LIC’s Jeevan Chayya Policy, Chennai

This is an Endowment Assurance plan that provides financial protection against death throughout the term of the LIC’s Jeevan Chayya Plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy. Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the earlier death. This is a with-profits plan and participates in the profits of the Corporation’s Life Insurance Policies business.  It gets a share of 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 for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period. One fourth of the sum assured is payable at the end of each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last installment. These benefits are payable whether the life assured survives the policy term or dies during the term of policy. Further, on death during the policy term, an amount equal to Sum Assured is also payable immediately. 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 Policy 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 and the fixed benefit already paid.

Jeevan Anurag Child Insurance Plan India

LIC’s Jeevan Anurag Policy is with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this LIC Jeevan Anurag Chennai plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th, 18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year. Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
Following premium paying terms are offered:

(i) Single Premium- One Year

(ii) Regular Premium payable during (n-3) Years, where n is the policy term

(iii) Regular Premium payable throughout the policy term.

A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.

 If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days. Once the payment of assured benefit starts, the policy shall be kept in force till maturity and the unpaid premiums, if any, will be deducted with interest at appropriate rate out of the next benefit payment. Jeevan Anurag Child Insurance Plan Policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the single premium mode will be equal to 30 per cent of the premiums paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender. Accidental Death and Disability Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together. Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakhs under all policies of the life assured with the corporation taken together. Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakhs under all policies of the life assured with the Corporation taken together. On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Sum Assured will be paid over a period of 10 years in monthly installments.

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

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