Second innings

Second Innings….  This is one of the important question which every person think about once in their life. The answer to this is the combination plan which provide you handsome amount with huge insurance coverage. In case of some unfortunate mishappening during the term, nominee will get the huge corpus for living a standard life. Once the plan matures than also this provides you a huge corpus for living a standard post retirement life. In this way this plan provides you and your family a safety for your present and future both.

This is not a LIC official plan. Its concept base plan.

RETIRE N ENJOY

  • This is a wonderful concept to enjoy a happy independent retired life for yourself and your spouse.
  • Objective of this proposal is to provide financial security to your family.
  • Provides a high risk cover which increases automatically with time.
  • No premiums have to be paid from your own income when you starts receiving pension.
  • Surrender and Loan facility is also available after 3 years.
  • Double tax benefit of section 80 C & 10 (10 D).
  • This combo gives high risk cover along with high tax free maturity.

An Illustration: An example for a person aged 35 years at the Basic Sum Assured (BSA) of 13 Lacs with a yearly premium budget of ₹ 50,000 only.

“RETIRE & ENJOY”
Age at which pension is receivable Pension amount receivable ₹
58 Years 1,80,000
59 Years 1,98,000
60 Years 2,17,000
61 Years 2,36,000
62 Years 2,55,000
63 Years 2,75,000
64 Years 2,95,000
65 Years 3,17,000
66 Years 3,45,000
67 Years 3,73,000
68 Years 4,07,000
69 Years 4,30,000
70 Years 4,53,000
Total Premium Paid: ₹11,40,000 Total Pension Received: ₹40,00,000

Disclaimer: “Retire & Enjoy” is a concept name only and it’s not a direct product of LIC, this is a combination of Plans and the Plans used for this combination are of LIC of INDIA.

CROREPATI PLAN

  • Safest way of estate creation as 1 crore is assured on maturity.
  • Ideal plan for protection and growth.
  • Extra 25% risk cover from day 1 and free risk cover up to age 100 is also possible.
  • Surrender and loan facility also available provided premiums have been paid for 3 years.
  • Double Tax Benefit available (Premium paid gives 80c benefit up to 1,50,000 and maturity is also tax free under section 10 (10D)).
  • Most suitable for younger age group as the premium starts from as low as approx. 5,000 monthly.

 

 

 

An Illustration: An example at the age of 30 year

“CROREPATHY AT MATURITY”
Per Day Saving

(Approx.)

Get 1 Crore Maturity after Term In Case of Death of Policy Holder after Term / Maturity, Nominee will get Guaranteed from LIC

170 35 Years 20,00,000
280 30 Years 28,00,000
480 25 Years 38,00,000
720 21 Years 47,00,000
1200 16 Years 57,00,000

Disclaimer: “Crorepathy at Maturity” is a concept name only and the plan used for this concept is of LIC of INDIA.

CHILD EDUCATION & MARRIAGE PLAN

  • This plan is combination of few plans and is specially designed keeping in mind the two important aspects of children i.e. Education and Marriage.
  • Best suited for a newly born child.
  • Children will receive money regularly from age 18 to 25 years which will help in their education and marriage.
  • In case of sudden demise of any parent, future premium will be waived off and child will receive the same amount at the same time as decided while taking policy.
  • Also certain amount will be paid to the family along with waiver off premium for children’s basic education purpose.
  • Double tax benefit of section 80 C& 10 (10D).
  • All in one combo for child’s education and marriage purpose.

An Illustration:At the Basic Sum Assured (BSA) of 9 Lac

CHILD EDUCATION & MARRIAGE PACKAGE
Age of Father  30 Years
Age of Child 0 Years
Annual Premium: Nearly ₹ 45,000
On Survival: Earns Money at the right time
Age of Child Amount Receivable
18 ₹ 1 Lac
19 ₹ 1.90 Lac
20 ₹ 1 Lac
21 ₹ 2.10 Lac
22 ₹ 1 Lac
23 ₹ 2.30 Lac
24 ₹ 2.40 Lac
25 ₹ 10.25 Lac
On unfortunate death of father during term of the policy, Nominee will get 4,00,000 immediately& all the future premiums will be waived off
&
Educational expenses will be covered as under
Age of Child  Amount Receivable
Next year from date of death ₹ 40,000 per year
18 ₹ 1.40 Lac
19 ₹ 2.30 Lac
20 ₹ 1.30 Lac
21 ₹ 2.40 Lac
22 ₹ 1.20 Lac
23 ₹ 2.50 Lac
24 ₹ 2.50 Lac
25 ₹ 10.25 Lac

Disclaimer: “Child Education & Marriage Package” is a concept name only and it’s not a direct product of LIC, this is a combination of various plans and the plans used for combination are of LIC of INDIA.

