LIC of India has launched a new endowment plan Jeevan Labh (Plan No. 836) from 04/01/2016. Jeevan Labh is a limited Premium paying, non-linked, with-profit endowment assurance Plan. Unique identification number (UIN) of Jeevan Labh plan is 512N304V01. This Policy is available from a child of 8 years old to person of age 59. Main feature of this plan is very limited premium payment option, for 16 year policy term customer have to pay premium for 10 year and for 21 and 25 years of policy term policy holder have to pay premium for 15 and 16 years respectively.
Benefits of Jeevan Labh Plan
Benefits payable under an inforce policy are:
On death of the life Assured during the term of the policy, the Death Benefit defined as sum of “Sum Assured on Death” and vested simple reversionary bonuses and Final Additional Bonus, if any, shall be payable.
Where “Sum Assured on Death” is defined as the higher of 10 times of annualized premium or absolute amount assured to be paid on death i.e. Basic Sum Assured.
This death benefit shall not be less than 105% of the total premiums paid as on date of death.
Premium mentioned above will not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any
Participation in Profits
This policy will participate in the profits of the Life Insurance Corporation of India and will be entitled to receive simple reversionary bonus declared as per the experience of LIC, provided the policy is in full force.
Final additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or death. Final additional bonus will not be payable on paid-up policies.
1. LIC’s Accidental Death and Disability Rider UIN (512B209V01): If this benefit is opted for an additional amount equal to the Accidental Benefit Sum Assured is payable on death due to accident, provided the rider is in full force at the time of the accident.
2. LIC’s New Term Assurance Rider UIN (512B210V01): If policy holder opt for this rider then, an amount equal to Term Assurance Rider sum assured will be payable to on death of the Life Assured during the policy term, provided the rider cover is in full force at the time of death.
Other conditions and policy features of Jeevan Labh
1. Policy will acquire paid up value if aleast 3 full years’ premiums have been paid
2. Jeevan Labh policy can be surrendered at any time during the policy term provided aleast three full years’ premium have been paid
3. Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to conditions: Maximum loan for inforce policy-90% of surrender value and for paid up policies 80% of surrender value.
4. Policy can be taken from back date upto current financial year
5. Nomination and assignment in this policy is available
6. policy can be revived within the 2 years of First Unpaid Premium (FUP) by paying all the due premiums
LIC Launches Jeevan Shikhar
Life Insurance Corporation of India (LIC) has launched 'Jeevan Shikhar', a closed-ended plan which would be open for sale from January 11 up to March 31. It is a non-linked, with profits, single premium plan, wherein the risk cover is 10 times of tabular single premium providing a combination of savings and risk cover.
Under this plan, the proposer/life assured will have an option to choose the Maturity Sum Assured, and the single premium payable will depend on the chosen amount of maturity sum assured and the age of the assured. The plan is available from ages six to 45 years.
Minimum maturity sum assured is Rs 1 lakh, with maximum basic sum assured having no limit. The maturity sum assured can be in multiple of Rs 20,000 only, with a policy term of 15 years. Loan facility is also available under this single premium plan.
On the policyholder surviving to the end of the policy term the maturity sum assured along with loyalty addition , if any, shall be payable. In case of death of the life assured during first five policy years and after commencement of risk 'sum assured on death' equal to 10 times the tabular single premium will be payable.
On death before commencement of risk, single premium without interest after deducting extra charged, if any, will be refunded. On death after completion of five policy years but before the stipulated date of maturity "sum assured on death" equal to 10 times the tabular single premium along with loyalty addition, if any, will be payable.