GUARANTEED PENSION WHOLE LIFE IN SHORT TERM INVESTMENT
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An endowment plan that offers maximum protection and savings to the policyholder. It offers twin benefits of full payout on maturity and continuous lifelong cover. The plan, offers a loan facility to the user. The premiums paid under the plan are even eligible for tax rebate under “Section 80C” of the income tax act. This would ultimately allow the insured to save tax while receiving comprehensive financial protection .
Minimum Entry Age : 18 years (completed)
Maximum Age at entry : 50 years (nearer birthday)
Maximum Maturity Age : 75 Years (nearer birthday)
Minimum Sum Assured : Rs. 100000
Maximum Sum Assured : No Limit
Minimum Policy Term : 15 Years
Maximum Policy Term : 35 Years
Name - ABCD
Age - 18
SA - 3000000
Term - 15
PPT - 15
FIRST YEAR PREMIUM - 246291 (235685+10606)
SECOND YEAR PREMIUM - 240988 (235685+5303)
Sum Assured - 3000000
Bonus - 1710000
FAB - 60000
Maturity - 4770000
Total Premium deposited - 3620123
After taking maturity amount, ABCD will have a Risk Cover of 3000000 for life time.
LIC New Endowment (Plan No. 914, UIN No. 512N277V02) is A non-linked, participant-based plan gives both security and savings. Offers financial support to the family of the deceased insurance holder during the policy’s term. This plan is to save regularly while having life insurance.
Policy includes a death and maturity benefit and other ad
LIC New Endowment (Plan No. 914, UIN No. 512N277V02) is A non-linked, participant-based plan gives both security and savings. Offers financial support to the family of the deceased insurance holder during the policy’s term. This plan is to save regularly while having life insurance.
Policy includes a death and maturity benefit and other additional bonuses. If policyholder requires emergency finances can take a loan against the insurance. Option available for “Accidental Death and Disability Benefit Rider” to augment the level of coverage provided.
· Type Of Plan : Protection Cum Savings Plan
· Premium Payment Term : Equal To Policy Term
· Participating Endowment Plan: It is a traditional and participating endowment plan, which enables the policyholder to share the profits with the company.
· Loan Facility: A loan can be obtained under the policy after paying two year premium and the
· Type Of Plan : Protection Cum Savings Plan
· Premium Payment Term : Equal To Policy Term
· Participating Endowment Plan: It is a traditional and participating endowment plan, which enables the policyholder to share the profits with the company.
· Loan Facility: A loan can be obtained under the policy after paying two year premium and the terms and conditions specified by the corporation from time to time have been met.
· Surrender Value: The policy can only be surrendered after paying at least two years premium. Policyholder get either the “Special Surrender Value” or the “Guaranteed Surrender Value”, depending on which is higher.
· Paid-Up Value: If less than two years’ worth of premiums are paid, and any future premium is not paid on time, the policy will be converted to a paid-up policy.
· Death Benefit
· If the life insured dies during policy term, the nominee get the Sum Assured on Death + any vested bonuses as a death benefit, and the policy will be terminated. The basic sum assured or 10 times the annualized premium, whichever is greater, is the sum assured on death, subject to a minimum of 105 % of all premiums paid.
· Maturity Benefit
· At end of the policy term, the policyholder get a maturity benefit from. If the policyholder lives to the end of the plan and pays all of his premiums on time policyholder is eligible for the maturity benefit. Maturity benefit is a lump-sum payment equal to the basic sum assured + reversionary bonus.
· Participation In Profits
· If the policy is in full effect, depending on LIC’s experience, the policy may be eligible for profits and a simple reversionary bonus at a rate determined by LIC. At the end of the fiscal year, bonuses are announced. Depending on the year in which the policy is claimed, the policyholder may also be eligible for a final additional bonus.
· Minimum Entry Age : 8 Years
· Maximum Entry Age : 55 Years
· Minimum Policy Term : 12 Years
· Maximum Policy Term : 35 Years
· Minimum Basic Sum Assured : Rs. 1,00,000
· Maximum Basic Sum Assured : No Limit
Name - ABCD
Age - 35
SA - 3000000
Term - 12
PPT - 12
First Year Premium (YEARLY) - 271466
Renewal Premium (YEARLY) – 265621
Total Premium paid - 3193297
Sum Assured - 3000000
Bonus - 1260000
FAB - 0
Maturity - 4260000.