 

 

 

 

  • This plan is combination of few plans and is specially designed keeping in mind the two important aspects of children i.e. Education and Marriage.
  • Best suited for a newly born child.
  • Children will receive money regularly from age 18 to 25 years which will help in their education and marriage.
  • In case of sudden demise of any parent, future premium will be waived off and child will receive the same amount at the same time as decided while taking policy.
  • Also certain amount will be paid to the family along with waiver off premium for children’s basic education purpose.
  • Double tax benefit of section 80 C& 10 (10D).
  • All in one combo for child’s education and marriage purpose.

An Illustration:At the Basic Sum Assured (BSA) of 9 Lac

CHILD EDUCATION & MARRIAGE PACKAGE
Age of Father  30 Years
Age of Child 0 Years
Annual Premium: Nearly ₹ 45,000
On Survival: Earns Money at the right time
Age of Child Amount Receivable
18 ₹ 1 Lac
19 ₹ 1.90 Lac
20 ₹ 1 Lac
21 ₹ 2.10 Lac
22 ₹ 1 Lac
23 ₹ 2.30 Lac
24 ₹ 2.40 Lac
25 ₹ 10.25 Lac
On unfortunate death of father during term of the policy, Nominee will get 4,00,000 immediately& all the future premiums will be waived off
&
Educational expenses will be covered as under
Age of Child  Amount Receivable
Next year from date of death ₹ 40,000 per year
18 ₹ 1.40 Lac
19 ₹ 2.30 Lac
20 ₹ 1.30 Lac
21 ₹ 2.40 Lac
22 ₹ 1.20 Lac
23 ₹ 2.50 Lac
24 ₹ 2.50 Lac
25 ₹ 10.25 Lac

Disclaimer: “Child Education & Marriage Package” is a concept name only and it’s not a direct product of LIC, this is a combination of various plans and the plans used for combination are of LIC of INDIA.

Jeevan Arogya (T-904)

LIC’s Jeevan Arogya is a unique non-participating non-linked 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.

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.

 

Key Features:

  • Hospital Cash Benefit (HCB).
  • Major Surgical Benefit (MSB) for 140 listed surgeries.
  • Day Care Procedure Benefit for 140 more listed surgeries.
  • Other Surgical Benefit for other surgical procedures.
  • Full Benefits paid irrespective of actual expenses.
  • 50% Advance MSB available under some major surgeries.
  • No Claim Benefits.
  • Increasing Health Cover.
  • Premium Waiver Benefit in case of major surgeries.
  • Ambulance Charges.
  • Accidental Rider & Term Rider options are also available.
  • These Benefits are in addition to any other health insurance cover that insured lives may have subject to certain conditions.
  • Income tax rebate under section 80 D.
  • Surrender value & Loan facility is not available under this plan.
  • No Death Benefits are payable under this plan.

 

Eligibility Criteria:

 

Features Principle Insured (PI) Insured Spouse, Parents, Parents In-Laws Insured Children
Minimum Age at Entry 18 Years 18 Years 3 Months
Maximum Age at Entry 65 Years 75 Years 17 Years
Maximum Cover Ceasing Age 80 Years 80 Years 25 Years
Minimum HCB Rs.1000/- Rs.1000/- Rs.1000/-
Maximum HCB Rs.4000/- Equal to or less than PI Equal to or less than PI

LIC’s Jeevan Arogya Plan (T-904) is a unique health insurance plan which provides support to your family in case of medical emergencies and the family remains financially independent in difficult medical contingencies. Health issues are increasing day by day and medical expenses are also very high these days so to prevent the financial losses in such cases health insurance of every family member is must in today’s scenario.

Key Features:

  • Hospital Cash Benefit (HCB).
  • Major Surgical Benefit (MSB) for 140 listed surgeries.
  • Day Care Procedure Benefit for 140 more listed surgeries.
  • Other Surgical Benefit for other surgical procedures.
  • Full Benefits paid irrespective of actual expenses.
  • 50% Advance MSB available under some major surgeries.
  • No Claim Benefits.
  • Increasing Health Cover.
  • Premium Waiver Benefit in case of major surgeries.
  • Ambulance Charges.
  • Accidental Rider & Term Rider options are also available.
  • These Benefits are in addition to any other health insurance cover that insured lives may have subject to certain conditions.
  • Income tax rebate under section 80 D.
  • Surrender value & Loan facility is not available under this plan.
  • No Death Benefits are payable under this plan.

