Jeevan Surabhi - Money Back Plan

JEEVAN SURABHI-Faster Money Back Plan

LIC Jeevan Surabhi Plan 15 years Plan LIC Jeevan Surabhi Plan 15 years is actually a Money Back Plan, which is technically known as an anticipated endowment policy. This is a non unit-linked insurance traditional plan where the money is paid as pre-decided intervals. The Premium is paid for only 12 years but the cover remains for the entire tenure of 15 years. If the Life Insured survives then he would receive 30% of the Sum Assured at the end of 4 and 8 years and the remaining 40% of the Sum Assured at the end of 12 years and life cover continues till the policy matures where she would receive the Bonus. However, if the Life Insured dies within the policy tenure, then the nominee would receive the Sum Assured, which keeps increasing by 50% once in every 5 years.     Key Features of LIC Jeevan Surabhi Plan 15 years Death Benefit increases by 50% once in every 5 years Simple Reversionary Bonus is payable on Policy Maturity Survival Benefit is receive 30% of the Sum Assured at the end of 4 and 8 years and the remaining 40% of the Sum Assured at the end of 12 years and life cover continues till the policy matures Extended risk cover for three years after 3 years premium payment. Optional higher cover through Riders    Benefits you get from LIC Jeevan Surabhi Plan 15 years Death Benefit – In case of death of the Life Insured, the nominee receives the following + accrued Bonus Policy Term Total 15 years Death Benefit 0 to 5 years Only Sum Assured 6 to 10 years 1.5 times Sum Assured 11 to 15 years 2 times Sum Assured Survival Benefit – The Life Insured would receive The following Survival Benefit Policy Term Total 15 years Survival Benefit End of 4 years 30% of Sum Assured End of 8 years 30% of Sum Assured End of 12 years 40% of Sum Assured Maturity Benefit – At the maturity of the policy, the insured will get the accrued Bonus Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D) Eligibility conditions and other restrictions in LIC Jeevan Surabhi Plan 15 years Minimum Maximum Sum Assured (in Rs.) 50,000 No Limit Policy Term (in years) 15 Premium Payment Term (in years) 12 Entry Age of Life Insured (in years) 14 55 Age at Maturity (in years) - 70 Premium (in Rs.) Nothing Specified Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS Note: This is a statement of facts based on the information collected from the LIC Jeevan Surabhi 15 Years brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Surabhi 15 Years Review, Analysis or Recommendation. Insurance is a subject matter of the solicitatio

Jeevan Anand

JEEVAN ANAND POLICY

JEEVAN KE SAATH BHI JEEVAN KE BAAD BHI!!!

LIC Jeevan Anand is an endowment cum whole life policy along with Bonus facility. This is a Double Death Benefit Plan if the life insured survives till the end of the policy term. This plan has average premium, high bonus rate and great liquidity features.

In this plan, the Life Insured receives the Sum Assured + Bonus as Maturity Benefit but the life cover chosen continues till his death. Again an additional Sum Assured is paid whenever the Life Insured dies. Thus this plan is both an endowment plan and a whole life plan.

However, if the life insured dies before the completion of premium paying term, i.e. within the policy tenure, the entire Sum Assured along with accrued Bonus is paid to the nominee and the policy would terminate.

There is also an additional Accidental Death and Disability Benefit is payable till 70 years of age of the life insured.

Key Features of LIC Jeevan Anand Plan

§  This plan is an endowment cum whole life plan

§  Maturity Benefit is Sum Assured + accrued Bonus and the Life Cover continues till death

§  Death Benefit after Policy Maturity is only Sum Assured

§  Death Benefit before Policy Maturity is Sum Assured + accrued Bonus

§  Simple Reversionary Bonus is payable on maturity or earlier death.

§  Accidental Death and Disability Benefit is an inbuilt feature in this plan

§  Optional higher cover through 1 additional rider of Critical Illness Benefit.

§  This plan can be provided to people with hazardous occupation with additional premium.

§  Large Sum Assured rebate is also provided.

Benefits you get from LIC Jeevan Anand Plan

Death Benefit – In case of death of the Life Insured

·         Before the end of the Policy Term, the Sum Assured + accrued Bonus is paid

·         After the Policy Term, Sum Assured is paid as Death Benefit whenever the Life Insured dies.

Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus + Final Addition Bonus

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

Eligibility conditions and other restrictions in LIC Jeevan Anand Plan

	Minimum	Maximum
Sum Assured (in Rs.)	1,00,000	No Limit
Policy Term (in years)	5	57
Premium Payment Term (in years)	5	57
Entry Age of Policyholder	18	65
Age at Maturity	-	75
Single Premium (in Rs.)	NA	NA
Payment modes	Yearly, Half-yearly, Quarterly, Monthly and SSS

Children Insurance Plan

JEEVAN CHHAYA LIFE INSURANCE POLICY

Features of plan:
This policy is beneficial for partner having less than a year old child (not an adopted child). It makes provision for higher education / marriage of the child. In case of death of the policyholder at any time during the term of the policy one additional S.A. will be payable in addition to the above fixed benefits.

This plan is not allowed when occupational extra is chargeable and to pregnant ladies. Joint 

declaration by the husband and wife is must, if child is less than one year old.

One fourth of the S.A. is given every year during the last 4 years of maturity to the policyholder. 

Bonus for the full term on the full S.A. is given on maturity.

Plan parameters:
Age at entry                                                       : Min. 18 yrs, Max. 45 yrs
Maturity age                                                      : Max: 65 yrs.
Sum assured                                                       : Min. 50,000, Max. No Limit
S.A. in multiples                                                : 5000
Term                                                                  : Min.18 yrs, Max. 25 yrs
Mode of payment                                             : YLY/HLY/QLY/SSS/MLY
Accident benefit                                                : Re. 1 extra per
(Max. 50 Lac inclusive 1000 S.A.
All plan)
Policy loan                                                         : yes
Housing loan                                                      : yes
Assignment                                                        : yes
Revival                                                               : yes
Surrender of policy                                            : yes
Term rider                                                          : N.A.
CIR                                                                    : N.A.


Benefits:
Survival benefit   : 25% S.A. during last 3 yrs. Before maturity
Maturity benefit : on maturity balance 25% of S.A. + Bonus on full S.A. + FAB, if any.

Death benefit      : S.A. is immediately paid to the nominee. Future premiums are waived. Moreover, during last 4 yrs. Of term 25% of S.A. is payable. In addition bonus for full term + FAB, if any will be paid.


Example: Mr. Virender Sahwag aged 30 years, opts for jeevan chhaya policy for S.A 2 Lac and term 18 years with DAB. His daughter baby Tanya aged 5 years is nominee and Mr. Sahwag meets with an accident, his wife will get Rs.2 Lac on behalf of her daughter. Further more at the end of 15th year, baby Tanya will receive 50,000/- (i.e. one further of S.A) again, at the and of 16th and 17th year of the policy she will receive Rs.50, 000/- finally, at the end of 18th year she will get Rs.50, 000 + 1,62,000 = 2,12,000 (bonus as per bonus rate of 2011 i.e. Rs.45 per thousand per annum)