LIC Jeevan Anand

Jeevan Anand is one of the super hit policies of LIC. An excellent option for the people who wants to secure their own life and make something for their family or children on their death. This is a double cover policy.

What is the unique feature of Jeevan Anand that makes everyone like it?

If a person takes Jeevan Anand policy for 10 lacs for a period of 20 years and if his current age is 30 years then he will get an amount of 10 lacs + bonus at the age of 50. This is happening in most of the insurance plans but what is special about Jeevan Anand?

As told before Jeevan Anand is a double cover plan. After the policy premium payment period also the risk cover continues. If the policy holder dies after the policy paying period the nominee will be provided 10 lac rupees. If the policy holder died because of accident then the nominee will be provided an amount of 20 lac rupees. This DAB (Double Accident Benefit) facility amount is provided if the policy holder opts to take the DAB rider while taking the policy. In Jeevan Anand this DAB benefit is applicable till age 70 of the policy holder after the premium paying term. After age 70 if the policy holder dies his nominee will be given an amount of rupees 10 lacs. Checkout for a free sample presentation with an example in the future posts.

 

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LIC New bima gold - excellent money back policy - Overview

In 2002 LIC announced New Bima Gold, the enhanced version of Bima Gold as a close ended plan. Now this plan is opened once again. The major advantages of this policy are

It is a money back policy.


Low premium high risk cover.


Unique extra life cover.


The only policy with the features of both extra life cover and money back.

Matuity Benefits of New Bima Gold:
New bima gold is a money back policy. The policy benefits will be returned in regular intervals. Amount will be returned to the policy holder every four years during the policy payment term. At the end of the policy payment term the total premiums paid less the money returned during the policy payment term plus the loyalty addition will be given to the policy holder. The extra premiums paid towards the rider premiums will nt be taken into account.

With new bima gold you are getting more than what you actially pay.
Check out future posts for more details

 

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Jeeval Saral Free Presentation

The following presentation gives the features, benefits for a person aged 30 years if he takes the LIC's JEEVAN SARAL policy.

 

JEEVAN SARAL

Proposer         : Mrs. X                                            Age: 30 years.

Nominee         : Mr. Y.                                            Age  34 years.

Term               : 20 years.

Policy Premium:  Rs. 1071 (Qly – Including Double Accident Benefit)

Key Features:

• This is a Premium based policy rather than sum assured based policy.  The premium amount can be chosen by the policy holder.
• Here the Maturity Sum Assured is calculated based on the premium paid. 
• This policy comes with the facility of unit linked policies. 
• Partial withdrawals are allowed after three years of payment.
• Auto Cover facility is provided after three years of payment.
• Attractive surrender value.

Maturity Benefits:

            In this case the maturity benefit will be 95,707 + Loyalty Addition, if any.

Death Benefits:

            250 times the monthly basic premium (Rs. 87500 /-) + return of the premiums paid (excluding the first year premium and extra rider or premium) + Loyalty Additions, if any.

Surrender values:

            80% of Maturity Sum Assured are paid if the premium has been paid for 3 – 4 years.

            90% of Maturity Sum Assured are paid if the premium has been paid for 4 – 5 years.

            100% of Maturity Sum Assured are paid if the premium has been paid for more than 5 years + Loyalty Additions, if any.

 

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LIC's JEEVAN CHHAYA Free presentation

Jeevan Chhaya

Proposer : Mr.X Age: 31 Years

Nominee : Mr. Y. Pranav Age: 2 Years.

Appointee : Mr. Z. Age: 36 Years.



Policy Amount: Rs.2,00,000/-



Policy Term: 18 yrs.



Premium Amounts:

Payment Mode Premium

Yearly Rs.12,197 /-

Half Yearly Rs.6,194 /-

Quarterly Rs.3,145 /-








Policy Features:

An excellent adult as well as children plan that can provide benefit for the whole family.



Maturity Benefits:

• 25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder, if he is surviving.
• Policy loan and Housing loan can be taken during the premium paying term.

Death Benefits:

• The nominee can be your child and the appointee can be your spouse.
• In case of risk during the policy paying term the sum assured is given to the appointee and all the future premiums are waived off (no need to pay future premiums).
• The Premium Waiver Benefit is coming as a default in this policy.
• 25% of the Policy Amount is given every year during the last 4 years of the maturity to the nominee.

What is paid for 18 year?

Yearly Rs. 2,19,546/- 
Half Yearly Rs. 2,22,984/-
Quarterly Rs. 2,26,440/-

What’s your benefit:
SA – 2,00,000 +Bonus – 1,51,200 ( estimated @ Rs.42 per 1000 SA for 26 years.) = Rs.3,51,200.


T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.


In addition to this the policy holder will also be provided Double Accident Benefit.

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LIC's Amulya Jeevan features benefits premiums with example

Amulya Jeevan

Proposer:  Mr. X

Age:  37 years

Nominee:  Mr. Y

Policy Amount: 25 lacs.

Key Policy Features:

                This is a pure term assurance plan using which a person can secure his/her family in an economical way.    The policy amount can be paid either as regular premiums (yearly and half yearly) or as a single premium.

Benefits:

Maturity Benefits:

                There is no maturity benefits in this policy.

Death Benefits:

                The Sum Assured will be given to the nominee on his/her  death during the policy paying term.

