A) Nature of the Scheme:
LIC Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. Scheme offers covers only on death and there is no maturity value at the end of the term.
B) Premium Chargeable:
Group (Term) Insurance Scheme is at present offered under One Year Renewable Group term assurance plan (OYRGTA). Every year on Annual Renewal date LIC charges the premium depending upon the changes in size and age distribution of the age group.
C) Different Schemes:
Group (term) Insurance Scheme has a number of varieties . The Scheme may provide for a uniform cover to all members of the group or graded covers for different categories of members, cover for all amounts of outstanding housing loans or vehicle advances, or some other benefits (e.g., life cover to supplement pension or PF benefits in case of death). The schemes may have add-ons like Double Accident Benefit,Critical Illness Benefit, Disability benefit etc.
D) General Featues of various Group Insurance Schemes:
PREMIUM:
The premium under such scheme may be wholly paid by the employer or the Nodal Agency. However, the scheme may be contributory i.e. the members may also contribute.
DOUBLE ACCIDENT BENEFIT:
Double Accident Benefit, i.e. payment of double the sum assured on death due to accident (without permanent disability benefit), may be allowed under Group Insurance Schemes for an extra premium.
ELIGIBILITY:
For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For other GI Schemes of employer-employee groups the insurability condition is that the member should not be absent on ground of sickness on the entry date. For all non-employer-employee Group Schemes the basic insurability condition is that the member should be in good health on the date of entry.
ADMINISTRATION OF THE SCHEME:
At the commencement and thereafter on each Annual Renewal Date, the Group Policyholder will have to send all the member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. Detailed OYRGTA premium calculation will be made on each Annual Renewal Date.
When a claim arises, the particulars of the respective member are to be intimated together with the claim form and death certificate.
Special Features of each Group Insurance Schemes can be obtained from the P&GS units of the Corporation.
For more Detail on LIC Group Term Insurance Scheme Life Insurance Plan Visit Avdhoot Investment
Showing posts with label insurance plan. Show all posts
Showing posts with label insurance plan. Show all posts
Sep 15, 2008
LIC Jeevan Amrut Life Insurance Plan Policy Detail
LIC Jeevan Amrut Life Insurance Plan Policy Detail
Product summary:
Some people, particularly the younger ones, want to have high cover at a low cost. Further, many of them do not want commitment to pay premiums for a longer duration. LIC's Jeevan Amrit is most suitable for such persons. Under this plan premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years.
Options:
You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment.
Payment of Premiums :
You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years.
For more on LIC Jeevan Amrut Life Insurance Plan Policy Detail Visit Avdhoot Investment
Product summary:
Some people, particularly the younger ones, want to have high cover at a low cost. Further, many of them do not want commitment to pay premiums for a longer duration. LIC's Jeevan Amrit is most suitable for such persons. Under this plan premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years.
Options:
You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of premium payment.
Payment of Premiums :
You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5 years.
For more on LIC Jeevan Amrut Life Insurance Plan Policy Detail Visit Avdhoot Investment
LIC Jeevan Pramukh Life Insurance Plan Policy Detail
LIC Jeevan Pramukh Life Insurance Plan Policy Detail
Introduction
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).
For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.
Product summary
This is an Endowment Assurance plan offering the choice of three premium paying terms. It provides financial protection against death throughout the term of the plan with the payment of maturity amount on survival to the end of the policy term.
Premiums :
Premiums are payable yearly, half-yearly, quarterly or monthly, as opted by you, throughout the premium paying term or till earlier death.
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Sum Assured at the time of claim.
Bonuses :
The policy participates in the profits of the Corporation’s life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteed benefits of the policy.
Death Benefit :
The Sum Assured along with accrued guaranteed additions and vested simple reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on death of the life assured during the policy term.
Maturity Benefit:
The Sum Assured along with accrued guaranteed additions and vested simple reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on survival to the end of the policy term.
Surrender Value :
Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.
Guaranteed Surrender Value :
The policy may be surrendered for cash after more than one year’s premium have been paid. The guaranteed surrender value will be 30% of the total amount of premiums paid excluding the first year’s premium and the extra premiums, if any.
Corporation’s policy on surrenders :
In practice, the Corporation will pay a Special Surrender Value – which is available after completion of at least 3 years from the date of commencement of your policy. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances especially in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.
Note :
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
Guaranteed Additions:
Guaranteed Additions @ Rs.50%o Sum Assured for each completed year, for the first five years.
Participation in profits :
The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.
Maturity Benefit:
Sum Assured together with accrued Guaranteed Additions and accrued simple reversionary bonuses and Final Additional Bonus, if any, will be paid to the Policyholder on surviving the term of the policy provided the policy is in full force for full sum assured.
Death Benefit:
On death of the Life Assured during the term of the policy an amount equal to the Sum Assured along with accrued Guaranteed Additions and accrued Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid provided the policy is in full force for full sum assured.
Grace Period:
A grace period of 30 days will be available for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
15 – days 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.
Paid-up Value
The policy will acquire paid-up value after more than one year’s premiums have been paid subject to Terms and Conditions.
Guaranteed Surrender Value
This policy can be surrendered for cash after more than one year’s premiums have been paid.
The Guaranteed Surrender Value allowable under the policy will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and the extra premiums, if any.
The cash value of any existing vested Guaranteed Additions and vested simple reversionary bonuses, if any, will also be payable after completion of 3 years.
