Lic Jeevan Nidhi Plan

It is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years.

Eligibility

For Basic Benefit
a) Minimum entry age: 18 years (completed)
b) Maximum entry age: 65 years
c) Minimum vesting age: 40 years
d) Maximum vesting age: 75 years
e) Policy terms: 6 to 35 years under Single Premium policies and 5 to 35 years under Regular Premium policies

Jeevan Varsha is a close ended Money Back Plan with Guaranteed Additions from Life Insurance Corporation.

Features
• Jeevan Varsha provides for periodical payments of an amount of Sum Assured at specified durations, on survival during the term of the policy and on maturity.
• The Jeevan Varsha Plan provides for payment of Sum Assured on death.
• Guaranteed Additions are payable on death and Maturity.
• Loyalty Additions may also be payable during the last year of the policy on both maturity and death
• Premium can be paid yearly, half- yearly, quarterly, monthly (by ECS mode only)
• Loan is available under the plan after the policy acquires paid-up value.

Other Features

Grace Period:
A grace period of one month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly premiums &15 days for monthly premiums.

Jeevan Saral Lic Plan

This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. LICs Jeevan Saral brings you
• Higher cover
• Smooth return
• Liquidity and
• Considerable flexibility

Features
• Under this plan death cover will be same irrespective of age at entry and term.
• The sum payable at maturity however differs for different entry ages and terms.
• This plan is very appropriate for employees seeking life cover through Salary Savings Schemes.
• Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

LOYALTY ADDITIONS

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. It can be availed by parents having children aged between 0 to 10 years.

Features
· Parents can propose the child's life.
· Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, 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
· Risk commences after 2 years from the date of commencement of policy or on policy anniversary following completion of 7 years by the child, whichever is later.

This is an Endowment Assurance Plan available for children b/w 1 year and 12 years of age, with risk commencing at an early age. The policy may be purchased by any of the parent/grand parent.

Features
· Children between ages 1 and 12 years are eligible.
· Parents can propose the child’s life.
· Sum assured is payable either on survival to the term or on death happening within the term
· Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child.

Risk Commencement Age
· For children aged 1 to 4 years, risk commences from policy anniversary after attaining age 7 years

This is an endowment assurance plan, specially designed for people who wish to protect their families from a financial crisis that may occur due to untimely death and in particular to meet the educational and marriage expenses of children.

Features
. Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or earlier death.

Lic Children Plans| Lic of India

It is designed to meet the increasing educational, marriage and other needs of growing children.

Features
· 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 benefits can be availed on surviving by the life assured to the end of the specified durations
· You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit
· Premiums can be paid yearly, half yearly, quarterly, monthly or through salary deductions over the term of policy and it can be paid either for 6 years or up to 5 years before the policy term

The Child Career Plan from LIC is specially designed to meet the increasing educational and other needs of growing children.

Features
· 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 benefits can be availed on surviving by the life assured to the end of the specified durations.
· You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.
· Premiums can be paid yearly, half yearly, quarterly, monthly or through salary deductions over the term of policy and it can be paid either for 6 years or up to 5 years before the policy term.

Benefits

Survival Benefits

On life assured surviving to the end of the specified durations an amount specified below is payable:
(1) 5yrs before the date of expiry of policy term: 30% of Sum assured along with vested Simple Reversionary Bonus.

LIC Jeevan Nidhi
LIC's JEEVAN NIDHI comes with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. The premiums paid are exempt under Section 80CCC of Income Tax Act.

Salient Features:
A . Guaranteed Additions: Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.

It is 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.

Features
• Benefits are payable to beneficiary 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
• It also provides an immediate payment of basic sum assured amount o death of the life assured during the term of the policy.
• Premiums can be paid yearly, half yearly, quarterly, monthly or through salary deductions in case of regular premium.
• Various premium paying terms are offered
1. Single premium: One year
2. Regular premium payable during(n-3) yrs, where n is the policy term

Lic Jeevan Saathi Plan

It is an Endowment Assurance Plan which is ideal for employed couples. The plan provides financial protection against death of both the lives.

Features
· This plan is issued on the lives of husband and wife
· It pays the maturity amount on survival of one or both the lives to the end of the policy term.
· Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions throughout the term of the policy or till the first death of the lives covered, whichever is earlier.

