 15% of sum assured at 4th,3rd,2nd and one year before the expiry of policy term

o On expiry of policy the policyholder will get 15% of the sum assured and Final Additional Bonus.

o Extended term of 7 years is available from the date of expiry of the policy term.

o In case of non-payment of premium after at least two full year’s premium has been paid, full
death cover shall continue for a period of 2 years from the date of first unpaid premium.

o Sum assured is available between 1 lakh and 1 crore.

o Minimum and maximum entry age 0 years and 12 years respectively.
For Getting Charts, Presentaion, Question, Answers, Reviews, Quotations Various kind of Options in LIC Child Career Plan, Child Unit / ULIP Plans. Type your Business querry for lic’s Child Career plans here.

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LIC Jeevan Chhaya

admin — Sun, 18 Dec 2011 11:55:06 +0000

LIC’s Jeevan Chhaya Table/ Plan No 103:

	Term	Age	Sum Assured
Minimum	18	18	50000
Maximum	25	47	No Limits

Premium Ceasing Age : 65 Premium Ceasing Term : 0

Plan Highlights
Features
•LIC’s Jeevan Chaaya Policy is Ideal for parents having less than a year old child.
• Makes provision for education! marriage of the baby boy girl child/ daughter.
• Extra benefit of waiver of premium in case of death of the policy holder.

Special Features

This policy is given under non-medical scheme up to sum assured of Rs.1 lakh, if the prospect is having a child of less than one year of age as on date of registering the proposal. This non-medical is exclusive for other policies.

Benefits

Short term needs like family provision in case of premature death of the policyholder and long term needs like education and marriage of dependents are simultaneously fulfilled by this policy. This policy is a right choice if a person wants to provide for the marriage of his daughter. The term can be fixed so as to receive the maturity benefit when the daughter is of marriageable age. For e.g. If the policy is for 20 years then:

• At the end of 17th year – 25% of Sum assured is payable provided the policy is in force.
• At the end of 18th year – 25% of Sum assured is payable provided the policy is in force.
• At the end of 19th year – 25% of Sum assured is payable provided the policy is in force.

Survival Benefits:

Maturity : At the end of 20th year – Balance 25% Sum Assured plus bonus plus additional final bonus if any.
Fixed Benefits : 25% of the Sum assured payable each year at the end of last 3 years provided the policy is in full force.
Death Benefits:
Natural : Besides the fixed benefits, an additional amount equal to the Sum assured will be paid on the death of the policy holder. Further premiums waived
Accidental : Payment of double the Sum assured plus fixed benefit. Further premiums due from the policy anniversary following the date of death will stand waived.

Suitable For:

Couples having a less than one year child (not an adopted child) can avail themselves of this plan, in order to ensure that an adequate financial planning provision is made for the higher education of the child/ Kids Baby boy Girl . The child should not have completed one year of age on the date of registration of the proposal. Either father or mother or each one of them individually can take policies under this plan under Non-medical Scheme. This plan is also allowed to others subject to medical examination.

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LIC Jeevan Kishore

admin — Sat, 17 Dec 2011 23:55:45 +0000

LIC Jeevan Kishore Child Insurance Plan No 102:

	Term	Age	Sum Assured
Minimum	8	0	50000
Maximum	35	12	1000000

Premium Ceasing Age : 45 Premium Ceasing Term : 0

Plan Highlights

Features

• LIC’s Jeeavn Kishore Life Insurance Policy: Under this children’s plan the child becomes the owner of the policy automatically the age of 18 years. The plan offers high bonus from day one itself and the risk on the policy commences after 2 years of policy or on completion of 7 years of age, whichever is later.
• Also no medical examination of the child is required if his/her age is below 10 year

Special Features

This is a with profit policy, but bonus for the waiting period will vest immediately on the policy anniversary from when risk is covered or at the end of 5 years from commencement of the policy whichever is later, provided the policy is in force.
No medical examination is necessary if the age of the child is less than 10 years (last birthday). Else medical examination will be necessary
Benefits
Survival Benefits:

Upon survival the policy holder will get, the full sum assured plus accrued bonus and the final addition bonus.
Death Benefits:

The sum assured along with vested bonuses and final additional bonus, if any, will be payable on maturity or on earlier death provided death occurs on or after commencement of risk.
Suitable for:

Parents of children who want to provide a lump sum amount at a particular age of the child.
The amount can be used for any given need of the child such as marriage or start in life.

