Introduction of LIC’S Jeevan Arogya

It has been decided to introduce LIC’s JEEVAN AROGYA (Plan No. 903) with effect from 2011. The Unique Identification Number (UIN) for LIC’s Jeevan Arogya Plan is 512N266V01. This number has to be quoted in all relevant documents furnished to the policyholders and other users (public, distribution channels).

An individual can take the health cover under this plan for himself / herself. This individual will be addressed as Principal Insured (PI) for the purpose of insurance under this plan. The Spouse, Children, Parents and Parents-in-law can also be covered under the same policy.This is non-linked health plan which provides fixed benefits for hospitalization and almost all types of surgical procedures irrespective of actual cost incurred and the benefit is in addition to any other health insurance cover that insured lives may have, subject to certain terms and conditions.

The benefits offered under the plan are:

i) Hospital Cash Benefit (HCB)
ii) Major Surgical Benefit (MSB)
iii) Day Care Procedure Benefit (DCPB)
iv) Other Surgical Benefit (OSB)

Two riders viz. Term Assurance Rider and Accident Benefit Rider shall also be available under the plan for PI and Insured Spouse only. At the time of filling up the proposal form, PI and Spouse (if insured) have to exercise an option whether to continue the policy in case of exit of PI from the policy, as per Annexure C enclosed with the proposal form. If option for continuation of policy is exercised, in case of death or expiry of cover of PI, the surviving Insured Spouse will become the Principal Insured and the Policy will continue. In such case, the premium for the Insured Spouse will change from the coinciding or following instalment premium due date and the new premium would be based on tabular premium rates applicable for PIs and the age for alculation of revised premium rate will be the age at entry of the spouse.

For More Information Visit us : Life Insurance Policy Chennai

LIC Child Future Plan - Akshaya Investment, Chennai

LIC Child Future Plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations. You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit. You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.

Following are some of the sample premium rates per Rs. 1000/- S.A. On life assured surviving to the end of the specified durations an amount specified below is payable. 5 years before the date of expiry of policy term - 25% of the Sum Assured.4, 3, 2, 1 years before the date of expiry of policy term - 10% of the Sum Assured. On death (after the Date of Commencement of Risk) - Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any shall be payable. On death during the Extended Term - Sum Assured is payable. On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% P.A compounding yearly shall be payable.

Eligibility Conditions and Other Restrictions:

Minimum Entry Age - 0 years (last birthday)

Maximum Entry Age - 12 years (last birthday)

Minimum Maturity Age - 23 years (last birthday)

Maximum Maturity Age - 27 years (last birthday)

Minimum Sum Assured - Rs. 1, 00,000

Maximum Sum Assured - Rs. 100, 00,000

Policy term - 11 to 27 years

Premium Paying term - 6 years and Policy term less 5 years

You may surrender the policy for cash after at least three full years’ premiums have been paid. The Guaranteed Surrender Value will be 90% of the total amount of premiums (excluding premiums for the first year ) paid Before commencement of risk.90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and 30% of premiums paid on and after the commencement of risk After commencement of risk. Corporation may, however, pay Special Surrender value as the discounted value of Paid up value and existing vested bonus, as applicable on date of surrender. The Special Surrender value will be subject to the deduction of the survival benefits which have become due on or before the date of surrender. The Special Surrender value will be payable provided the same is higher than Guaranteed Surrender value. A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums. If the policy is lapsed, it can be revived by paying arrears of premium together with interest within a period of five years, subject to production of satisfactory evidence of continued insurability.

The rate of interest applicable will be as fixed by the Corporation from time to time. If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days. Suicide is excluded for Premium Waiver Benefit for first year. No other exclusions. If age of Life Assured is up to 10 years, risk shall commence either after 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age of Life assured, whichever is later. In other cases, risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the LIC of Corporation and the Life Assured.

For More Information Visit us: Insurance Agent Chennai

LIC Child Career Plan and Policies - Akshaya Investment, Chennai

LIC Child Career Plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations. You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit. You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term. On life assured surviving to the end of the specified durations an amount (Survival Benefit) specified below is payable. 5 years before the date of expiry of policy term - 30% of the Sum Assured along with vested.  4 years or less than 4 years before the date of expiry of policy term-15% of the Sum Assured.

LIC Children Career Policies and Benefits:

           On the date of expiry of policy term-15% of the Sum Assured along with Final (Additional) Bonus, if any. On death (after the Date of Commencement of Risk) - If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary Bonuses and Final (Additional) bonus (if any) is payable. If death occurs within 5 years before the date of expiry of policy term: Sum Assured along with Final (Additional) bonus (if any) is payable. On death during the Extended Term - Sum Assured is payable. On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% P.A compounding yearly shall be payable. If after at least two full years premiums have been paid and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP).

              You may surrender the policy for cash after at least three full years’ premiums have been paid. The Guaranteed Surrender Value will be 90% of the total amount of premiums (excluding premiums for the first year) paid, before commencement of risk. 90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and 30% of premiums paid on and after the commencement of risk.

              If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days. Suicide is excluded for Premium Waiver Benefit for first year. No other exclusions. Date of commencement of risk: If age of Life Assured is up to 10 years, risk shall commence either after 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age of Life assured, whichever is later. In other cases, risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured.

• Minimum Entry Age - 0 years (last birthday)
• Maximum Entry Age-12 years (last birthday)
• Minimum Maturity Age-23 years (last birthday)
• Maximum Maturity Age-27 years (last birthday)
• Minimum Sum Assured- Rs. 1, 00,000
• Maximum Sum Assured- Rs. 100, 00,000
• Policy Term-11 to 27 years
• Premium Paying Term- 6 years and Policy term less 5 years

For More Information Visit us: LIC Agent Chennai

LIC Bima Bachat Insurance : Akshayainvestment

LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat Insurance requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance policy is available till the date of maturity. For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year. For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year. For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year. If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any. 

The policy holder is insured for an amount equal to the sum assured. The insurance cover is irrespective of the installments received. The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium). LIC Bima Bachat Policy is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly. It also offers other benefits like the 15 day cooling off period, grace period and revival.

The following are the requirements that one needs to be aware of before applying for this policy :
· The person applying for the policy should have completed 15 years and should not be older than 66 years.
· The policy will mature when the person is 75 years old.
· There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age      and requirement of the applicant.
· The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be      assured.
· It is important to note that the sum assured should be in multiples of Rs 5000/- only.
· The policy requires the holder to pay a single premium.