Jeevan Anand Policy :

This plan is a combination of Endowment Assurance, LIC Jeevan Anand Plans and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival. Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death. This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period. Benefits in case of death during the selected term is that the Sum Assured along with the vested bonuses is payable on death in a lump sum.

Benefits in case of survival to the end of selected term is that the Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter. Accident Benefit is that an additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in instalments. These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits. Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract. The policy may be surrendered after it has been in force for 3 years or more.  The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded.
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid. The Corporation’s surrender value will be reviewed from time to time and may change depending on the economic environment, our experience and other factors. For More Information Visit us:  LIC Insurance Policy

LIC Jeevan Amrit Plan - Akshayainvestment , India

Some people do not want commitment to pay premiums for a longer duration. LIC's Jeevan Amrit Plan is most suitable for such persons. Under this plan premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years. You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment. You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years. An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy. Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional) Bonus, if any, in case of Life Assured surviving to the end of the term.

Eligibility Conditions and Other Restrictions are:

Minimum Entry Age:  12 years (last birthday)

Maximum Entry Age:  60 years (nearest birthday)

Maximum Maturity:  70 years (nearest birthday)

Minimum Sum Assured:  Rs. 1, 00, 000:  No limit

Premium paying term:  3 to 5 years

Policy term:  10 to 30 years

A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums. This is a with-profit plan and your policy shall participate in the profits of the Corporation at the end of each financial year. Simple Reversionary Bonuses shall be declared at the rate of per thousand total amount of premiums (excluding any extra premium) paid. Reduced paid-up policies shall also participate in the profits. Final (Additional) Bonus may also be declared provided all premiums have been paid and policy has run for certain minimum term. If at least one full year's premiums have been paid and any subsequent premium be not duly paid, the Policy shall not be wholly void, but the Sum Assured shall be reduced to such a sum, called the Paid-up Sum Assured, and will be equal to the total amount of premiums paid (excluding any extra premium). The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premium, but shall participate in the future profits of the Corporation declared in the form of simple reversionary bonuses payable at the rate of per thousand total amount of premiums paid (excluding any extra premium). The existing vested reversionary bonuses, if any, shall also remain attached to the reduced paid-up policy. In the event of death of Life Assured during the policy term, the reduced Paid-up Sum Assured as defined above, along with vested reversionary bonuses, if any, shall be payable. Provided the Life Assured is then alive, the vested bonuses and the reduced Paid-up Sum Assured as defined above shall be payable at the end of the LIC Policy term. If after at least one full year's premiums have been paid in respect of this policy any subsequent premium be not duly paid, in the event of death of the Life Assured within six months from the due date of first unpaid premium, the benefits will be paid as if the Policy had remained in full force after deduction of (a) the premium or premiums unpaid with interest thereon until the date of death, and (b) the unpaid premiums falling due before the next Policy anniversary. You may surrender the policy for cash after completion of at least one policy year provided premiums for one full year have been paid. Guaranteed Surrender Value being 30% of the total amount of premiums paid, excluding extra premium, if any, and Special Surrender value being the discounted value of Paid-up Sum Assured. For More Information Visit us:  LIC Insurance Policy

Jeevan Akshay-VI Plan :

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The LIC Jeevan Akshay-VI Plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities. The following options are available under the plan.
Type of Annuity:

• Annuity payable for life at a uniform rate.
• Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
• Annuity for life with return of purchase price on death of the annuitant.
• Annuity payable for life increasing at a simple rate of 3% p.a.
• Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

You may choose any one. Once chosen, the option cannot be altered.
Mode: Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.

Salient features:

• Premium is to be paid in a lump sum.
• Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:

Mode	Minimum Annuity
Monthly	Rs. 500 per month
Quarterly	Rs. 1000 per quarter
Half-yearly	Rs. 2000 per half year
Yearly	Rs. 3000 per year

• No medical examination is required under the plan.
• No maximum limits for purchase price, annuity etc.
• Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
• Age proof necessary.

• Annuity Rate: Amount of annuity payable at yearly intervals which can be purchased for RS. 1 lakhs under different options is as under. Incentives for high purchase price:
  If your purchase price is RS. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives. If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty. The LIC Policy does not acquire any paid-up value. No surrender value will be available under the policy. No loan will be available under the policy.

Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees. The amount of annuity is assured throughout life of the annuitant.
If the annuitant dies:

1. Under option (i) annuity ceases.
2. Under option (ii)
3. On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
4. On death after the guaranteed period - annuity ceases.
5. Under option (iii) annuity ceases and the purchase price is paid to the nominee.
6. Under option (IV) annuity ceases.
7. Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
8. Under option (VI) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

When first instalment of annuity payable: First instalment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively. For More Information Visit us:  LIC Agents