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Friday, July 5, 2013
Jeevan Saral ATM Plan table no 165 Details
LIC Jeevan Saral 165 ATTRACTIONS
- A unique plan – First of its kind Only traditional non-linked insurance plan having provisions for partial surrenders.
- A conventional plan with features of linked products.
- No surrender penalty after 5 years Risk cover same for any entry age and term and depends on the premium only.
- Loyalty additions Option available to keep policy in force, for reduced premium and benefits, even after partial surrender. Provides guarantees and smooth return over the term High liquidity and flexibility of term Higher risk cover at same cost.
LIC Jeevan Saral 165 Features
Who can avail of this policy ?
Those aged between 12 years (completed) and 60 years (nearest birthday) .
What are the periods for which risk cover is available?
Options are available for terms 10 to 35 years.
Are their limits on maturity age?
Maximum age at maturity : 70 years.
Are their limits on premium payable?
- For entry age up to 49 years, minimum premium payable is Rs. 250 per month.
- For entry age 50 years and above, minimum premium payable is Rs. 400 per month
- There is no maximum limit on premium.
- Monthly premium will be in multiples of Rs. 50/-
Following optional riders are available by payment of additional premium:
- Accidental death and disability benefit rider
- Term Assurance benefit rider
- The maximum cover for the above riders will be Rs.25 lakhs under all policies.
- The Term Assurance and Accident Benefit Sums Assured under the riders will be equal to or less than Death Benefit Sum Assured under the basic plan.
For the term rider, the following conditions apply :
Entry Age: Between 18 years (comp.) & 50 years
Maximum age at maturity : 60 years
Sum Assured : Between Rs.1 lakh and Rs. 25 lakhs (including Term Rider taken under all LIC plans)
- Term rider shall be available for the same term as that under the main policy and the Term Rider Sum Assured should be in multiples of Rs.10,000.
- Partial Surrender After completion of 3 years or more from commencement provided premiums are paid for at least 3 full years, partial surrenders are permitted.
Basic premium shall be reduced & surrender value corresponding to amount by which the basic premium is reduced will be paid subject to following conditions:
Once a partial surrender is made, all benefits under the policy will get automatically reduced proportionately.
Sum assured under Accident and term rider benefits & additional premium payable for such benefits will also get correspondingly reduced, provided reduced basic annual premium after partial surrender is not less than Rs.3,000/-, where the entry age is 49 years or below & Rs.4800 where the entry age is 50 years or above.
Minimum basic annual premium that can be surrendered at a time is Rs.1200/- p.a. & in multiples of Rs.600 p.a. thereafter.
Minimum waiting period of one year is required between two successive surrenders.
Partial surrender is allowed if no loan is outstanding. Subject to above conditions, any number of partial surrenders are permitted.
LIC Jeevan Saral Benefits Death Cover :
250 times the monthly basic premium + Return of premiums paid (less FY Premium and extra / rider premiums, if any, plus + Loyalty additions, if any.
Maturity Benefit :
Maturity sum assured, plus + Loyalty Additions, if any.
Loyalty Addition :
Loyalty additions will be declared after the policy has been in full force for at least 10 years. Loyalty additions will also be payable if a death claim occurs in the 10th year of the policy provided that the policy is in full force.
Loyalty additions will be subject to the Corporation’s experience.
Jeevan Saral ATM Plan table no 165 |
Jeevan Saral Chart |
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Tuesday, July 2, 2013
LIC Jeevan Surabhi (Money Back) Plan Details
Features:
This plan is similar to other money back plans. However main differences in regular
money back plans and LIC Jeevan Surabhi are as under
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
The actual term and the premium paying term for these plans are as under.
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
The actual term and the premium paying term for these plans are as under.
Plan no.
|
Policy Term
|
Premium Paying Term
|
106
|
15 years
|
12 years
|
107
|
20 years
|
15 years
|
108
|
25 years
|
18 years
|
Full sum assured is
paid back as survival benefit by the end of premium paying term. However, the
risk cover and additional risk cover continue and the policy participates in
profits till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
LIC Jeevan Surabhi plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
LIC Jeevan Surabhi plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
Benefits:
JEEVAN
SURABHI – (Table Nos. 106,107 & 108)
Introduction:
For the year 2004-05 the
two rates of investment return declared by the Life Insurance Council are 6%
and 10% per annum.
Product
summary:
This is a with-profits
plan available for three different terms of 15, 20 and 25 years with
corresponding premium paying terms of 12, 15 and 18 years. The plan provides a
specified percentage of Sum Assured on survival up to specified durations. A
life insurance cover is available throughout the term of the plan which
increases after every five yearly intervals.
Premiums:
Premiums are payable
yearly, half-yearly, quarterly, monthly or through salary deductions as opted
by you throughout the premium paying term of the policy or till the earlier
death.
Bonuses: LIC Jeevan Surabhi 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. A Final (Additional) Bonus may also be payable
provided policy has run for certain minimum period.
Death Benefit:
The Sum Assured along
with the additional cover, if any, plus all bonuses declared till death is
payable in a lump sum upon the death of the life assured during the policy
term. The survival benefits paid prior to death will not be deducted from the
claim amount.
Survival Benefit: A percentage of sum assured as mentioned below
will be paid on your survival to the end of specified durations:
Percentage of Sum Assured payable at
the end of specified duration
|
|||
Plan and Term ( Premium Paying Term
)
|
|||
Duration
|
106/15(12)
|
107/20(15)
|
108/25(18)
|
4
|
30%
|
25%
|
20%
|
5
|
-
|
-
|
-
|
8
|
30%
|
25%
|
20%
|
10
|
-
|
-
|
-
|
12
|
40%
|
25%
|
20%
|
15
|
25%
|
20%
|
|
18
|
-
|
-
|
20%
|
Maturity
Benefit:
LIC Jeevan Surabhi
policy matures on your survival to the end of the policy term. All bonuses
declared up to maturity date will be paid in a lump sum.
Supplementary/Extra
Benefits: 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.
Surrender
Value:
Buying
a life insurance contract is a long-term commitment. However, surrender values are available under
the plan on earlier termination of the contract.
Guaranteed
Surrender Value:
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 in case no survival
benefit payment has already fallen due. Where one or more survival benefits
have fallen due, the guaranteed surrender value will be 30% of the premiums
paid on or after the due date of payment of latest survival benefit.
Corporation’s
policy on surrenders:
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 is the discounted value of the reduced claim amount that would be
payable on death or at maturity. This value will depend on the number of
premiums paid and the duration at which surrender value is calculated. 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 reviews the surrender value under its plans from time to time
depending on the economic environment, experience and other factors.
Note: The above is the product
summary giving the key features of the plan.
This is for illustrative purpose only.
This does not represent a contract and for details please refer to your
policy document.
Benefit
Illustration:
Illustration 1 (Table 106)
Age at entry: 35 years
Policy Term: 15 Years
Premium Paying Term: 12 Years
Mode of premium payment: Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 10963 /-
Illustration 2 (Table 107)
Age at entry : 35 years
Policy Term : 20 Years
Premium Paying Term : 15 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 9581 /-
Illustration 3 (Table
108)
Age at entry : 35 years
Policy Term : 25 Years
Premium Paying Term : 18 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 8776 /-
Plan Parameters :
|
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Monday, July 1, 2013
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