It is a Non-linked, Participating, Individual, Life Assurance savings plan designed for the children to to protect their future as well as health in your absence. This plan includes protection benefits coupled with the savings features so that it can support financially in the educational, marriage, and other needs of a growing child wit
It is a Non-linked, Participating, Individual, Life Assurance savings plan designed for the children to to protect their future as well as health in your absence. This plan includes protection benefits coupled with the savings features so that it can support financially in the educational, marriage, and other needs of a growing child with the help of survival and maturity benefits.
Parent or grandparent can purchased the plan for a child aged 0 to 12 years. This plan is flexible enough to choose the opportunity in four options. At the proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:
Options : Survival benefit : Maturity benefit
Eligibility Criteria
Age at entry - Minimum – 90 days Maximum – 12 years
Age at maturity - Minimum/maximum – 25 years
Policy term - 25 years minus age at entry
Premium paying term - 20 years minus age at entry
Policy loan - Available
Sum assured - Minimum – Rs. 75,000
Maximum – No upper limit (The Sum Assured is in multiples of 5,000 from Sum Assured 75,000 to 100,000 and 10,000/- for Sum Assured above 100,000).
Maturity benefit includes Sum Assured on Maturity + vested Simple Reversionary Bonuses + Final Additional Bonus, if any. This Sum Assured on Maturity refers to a fixed percentage of Sum Assured and this varies for various Options.
Maturity age : 25 years
Survival Benefit:
In case of the survival of Life Assured during entire policy period, fixed percentage of Sum Assured payable as survival benefit, paid on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of the next four policy anniversaries. These percentages are calculated on the basis of the Option available.
Death Benefit:
In case of the untimely and unfortunate demise of the life assured during the policy term while the policy is active, the beneficiary or nominee is eligible to avail of the death benefit. This Death Benefit shall not be less than 105% of the total premiums paid up to date of death. Along with that, you are entitled to receive the vested Simple Reversionary Bonuses and Final Additional Bonus.
Participation in Profits:
Active policy, takes part in profits of the LIC and from this the Life Assured will receive simple reversionary bonuses. Also enjoy the Final Additional Bonus. This bonus will only be available in that year when either maturity claim or death claim will be filed by you.
Settlement Option For Maturity Benefit:
Option to choose to the maturity benefit in installments, instead of a lump sum amount, over the chosen period of 5 or 10 or 15 years.
Optional Rider Benefit:
Premium Waiver Benefit Rider
For example:
Proposer Age - 30
Child Name - ABCD
Child Age – 1year
SA - 3000000
Term - 24
PPT - 19
First Year Premium YEARLY - 149043
Renewal Premium YEARLY - 145834
Total Premium deposit - 2774055
ABCD (Child name) will get
Child Age 20th yr - 450000
Child Age 21th yr - 450000
Child Age 22th yr - 450000
Child Age 23th yr - 450000
Child Age 24th yr - 450000
Child Age 25th yr - 5040000
Total Returns - 7290000
For the children’s growth and development including risk coverage for the child’s life during the policy period, as well as a number of survival benefits. Grandparents or the parents can purchase for the child between the ages of 0 and 12 years. Mixture of insurance and investment plans that will assist you in securing your child’s bright
For the children’s growth and development including risk coverage for the child’s life during the policy period, as well as a number of survival benefits. Grandparents or the parents can purchase for the child between the ages of 0 and 12 years. Mixture of insurance and investment plans that will assist you in securing your child’s bright future.
Key Features
Eligibility criteria :
· Minimum Entry Age : 0 Years
· Maximum Entry Age : 12 Years
· Minimum Basic Sum Assured : Rs. 1,00,000
· Maximum Basic Sum Assured : No Limit
· Policy Term/Premium Paying Term : (25 – Age At Entry) Years
· Minimum/Maximum Maturity Age : 25 Years
· Survival Benefit
If the life assured survives each policy anniversary occurring with or immediately following the completion of ages 18, 20, or 22 years, 20% of the basic sum assured is payable on each occasion, providing the policy is in existence.