Benefits

Death & Maturity Benefit
· Sum assured along with accumulated bonus is payable on date of maturity if both lives survive up to date of maturity.

Lic of India Plans

It is an Endowment assurance plan specially designed for the handicapped persons.

Features
• The basic sum assured can be paid to beneficiary on the date of maturity or death, whichever is earlier.
• Premiums are payable yearly, half-yearly, quarterly, monthly.
• The premium can also be paid in one lump sum.
• Premium paying terms are Between 10 to 25 yrs
• Payment of benefits will be on the basis of 20% as a lump sum and balance 80% to secure an annuity.
Handicapped dependent predeceases the life assured
• In the event of the handicapped dependent pre-deceasing the life assured, the life assured has the option to:
o Surrender the policy or continue it by paying premium.
o Life assured also has option to receive full sum assured in lump sum or on a 20% to 80% basis.

Benefits

Benefits on maturity or earlier death

This plan is specially designed to assure a handicapped dependent to have a Secured life. It provides life insurance cover through out the lifetime of purchaser.

Features
• Beneficiary can only avail benefits on the death of life assured.
• The benefits are payable partly in lump sum and partly in the form of an annuity to the handicapped through a nominee or trusty.
• Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions.
• Premium paying terms are 10, 15, 20, 25, 30 and 35 years.
• The premium can also be paid in one lump sum(single premium)
• The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.

LIC is the oldest and biggest Life Insurance player in India. With a huge network of agents LIC has been growing not just in its distribution but also the product breadth.

Find enclosed some of the key products from LIC:

LIC Jeevan Bharati

Introduction
LIC’s Jeevan Bharati – 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

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:

Investors were waiting for a product like Jeevan Aastha a new product from from the public sector behemoth Life Insurance Corporation of India. The insurance giant has already mopped up over Rs 2,000 crore and it is expecting to garner around Rs 25,000 crore before the issue closes on or before January 21.

However, is the ‘aastha' in the product justified. Experts said people seem to have many ‘‘ misconceptions'' about the product. Most common mistake is to confuse it with a FD, as the scheme offers guaranteed returns. For example, some people realised it’s an insurance products after insurance agents

TERM AGE SUM
MINIMUM 5 25 0
MAXIMUM 35 65 NO LIMIT

Premium Ceasing Age : 70

Premium Ceasing Term : 0

Plan Highlights
FEATURES
* Tailor-made for professionals & businessmen.
* Multiple plan I pension options to choose from, such as
Plan Options:
* This plan is available with life cover, without life cover and is very much similar to an Endowment policy.

Pension Options:
* In case of a Joint life policy,it offers a guaranteed pension for the life of the policyholder or a pension for the last survivor or a pension fund that will also return the purchase price paid by the policyholder.
* Terminal bonus is available and there is no forfeiture in case the premiums are discontinued.
* The policyholder also has the option of a Single or One time premium payable, in case the life cover is not opted for.
* The policyholder also gains the option of a tax-free commuted value that amounts to nearly 25 percent.

Premiums up to Rs.10,000/- qualify for 100 percent deduction from taxable income in terms of Sections 80 (CCC) of the Income Tax Act.

As per last weeks IRDA announcement, no insurance company can invest more than 10% of its total fund size or 10% of the outstanding shares of the investee company (whichever is less) in any company.
Since the annoncement the Insurance industry had been abuzz with discussions on how this would impact the biggest Life Insurance player- LIC.

It seems that the answer is - that it would not :-)
Finance Ministry resources said that IRDA is examining an option to exempt LIC's existing investments from these norms and apply these only on its new investments.
If this option is not offered to LIC, it could impact a lot of blue chip companies like Ranbaxy, ITC, Cipla, L&T etc where LIC currently has a substantial stake.

LIC's Jeevan Anand Plan has got both the features of an Endowment Plan & a Whole-Life Insurance Plan. This is a with-profit plan and 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.

Eligibility
Minimum age at entry: 18 years
Maximum age at entry: 65 years
Minimum Term: 5 years
Maximum Term: 7 years
Maximum age at maturity: 75 years
Loan: available against this policy

How does the Plan work?
In case the policy holder dies during the term of the policy, the beneficiary is paid the sum assured & the accrued bonuses after which the policy will terminate.