New changes in LIC OF INDIA from 01.02.2020
There are New changes all the LIC policies in LIC OF INDIA from 1st Feb 2020 . All previous policies have been withdrawn. If you have purchased old plans then it will not affect you. But if want to have New Insurance Plans from LIC of India then you have to buy new one.
LIC policies with updated features:
1)Settlement option on Claim and Maturity
- For Death Claims:-need to confirm at the proposal stage
- For Maturity:-exercise before 90days for request, available for 5,10,15 years…modes available monthly, quaterly, half yearly, yearly.
2).Loan is given at 80% of SV:
On surrender of LIC Policies you may get upto 80% of LOAN
3).GSV – 30% less charges.GSV is Guranted Surrender Value.
4).Grace period restrict to 30days from the first unpaid premium of customer.Important to note that at first 3 years risk ceases on closing of Grace period.
5).Minor life Age 8 cover start from day one earlier it starts after 2completion of 2 years of child policies.
6).Accident coverage ceases once you attain age 70 irrespective of basic coverage continue.
7).Accident coverage for minor to major allowed for policy whose PPT is 5 and more years only. If it is less than five not allowed for Accident death.
8).Term rider minimum 1 lakh Maximum -25 lakhs Including existing term rider in all policies.
9).CIR (Critical illness Rider) once claimed no rider premium will be charged there after in whole LIC policies term.
10).PWB (Premium Waiver Benefit) is allowed to minor life upto age 25 previously it was upto PPT and age of LP should not exceed 70.
11).Total 16 PLANS launch all the plans are having ACCIDENT DEATH AND DISABILITY COVERAGE except SHILA + TERM PLAN12).Some MAJOR CHANGE:
- BIMA BACHAT and Single Premium 917 we can give TERM RIDER COVERAGE subject to health and financial support.
- 4 Type of Riders Available Like PWB, CIR, ADDB, TERM RIDER
14).Claim concession
First 3 years only upto grace period no claim concession if customer doesn’t pay during grace period and died single penny not payable to family.
- After 3 years – 6 months subject to recovery of full premium
- After 5 years – one full year subject to same.
- During claim concession period
- No rider benefit is payable
15).Suicide clause :
- Within one year refund of premium @ 80% less charges
- After one year – full one year.
16).Please Note Now Proposer
- Use New Proposal forms
- Mother name is mandate
- Nominee I’d proof is mandate
- Suitability form is mandate
- Benefit illustration with new form.