· Maturity Benefit
If the life assured completes policy period the sum assured on maturity + final additional bonus + vested simple revisionary bonuses, with the total assured on maturity equalling 40% of the basic sum assured is paid.
· Participation In Profits
· Options To Defer The Survival Benefit
The policyholder can choose option to take the survival benefit(s) at any time during the policy’s currency, whether on or after the due date.
· Rider Benefits
Premium Waiver Benefit Rider
· Option To Take Death Benefit In Installments
option to receive the death benefit in installments over a set term of 5, 10, or 15 years rather than a lump sum payment.
· Settlement Option For Maturity Benefit
Enjoy your maturity benefit in installments over a 5-, 10-, or 15-year term instead of a lump-sum payment.
· Death Benefit : The higher of the basic sum assured or 7 times the yearly premium is the “Sum Assured on Death.” This death benefit must be at least 105 % of all premiums paid up to the date of death.
FOR EXAMPLE :
Proposer Age - 30
Child Name - ABCD
Child Age - 10
SA - 3000000
Term - 15
PPT - 15
First Year Premium (YEARLY) - 243709
Renewal Premium (YEARLY) - 238461
ABCD will get Returns
Child Age 18th yr - 600000
Child Age 20th yr - 600000
Child Age 22th yr - 600000
Child Age 25th yr - 2835000
Total Premium - 3582163
Total Returns - 4937350
Parents invest emotionally and financially to provide opportunities, ensuring their children become successful and well-rounded individuals. The plan gives financial support and protection to child during their dire needs.
This plan is to create a fund that adequately covers your child’s higher education and other needs. This is accomplish
Parents invest emotionally and financially to provide opportunities, ensuring their children become successful and well-rounded individuals. The plan gives financial support and protection to child during their dire needs.
This plan is to create a fund that adequately covers your child’s higher education and other needs. This is accomplished by accumulating a corpus through guaranteed addition.
Eligibility Details
· Minimum Entry Age : 0 Years (30 Days Completed)
· Maximum Entry Age : 13 Years (Last Birthday)
· Minimum Policy Term
1. Limited Premium Payment: 10 Years
2. Single Premium Payment: 5 Years
· Maximum Policy Term
1. Limited Premium Payment: 25 Years
2. Single Premium Payment: 25 Years
3. In Case Of Policies Obtained Through POSP-LI/CPSC-SPV: 20 Years
· Maximum Maturity Age : 25 Years (Last Birthday)
· Minimum Maturity Age : 18 Years (Last Birthday)
· Minimum Sum Assured : Rs. 2,00,000/-
· Maximum Sum Assured : No Limit (Subject To Certain Decisions)
Maturity Benefit
Sum Assured on Maturity as a maturity benefit + Guaranteed Additions that have been accumulated for years and the benefit amount will be equal to the Basic Sum Assured.
Guaranteed Additions:
In active insurance policy, you earn Guaranteed Additions each year. In case of death during the policy term, the Guaranteed Additions for that year will be paid for the entire year.
Rider Benefits:
Active insurance policy can add the ‘Premium Waiver Benefit Rider’ on any policy anniversary during the premium-paying term of the base policy. Just make sure that the remaining premium paying term for both the base policy and the rider is at least five years.
Flexibility:
· Rebates For Higher Sum Assured:
Settlement Options For Maturity & Death Benefits:
· In active or paid-up policy, the settlement option provides the policyholder is flexibility to receive the maturity and death benefit in periodic installments over 5, 10, or 15 years, rather than as a lump sum. This option can be exercised during the minority of the life assured or by the life assured themselves, once they reach the age of 18 or above.
Death Benefit
The policyholders can select from two “Sum Assured on Death” options for ‘Single Premium’ and ‘Limited Premium Payment’. It is important to choose your options carefully based on your child’s needs because the chosen option will determine the premiums and benefits and it cannot be changed later.
