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Introductions :
Health has been a major concern on everybody’s mind, including yours. In these days of skyrocketing medical expenses, when a family member is ill, it is a traumatic time for the rest of the family. As a caring person, you do not want to let any unfortunate incident to affect your plans for you and your family. So why let any medical emergencies shatter your peace of mind.

LIC has launched LIC’s Jeevan Arogya, a unique non-linked Health Insurance plan which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.

LIC’s Jeevan Arogya gives you:
• Valuable financial protection in case of hospitalisation, surgery etc
• Increasing Health cover every year
• Lump sum benefit irrespective of actual medical costs
• No claim benefit
• Flexible benefit limit to choose from
• Flexible premium payment options

Very easy to choose your plan

Step 1 Choose the level of Health cover you need
Step 2 Work out the premium payable along with our Representative

Step 1: Choose the level of Health cover you need:

You can choose the amount of Initial Daily Benefit (i.e. the daily Hospital Cash Benefit applicable in the first year of the policy) as per your need from out of the following choices:
` 1000 per day ` 2000 per day ` 3000 per day ` 4000 per day

This is the amount that will be payable to you in the event of hospitalisation in the first year on a per day basis. The Major Surgical Benefit that you will be covered for will be 100 times the Initial Daily Benefit you have chosen. Thus the initial Major Surgical Benefit Sum Assured will be ` 1 lakh, 2 lakh, 3 lakh, 4 lakh respectively. Other benefits such as Day Care Procedure Benefit, Other Surgical Benefit and Premium waiver Benefit (PWB) mentioned below shall also be payable depending upon the daily Hospital Cash Benefit chosen.

Step 2: Work out the premium payable along with our representative
Your premium will depend on your age, gender, the Health cover option you have chosen, whether you are Principal Insured or other insured life and the mode of payment.

Tables below give an indicative annual premium, payable yearly, for all health benefits corresponding to an Initial Daily Benefit of ` 1000 per day, for some of the ages in respect of various lives that can be covered under a single policy:

 

 

LIC’s Bima Account - I (UIN: 512N263V01)

As the name explains “LIC’s Bima Account – I ” is a simple non-linked plan under which you can be covered without undergoing any medical examination subject to certain conditions.
 
This plan offers you everything you think of an insurance plan should provide:

  1. Simplicity
  2. Liquidity
  3. Guaranteed minimum return
  4. No medical examination
  5. Transparent charges
  6. Risk cover

Under this plan, the premiums paid by you, after deduction of charges, will be credited to the Policyholder’s Account maintained separately for each policyholder. The risk cover will be provided by deduction of mortality charges from the Policyholder’s Account.

If all due premiums are paid, the amount held in your Policyholder’s Account will earn an annual interest rate of 6% p.a. which will be guaranteed for whole of the policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under this plan.

You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

Loan facility will also be available immediately after first policy anniversary.

PAYMENT OF PREMIUMS You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.

Policyholder’s Account shall consist of 2 parts:

  1. Policyholder’s Regular Premium Account - to which regular premiums, net of charges, shall be credited.
  2. Policyholder’s Top-up Premium Account - to which Top-up premiums, net of charges, shall be credited.
 

LIC’s Bima Account - I (UIN: 512N263V01)

As the name explains “LIC’s Bima Account – I ” is a simple non-linked plan under which you can be covered without undergoing any medical examination subject to certain conditions.
 
This plan offers you everything you think of an insurance plan should provide:

  1. Simplicity
  2. Liquidity
  3. Guaranteed minimum return
  4. No medical examination
  5. Transparent charges
  6. Risk cover

Under this plan, the premiums paid by you, after deduction of charges, will be credited to the Policyholder’s Account maintained separately for each policyholder. The risk cover will be provided by deduction of mortality charges from the Policyholder’s Account.

If all due premiums are paid, the amount held in your Policyholder’s Account will earn an annual interest rate of 6% p.a. which will be guaranteed for whole of the policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under this plan.

You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

Loan facility will also be available immediately after first policy anniversary.

PAYMENT OF PREMIUMS: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.

Policyholder’s Account shall consist of 2 parts:

  1. Policyholder’s Regular Premium Account - to which regular premiums, net of charges, shall be credited.
  2. Policyholder’s Top-up Premium Account - to which Top-up premiums, net of charges, shall be credited.
 
