Thursday, 10 November 2011
Why Buy Lic Life insurance ?
There’s not such thing as ‘too much Lic Life insurance’. A Lic Life insurance policy would do a family a great deal of good if the insured breadwinner of the family passes away. The whole point of an insurance policy is to allow the surviving members of a family to continue to maintain the same level of lifestyle being followed when the insured was alive.
Lic Life insurance may be taken on by people by people for different reasons. Some of the most common reasons would be to pay off debt, insure the future of a new born child, pay off mortgage on a house etc. Opting for Lic Life insurance policies come with its own set of benefits too.
What is the need getting a life insurance policy from Lic of India?
Before you discharge the idea or scuttle to buy an insurance policy, it is important to stop and answer a couple of points.
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Idea for you to get life insurance from LIC India
What are you getting a life insurance for? Of course protection of life is an obvious answer, but do you have large payments like paying an installment for a house, and are worried about how your family members would continue paying off the installments if something happens to you? Or are you buying a life insurance to ensure that your new born baby has a good future college education? The reason for you purchasing a life insurance may not be either of the two listed here, but by just answering the first question you would most probably get a good idea of the kind of life insurance policy would best suit your need. Incase of a temporary need, consider a term insurance as an option. But in case you do not have a definable period of time until when you need the coverage, you could consider opting for a permanent insurance policy. -
Decide the coverage level
A good theory to go by is “The more, the better”, but only if you don’t mind shelling out extra money on premium. You could actually estimate the amount of insurance you need. For example if you’re investing in an insurance to cover a debt, knowing how much debt you owe is a good start. In case you’re choosing an insurance policy to ensure a good financial future for your children, you could approximate the insurance coverage vale by multiplying your current income with the number of years left for your children to become financially independent. The main idea that most people use as a rule while selecting Lic insurance types is that at any given point of time if the bread-winner of the family dies, the Lic insurance policy amount recovered must be enough to let the family members maintain the same if not better lifestyle. -
Estimate the coverage period
After you’ve answered why you need an insurance policy and the coverage level it would be relatively simpler to estimate the coverage period. If you are taking Lic insurance for covering the payment of a Home loan installment, you might need term insurance of 25 years, depending how long you think it will take to pay off the mortgage considering your current income level. On the other hand if want to secure your child’s future, then considering 20 years or 25 years as benchmark with consideration to their current age could be the estimated coverage period you need for your insurance. -
Finally your budget
You need to realize that paying the premium for a Lic life insurance policy is a long term commitment and is just like saving your money for rainy day. Weigh out your insurance options with your monthly cash inflow and find a medium point that will allow you to pay off the premium amounts AND see you comfortably through a month until your next pay check is due. Insurance companies usually determine the premium level of a policy by considering the age, gender, heath condition, death benefit amount and the type of insurance policies opted for by the applicant.Go through these few points until you’re absolutely sure that you have concrete answers for each. Sit down and discuss your opting with your family members too if need be. Opting for an insurance policy is a long term commitment which you need to abide by successfully.
Monday, 17 October 2011
Why you should choose us?
When choosing an insurance agent, you want a corporation you can trust. We are an Authorized Insurance Agent appointed by Lic of India. We work to provide best and customized Insurance solution to all clientele. We work in such a way that you get good service and prompt payment during claim and maturity.
As a full-service insurance agency, our duty is to provide the latest products to our clients, as insurance agents, it is our accountability to offer you the most excellent service and the exact coverage, at the best feasible cost.
Service
Being in service for last 7 years we have more than 350 clients and manage approx. Rs.3,85,67,500/- of Insurance and Investments. Customer service is of principal significance in our service industry. Our customers suggest us to their friends and colleagues, just because we provide high quality service to all our customers.
Our proficiency is based on the fact we can customize insurance product in such a way that it will give you a regular flow of income and adequate risk cover so that you can plan your retirement peacefully
As a full-service insurance agency, our duty is to provide the latest products to our clients, as insurance agents, it is our accountability to offer you the most excellent service and the exact coverage, at the best feasible cost.
Service
Being in service for last 7 years we have more than 350 clients and manage approx. Rs.3,85,67,500/- of Insurance and Investments. Customer service is of principal significance in our service industry. Our customers suggest us to their friends and colleagues, just because we provide high quality service to all our customers.
Our proficiency is based on the fact we can customize insurance product in such a way that it will give you a regular flow of income and adequate risk cover so that you can plan your retirement peacefully
Thursday, 4 August 2011
LIC - Insurance Plans
Hi
Here im going to summarise all the policy plans availbe with LIC.
As individuals it is inherent to differ. Each individual's 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.