Terms and Premiums:

Term: 5 years

Single Premium:                               Rs. 27,450 /-

Regular Premiums:

Mode	Premium	Total Premium Paid
Hly Yearly	Rs. 3,379 /- Rs. 6,625 /-	3379 x 10 = Rs. 33,790 /- 6625 x 5 = Rs. 33,125 /-

Term: 10 years

Single Premium:                               Rs. 51,525 /-

Regular Premiums:

Mode	Premium	Total Premium Paid
Hly Yearly	Rs. 3,697 /- Rs. 7,250 /-	3697 x 20 = Rs. 73,940 /- 7250 x 10 = Rs.72,500 /-

Term: 15 years

Single Premium:                               Rs. 78,150 /-

Regular Premiums:

Mode	Premium	Total Premium Paid
Hly Yearly	Rs. 4,233  /- Rs. 8,300 /-	4233 x 30 = Rs.1,26,990 /- 8300 x 15 = Rs.1,24,500 /-

 

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LIC Jeevan Tarang features with example

Jeevan Tarang

Proposer:  Mr. X

Age: 37 years

Nominee: Mr. Y

Policy Amount : 5 Lacs.

Policy key features:

                This is one of the very novel plans of LIC.  This is a whole life plan which provides annual survival benefits at the rate of 5.5% of the Sum Assured (Policy Amount) for the life time after one year from the chosen accumulation period.  Therefore for 5 lacs an amount of Rs. 27,500/- will be returned every year.

                Policy can be paid as regular premiums under Yearly, Half yearly, Quarterly and Monthly.  This policy has a special feature so that the policy paying term can be reduced to 6 years.  Premium can also be paid as single premium .

Note:  Accident benefit cannot be availed under single premium.

Benefits:

Survival Benefits:

Bonus will be paid in one lumpsum and at the end of the policy term and after one year, 5.5% of the Sum Assured will be payable till the 100 years of the Life Assured.  This is the highlight of this plan that can make a person’s  retirement period safe and secured.

Maturity Benefits:

                Sum Assured along with Loyalty Addition, if any will be payable to the policy holder during his 100 years of age.

Death Benefits:

è Sum Assured +vested Bonus is payable in case of death of the Life Assured during policy term (accumulation period).

è Sum Assured + Loyalty Addition, if any, is payable if Life Assured dies any time after policy term.

Terms and Premiums:

Term: 10 years

Single Premium:               Rs. 3,71,750 /-

                Regular & 6 years P.P.T Premiums:

Regular Premiums			6 years PPT
Mode	Premiums	Total Premiums Paid	Premiums	Total Premiums Paid
Qly Hly Yly	Rs. 13,481/- Rs. 26,690/- Rs. 52,834/-	13,481 x 40 = Rs. 5,39,240/- 26,690 x 20 = Rs. 5,33,800/- 52,834 x 10 = Rs. 5,28,340/-	Rs. 19,706/- Rs. 39,017/- Rs. 77,241/-	19,706 x 24 = Rs. 4,72,944/- 39,017 x 12 = Rs. 4,68,204/- 77,241 x 6 = Rs. 4,63,446/-

Bonus:  At the end of the 10 years, approximately at the rate of Rs. 55/- per thousand S.A.

Rs. 2,75,000 /-

Term: 15 years

Single Premium:               Rs. 3,15,750 /-

                Regular & 6 years P.P.T Premiums:

Regular Premiums			6 years PPT
Mode	Premiums	Total Premiums Paid	Premiums	Total Premiums Paid
Qly Hly Yly	Rs. 8,769/- Rs. 17,359/- Rs. 34,361/-	8,769 x 60 = Rs. 5,26,140/- 17,359 x 30 = Rs. 5,20,770/- 34,361 x 15 = Rs. 5,15,415/-	Rs. 16,825/- Rs. 33,313/- Rs. 65,952/-	16,825 x 24 = Rs. 4,03,800/- 33,313 x 12 = Rs. 3,99,756/- 65,952 x 6 = Rs. 3,95,712/-

Bonus:  At the end of the 15 years, approximately at the rate of Rs. 55/- per thousand S.A.

Rs. 4,12,500 /-

Term: 20 years

Single Premium:               Rs. 2,67,750 /-

                                Regular & 6 years P.P.T Premiums:

Regular Premiums			6 years PPT
Mode	Premiums	Total Premiums Paid	Premiums	Total Premiums Paid
Qly Hly Yly	Rs. 6,281/- Rs. 12,434/- Rs. 24,610/-	6,281 x 80 = Rs. 5,02,480/- 12,434 x 40 = Rs. 4,97,360/- 24,610 x 20 = Rs. 4,92,200/-	Rs. 14,419/- Rs. 28,549/- Rs. 56,523/-	14,419 x 24 = Rs. 3,46,056/- 28,549 x 12 = Rs. 3,99,756/- 56,523 x 6 = Rs. 3,39,138/-

Bonus:  At the end of the 20 years, approximately at the rate of Rs. 55/- per thousand S.A.

Rs. 5,50,000 /-

 

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Endowment Policy/Plan of LIC Explanation with an example

Endowment Policy

Proposer: Mr. X

Age: 25

Policy Amount: 1 lac.

Policy duration: 15 years.

            One of the traditional and most popular plans of LIC for fulfilling all long/short term financial needs.

Benefits:

Maturiry Benefits:

            Sum Assured + Bonus will be given.  In addition, Final Additional Bonus is also given, if premium paid for 15 years or more.

Death Benefits:

            Sum Assured + Accrued Bonus is given to the nominee.  Final Additional Bonus is also given, if premium paid for 15 years or more.

What you pay
Years	Premium
	Yearly	Half-Yearly	Quarterly
1	6805	3455	1815
15	102075	103650	108900

What you get
	@	Sum
Sum Assured		100000
Bouns At the rate of *	42	63000
Final Additional Benefit. At the rate of *	250	25000
Total		188000

Along with this policy you will also be provided Double Accident Benifit

* - These rates are declared by the LIC and may vary.

 

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