 
 
 

“LIC’s Bima Account - II” is a simple non-linked plan which offers you everything you think of an insurance plan should provide:
Simplicity
Liquidity
Guaranteed minimum return
Transparent charges
Risk cover

Under this plan, the premiums paid by you, after deduction of charges, will be credited to the Policyholder’s Account maintained separately for each policyholder. The risk cover will be provided by deduction of mortality charges from the Policyholder’s Account.

If all due premiums are paid, the amount held in your Policyholder’s Account will earn an annual interest rate of 6% p.a. which will be guaranteed for whole of the policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under this plan.

You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

Loan facility will also be available immediately after first policy anniversary.

1. PAYMENT OF PREMIUMS: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.

Policyholder’s Account shall consist of 2 parts:
Policyholder’s Regular Premium Account - to which regular premiums, net of charges, shall be credited.
Policyholder’s Top-up Premium Account - to which Top-up premiums, net of charges, shall be credited.

2. ELIGIBILITY CONDITIONS  AND  OTHER  RESTRICTIONS:
(in years)
Minimum Entry Age               :     8 (completed)
Maximum Entry Age              :     60 (nearest birthday)
Policy Term                             :     10 to 15 
Minimum Maturity Age          :     18 (completed)
Maximum Maturity Age         :     70 (nearest birthday)
Minimum Premium:

 

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

This is a unit linked Endowment plan which offers investment cum insurance cover during the term of the policy. You can choose the level of insurance cover within the limits, which will depend on the mode and level of premium you agree to pay. 

You have a choice of investing your premiums in one of the four types of investment funds available. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

  1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.

     

    A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.

  2. Eligibility Conditions And Other Restrictions:

    (a) Minimum Age at entry        -           7 (age last birthday)
    (b) Maximum Age at entry       -           60 years (age nearer birthday)
    (c) Minimum Maturity Age       -           18 years (completed)
    (d) Maximum Maturity Age      -           70 years (age nearer birthday)
    (e) Policy Term                         -         10 to 20 years
    (f) Minimum Premium            -           
    Regular premium (other than monthly (ECS) mode): Rs. [20,000] p.a.
    Regular premium (for monthly (ECS) mode): Rs. [1,750] p.m. 
    Single premium: Rs. [30,000]  
    (g) Maximum Premium            -         
    Regular premium: Rs. [1,00,000] p.a.
    Single premium: No Limit  

    (h) Sum Assured under the Basic Plan -  
    Minimum Sum Assured:
    Regular Premium policies:(Policy Term +1) times the annualized premium
    Single Premium: 
    For age at entry of below 45 years: 1.25 times of the single premium
    For age at entry of 45 years and above: 1.10 times of the single premium

 
LIC's Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. Assured Benefit Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year. Death Benefit Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
 

Product summary:
This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Commencement of risk cover:
The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in one lump sum (Single premium).

Guaranteed Additions:
The policy provides for theGuaranteed Additions at the rate of  Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured.

Loyalty Additions:
This 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 loyalty additions which are terminal bonuses payable along with death or maturity benefit. Loyalty addition may be payable depending on the experience of the Corporation.

 

Introduction:
This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.

Sample Premium Rates:
Following are some of the sample premium rates per Rs. 1000/- S.A.:

 
For 6 years’ Premium paying term
Age Maturity Age
 

23

24

25

26

27

0

111.25

107.25

103.35

99.60

95.95

4

128.35

123.80

119.35

115.05

110.90

8

148.15

143.05

138.05

133.20

128.50

12

170.20

164.55

159.05

153.65

148.40

 
For 6 years’ Premium paying term
Age Maturity Age
 

23

24

25

26

27

0

111.25

107.25

103.35

99.60

95.95

4

128.35

123.80

119.35

115.05

110.90

8

148.15

143.05

138.05

133.20

128.50

12

170.20

164.55

159.05

153.65

148.40

 
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of the tabular premium
Quarterly & Salary deduction - NIL
 
Sum Assured - Rebate (Rs.)
1,00,000 to 2,99,999 - Nil
3,00,000 to 4,99,999   1.5 %o S.A.
5,00,000 and above - 2 %o S.A.
 
 

Introduction:
This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.

Sample Premium Rates:
Following are some of the sample premium rates per Rs. 1000/- S.A.:

 
For 6 years’ Premium paying term
Age Maturity Age

 

23

24

25

26

27

0

112.55

108.00

103.65

99.45

95.45

4

132.35

127.00

121.85

116.90

112.15

8

156.20

149.90

143.85

138.05

132.45

12

184.20

176.85

169.75

162.95

156.40

 
For Premium paying term  = Policy Term less 5 years
Age Maturity Age

 

23

24

25

26

27

0

53.10

49.45

46.20

43.25

40.60

4

71.80

66.90

61.65

57.00

52.95

8

107.80

96.30

86.75

78.75

71.90

12

184.20

155.40

133.90

117.25

108.05

 
 
LIC's Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC's Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.

