Pension Plans - Jeevan Akshay VI ( UIN - 512N234V04 )

Options Available:

The following options are available under the plan

• Type of Annuity:
  
• Annuity payable for life at a uniform rate.
• Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
• Annuity for life with return of purchase price on death of the annuitant.
• Annuity payable for life increasing at a simple rate of 3% p.a.
  
• Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features:

• Premium is to be paid in a lump sum.
• Minimum purchase price :
• Rs.100,000/- for all distribution channels except online.
• Rs.150,000/- for on line sale.
• No medical examination is required under the plan.
• No maximum limits for purchase price, annuity etc.
• Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
• Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthday	Yearly annuity amount under option
	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30	7190	7160	6890	5250	7080	6970	6860
40	7510	7440	6930	5610	7310	7120	6890
50	8140	7950	7000	6280	7760	7420	6930
60	9350	8790	7110	7530	8640	8030	7010
70	12080	9830	7260	10220	10560	9370	7130
80	17880	10440	7480	15890	14600	12340	7290

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

Cooling-off period:

If you are not satisfied with the ?Terms and Conditions? of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 Of Insurance Act 1938:

• No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.


• Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of Insurance Act 1938:

• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.


• Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Note : For full details please refer to the Policy document or contact our nearest Branch Office.

http://www.licindia.in/jeevan_akshay_plan_009_features.htm

LIC’s Jeevan Shikhar

LIC’s Jeevan Shikhar Policy 837 is a participating, non-linked with profit, single premium endowment plan wherein the risk cover is ten times of tabular Single Premium. LIC is planning to launch “LIC Jeevan Shikhar Plan No 837” on 11th January, 2016. This is second launch of LIC in year 2016, prior to this LIC has already launch LIC Jeevan Labh 836 policy. Jeevan Shikhar is limited period policy and available only for 120 days from launch date.

Overview of LIC Jeevan Labh plan

LIC Jeevan Labh  also called Table 836 is a non-linked participating Endowment Insurance Plan.  It offers a combination of protection and saving features.

• The plan is available from ages 8 to 59 years. The maximum age at maturity is 75 years.
• Minimum basic sum assured is ₹2 lakh with maximum basic sum assured having no limit.
• In  LIC Jeevan Labh there are only 3 policy terms with corresponding premium paying term. The customer can select any one of these according to their requirement.The policy terms are 16, 21, and 25 years with premium-paying terms of 10,15 and 16 years respectively. Policy term means till when one would be covered with insurance. Premium Paying Term, PPT, means till when one has to pay premium.
• For example if Rahul , who is 30 years of age, plans to take LIC Jeevan Labh for the term of 21 years which has premium payment term (PPT) of 15 years . He will be covered i.e have insurance till he is 50 years old but he will have to pay premium only till 15 years i.e till he is 45 years. For next 6 years even though he is not paying premium he is still insured.
• LIC Jeevan Labh provides Optional Benefit, Accidental Death and Disability Benefit Rider by payment of additional premium. If buyer opted for this rider, an amount equal to sum assured will be payable if death occurs due to accident. In case of permanent disability due to accident, future premium will be waived and the amount equal to Sum Assured is payable in 10 years equal monthly installments.
• New term assurance rider is also available at the inception of the policy on payment of additional premium. If policy holder opts for this rider, an amount equal to term assurance rider sum assured will be payable on the death of the life assured during the policy term.
• One can take Loan against LIC Jeevan Labh Plan 836 after payment of premiums for at least  3 years subject to conditions: Maximum loan for inforce policy-90% of surrender value and for paid up policies 80% of surrender value.
• One can Surrender after 3 years of full premium payment.
• Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
• Premium Payment Mode rebate
  • 2% on yearly,
  • 1% on Half Yearly,
  • Nil on Quarterly & Monthly
• Rebate on High Sum Assured (Per 1000 of Sum Assured)
  • 0% up to 4,90,000
  • 1.25% for 5,00,000 to 9,90,000
  • 1.50% for 10,00,000 to 14,90,000
  • 1.75% for 15,00,000 and above
  
  http://www.bemoneyaware.com/blog/