Children Plan
Jeevan Anurag
Komal Jeevan
CDA Endowment Vesting At 21
Marriage Endowment Or
Educational Annuity Plan
CDA Endowment Vesting At 18
Jeevan Kishore
Jeevan Chhaya
Child Career Plan
Child Future Plan
Child Fortune Plus
Plans for handicapped Dependents
Jeevan Aadhar
Jeevan Vishwas
The Endowment Assurance Policy
The Endowment Assurance Policy-Limited Payment
Jeevan Mitra(Double Cover Endowment Plan)
Jeevan Mitra(Triple Cover Endowment Plan)
Jeevan Anand
New Janaraksha Plan
Jeevan Amrit
Plans for High Worth Individuals
Jeevan Shree-I
Jeevan Pramukh
Money Back Plans
The Money Back Policy-20 Years
The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
Jeevan Surabhi-20 Years
Jeevan Surabhi-25 Years
Bima Bachat
Special Money Back Plan for Womens
Jeevan Bharati - I
Whole Life Plan
The Whole Life Policy
The Whole Life Policy- Limited Payment
The Whole Life Policy- Single Premium
Jeevan Anand
Jeevan Tarang
Term Assurance Plans
Two Year Temporary Assurance Policy
The Convertible Term Assurance Policy
Anmol Jeevan-I
Amulya Jeevan-I
Joint Life Plans
Jeevan Saathi Plus
Jeevan Saathi
Monday, 1 August 2011
Life Insurance Corporation of India
Naresh Gandhi Life Insurance Corporation of India’s (LIC of India) authorized Agent advisor serving in Mumbai (Maharashtra). Naresh Gandhi here to help you to choose the right LIC policy as per your needs. Naresh Gandhi provide more details on LIC’s various Investment plans. This way you can save your valuable time and hard earned money. Naresh Gandhi help you by suggesting a best option of LIC policy which fulfill your Dreams .
We Serve you better in the Following areas:
* Choosing the Best LIC Investment option (LIC Policies)
* Assist you in Tax Planning
* Creating and Managing the Portfolio
* Assist in Maturity , Death and Other Survival Claim
* Planning for regular Income
* developing the Pension Fund for old Age
* All other Services related to Post office scheme, Bank FD, Share Market, Mutual Fund etc.
* All services related to Old and New LIC Policies Servicing Like
# Premium Payment
# Revival of Policies
# Maturity / Servival / death Claim
# Get Loan against your Policy
* Assist you in Tax Planning
* Creating and Managing the Portfolio
* Assist in Maturity , Death and Other Survival Claim
* Planning for regular Income
* developing the Pension Fund for old Age
* All other Services related to Post office scheme, Bank FD, Share Market, Mutual Fund etc.
* All services related to Old and New LIC Policies Servicing Like
# Premium Payment
# Revival of Policies
# Maturity / Servival / death Claim
# Get Loan against your Policy
Online Forms Download
The person legally entitled to receive the policy monies should give intimation of death of the policyholder to the servicing Branch. The requirement for the claim are as given below:
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| B. Proposal Forms Proposal for Insurance under Jeevan Akshay-II (pdf format) Proposal for Insurance under Bima Nivesh (PDF Format) Instructions for filling up above form. |
| C. Mandate Form For Payment Of LICI Premium By ECS Click here to download Mandate form for LICI premium by ECS |
| D. Revival Forms Click here to download (PDF format) Revival of Lapsed policy - Form no. 700 Click here to download (PDF format) Revival of lapsed Policy- Form no. 720 Click here to download (PDF format) |
| E. Application Form For Annuity Card For annuitants of Mumbai P & GS UNIT Click here to download (Page 1) Click here to download (Page 2)  Claim forms are in PDF format. Adobe® Acrobat® Reader® is a free software that lets you view and print Adobe Portable Document Format(PDF) files. Click here to download Adobe® Acrobat® Reader® |
| F. IPP-ECS Mandate Form Click here to download |
| G. IPP-NEFT MANDATE FORM Click here to download |
| H. Certificate of Existence Click here to download |
| I. IPP-Letter of Indemnity Click here to download |
Market Plus I
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER
This is a unit linked pension plan wherein the pension is payable after a specified period. Four types of investment Funds namely Bond, Secured, Balanced and Growth Fund are offered. Though primarily a Pension product, the plan has many attractive features and options which make it an ideal Retirement solution for the future.
BENEFITS
A)- On Vesting:
On vesting of the policy, the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. An option to commute upto one third of the payable benefit in a lump sum is available.
On vesting of the policy, the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. An option to commute upto one third of the payable benefit in a lump sum is available.
B) On Death:
In event of the unfortunate death of the policy holder the Fund Value along with the Riders, if any, will be payable in a lump sum or as a pension.
In event of the unfortunate death of the policy holder the Fund Value along with the Riders, if any, will be payable in a lump sum or as a pension.