The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.

1. Benefits

i) Death benefit:

On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term.

On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy.

On death of child/nominee after Life Assured's death: The policy shall continue and the benefits shall be payable to the legal heir(s).

ii) Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.

iii) Loyalty Addition: Depending upon the Corporation's experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

2. Optional Benefits: You may choose the following optional riders by payment of additional premium-

i) Accident Benefit Rider: This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.

ii) Critical Illness Rider: An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age.

Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.

3. Eligibility Conditions and Other Restrictions (For Basic Plan):

 
a) Minimum Sum Assured : Rs. 100,000
b) Maximum Sum Assured : No Limit
(The Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry for Life Assured : 18 years (completed)
d) Maximum Age at entry for Life Assured : 50 years (nearest birthday)
e) Maximum Maturity Age for Life Assured : 75 years (nearest birthday)
f) Minimum Age at entry for child : 0 years (last birthday)
g) Maximum Age at entry for child : 17 years ( last birthday)
h) Minimum Term : Higher of (18 - age of child, 8) years
i) Maximum Term : (25 - age of child) years
 
4. Sample premium Rates:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.

A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

5. Sample premium Rates:

Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:
 
Single Premium

Age

Policy term

 

10

15

20

25

20

615.45

494.95

405.95

348.00

30

618.80

503.35

422.10

375.30

40

638.75

541.60

483.60

463.60

 
Annual Regular Premium

Age

Policy term

 

10

15

20

25

20

90.65

56.45

39.70

31.10

30

91.20

57.50

41.35

33.50

40

94.70

62.35

47.80

41.75

 
6. Mode and High S.A. Rebates:

Mode Rebate:

Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of the tabular premium
Quarterly & Salary deduction - NIL
 
Sum Assured - Rebate (Rs.)
1,00,000 to 2,99,999 - Nil
3,00,000 to 4,99,999 - 4.00 %o S.A.
5,00,000 and above - 6.00 %o S.A.
 

Regular Premium:

Sum Assured - Rebate (Rs.)
1,00,000 to 2,99,999 - Nil
3,00,000 to 4,99,999 - 2.00 %o S.A.
5,00,000 and above - 3.00 %o S.A.
 
7. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of maturity by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Riders shall be revived along with the basic plan and not in isolation.

8. Paid-up Value:

Under regular premium policies, if after atleast three full years' premium have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy for a reduced paid-up sum assured. This Paid-Up Sum Assured shall be payable on the date of maturity or on Life Assured's prior death.

Further, in case of death during the term of the policy, the paid up value shall be paid immediately on death. But, neither income benefit nor paid up value on maturity shall be payable.

Accident Benefit and Critical Illness riders do not acquire any paid-up value.

9. Surrender Value:

The Guaranteed Surrender Value will be as under:

Single Premium Policies: The Guaranteed Surrender value will be available after completion of atleast one policy year and is equal to 90% of the premium paid excluding premium for optional rider and extras, if any.

Regular Premium Policies: The Guaranteed surrender value will be available after completion of three policy years and atleast three full years' premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.

Corporation may, however, pay Special Surrender value, as the discounted value of the Paid-up Sum Assured as applicable on date of surrender, provided the same is higher than Guaranteed Surrender value.

10. Policy Loan:

No loan facility will be available under this plan.

11. Service Tax:

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on premium(s) as and when the premiums are paid.

12. Cooling-off period:

If you are not satisfied with the "Terms and Conditions" of the policy you may return the policy to us within 15 days from the date of receipt of the policy bond.

13. Exclusion:

Suicide:- This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).
 

In Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.

In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.

For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.

 

Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and 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.

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:
This 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.

Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and 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.

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:
This 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.

 
For 6 years’ Premium paying term
Age Maturity Age
 

23

24

25

26

27

0

111.25

107.25

103.35

99.60

95.95

4

128.35

123.80

119.35

115.05

110.90

8

148.15

143.05

138.05

133.20

128.50

12

170.20

164.55

159.05

153.65

148.40

 
For 6 years’ Premium paying term
Age Maturity Age
 

23

24

25

26

27

0

111.25

107.25

103.35

99.60

95.95

4

128.35

123.80

119.35

115.05

110.90

8

148.15

143.05

138.05

133.20

128.50

12

170.20

164.55

159.05

153.65

148.40

 
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of the tabular premium
Quarterly & Salary deduction - NIL
 
Sum Assured - Rebate (Rs.)
1,00,000 to 2,99,999 - Nil
3,00,000 to 4,99,999   1.5 %o S.A.
5,00,000 and above - 2 %o S.A.