For example
1. SINGLE PREMIUM
Name - ABCD
Age - 10
SA - 3000000
Term - 10
PPT - 1
Single premium paid – 3000000 + 4.5% tax
Guaranteed Addition - 2400000
2. LIMITED PREMIUM
Name - ABCD
Age - 10
SA - 3000000
Term - 10
PPT - 5
First Year Premium YEARLY - 792256 (758140+34116)
Renewal Premium YEARLY - 775198 (758140+17058)
ABCD get Returns
Sum Assured - 3000000
Guaranteed Addition - 2400000
Maturity - 0
Total Premium paid - 3893048
Age Entry : 0(90 days)-50 yrs
Max Maturity Age : 60 yrs
Policy Term : 10-20 yrs
Premium :
Min 20,000 for yly mode
Min 13,000 for hly mode
Min 8,000 for qly mode
Min 3,000 for mly mode
Mode of payment : ALL
Surrender : After 5 years
Risk Cover :
Higher of Basic SumAssured or Unit Fund Value
Maturity :
Unit Fund Value will be paid
A single premium non-linked, non-participatin Plan provides a multitude of options to be insured. The plan includes two Deferred Annuity options, both of which provide adequate coverage against any risk that one might encounter in life. For both options, the annuity rates were guaranteed at the time of inception of the policy.
Features of LIC Jeevan Shanti Plan
The LIC Jeevan Shanti Plan includes myriad features.
Higher of the purchase price, with added accrued guaranteed additions minus the total annuity sum payable until the demise date or 105% of the purchase price.
Deferred Annuity Options:
1. Single Life
Benefit Payable on Survival : During deferment period Nothing will be payable during the deferment period. After the deferment period As long as the annuitant lives, annuity payments will be paid as per the chosen mode of payment.
Benefit Payable on Death : During the deferment period, the death benefit shall be The higher of The purchase price plus the accrued additional benefit on death minus the total annuity amount payable till date of death or 105% of purchase price. On death of the annuitant after the deferment period the annuity payments shall cease immediately and the death benefit will be payable to the nominee.
2. Joint Life
Benefit Payable on Survival : During Deferment Period when the primary or secondary annuitant survives, nothing will be paid. Death benefits shall be paid to the nominees upon the demise of the last survivor. After the deferment period as long as the primary and secondary annuitant is alive, the annuity payment will be paid on the premise of the chosen mode of payment. The annuity payments will cease with immediate effect on the demise of the last survivor and the defined death benefit will be paid to the nominee.
Benefit Payable on Death : During the deferment period On the first death of either of the covered lives nothing shall be payable. On death of the last survivor, death benefit shall be the higher of the purchase price plus the accrued additional benefit on death minus the total annuity amount payable till date of death or 105% of purchase price. After the deferment period On the first death of either of the lives covered 100% of the annuity amount shall continue to be paid as long as one of the annuitant is alive. On death of the last survivor The annuity payments shall cease immediately and the death benefit will be payable to the nominee.
· Surrender Value : The policyholder can surrender the policy anytime during the policy term. The Surrender Value shall be higher of Guaranteed Surrender Value or Special Surrender Value. Applicable Guaranteed Surrender Value Factors are:
Policy year 1 GSV is 75%.
Policy year 2 GSV is 75%.
Policy year 3 GSV is 75%.
Policy year 4 GSV is 90%.
Policy year 5 and above GSV is 90%.
Special surrender value is reviewable and is determined from time to time subject to prior approval of IRDAI.
· Minimum Entry Age : 30 years (completed)
· Maximum Age of Entry : 79 years (completed)
· Minimum Vesting Age : 31 years (completed)
· Maximum Vesting Age : 80 years (completed)
· Minimum Deferment Period : 1 year
· Maximum Deferment Period : 20 years (subjected to the vesting age)
Minimum purchase price of Rs 1.5 Lakh subject to the minimum annuity (per month) on monthly is Rs 1,000, on Quarterly is Rs 3,000, on Half yearly is Rs 6,000, on yearly is Rs 12,000.
