Tag: non-linked plan

Surrender of LIC Insurance policy

Posted on by avinash

 LIC POLICY Surrender

If you don’t want to continue LIC policy for any reason then LIC gives you an option to surrender your Policy. There are Lock in period for 3 years in Endowment Plan and 5 years for ULIP plan. LIC policy is not allowed in LOCK in period. It does not matter of policy term but it is clear that delay in surrender gives you better amount. Normally LIC agents in Mumbai are doing all this procedure for surrender of LIC policies.

Where can you surrender your LIC policy

ü LIC parent Branch: Where you have taken your policy, you may go there and do all procedure.

ü LIC Customer Zone: LIC has opened several Customer Zone to help its customer.Here one can get any service related to LIC policies irespestive of parent branch. It is compulsory that Customer has to visit by own along with ID card.You can find Customer Zone in your locality with the help of internet.

ü LIC agent: Just do a call to LIC agent,he will do all documentation of behalf of you.

Documents Require To surrender LIC Policy

Ø Original Policy Paper (Bond Paper)

Ø  Surrender Form (No.5074)Surrender Value(Form No.5704)

Here and take the printout

Ø Your Bank cancelled cheque (your name should be printed on cheque)

If Your Name is not printed on cheque or you don’t have Cheque Book then

 Submit bank passbook photocopy.

Ø NEFT form :Fill all bank details , so that amount will go directly to you.

Ø Aaadhar Card and PAN card self attested zerox copy

Ø One questionnaire form also should be fill in LIC office.

How to Calculate Surrender Amount?

The exact value will be conveyed to you through servicing branch or you can also collect it through SMS/LIC customer care.but  you can also calculate it by own.

{(Total Premium Paid in years/total premium Payable years)X Sum Assured } + Accrued Bonus } X Surrender Factor

 Suppose Mr A has take a policy of rs 30 Lac for 30 years  terms. Now Having paid for 10 years , Mr A wants to surrender it.

{(10/30) X 30 lac} + Bonus } LIC surrender Factor}

 

Note:Once you submit the all necessary documents, then wait for 5-10 days they transfer the fund to your bank account.

 

If you plan to surrender your endowment policy, bear in mind all the money you have paid that you may never get back.

LIC NEW MONEY BACK POLICY PLAN 820 AND PLAN 821

Posted on by avinash

LIC a has New Money Back Plan for 20 years and for 25 years term .It is a non-linked plan means returns will not affected by Share/Equity market .It offers an attractive combination of Risk cover of death throughout the policy term along with the periodic payment, called as Survival benefits at every 5 years of duration of during the term. A unique combination provides financial help for the family if death occur any time before maturity and lump sum amount at the time of maturity for the surviving policyholder.Plan also gives liquidity needs through its loan facility and surrender of policy.

Example for New Money Back  820 for Maturity and Survival benefits

Policy term= 20 years

PPT= 15 years (One Has to pay premium only 15 years)

Survival Benefit(Money back) = 20% Of Sum assure every 5 years

On Maturity = 40 % of SUM ASSURE + Bonus+ Final Addison Bonus

Example:

Age 35yrs

SA – Rs 10,00,000

Example for New Money Back  820 for Maturity and Survival benefits

Policy term= 20 years

PPT= 15 years (One Has to pay premium only 15 years)

Survival Benefit(Money back) = 15% Of Sum assure every 5 years

On Maturity = 40 % of SUM ASSURE + Bonus+ Final Addison Bonus
SA – Rs 10,00,000

 Death Benefit

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~

125% of Basic Sum Assured (1.25 x BSA)

OR

10 times Annualised Premium.(10 x AP).

         [Premiums – excluding taxes, extra premiums and premiums for riders, if any]

LIC New Policy Jeevan Shiromani plan 947

Posted on by avinash

LIC introduce LIC’s Jeevan Shiromani Plan (Plan No.947) with effect from 19th December, 2017.

https://licinsurance.online/jeevan-shiromani-plan-847/LIC’s Jeevan Shiromani plan is a non-linked, with-profits, limited premium payment money back life insurance plan especially designed for targeted segment of High Net-worth Individuals. This plan provides financial support for the family not only in case of death of Life Assured during the policy term but also provides for payment of a lumpsum amount on diagnosis of any of the specified Critical Illnesses.