 

Eligibility Criteria:

 

Features Principle Insured (PI) Insured Spouse, Parents, Parents In-Laws Insured Children
Minimum Age at Entry 18 Years 18 Years 3 Months
Maximum Age at Entry 65 Years 75 Years 17 Years
Maximum Cover Ceasing Age 80 Years 80 Years 25 Years
Minimum HCB Rs.1000/- Rs.1000/- Rs.1000/-
Maximum HCB Rs.4000/- Equal to or less than PI Equal to or less than PIan

 

JEEVAN UTKARSH

LIC JEEVAN UTKARSH (TABLE NO-846)

LIC JEEVAN UTKARSH (TABLE NO-846) one of the best plan for those mostly search and invested in single premium plan.  Jeevan utkarsh plan is a basically single premium with 12 years fixed maturity term. On maturity costumer get Loyalty Addition (with profit). In case of death during the policy term 10 times of Paid premium + Loyalty Addition (if any) will be death claim amount. Jeevan utkarsh plan settlement feature option of 5, 10 and 15 years. So if policy holder does not not want to received maturity or death claim amount in one go, costumer has option for equal amount over period of 5, 10 and 15 years.

 

WHY CHOOSE THIS PLAN

  • Single premium plan
  • 10 times risk cover of premium
  •  5, 10 and 15 years settlement option
  • U/S 80c rebate available
  • U/S 10(10d) effects on maturity (tax free amount)
  •  Good returns

 

 Maturity benefits

If the Life Assured surviving to the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition (LA), if any, will be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

 

Death Benefits

  • If death occurs within the first 5 years of policy If death occurred before the commencement of risk, then LIC will refund the single premium without any interest on it. Also, this refund of single premium will not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium, if any.

If death occurred after the commencement of risk, Sum Assured will be payable to nominee without any additional benefits.

  • If death occurs after the 5th years of policy and before maturity

Sum assured which is equal to 10 times of your single premium and Loyalty Addition will be payable to the nominee.

Sum Assured at death will be highest of the below

125% of the single premium; or

Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured; or

10 times of Single Premium

 

PLAN PARAMETRES

 

AGE OF ENTRY      6 YEARS -47 YEARS
PREMIUM PAYING MODE      SINGLE PREMIUM
TERM      FIXED 12 YEAR
MINIMUM SUM ASSURED      75000
MAXIMUM SUM ASSURED      NO LIMIT
SURRENDER OPTION      AVAILABLE AFTER 3 MONTHS
LOAN AGAINST POLICY      AVAILABLE AFTER 3 MONTHS

LIC’s Limited Premium Endowment Plan (TABLE NO. 830)

LIC LIMITED PREMIUM ENDOWMENT PLAN is a combined benefit of saving and protection,you can call a short term plan also. Because in this plan insured have 3 terms (12 , 16 , and 21 years) but premium paying terms are ( 8 and 9 years) that’s why we called a limited premium .Those who planned for short term, this plan is a best option for them.

 

WHY CHOOSE THIS PLAN :

  Plan for short term .

 Policy terms are 12 , 16 & 21 yrs But premium paying terms are 8 & 9 yrs.

  Accidental death & Disability benefit rider facility available.

  Plan for 80c & 10(10D) tax benefit.

 

BENEFITS OF PLAN :

ON DEATH : If insured dies during the policy term , then nominee will get  SUM ASSURED on death . simple reversionary bonus and final additional bonus , if any , shall be payable. The sum assured on death equals 125% of basic sum assured OR 10 times the annualized premium OR 105 % of all premium. The death benefits would not be less than 105% of all the premiums paid as on the date of insured death.

ON MATURITY : On maturity insured will get , sum assured along with vested simple reversionary bonuses and final additional , if any , shall be payable . where sum assured on maturity is equal to basic sum assured.

PLAN PARAMETERS

Age of Entry 18 to 62 years
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Premium Payment Term 8 or 9 Years (Fixed)
Policy Term 12, 16 and 21 Years (Fixed)
Basic Sum Assured 300000 and above ( in multiple of 10000)
Policy Revival within 2 year
Rebate Premiums 2% on yearly, 1% on Half Yearly, Nil on Quarterly
Loan After 2 years
Surrender After 2 years of full premium payment
Guaranteed Surrender Value From 30% to Maximum 80% of total premium paid

LIC’s Amulya Jeevan II (TABLE NO. 823)

LIC AMULYA JEEVAN II is pure term insurance plan which provides high risk cover (insurance) to policy holder  in very less premium paid during the policy term . This plan offers death benefit not maturity benefit.

 

WHY CHOOSE THIS PLAN :

 Low Premium & High Risk Cover.

 Complete Insurance plan Without Maturity.

  Tax Benefits under Section  80C .

 

BENEFITS OF PLAN :

DEATH BENEFIT:  Within the term of the plan if death occurs. Sum assured payable to the nominee.

SURVIVAL BENEFIT: On survival to the finish of the policy term , nothing should be payable.