For example :
1. Deferred Annuity for Single Life
Name - ABCD
Age - 30
SA - 3000000
Single Premium – 3054000
Pension MONTHLY – 31260
2. Deferred Annuity for Joint Life
Name - ABCD
Age - 35
Joint Life Age - 32
SA - 3000000
Single Premium – 3054000
Pension MONTHLY - 19476
The plan which is designed to cover a wide range of financial needs of the insured. The plan is a single premium, non-participating and non-linked immediate annuity plan. The plan offers a joint life cover and pays a pension to the policyholder at annuity age.
Features
· It has 10 annuity plan options to suit the emerging needs of the customers. The plans include an immediate annuity for life, immediate annuity for life with return of purchase price, and immediate annuity with guaranteed period and life among others.
· Offers loan facility from three months after the date of issuance of the policy
· plan includes a surrender offer
· plan includes the option for lump sum payment
LIC Jeevan Akshay VII covers myriad benefits including benefits on survival or death.
Eligibility
Entry Age : 30-85/100 years
Purchase Price : 1,00,000-no limit
Minimum annuity : Rs.1000/month, Rs.3000/quarter, Rs.6000/half-yearly, Rs.12,000/annual
Mode of annuity payment : 1 year, 6 months, 3 months, and 1 month
For example :
Annuity for life with return of purchase price on death
Name - ABCD
Age - 45
SA – 3000000
Single Premium - 3054000
Pension MONTHLY - 16075
A non-participating, non-linked, individual savings, and deferred annuity plan.
The annuity is guaranteed right from the beginning of the policy, and there are 11 different annuity options for individuals interested in buying this plan. The rates for the annuity are higher as the individual gets older, and there’s life insurance coverage during the deferment period.
LIC earn profits over the course of the financial year. As LIC Jeevan Dhara-II is a non-participating product, it does not pay out any dividends or bonuses (except those explicitly stated in the policy) based on LIC’s profits. In simple words, the benefits of such profits are not passed on to the policyholders.
Minimum Entry Age : 20 Years
Deferment Period
· For Annuity Options 1 To 9: 5 To 15 Years
· For Annuity Options 10 & 11: 1 To 15 Years
· Maximum Entry Age
For Primary Annuitant
Annuity Options 1, 2, 8, 9, 10, & 11 Max. Entry Age 80 Minus Deferment Period
Annuity Options 5, 6, & 7 Max. Entry Age 70 Minus Deferment Period
Annuity Options 3 & 4 Max. Entry Age 65 Minus Deferment Period
For Secondary Annuitant
Annuity Options 8 & 9 Max. Entry Age75 Years
Annuity Options 11 Max. Entry Age79 Years
Key Features
Wide Range Of Annuity Options:
Death Benefit:
Each annuity option of the plan offers death benefits to the policyholders as per their terms and conditions as mentioned in the policy’s sales brochure. These death benefits can be received as a lump-sum amount, in the form of annuitization, or installments. This payment can help cover immediate expenses, such as funeral costs, previous debts, and daily living expenses.
Life Cover During Deferment Period:
It offers ‘lifelong cover during the deferment period’, which means that the insurance coverage remains active throughout the entire life of the policyholder, even if there is a period of delay (deferment period) before certain benefits become payable.
Higher Flexibility:
Attractive Incentives:
Top-Up Annuity Option:
The increased annuity, known as the ‘top-up annuity’ by making extra premium payments, depends on the current annuity rates at the time of the additional payment. It is also subject to the prevailing product criteria at that time.
Liquidity Option:
This option allows for a one-time lump-sum payment in exchange for a decrease in annuity payments and associated benefits. It is only applicable to ‘Annuity Options with a Return of Premium’ (Options 2, 9, 10, and 11). It can be opted after a minimum of 5 years from the 1st annuity payment and is allowed for a maximum of 3 times during the policy term.
Advanced Annuity Options:
In ‘Joint Life Annuity Options with Return of Premium’ (Option 9 and 11), if one of the covered lives passes away first, the one who survives can decide to get a one-time payment. This payment is the discounted cash value of the annuity for a period called the ‘Advanced Annuity Period’ (which lasts for a maximum of 5 years).
