LIC revised rate of interest chargeable under various financial transaction for the financial year 2016-17 vide circular ref no.ACTL/PS/2224/4 Dt.18th April 2016Details are here as follows :
Sr. No. | Type of Transaction | Rate of Interest |
1. | (i) Policy Loans [under all plans except Jeevan Aastha (Plan195), Jeevan Vridhhi (Plan 808), Jeevan Vaibhav (Plan 809), Jeevan Sugam (Plan 813), Jeevan Shagun (Plan 826), Jeevan Sangam (Plan 831) And Jeevan Shikhar (837) (ii) Policy Loan under Jeevan Aastha (Plan 195), Jeevan Vridhhi (Plan 808), Jeevan Vaibhav (Plan 809), Jeevan Sugam (Plan 813), Jeevan Shagun (Plan 826), Jeevan Sangam (Plan 831) And Jeevan Shikhar (837) | 10.00 10.50 |
2. | For Policies issued on or after 01/01/1957 – (I) Arrears of premiums within six months from the date of FUP. (II) For revivals | 9.50 (Subject to a minimum int. of Rs.5/-) |
3. | Arrears of premiums for alterations and age proving higher. | 9.50 |
4. | Dating back the policies | 9.50 |
5. | Discount factor for (i) Commutation of instalments under Educational Annuity Policies. (ii) Commutation of Income Benefits under Multi-Purpose, Guaranteed Benefits under Annuity Settlement Options. (iii) Unpaid instalments under Settlement Options. | 9.50 |
6 | Settlement options for Maturity Claims | 6.00 |
7. | Advance payment of premiums under (i) Jeevan Sneha (Plan 128) (ii) Jeevan Bharati (Plan 160) and Jeevan Bharati I (Plan 192) | 10.00 6.00 |
8. | Delayed payment of claims | 9.00 |
9. | Discounted Value or Accumulated Value for Calculation of SSV under Jeevan Saral (Plan 165) | 7.50 |
10. | Accumulation of S B under Jeevan bharati (Plan 160) and Jeevan Bharati –I (Plan 192) | 4.00 |
11 | Discounting of Claims during the last year of policy term | 9.00 |
12 | Reinstatement of Surrendered Policies | 10.50 |
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