L.I.C’s Jeevan Nischay (Plan No. 199)

L.I.C’s Jeevan Nischay (Plan No. 199) Launched

Life Insurance Corporation of India, launched a new close ended plan named, “L.I.C’s Jeevan Nischay”. Jeevan Nischay (Plan No. 199) being a close ended plan, will be open for sale from 29th October, 2009 till 31st March 2010 and will be offered only to the existing policy holders of L.I.C only.

L.I.C’s Jeevan Nischay is a single premium assurance plan with Loyalty Addition. This plan will be offered without any medical examination, only to the existing policyholders of the Corporation whose previous policies have been accepted at standard rates and have at least one policy in force. Further, the policy holders who have only an annuity or pension plan without risk cover shall not be eligible for this plan.

BENEFITS:

a) Death Benefits

On death during first policy year: 5 times single premium excluding extra premium if any.

On death during the policy term after the first policy year: Maturity Sum Assured.

On death during last policy year: Maturity Sum Assured with Loyalty Addition.

b) Maturity Benefits:

On maturity the Maturity Sum Assured with Loyalty Addition will be payable.

ELIGIBILITY CONDITIONS:

Age Limits: 18yrs to 50yrs of age.

Minimum Single Premium: Rs 10,000/-

Maximum Single Premium: Rs 10,00,000/-

Policy Term: 5, 7 and 10 years

SURRENDER VALUE:

Guaranteed Surrender Value will be available under this plan, after completion of one year of policy.

LOAN:

Loan facility is available under this plan after completion of one policy year.

To avail this plan, Call us at 9480240513 ( Bangalore )

JEEVAN AASTHA

This new plan of LIC (Jeevan Aastha) although provide gtd. returns but plz. note the NET Yield is variable for different age person due to difference in prem. paid for the same amount of cover.

Some info for this policy is given below.
Minimum Sum assured = 150000 & can be purchsed in multiples of 30000
Max. Sum assured = No limit
Prem. type = single prem. only
Type of policy = Traditional endowment policy with gtd. return
Minimum entry age = 13 years (nearest birth day)
Max. entry age = 60 years (nearest birth day)
Policy term = 5 years or 10 years
in First policy year the SA = 6 times of Single prem. paid (appx.)
From 2nd year onwards SA = 2 times of single prem. paid (appx.)
Maturity SA = 1/6th of original SA
GTD. addition per year = 100 Rs. for per 000 maturity SA for 10Y plan & 90 Rs. for 5 year plan
Loan & surrender value = after completion of 1st policy year

Sample benefit illustration for a 35year normal healthy male stamdard life.
Age of life assured = 35 years
SA = 300000
Maturity SA = 1/6 of Initial SA = 50000
Single prem. = 48975
Term of policy = 10 years
In case of death during 1st policy year claim amount = Initial SA + GTD addition = 300000 + 5000 (@ 100 Rs. per 000 maturity SA for 50,000 maturity SA)
In case of death during 2nd to 10th year claim amount = 100000 (reduced SA) + GTD. addition of 5000 Rs. per year
Maturity amount after 10 years = 50000 (maturity SA) + 50000 (gtd. addition) + 10000 (lyality addition if any, not gtd.) = 110000 Rs.

jeevan aastha

Life Insurance Corporation of India (LIC) on Monday launched Jeevan Aastha, a single premium life insurance product with guaranteed benefits on maturity and death.

LIC zonal manager (south central zone) DD Singh said the scheme would be offered with five and ten-year terms giving a guaranteed ten per cent and nine per cent per annum of maturity sum respectively. While the minimum age for entry will be 13, the maximum is 60.

The minimum basic sum assured will be Rs 1.5 lakh. In the first year, the risk coverage will be six times the maturity sum assured along with the guaranteed returns while it will be double the maturity amount after one year.

The premium paid and returns from the product will be exempted from tax.

Singh said LIC was expecting Rs 3,500 crore from the new product from Andhra Pradesh and Karnataka zones. The scheme closes on January 21.