This special feature is available only after the deferment period expires, and it must be exercised within 6 months from the date of the first death of either of the covered lives.
For example
Name : ABCD
Purchase price : Rs.10,00,000/-
Deferment term : 5
Pension option annuity for life
Pension : 31,272 monthly
Age Entry :
Option-1 : 0-60 yrs
Option-2 : 0-40 yrs
Max Maturity Age :
Option-1 : 75 yrs
Option-2 : 50 yrs
Policy Term : 10/15/18 yrs
Sum Assured : 1,25,000-No limit
Sum Assured multiples : 5000
Mode of payment : Single
GST : 4.5%
Loan : After 3 months
Surrender : At any time
On Death :
Option-1 : 1.25 times of Tabular Premium + GuaranteedAddition
Option-2 : 10 times of Tabular Premium + GuaranteedAddition
On Maturity : SA+GuaranteedAddition
For example
Name - ABCD
Age - 10
SA - 3000000
Term - 10
PPT - 1
Single Premium - 2923701
Sum Assured - 3000000
Guaranteed Addition - 2100000
Maturity - 5100000
Total Prem - 2923701
Age Entry : 15-50 yrs
Max Maturity Age : 75 yrs
Policy Term : 9/12/15 yrs
Sum Assured :
Min (35k/50k/70k) for 9/12/15 term
Mode of payment : Single
GST : 4.5%
Loan : After 1 yr
Surrender : At any time
Risk Cover :
SA+Loyality Addition
Returns :
15% of SA after every 3 yrs,
On maturity
SinglePremium+Loyality Addition
For example
Name - ABCD
Age - 35
SA - 3000000
Term - 15
PPT - 1
Single Premium - 2353006
Returns
3rdyr - 450000
6th yr - 450000
9th yr - 450000
12th yr - 450000
15th yr - 3151680
Age Entry : 0(90 days)-65 yrs
Max Maturity Age : 18-75 yrs
Policy Term : 10-25 yrs
Sum Assured : 50,000-No limit
Sum Assured multiples : 5000
Mode of payment : Single
GST : 4.5%
Loan : After 1 yr
Surrender : At any time
On Death : SA+Bonus+FAB
On Maturity : SA+Bonus+FAB
For example
Name - ABCD
Age - 35
SA - 3000000
Term - 25
PPT - 1
Single Premium - 1447116
Sum Assured - 3000000
Bonus - 3600000
FAB - 1350000
Maturity - 7950000
Age Entry : 18-65
Max Maturity Age : 70 yrs
Policy Term :
Regular : 10-40 yrs
Single : 10-40 yrs
Ltd-5 : 6-40 yrs
Ltd-10 : 11-40 yrs
PPT :
Regular : PPT=Term
Limited : 5/10 yrs
Sum Assured : 5,00,000-25,00,000
Mode of payment :
Single/yly/hly/mly
GST : 18%
Surrender : NA
Loan : NA
On Death : SumAssured will be paid
On Maturity : No Maturity Benefit
For example
Name - ABCD
Age - 30
SA - 2000000
Term - 15
PPT - 15
Premium
YEARLY - 8378
Total Prem - 125670
Age Entry : 18-65
Max Maturity Age : 80 yrs
Policy Term : 10-40 yrs
Sum Assured : 15,00,000-No limit
Mode of payment :
Single/yly/hly
GST
1st year : 4.5%
Subsequent year : 2.25%
Surrender : Available after 2 years
Loan : NA
On Death : a) Death Benefit:
For Regular premium policy
Sum Assured on Death is highest of
7 times of annualised premium, or
105% of all the premiums paid as on the date of death, or SumAassured to be paid on death
For Single premium policy
Sum Assured on Death is defined as the higher of 125% of Single Premium or SumAssured
On Maturity :
Total amount of premiums paid during the term excluding any taxes and extra premium shall be payable
For example
Name - ABCD
Age - 30
SA - 3000000
Term - 20
PPT - 20
AccidentalBenefit - no
Smoking Type - nonsmoker
PPT - 20
First Year Premium YEARLY - 18935
Renewal Premium
YEARLY - 18528
Total Prem - 378700
Maturity - 362400
Age Entry : 18-65 Age Entry : 18-65 Age Entry : 18-65 Age Entry : 18-65
Max Maturity Age : 80 yrs
Policy Term : 10-40 yrs
PPT : 5/10 yrs (Ltd Prem))
Sum Assured : 25,00,000-No limit
Mode of payment :
Single/yly/hly
GST : 18%
Surrender : Available for limited/single premium
Loan : NA
On Death : a) Death Benefit:
Death benefit, payable in case of admissrble death claim, before the stipulated Date of Maturity, prowded the policy IS Inforce, shall be "Sum Assured on Death".