Earlier it was plan no 847 ,now it is plan number 947.

Under this plan Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured for the first five years and Rs.55/- per thousand Basic Sum Assured from 6th policy year till the end of premium paying term as detailed in Para 4 below.
In addition, the policy shall participate in the profits in form of Loyalty Additions .
 The benefits and other details of the Insurance plan are given below.
ELIGIBILITY CONDITIONS AND RESTRICTIONS FOR BASE PLAN:

a) Minimum Basic Sum Assured : Rs. 100,00,000/-

b) Maximum Basic Sum Assured : No Limit (The Basic Sum Assured shall be in multiples of Rs. 500,000/-)

c) Policy Term : 14, 16 , 18 and 20 years 

d) Premium Paying Term (PPT) : (Policy term less 4) years

e) Minimum Age at entry : 18 years (completed)

f) Maximum Age at entry 

55 years (nearer birthday) for policy term 14 years

51 years (nearer birthday) for policy term 16 years

48 years (nearer birthday) for policy term 18 years

45 years (nearer birthday) for policy term 20 years

 g) Maximum Age at Maturity : 69 years (nearer birthday) for policy term 14 years

67 years (nearer birthday) for policy term 16 years

66 years (nearer birthday) for policy term 18 years

65 years (nearer birthday) for policy term 20 years

Date of Commencement of Risk: Under this plan the risk will commence immediately from the Date of issuance of policy.

Date of issuance of policy is a date when a proposal after underwriting is accepted as a policy and the contract gets effected.

BENEFITS UNDER THE BASE PLAN:

The benefits payable under an inforce policy are as under: 

a) Death Benefit:

On death during first five years: “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable.

On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

 Where “Sum Assured on Death” is defined as the higher of

  • 10 times of annualised premium or
  • Absolute amount assured to be paid on death, i.e. 125% Basic Sum Assured

This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

 b) Survival Benefit:

On the life assured surviving to each of the specified durations during the policy term, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below:

 For policy term 14 years: 30% of Basic Sum Assured on each of 10th and 12th policy anniversary For policy term 16 years: 35% of Basic Sum Assured on each of 12th and 14th policy anniversary For policy term 18 years: 40% of Basic Sum Assured on each of 14th and 16th policy anniversary For policy term 20 years: 45% of Basic Sum Assured on each of 16th and 18th policy anniversary

 c) Maturity Benefit:

On the life assured surviving to the end of the policy term, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable.

 Where “Sum Assured on Maturity” is as under:

For policy term 14 years: 40% of Basic Sum Assured For policy term 16 years: 30% of Basic Sum Assured For policy term 18 years: 20% of Basic Sum Assured For policy term 20 years: 10% of Basic Sum Assured

 d) Inbuilt Critical Illness Benefit:

  1. On first diagnosis of any one of the 15 Critical Illnesses as specified below, provided the policy is inforce on the date of diagnosis, the following benefits/ facilities shall be available.
  2. Lumpsum Benefit: Inbuilt Critical Illness Benefit equal to 10% of Basic Sum Assured shall be
    payable.
  3. The claim is proved as admissible to the satisfaction of the Corporation

Want to be LIC advisor ? click here

The list of the 15 Critical Illnesses conditions covered under LIC  Jeevan Shiromani are:

  1. Cancer of specified severity:
  2. Open chest CABG
  3. Myocardial infarction
  4. Kidney failure requiring regular dialysis
  5. Major organ /bone marrow transplant (as recipient)
  6. Stroke resulting in permanent symptoms
  7. Permanent paralysis of limbs
  8. Multiple sclerosis with persisting symptoms
  9. Aortic surgery
  10. Primary (idiopathic) pulmonary hypertension
  11. Alzheimer’s disease/ dementia
  12. Blindness
  13. Third degree burns
  14. Open heart replacement or repair of heart valves
  15. Benign brain tumour
LIC Jeewan Shiromani plan
Do you want Detail Quotation on Email ?