A Presentation on LIC Insurance Plans

By-Rahul BhagatDeval Shah

BIMA ACCOUNT- I

Plan offers:• Simplicity• Liquidity• Guaranteed minimum return• No medical examination• Transparent charges• Risk cover• 6% annual return if all premiums are paid• Option to pay addition(Top-up) premium• Loan facility after one year of policy • Policy term 5 to 7 years

Premium Options:• Regular premium• Payment can be done on Yearly, Half-yearly, Quarterly,

Monthly

Eligibility:

Entry Age Maturity Age

Minimum 11 18

Maximum 50 57

Minimum Maximum

Yearly 7000 14000

Half Yearly 4000 7000

Quarterly 2000 3500

Monthly 600 1100

Sum Assured:• Minimum 10 times of annualized premium• Maximum

Charges:• Mortality Charges• Service Tax Charges• Alteration ChargesBenefits:• Maturity Benefit – Balance in Policyholder’s A/c • Death Benefit – sum assured alongwith amt. in policyholders A/c• Guaranteed Interest – 6%

Age Sum Assured (of annualized premium)Up to 35 years 20 times36 to 45 years 14 times46 to 50 years 10 times

ENDOWMENT PLUS• Investment cum Insurance cover• Based on NAV (Net Asset Value) of Units• Payment can be done on Yearly, Half-yearly, Quarterly,

Monthly• Policy term 10 to 20 yearsPremium Options:• Minimum Premium

Regular premium: Rs. 20,000 p.a.Regular premium: Rs. 1,750 p.m. Single premium: Rs. 30,000

• Maximum PremiumRegular premium: Rs. 1,00,000 p.a.Single premium: No Limit

Eligibility:

Sum Assured:• Minimum• Regular : policy term + 1 times• Single Premium :

Entry Age Maturity Age

Minimum 7 18

Maximum 60 70

Age Cover

Below 45 years 1.25 times

45 years & above 1.10 times

• Maximum• Regular Premium

• Single Premium

Age Cover

Up to 45 years 30 times

46 to 60 years 25 times

Up to 55 years 56 to 60 years

Critical Illness benefit 5 times 3 times

Up to 65 years 66 to 70 years

Critical Illness benefit not opted 5 times 3 times

Charges:• Premium Allocation Charges• Mortality Charges• Policy Admin• Fund Mgmt.• Switching Charges• Misc. ChargesBenefits:• Death benefit• Maturity BenefitAccident – 25K to 50LCritical illness benefit rider – 50K to 10L

JEEVAN ANURAG• For educational need of children• Immediate payment on death• Payment of basic sum assured at start of every year during last 3

policy years• 40% alongwith bonuses at the end of the term• Eligibility:

Age at entry Age of the Life Assured- 20 to 60 years (age nearest birthday)Age of the Life Assured at maturity

Maximum 70 years (age nearest birthday)

Term All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.

Minimum Sum Assured

Rs. 50,000 /-

Maximum Sum assured No limit. Sum Assured will be in multiples of Rs.5,000 /- only.

Mode Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

• Premium Options:• (i) Single Premium- One Year• (ii) Regular Premium payable during (n-3) Years, where n is the

policy term• (iii) Regular Premium payable throughout the policy term

• Benefits:• Grace period• Loan @ 9% compounded half yearly• Guaranteed Surrender Value

CHILD ENDOWMENT VESTING AT 21

• Enable a parent or a legal guardian to provide insurance cover on the life of the child

• Cover starts from deferred date i.e. 21 years of age• Premiums are payable yearly, half-yearly, quarterly or monthly• Bonuses after Deferred Date• Benefits:• Death Benefit – Sum assured along with vested bonuses• Maturity benefit - Sum assured along with all bonuses• Extra Benefits• Guaranteed Surrender Value

JEEVAN KISHORE• Endowment assurance plan for children of less than 12 years• Risk commences after 2 years from the date of

commencement• Premiums are payable yearly, half-yearly, quarterly or monthly• Death Benefit:

The Sum Assured along with vested bonuses• Maturity Benefit:

Sum assured along with all bonuses declared during the policy term

• Premium Waiver Benefit• Guaranteed Surrender Value

CHILD CAREER PLAN• To meet the increasing educational need• provides the risk cover on the life of child not only during the

policy term but also during the extended term• yearly, half-yearly, quarterly or through Salary deductions

premium payments• Selection of Sum Assured, Maturity Age, Policy term.• Death Benefit:• Sum Assured + Vested bonuses + Final bonus• Auto Cover• Premium Waiver Benefit• Surrender Value• Grace Period• Cooling off period

• Eligibility:

• Survival Benefit:• 5 years before the date of expiry – 30% of S.A. + Bonuses• 1-4 years before the date of expiry – 15% of S.A.• On the date of expiry – 15% of S.A. + Final Bonus

Minimum Entry Age 0 years (last birthday)

Maximum Entry Age 12 years (last birthday)

Minimum Maturity Age 23 years (last birthday)

Maximum Maturity Age 27 years (last birthday)