For Regular premium and Limited premium payment policy, "Sum Assured on Death" IS defined as the highest of
. 7 times of annualised premium, or
o 105% of all the premiums paid as on the date of death, or . Absolute amount assured to be paid on death
For Single premium policy, "Sum Assured on Death" is defined as the higher of: o 125% of Single Premium
. Absolute amount assured to be paid on death
Premiums referred above shall not include any extra amount chargeable under the policy due to underwriting decrsxon and nder premium(s), if any
Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and IS as under
- tion l: Level Sum Assured "Absolute amount assured to be paid on death" shall be an amount equal to Basrc Sum Assured, which shall remain the same throughout the policy term
. Qpfion ll: Increasing Sum Assured "Absolute amount assured to be paid on death" shall remain equal to Basrc Sum Assured till completion of fifth policy year Thereafter, It increases by 10% of BaS|C Sum Assured each year from the Sixth policy year till fifteenth policy year till It becomes twrce the Basrc Sum Assured This increase wrll continue under an Inforce policy till the end of policy term, or till the Date of Death, or till the fifteenth policy year, whichever IS earlier From Sixteenth policy year and onwards, the "Absolute amount assured to be paid on death" remains constant 1 e twrce the 335K: Sum Assured, till the policy term ends
On Maturity : NA
For example
Name - ABCD
Age - 30
SA - 2500000
Term - 10
PPT - 10
AccidentalBenefit - yes
Gender - male
Smoking Type - nonsmoker
SumAssured Option - Level Sum Assured
PPT - 10
Premium YEARLY - 5959
Total Prem - 59590
The plan is a unique benefit-based health insurance policy that provides a comprehensive cover against certain specified health risks. The plan covers the insured in times of medical emergencies and helps them remain financially covered in dire straits. Different from other all-inclusive health insurance plans in context to the reimbursement method . Plan works in order to pay a lump sum benefit equal to the sum insured, irrespective of the actual medical cost .
Key Features
Hospitalization benefit entails hospitalization of the insured for a continuous period of 24 hours. On the other hand, Major Surgery benefit is payable in the event of the insured undergoing any specified surgery as mentioned in the Major Surgical Benefit Annex.
Expenses incurred towards Day Care Procedures are covered and shall be payable irrespective of the actual cost incurred.
Single continuous period of hospitalization for 30 days straight, plan pays an extended hospitalization benefit irrespective of the actual cost incurred.
Plan rewards you at the completion of every three claim free policy years.
The New Term Assurance Rider and the Accidental Insurance Rider Benefit
· Tax Saving on Premium Amounts
Premium is eligible from tax deduction under Section 80C.
Minimum Entry Age
Insured Adults: 18 years, Insured Spouse: 18 years
Insured Children: 91 days, Insured Parents: 18 years
Insured Adults: 65 years, Insured Spouse: 65 years
Insured Children: 20 years, Insured Parents: 65 years
Cover Period
Up to 80 years for parents or spouse
Up to 25 years for children
Sum Assured
Minimum: Rs 2,500 for self, spouse, dependent children and parents
Maximum: 10,000 for self with equal or higher coverage available for spouse and dependent children and parents.
Core Benefits:
The injured is entitled to Hospital Cash Benefit in the event of sickness or accidental bodily injury causing the injured to opt for in-patient hospitalization services exceeding the period of 24 hours on or after the effective date of cover or during the cover period. However, benefits will be paid from hemodialysis and radiotherapy even if the stay in hospital is less than 24 hours. The insured will receive Daily Benefit in the case of:
The total number of days for which the benefit will be payable is limited to:
The benefit will be payable for a total number of 900 days of hospitalization, including the days in the Intensive Care Unit.
