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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 Jeevan Anand (815)

DETAILS:

This is a combination of Endowment and Whole life plan. Regular Premiums are payable for selected term only.

Death Benefit:

During Policy Term (i.e. Premium Paying Term): Sum Assured on Death + Vested Bonus + FAB if any.

Sum Assured on Death= Higher of 125% of Basic SA or 10times 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.

Death after expiry of Policy Term (i.e.PPT): Basic Sum Assured shall be payable.

Maturity Benefit:

At the end of Policy Term (i.e. Premium Paying Term): 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. 27,611

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 = 1.25 times SA + Vested Bonus for 5 years + FAB

= Rs. 6,25,000 ( 1.25 x 500000) + Rs. 1,22,500 (49x500x5) + Nil = Rs. 7,47,500

In case Term Rider is opted for Rs.5,00,000: Additional Rs.5,00,000 will be paid.

Total Natural Death Benefit: Rs.7,47,500 + Rs.5,00,000= Rs.12,47,500

In case of Accidental Death (If Accident Rider is opted): Additional Rs.5,00,000 will be paid along with Natural Death Benefit.

Total: Rs.12,47,500 + Rs.5,00,000 = Rs.17,47,500

For the surviving policyholder, Maturity Benefit will be paid.

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

= Rs. 5,00,000+Rs.5,14,500 ( 49x500x21) + Rs.50,000 (100×500)

= Rs. 10,64,500

In case of Death any time after Maturity, Death Benefit = = Basic SA = Rs. 5,00,000

FEATURES:

Minimum age at entry : 18 years lbd

Maximum age at entry : 50 years nbd

Max. age at maturity : 75 years nbd

Minimum term : 15 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 available up to Policy Term only – Max 1 Cr up to age 70
  2. Term Assurance Rider – Max 25 Lakhs

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.

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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