Minimum Sum Assured Rs. 1,00,000

Maximum Sum Assured Rs. 100,00,000

Policy term 11 to 27 years

Premium Paying term 6 years and Policy term less 5 years

MARRIAGE ENDOWMENT OR EDUCATIONAL ANNUITY PLAN• Designed to meet expenses of marriage/education• Premiums are payable yearly, half-yearly, quarterly, monthly or

through Salary deduction• Death Benefit – S.A. plus accrued bonuses up to maturity• Maturity Benefit - S.A. plus all bonuses declared up to maturity• Extra Benefits• Guaranteed Surrender Value

JEEVAN AADHAR• Offered to a person who has a handicapped dependent• premiums paid under this plan are eligible for Income Tax

relief under Section 80DDA • Premiums are payable yearly, half-yearly, quarterly, monthly or

through Salary deductions• Guaranteed additions @ Rs.100 per 1000• Death Benefit:• Life Assured, Sum Assured together with the Guaranteed

Additions and terminal additions, if any, become payable• Maturity Benefit:• No maturity date• Surrender of the policy is not allowed

THE ENDOWMENT ASSURANCE POLICY

• Moderate Premiums• High bonus• High liquidity• Savings oriented• Lump sum assurance• Disability Benefit:• If disability comes near the age of 70 – no further premium

payments are needed• Accident Benefit @ Rs.1 per 1000• Premium Stoppage can be done only after 3 premium

payments

JEEVAN MITRA ( 2 & 3 times )• Greater financial protection against death throughout the term• Premiums are payable yearly, half-yearly, quarterly, monthly or

through Salary deductions• Death Benefit:• Twice the S.A. + Bonuses• Thrice the S.A. + Bonuses• Maturity Benefit:• S.A. + All Bonuses up to maturity• Extra Benefits• Guaranteed Surrender Value: • Only after 3 years• 30% guaranteed of the basic premium excluding 1st premium

JEEVAN PRAMUKH• For people with Exclusive Lifestyle• Endowment assurance plan offering the choice of 3 premium

paying options• Premiums are payable yearly, half-yearly, quarterly or monthly• Death or Maturity Benefit – S.A. + Accrued guaranteed

additions & bonuses + Final Bonus if any• Guaranteed Additions @ 0.50% of the S.A every year• Grace Period – 30 days• 15 days cooling off period• Guaranteed Surrender Value• Loan @ 9% payable half yearly

• Eligibility:

Minimum Age at entry 18 years completed

Maximum Age at entry 65 years (age nearer birthday)

Maximum Maturity Age 75 years (age nearer birthday)

Policy Term 5, 10, 15, 20 or 25 years

Sum Assured Minimum Rs.10 lakh. Thereafter inmultiples of Rs.1,00,000

JEEVAN SHREE-I• Choice of many convenient premium• Financial protection against death• Premiums are payable yearly, half-yearly, quarterly or through

Salary deductions• Guaranteed additions @ Rs.50 per 1000• Bonuses from 6th year onwards• Benefits:• Death Benefit - Sum Assured alongwith guaranteed additions

and vested bonuses• Maturity Benefit - Sum Assured alongwith guaranteed

additions and reversionary bonuses• Guaranteed Surrender Value

MONEYBACK POLICY – 20 YEARS

• Partial survival benefits during the term of policy• 20% of sum assured payable after 5,10,15 yrs• Balance of 40% + bonus at 20 yrs• Money back type of assurance that provides protection

against death throughout the term• Premiums are payable yearly, half-yearly, quarterly, monthly or

through salary deductions • Benefits• Bonuses• Death Benefit – Sum Assured + Bonuses till date• Guaranteed Surrender Value• Extra Benefits

• Survival Benefits & Parameters:% of Sum Assured paid at the end of specified duration

Duration Benefit5 20%10 20%15 20%20 40%

Minimum MaximumEntry age 13 (lbd) 50

Sum assured (Rs.) 50,000 NO LIMIT

Term (years)Fixed at 20 for plan 75 and 25 for plan

93-

Mode of Payment Maximum Maturity Age

Policy loan available

Yearly, Half-yearly,Quarterly, Monthly, Salary Saving Scheme

70 years No

JEEVAN SURABHI• Maturity term more than premium paying term• Early and higher rate of survival benefit payment• Risk cover increases every five years• Actual term & Premium paying term:

• Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions

Plan no. Policy Term Premium Paying Term

106 15 years 12 years

107 20 years 15 years

108 25 years 18 years

• Benefit:• Death Benefit• Maturity Benefit• Extra Benefits• Guaranteed Surrender Value• Survival Benefit

Percentage of Sum Assured payable at the end of specified duration

Plan and Term ( Premium Paying Term )

Duration 106/15(12) 107/20(15) 108/25(18)

4 30% 25% 20%

5 - - -

8 30% 25% 20%

10 - - -

12 40% 25% 20%

15   25% 20%

18 - - 20%

• Parameters:

Minimum Maximum

Entry age 14 (last birthday)Plan 106 – 55Plan 107 – 50Plan 108 – 45

Sum assured (Rs.) 50,000 NO LIMIT

Term (years) 15 years Fixed Term

Mode of Payment Maximum Maturity Age

Policy loan available

Yearly, Half-yearly,Quarterly, Monthly, Salary Saving Scheme

70 years No

BIMA BACHAT• Money back policy offering financial security to policyholder and

family• Only one premium to be paid• Benefit @ 15 % every 3 year• Insured for the amount equal to sum assured• Minimum age 15 years and maximum is 66 years for applying• Maturity at the the age of 75 year• Minimum sum that to be assured – 20000 ( in multiple of 5000)• Premium rebates as sum assured increases

JEEVAN BHARATI-I• Flexibility to pay premium in advance• Encashment of Survival Benefit as and when needed• Option to receive Maturity Benefits as Annuity• Auto Cover ( after 2 premiums cover will continue for 3 years from the first

unpaid premium without premium payment )• Reduced premium rates• 15 to 20 years policy term

• Benefits:• Increased age at Entry ( 18 years to 55 years)• Increased Maturity Age (70 years)• Available to all category of Females• Loan Facility Available • Optional Riders-Accident Benefits ( 50 K to 50 L)• Critical Illness Benefit & Congenital ( 50000 to 500000)• Disability Benefit

• SURVIVAL BENEFIT• Survival Benefits will be paid as %age of S.A. as below : • 15 yr 20 yr• After 5 yrs 20% 20%• After 10 yrs 20% 20%• After 15 yrs - 20%

• DEATH BENEFIT• Sum Assured (without deduction of any SB paid) Plus

Reversionary Bonus [ 25000 to 25 lakh ]• and Final Additional Bonus (if any) • will be payable.

THE WHOLE LIFE POLICY• Plan to protect heirs of the policy holder• Payment of sum assured + bonuses• Premiums are payable upto 80 years of policyholder or term of

35 years whichever is later• premiums are payable yearly, half-yearly, quarterly, monthly or

through Salary deductions • Benefits:• Bonuses• Death Benefit ( sum assured + all bonuses till date)• Maturity Benefit ( anytime after 40 years from the date of

commencement of policy)• Extra Benefit and Guaranteed surrender value

Age at entry: Minimum - 15 years last birthday Maximum - 60 years

Sum Assured: Minimum - Rs.50,000/- Maximum - No limit

Mode of payment: Yearly, half-yearly, quarterly, monthly and SSS

Policy Loan: Yes

Parameters:

JEEVAN ANAND• Combination of Endowment Assurance And Whole life plns.• Financial protection against death throughout the lifetime of

the life assured.• Premiums are payable yearly, half-yearly, quarterly, monthly or

through salary deductions.• Bonuses are declared per thousand Sum Assured annually at

the end of each financial year.• BENEFITS• Death benefit- Sum Assured along with the vested bonuses• Accident benefit- Max of 5L upto age of 70 yrs• Supplementary Benefit • Surrender value

TWO YEAR TEMPORARY ASSURANCE POLICY• For the insuring public who requires risk cover for a maximum of

two years• Single premium is required to be paid• Proposer is required to pay the medical examination fee• No surrender value• No Loan• Death Benefit – Total Sum Assured

Parameters:

Minimum Maximum

Entry age 18 60

Sum assured

(Rs.)50,000 1,00,000

Term 6,12,18,24 months

Not Applicable

Mode of Payment

Maximum premium

paying period

Policy loan

available

Single Premium 62 years No

THE CONVERTIBLE TERM ASSURANCE POLICY• To meet the needs of people who are initially unable to pay

larger premium but will be able to pay in future• Option of conversion into endowment assurance or limited

payment whole life assurance• The sum assured is payable only in the event of death of the

Life Assured before the expiry of the specified termParameter:

Mode of Payment

Maximum premium

paying period

Policy loan

available

Yearly, Half-

yearly,Quarterly,

Monthly

55 years No

Minimum Maximum

Entry age 20 (nearer birthday) 50

Sum assured

(Rs.)50,000 1,00,00,00

0

Term (years) 5 7

JEEVAN SAATHI• Provides protection against both lives• Premiums are payable yearly, half-yearly, quarterly, monthly or

through salary deductions Benefits:• Death benefit – sum assured payable in lumpsum• Maturity benefit – sum assured alongwith bonuses• Extra benefits• Survival benefits• Guaranteed Surrender Value

MORTGAGE REDEMPTION• Designed to meet the requirements of the policy holding individual

who seeks to ensure that all his outstanding loans and debts are automatically paid up in the event of his demise

• Usually issued only to male of age 50 years or below• Insurance cover would not extend beyond age of 65 years• Death Benefit :

All outstanding loans declared at the beginning of the financial year would be payable as per the prepared schedule

Parameter:

Mode of PaymentMaximum Maturity

age

Policy loan

available

Yearly, Half-yearly,Quarterly, Monthly, Salary Saving Scheme

65 years No

Minimum Maximum

Entry age (Years) 20 50

Sum assured

(Rs.)

50000(except for single premium)

1000000

Term (Years) - -

THANK YOU…