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Life Insurance Corporation of India

  • Endowment
    • New Endowment Plan(814)
    • New Jeevan Anand (815)
    • Single Premium Endowment (817)
    • Jeevan Rakshak (827)
    • Limited Premium Endowment (830)
    • Jeevan Lakshya (833)
    • Jeevan Labh (836)
    • Jeevan Pragati (838)
    • Aadhaar Stambh (843)
  • Money Back
    • New Bima Bachat (816)
    • New Money Back Plan – 20 Years (820)
    • New Money Back Plan – 25 Years (821)
    • Children Money Back Plan (832)
    • Jeevan Tarun (834)
    • Bima Diamond ( 841)
  • Children’s
    • Children Money Back Plan (832)
    • Jeevan Tarun (834)
  • Whole Life
  • Pension
    • New Jeevan Akshay – VI (189)
    • New Jeevan Nidhi (818)
  • Single Premium
    • New Bima Bachat (816)
    • Single Premium Endowment (817)
    • New Jeevan Nidhi (818)
    • Jeevan Utkarsh (846)
  • Health
  • Term Insurance
    • Anmol Jeevan II (822)
    • Amulya Jeevan II (823)

New Endowment Plan(814)

DETAILS:

This is a regular premium, non-linked, with profits Endowment Plan.

Death Benefit:

Sum Assured on Death + Vested Bonus + FAB if any.

Sum Assured on Death= Higher of Basic SA or 10 times of annualized Premium.

Death Benefit shall not be less than 105% of total premiums paid as on date of death. The premiums exclude taxes, extra premium and rider premiums.

Maturity Benefit:

Basic Sum Assured + Vested Bonus + FAB if any.

CASE STUDY:

Age- 35 yrs,S.A –Rs.5,00,000, Term – 21 yrs, Basic Yly Premium:Rs.24255

Entry age is 35yrs.

In case of death in 5th policy year, age would be 40 yrs. Death Benefit given to the nominee is

Death Benefit = Sum Assured on Death+ Vested Bonus for 5 years + FAB.

[S.A on Death=Higher (Rs.5,00,000 or 10 times of Basic Annualized  Premium = Rs.24255 x 10 =

Rs. 2,42,550 )]

=Rs.5,00,000 + Rs.1,20,000 (48x500x5) + Nil

=Rs.6,20,000

105 times of Total Basic Premiums Paid= Rs.24255x 5 x 1.05 = Rs.1,27,339

As Death Benefit is more than 105 times of total Basic Premiums Paid, Rs.6,20,000 will be paid as Death Benefit.

In case of Accidental Death (If opted for Accident Rider):

Additional Rs.5,00,000 will be paid along with Natural Death Benefit.

Total: Rs.6,20,000 +Rs.5,00,000=Rs.11,20,000.

For the surviving policyholder, Maturity Benefit will be paid.

Maturity Benefit = Basic S.A. + Vested Bonus + FAB

= Rs.5,00,000+ Rs.5,04,000(48*500*21) +Rs.50,000(100*500)

= Rs.10,54,000

FEATURES:

Minimum age at entry : 8 years lbd

Maximum age at entry : 55 years nbd

Max. age at maturity : 75 years nbd

Minimum term : 12 years

Maximum term : 35 years

Minimum S.A. : `1,00,000/- & in multiples of ` 5,000 thereafter.

Maximum S.A. : No limit

Available Riders:

  1. Accident & Permanent Disability Benefit – Max 1 Crore up to Age 70.
  2. Term Assurance Rider – Max 25 Lacs

Mode of Payment: Yearly, Half Yly, Qly & Mly ( SSS & ECS)

Paid Up/ Surrender/Policy Loan: Available after payment of premium of 3 full years.

Revivals: Within 2 years of FUP.

Back Dating: Allowed with lean Month’s benefits.

Service Tax:

1st Year of Policy : 3.75%

2nd Year onwards : 1.875%

Tax Benefits :

On Basic Premiums : u/s 80C

Maturity/Death claim : u/s 10(10D)

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