Introduction
LIC’s Jeevan Bharati-I – is a plan exclusively for women. It is a with profit plan having special features considering the needs of women. The plan also provides for Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as optional Riders

1. SPECIAL FEATURES

1. Encashment of Survival Benefit as and when needed:
The policyholder at her option may avail the survival benefit any time on or after its due date.  If opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable.

2. Flexibility to pay premiums in advance:
The mode of premium payment is only yearly under this plan. However, policyholder may pay the next yearly premium in advance in instalments (maximum upto 3 instalments) during the year. If premiums are paid in advance a premium rebate may be allowed as may be decided by the Corporation from time to time

3. Option to receive maturity proceeds in the form of an annuity: :
The policyholder shall have the option to receive the maturity proceeds in the form of annuity. The rate of annuity will be based on the annuity rates prevalent at the time of stipulated Date of Maturity.

4. Auto Cover::
After two years premiums have been paid, whenever premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.

If death occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest is payable along with the vested bonus, if any.

The auto cover shall not be available for rider benefits.

2. OPTIONAL RIDERS:
The following riders are available under this plan:

A. CRITICAL ILLNESS (CI) RIDER :
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum assured under the basic plan subject to the maximum of Rs 5 lakh overall limit taking all critical illness riders under all existing policies of the Life Assured.

(For details refer the sales brochure of Critical Illness rider)

B. ACCIDENT BENEFIT RIDER:
An additional amount equal to the Accident Benefit Rider Sum Assured is payable upon death or total and permanent disability due to accident during the policy term.

This benefit can be availed for a minimum sum of Rs 50000 and for a maximum sum  equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakhs.

C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:

This rider can be opted for by a female between the ages of 18yrs and 35 years.
An amount  equal to 50% of the CDB Sum Assured is payable if the Life Assured gives birth to a child  with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.
This benefit can be availed for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.

(For details refer the sales brochure of Congenital Disability Benefit Rider)

 
For 6 years’ Premium paying term
Age Maturity Age
 

23

24

25

26

27

0

111.25

107.25

103.35

99.60

95.95

4

128.35

123.80

119.35

115.05

110.90

8

148.15

143.05

138.05

133.20

128.50

12

170.20

164.55

159.05

153.65

148.40

 
For 6 years’ Premium paying term
Age Maturity Age
 

23

24

25

26

27

0

111.25

107.25

103.35

99.60

95.95

4

128.35

123.80

119.35

115.05

110.90

8

148.15

143.05

138.05

133.20

128.50

12

170.20

164.55

159.05

153.65

148.40

 
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of the tabular premium
Quarterly & Salary deduction - NIL
 
Sum Assured - Rebate (Rs.)
1,00,000 to 2,99,999 - Nil
3,00,000 to 4,99,999   1.5 %o S.A.
5,00,000 and above - 2 %o S.A.
 

This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.

The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later.

If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paid-up policy after the premiums are paid for 5 years.

Suitable For:
This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.

 

Product summary:
This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

Premium:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.

Bonuses:
This 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. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.

 

This plan is mainly devised to create an estate for the heirs of the policyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the policyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the policy whichever is later.

The premiums under the policy are payable up to age 80 years of the policyholder or for a term of 35 years whichever is later.

If the payment of premium ceases after 3 years, a paid-up policy for such reduced sum assured will be automatically secured provided the reduced sum assured exclusive of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is not entitled to participate in the bonus declared thereafter but the bonuses already declared on the policy will remain attach, provided the policy is converted in to a paid-up policy after the premiums are paid for 5 years.

Suitable For:
This policy is suitable for people of all ages who wish to protect their families from financial crises that may occur owing to the policyholder’s premature death.

 
Product summary :

This is an Endowment Assurance Plan issued on the lives of husband and wife. The plan provides financial protection against death of both the lives. It pays the maturity amount on survival of one or both the lives to the end of the policy term.

Premiums :
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the term of the policy or till the first death of the lives covered, whichever is earlier.

Bonuses :
This 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. Such bonuses are to be added till date of maturity or the second death of the lives covered, whichever is earlier. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.