Revival
The policyholder can revive his lapsed policy by paying arrears of premium together with interest within a period of five years from the date of first unpaid premium subject to satisfactory evidence of health and continued insurability of the Life Assured. The rate of interest will be as determined by the Corporation from time to time. Currently, the rate of interest is 8% p.a.
Loan:
Subject to Terms and Conditions loan is permissible after the policy has acquired paid-up value. The rate of interest charged on such loan amount would be determined from time to time. The present rate is 9% p.a. payable half-yearly.
Payment of premium :
Premiums under this policy are payable over a period of 3, 4 or 5 years. The following modes of payment of premium are allowed - Yearly, Half-yearly, Quarterly or Monthly.
Policy Term: 5, 10, 15, 20 or 25 years
For more Detail on LIC Jeevan Pramukh Life Insurance Plan Policy Detail Visit Avdhoot Investment
Introduction
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).
For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.
Product summary
This is an Endowment Assurance plan offering the choice of three premium paying terms. It provides financial protection against death throughout the term of the plan with the payment of maturity amount on survival to the end of the policy term.
Premiums :
Premiums are payable yearly, half-yearly, quarterly or monthly, as opted by you, throughout the premium paying term or till earlier death.
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Sum Assured at the time of claim.
Bonuses :
The policy participates in the profits of the Corporation’s life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteed benefits of the policy.
Death Benefit :
The Sum Assured along with accrued guaranteed additions and vested simple reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on death of the life assured during the policy term.
Maturity Benefit:
The Sum Assured along with accrued guaranteed additions and vested simple reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on survival to the end of the policy term.
Surrender Value :
Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract.
Guaranteed Surrender Value :
The policy may be surrendered for cash after more than one year’s premium have been paid. The guaranteed surrender value will be 30% of the total amount of premiums paid excluding the first year’s premium and the extra premiums, if any.
Corporation’s policy on surrenders :
In practice, the Corporation will pay a Special Surrender Value – which is available after completion of at least 3 years from the date of commencement of your policy. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances especially in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.
Note :
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
Guaranteed Additions:
Guaranteed Additions @ Rs.50%o Sum Assured for each completed year, for the first five years.
Participation in profits :
The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.
Maturity Benefit:
Sum Assured together with accrued Guaranteed Additions and accrued simple reversionary bonuses and Final Additional Bonus, if any, will be paid to the Policyholder on surviving the term of the policy provided the policy is in full force for full sum assured.
Death Benefit:
On death of the Life Assured during the term of the policy an amount equal to the Sum Assured along with accrued Guaranteed Additions and accrued Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid provided the policy is in full force for full sum assured.
Grace Period:
A grace period of 30 days will be available for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
15 – days 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.
Paid-up Value
The policy will acquire paid-up value after more than one year’s premiums have been paid subject to Terms and Conditions.
Guaranteed Surrender Value
This policy can be surrendered for cash after more than one year’s premiums have been paid.
The Guaranteed Surrender Value allowable under the policy will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and the extra premiums, if any.
The cash value of any existing vested Guaranteed Additions and vested simple reversionary bonuses, if any, will also be payable after completion of 3 years.
Revival
The policyholder can revive his lapsed policy by paying arrears of premium together with interest within a period of five years from the date of first unpaid premium subject to satisfactory evidence of health and continued insurability of the Life Assured. The rate of interest will be as determined by the Corporation from time to time. Currently, the rate of interest is 8% p.a.
Loan:
Subject to Terms and Conditions loan is permissible after the policy has acquired paid-up value. The rate of interest charged on such loan amount would be determined from time to time. The present rate is 9% p.a. payable half-yearly.
Payment of premium :
Premiums under this policy are payable over a period of 3, 4 or 5 years. The following modes of payment of premium are allowed - Yearly, Half-yearly, Quarterly or Monthly.
Policy Term: 5, 10, 15, 20 or 25 years
For more Detail on LIC Jeevan Pramukh Life Insurance Plan Policy Detail Visit Avdhoot Investment
LIC Jeevan Tarang Life Insurance Policy Plan Features
LIC Jeevan Tarang Life Insurance Policy Plan Features
Introduction:
This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.
Accumulation Period :
The plan offers three Accumulation periods – 10, 15 and 20 years. A proposer may choose any of them.
Payment of Premium:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the Accumulation Period. Alternatively, a Single Premium can be paid on commencement of a policy.
Sample Premium Rates:
The tables below provide tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured.
For more Detail on LIC Jeevan Tarang Life Insurance Policy Plan Features Visit Avdhoot Investment
Introduction:
This is a with-profits whole of life plan which provides for annual survival benefit at a rate of 5½ % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a lump sum are payable on survival to the end of the Accumulation Period or on earlier death. Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age 100 years or on earlier death.
Accumulation Period :
The plan offers three Accumulation periods – 10, 15 and 20 years. A proposer may choose any of them.
Payment of Premium:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the Accumulation Period. Alternatively, a Single Premium can be paid on commencement of a policy.
Sample Premium Rates:
The tables below provide tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured.
For more Detail on LIC Jeevan Tarang Life Insurance Policy Plan Features Visit Avdhoot Investment
LIC Jeevan Anurag Life Insurance Plan Policy Detail
LIC’s Jeevan ANURAG is a with profits plan 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. Benefits under the plan are payable 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. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.
Assured Benefit
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
For more Detail Visit Avdhoot Investment
Assured Benefit
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.
For more Detail Visit Avdhoot Investment
Aug 9, 2008
Insurance Plans by LIC
Insurance Plan LIC: As individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement. Match your requirement at choose your appropriate Policy.
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