If the insured meets with accidental bodily injury or sickness as a result of which he has to undergo any specific surgery, plan pays off the Major Surgical Benefit. The sum assured for the benefit is equal to 100 times the applicable daily benefit for each insured in each policy year.
The following benefits are available under Major Surgical Benefits:
· Day Care Procedure Benefits
If insured undergoes any specific Day Care Procedure due to injury or sickness on or after the effective date of cover, the Day Care Procedures which equal to 5 times the daily benefit will be payable.
If insured undergoes a surgery which is not included under Major Surgical Benefits or Day Care Procedure Benefits owing to bodily injury or sickness, it will be covered under Other Surgical Benefits and the insured will be entitled to 2.5 times the applicable daily benefit.
If insured undergoes in-patient hospitalization during the cover period with certain major medical conditions manifesting itself on or after the effective date of cover, then the insured will be eligible to receive 2.5 times the applicable daily benefit. Major medical conditions covered under the benefit are as follows:
The medical management benefit shall be payable 2 times in each policy year and a lifetime maximum of 20 times.
Undergoes a single period of continuous hospitalization extending a period of 30 days. In such an event, a lump sum of 10 times of the applicable daily benefit is payable irrespective of the actual cost incurred.
Payable up to a maximum of 1 time in each policy year during the cover period. The maximum lifetime limit to receive extended hospitalization benefit is 10 times.
Other Benefits:
Health Check-up Benefits provides the insured with one-half of applicable daily benefit towards expenses incurred against health check-up once in every three policy years.
At death of a principal insured, Auto Health Cover (AHC) will be available to each of the eligible insureds. The cover shall continue without any premium payments. The eligibility for each individual insureds is given below:
Rider Benefits:
LIC Arogya Rakshak Plan offers two rider benefits for additional premium. These two rider benefits are:
Available on the life of the Original Principal Insured and/ or Insured Spouse.
The maximum Accident Benefit Rider sum insured is equal to the New Term Assurance Rider sum insured.
Non-linked, Non-participating, Regular Premium Health Insurance plan gives financial protection in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term. Policy-seeker has the flexibility to choose the type of Sum Insured at the inception depending on the individual’s specific needs, as the premium & benefits under the plan shall vary as per the option chosen, and the same shall not be altered later.
Eligibility Criteria
· Age at entry - Minimum – 20 years, Maximum – 65 years
· Policy term - Minimum – 10 years, Maximum – 30 years
· Age at maturity - Minimum – 50 years, Maximum – 75 years
· Minimum premium amount - Rs. 5000 per annum for all modes
· Minimum basic sum insured –
1. Rs. 35,00,000 for ages 20 years to 34 years
2. Rs. 25,00,000 for ages 35 years to 40 years
3. Rs. 15,00,000 for ages 41 years to 65 years
4. Maximum basic sum insured Rs. 50 lakhs
Benefits of LIC Cancer Cover Plan
Two Benefit Options:
Early-Stage Cancer:
Major Stage Cancer:
Payment of Premiums:
Premiums can be paid regularly during the policy term at yearly or half-yearly intervals.
Exclusions of Cancer Cover Plan
The LIC will not be liable to pay any of the benefits under this product and the policy will stand canceled, if the covered conditions result directly or indirectly from any of the following causes:
2. Dysplasia, intra-epithelial neoplasia, or squamous intra-epithelial lesions.
3. Carcinoma in situ of skin and Melanoma in situ.
For example
Selected Option : LEVEL SUM INSURED:
The Basic Sum Assured is same throughout the term
Proposer details
Name - ABCD
Age - 30
Gender - male
SA - 3500000
Term - 25
Premium : YEARLY - 6319
Selected Option : INCREASING SUM INSURED:
10% increase in Sum Assured for first 5 yrs or till the diagnosis of specified cancer.
Name - ABCD
Age - 30
Gender - male
SA - 3500000
Term - 25
Premium YEARLY - 8260