 

PLAN PARAMETERS:

Age of Entry 18 to 60 Years
Premium Paying Mode Half yearly & Yearly
Policy Term 5 to 35 years
Sum Assured 25,00,000 and above (in multiples of 1,00,000)
Loan Not Applicable
Surrender No Surrender Amount
Revival Within 2 Years

LIC’s Jeevan Umang (Table No: 845)

LIC JEEVAN UMANG is a whole life plan of LIC. This plan provides a guaranteed  survival benefits of 8% per annum to the policyholder till the age of 100 years after completion of premium paying term ( 15 , 20 , 25 , & 30 yrs ) .Also this plan will provide lump sum payment on  maturity after completion of policy term OR on death of insured.

 

WHY CHOOSE THIS PLAN :

  Whole Life pension benefit available after completion of policy term.

  Premium Paying Term are 15 ,20 25 & 30 years but benefits cover till age of 100 yrs of insured.

  Can be Purchased as a Gurranteed deferred annuity pension plan.

  Accidental benefits and Disability rider benefit available.

 

BENEFITS  OF PLAN:

ON DEATH : Before the commencement of risk if insured dies , nominee will get all premium paid by insured till death ,excluding all taxes , extra premium ,if any shall be payable.

ON DEATH : After the commencement of risk if insured dies , nominee will get SUM ASSURED on death and vested simple reversionary bonuses and final additional bonus , if any , shall be payable.

ON SURVIVAL : After completion of policy premium paying term, insured get 8% of basic sum assured every year till the age of his/her 100 years.

ON MATURITY : Sum assured on maturity along with vested simple reversionary bonuses and final additional bonus , if any , shall be payable.

 

PLAN PARAMETERS

Age at Entry 90 Days (Completed)
Premium Paying Term (PPT) 15, 20, 25, & 30 Years
Maximum Age at Entry in Years)
(As per Nearest Birthday)
55 for 15 PPT
50 for 20 PPT
45 for 25 PPT
40 for 30 PPT
Age at Maturity 100 Years (Nearest Birthday)
Policy Term 100 – Age at Entry
Basic Sum Assured 2,00,000 and above in multiples of 25,000
Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

LIC’s JEEVAN TARUN (TABLE NO.834)

LIC’s JEEVAN TARUN PLAN is a children plan.This plan cover your children financial requirements and future needs. This is a flexible plan , specially designed to meet the educational needs of growing children. Here you will get some money back in 5 intervals (in 20th,21st,22nd,23rd and 24thyear) during the  policy term of 25 year. Maturity benefits payable at the age of child 25 years only.

 

 

 

WHY CHOOSE THIS PLAN :

∙ Children plan

∙ Fulfill the various financial need of growing child.

∙ Maturity will get age of child 25 years.

∙ Money back available in 5 regular intervals (20 , 21 , 22, 23, 24 year).

∙ Premium Waiver Rider available.

 

BENEFITS OF PLAN:

 ON DEATH : BEFORE COMMENCEMENT OF RISK an amount equal to the total amount of premium paid , excluding taxes , extra premium ,if any, shall be payable.

 ON DEATH : AFTER COMMENCEMENT OF RISK sum assured , vested simple reversionary bonus and final additional bonus , if any, shall    be payable.

 

 ON SURVIVAL : There are 4 options to get survival or maturity benefits :-

  ∙ OPTION 1 : If policyholder don’t want to get any money back between 20 to 24 year then he/she will get 100% of basic sum assured + bonus + final additional bonus (if any) on maturity 25th year.

 

  ∙ OPTION 2 : If policy holder want to get 5% of money back in 4 intervals between 20 to 24 year then he/she will get 75%of basic sum assure +bonus +final additional bonus(if any) on maturity 25th year.

 

 ∙ OPTION 3 : If policy holder want to get 10% of money back in 4 intervals between 20 to 24 year then he/she will get 50%of basic sum assured +bonus +final additional bonus(if any) on maturity 25th year.

 

  ∙ OPTION 4 : If policy holder want to get 15% of money back in 4 intervals between 20 to 24 year then he/she will get 25%of basic sum assured +bonus +final additional bonus(if any) on maturity 25th year.

 

ON MATURITY : On maturity at 25th year policy holder will get sum assured , vested reversionary bonuses ,and final additional bonus , if any, shall be payable.

 

PLAN PARAMETERS

Age of Entry 90 days to 12 years
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly
Policy Term 25 – Age at Entry (20 years in case of 5 year old child)
Premium Paying Term 20 – Age at Entry (15 years in case of 5 year old child)
Sum Assured 75000 and above (in multiples of 10000)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum assured Rebate (per Thousand of SA) Rs. 0 on 75,000 to 1,90,000
Rs. 2 on 2,00,000 to 4,90,000
Rs. 3 on SA on 5,00,000 and above
Loan After 2 Years for less than 10 year term & 3 years for more than 10 year term
Surrender After 2 Years for less than 10 year term & 3 years for more than 10 year term
Revival Within 2 Years of Lapse