Premium Mode Options: Monthly, Quarterly, Half Yearly, Yearly, Single

Contact us for free quotes on LIC’s Insurance for Kids: Jeevan Kishore Endowmnet Life Insurance policy. Our LIC of India’s Authorised Agent/ Insurance Advisor/Consultant will Contact you within 24 hrs.

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lic policy 102

LIC Wealth Plus New Launching ULIP Plan of 2010

admin — Sat, 17 Dec 2011 11:55:08 +0000

LIC’s Wealth Plus Plan which is closed ended plan will be introduced on 9th February 2010. Salient features of thise policy (plan No. 801) are as follows:

Unit Linked Plan with Policy Term of 8 Years.
Free Insurance Cover for 2 years after maturity.
Amount payable on maturity will be based on Highest NAV in the 1st 7 years or the NAV at the end of 8 years whichever is higher.
Accicent benefit upto 50 lacs is available.
Mode of Payment- Single or for 3 Years. For 3 years premium paying term, premium can be paid monthly, ECS, Quarterly, Half Yearly or Yearly.
Minimum premium Rs. 2,000/- p.m. for monthly (ECS) mode. Rs. 20,000/- p.a. for 3 year term & Rs. 40,000/- for single premium. Maximum Premium: No Limits.
Minimum age of entry 10 years and maximum 65 Years.
Minimum Sum Assured: 5 times the annualized premium and 1.25 times single premium.
No top up is allowed.
Partial withdrwal is allowed twice in a policy year after premium paying term.
Charges: Premium allocation charge 5% for premium upto Rs.4 lacs & 4.5% for above 4 lacs. For 3 years premium paying term, Policy allocation Charge in the 1st year ranges ranging from 12% to 11.5% & thereafter every year @ 2.5%.
Level mortality charge based on age at entry.

Unique features:

1st Guaranteed NAV Product of LIC
Instead of increacing mortality premium, this plan offers level premium.
Allocation Charge and other charges are extremely low.
2 Years extended life cover after the maturity.
Partial withdrwal is allowed.
Lowest cost among all plan available in the market of such types of plans.

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LIC Jeevan Anand

admin — Fri, 16 Dec 2011 23:55:08 +0000

LIC’s Jeevan Anand: Plan No- 149.

	Term	Age	Sum Assured
Minimum	5	18	1000000
Maximum	57	65	No Limits

Premium Ceasing Age : 75 Premium Ceasing Term : 0

Plan Highlights Features

LIC’s Jeevan Anand table no 149 is a With Profit assurance plan. The plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. Jeevan Anand Policy provides pre-decided Sum Assured and bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.

Special Features
• Moderate Premiums
• High bonus
• High liquidity
• Savings oriented.
Jeevan Anand Plan Premiums are usually payable for the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.

Benefits :-

Survival Benefits:
Sum Assured along with all vested bonuses payable at the end of the premium paying term ( Endowment term).

Accident Benefit:

The Double Accident benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum accident cover available under this plan will be Rs. 5 lakh (this limit excludes accident benefit taken under other plans).

Premium Stoppage:
If payment of premiums ceases after at least three years’ premiums have been paid , a free paid-up policy for a reduced Sum Assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.

Bonus:
If it is a With Profits Policy note that every year the LIC distributes its surplus among policyholder to with profits polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.

Death Benefits:
Sum Assured along with vested bonuses are payable on death during the premium paying term and when policy ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term.
Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with final additional bonus, if any. No Bonus is paid on death after the premium paying term.

Suitable for
Being an endowment assurance + whole life policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholders life or in any other way he may think most suitable at that time.

Contact us for free quotes / Plan Detailed Presentations Question Answers Reviews on LIC’s Jeevan Anand Endowment+Whole Life Insurance Policy. Our LIC of India’s Authorised Agent/ Insurance Advisor will Contact you within 24 hrs.

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