OPTIONS
Three attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness Benefit are available as options or riders. Life option is available within certain limits depending on the age at entry of the life assured. The other options are available to all proposers who have opted for Life Cover. The quantum of the risk covers can also be reduced; subject to the minimum limits, once a year. A policy can be taken without any of the riders also.
Three attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness Benefit are available as options or riders. Life option is available within certain limits depending on the age at entry of the life assured. The other options are available to all proposers who have opted for Life Cover. The quantum of the risk covers can also be reduced; subject to the minimum limits, once a year. A policy can be taken without any of the riders also.
REVIVAL
An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.
PAYMENT OF PREMIUMS
Premiums can be paid in a lump sum (single premium) and also by monthly(ECS), quarterly, half-yearly and yearly modes.
An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.
PAYMENT OF PREMIUMS
Premiums can be paid in a lump sum (single premium) and also by monthly(ECS), quarterly, half-yearly and yearly modes.
CHANGE IN FUND TYPE (SWITCH)
The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge.
The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge.
OTHER FEAUTRES
There will be no spread between the Bid and Offer price. The Net Asset Value (NAV) will be declared on a daily basis. Additional premium in multiples of Rs.1,000 can be paid without any limit at anytime during the term of policy.
There will be no spread between the Bid and Offer price. The Net Asset Value (NAV) will be declared on a daily basis. Additional premium in multiples of Rs.1,000 can be paid without any limit at anytime during the term of policy.
The above information is only a gist of the benefits/features of the plan. For further details please refer to the sales brochure available with our agents/offices.
(A)
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The Policyholder has the option to choose any ONE out of the above 4 funds. | |||||||||||||||||||||||||||||||||||||||||
3. Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under: Appropriation price is applied (when fund is expanding): Market value of investments held by the fund plus the expenses incurred in the purchase of the assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any new units are allocated). Expropriation price is applied (when fund is contracting): Market value of investments held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed). Applicability of Net Asset Value (NAV): The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable. Similarly, in respect of the valid applications received for surrender, death claim, switches etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, death claim, switches etc after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable In respect of the policies vesting, NAV of the date of vesting shall be applicable. The timing given is as per the existing guidelines and changes in this regard shall be as per the instruction from IRDA. 4. Charges under the Plan: A) Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below: For Single premium policies: 3.3% For Regular premium policies:
Allocation charge for Top-up: 1.25% B) Charges for Risk Covers: i) Mortality Charge - This is the cost of life insurance cover which is age specific and will be taken every month. The charges per Rs. 1000/- life insurance cover for some of the ages in respect of a healthy life are as under:
ii Critical illness Benefit rider charge - This is the cost of Critical Illness Benefit rider (if opted for). These are age specific and will be taken every month. The charges per Rs. 1000/- Critical Illness Rider Sum Assured per annum for some of the ages in respect of a healthy life are as under:
iii Accident Benefit charge - This is the cost of Accident Benefit rider (if opted for) and will be levied every month at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year. C) Other Charges: 1) Policy Administration charge: Rs. 60/- per month during the first policy year and Rs. 20/- per month thereafter, throughout the term of the policy. 2) Fund Management Charge –It is a charge levied as a percentage of the value of units at following rates: 0.50% p.a. of Unit Fund for “Bond” Fund 0.60% p.a. of Unit Fund for “Secured” Fund 0.70% p.a. of Unit Fund for “Balanced” Fund 0.80% p.a. of Unit Fund for “Growth” Fund Fund Management Charge shall be appropriated while computing NAV. 3) Switching Charge –This is the charge levied on switching of monies from one fund to another. Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch. 4) Bid/Offer Spread – Nil. 5) Surrender Charge – Nil 6) Service Tax Charge – A service tax charge, if any, shall be levied on the following charges a)Policy Administration, Mortality, Accident Benefit and Critical Illness Benefit rider, if any – by canceling appropriate number of units out of the Policyholder’s Fund Value on a monthly basis as and when the corresponding Policy Administration, Mortality, Accident Benefit and Critical Illness Benefit rider charges are deducted. b) Premium allocation - at the time of allocation. c) Fund Management – at the time of deduction of Fund Management Charge. d) Switching - at the time of effecting switch and e) Alteration ( as provided under Miscellaneous charge) - on the date of alteration in the policy. The level of this charge will be as per the rate of service tax as applicable from time to time. Presently, the rate of Service Tax is 12% with an educational cess at the rate of 3% thereon and hence effective rate is 12.36%. 7) Miscellaneous Charge – This is a charge levied for an alteration within the contract, such as reduction in policy term, change in premium mode, etc. An alteration may be allowed subject to a charge of Rs. 50/-. D) Right to revise charges: The Corporation reserves the right to revise all or any of the above charges except the premium allocation charge and Mortality charge, with the prior approval of IRDA . Although the charges are reviewable, they will be subject to the following maximum limit: - Policy Administration Charge Rs. 150/- per month during the first policy year and Rs. 50/- per month thereafter, throughout the term of the policy. - Fund Management Charge: The Maximum for each Fund will be as follows:
- Critical Illness Benefit charges shall not exceed by more than 200% of the current rate. - Switching Charge shall not exceed Rs. 200/- per switch. - Miscellaneous Charge shall not exceed Rs. 100/- each time when an alteration is requested. In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s Fund Value. 5. Surrender: The Surrender value, if any, is payable only after completion of the third policy anniversary both under Single and Regular premium contract. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. If you apply for surrender of the policy within 3 years from the date of commencement of policy, then the Policyholder’s Fund Value shall be converted into monetary terms. No charges shall be deducted thereafter and this monetary value shall be paid on completion of 3 years from the date of commencement of policy. In case of death of life assured after the date of surrender but before the completion of 3 years from the date of commencement of policy the monetary value payable on the completion of 3 years shall be payable to the nominee/ legal heir immediately on death. Compulsory Surrender: The policy shall be surrendered compulsorily in following cases: i) where the policy is not revived during the period of revival, the policy shall be terminated after completion of 3 years from the date of commencement of the policy or on expiry of revival period, whichever is later. However, if the date of vesting falls before the expiry of revival period, then the policy shall be terminated on the date of vesting. ii) where premiums have been paid for less than 3 years or under single premium policies, if the balance in policyholder’s fund value is not sufficient to recover the relevant charges; iii) where premiums have been paid for at least 3 years and the balance in policyholder’s fund value falls below a minimum balance of one annualized premium. Policyholder’s Fund Value shall be converted into monetary value as under: The NAV on the date of application for surrender or on the date when revival period is over (in case of compulsory surrender), as the case may be, multiplied by the number of units in the Policyholder’s Fund as on that date will be the monetary amount. | |||||||||||||||||||||||||||||||||||||||||
Smridhi Plus
LIC’s Samridhi Plus is a unit linked plan that safeguards your investment from market fluctuations, so that your investments are protected in financially volatile times. This plan offers payment of Fund Value at the end of policy term, based on highest Net Asset Value (NAV) over the first 100 months of the policy, or the NAV as applicable on the date of maturity, whichever is higher. NAV of the fund will be subject to a minimum of ` 10/-. This plan is available for sale for a maximum period of 3 months from the date of launch.
You can pay the premiums either in a single lump sum or for a limited premium paying term of 5 years. You can choose the level of cover within the limits, which will depend on your age, whether the policy is a Single premium or Limited premium contract and on the level of premium you agree to pay.
Premiums paid after allocation charge will purchase units of the Fund. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the NAV.
Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the premium paying term of 5 years. Alternatively, a single premium can be paid.
Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the premium paying term of 5 years. Alternatively, a single premium can be paid.
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.
Eligibility Conditions And Other Restrictions:
Eligibility Conditions And Other Restrictions:
(a) Minimum Age at entry - 8 (age last birthday)
(b) Maximum Age at entry - 65 years (age nearer birthday)
(c) Policy Term - 10 years
(d) Minimum Premium -
(b) Maximum Age at entry - 65 years (age nearer birthday)
(c) Policy Term - 10 years
(d) Minimum Premium -
5 years Premium Paying policies: Mode Minimum
Instalment Premium
Yearly: ` [15,000]
Half-Yearly ` [8,000]
Quarterly ` [4,000]
Monthly (ECS only) ` [1,500]
Single premium: Single ` [30,000]
Instalment Premium
Yearly: ` [15,000]
Half-Yearly ` [8,000]
Quarterly ` [4,000]
Monthly (ECS only) ` [1,500]
Single premium: Single ` [30,000]
(e) Maximum Premium -
5 years Premium Paying Term - ` [1,00,000] p.a.
Single premium - No Limit
5 years Premium Paying Term - ` [1,00,000] p.a.
Single premium - No Limit
(f) Sum Assured under the Basic Plan -
Minimum Sum Assured:
5 years Premium Paying Term policies:
For age at entry below 45 years: 10 times the annualised premium
For age at entry 45 years and above: 7 times the annualised premium
Minimum Sum Assured:
5 years Premium Paying Term policies:
For age at entry below 45 years: 10 times the annualised premium
For age at entry 45 years and above: 7 times the annualised premium
Single Premium policies:
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium
Maximum Sum assured:
5 years Premium Paying Term policies:
For age at entry below 45 years: 20 times the annualized premium
For age at entry 45 years and above: 10 times the annualized premium
5 years Premium Paying Term policies:
For age at entry below 45 years: 20 times the annualized premium
For age at entry 45 years and above: 10 times the annualized premium
Single Premium Policies:
5 times the Single premium, if age at entry is upto 55 years.
1.25 times the Single premium, if age at entry is 56 to 65 years.
5 times the Single premium, if age at entry is upto 55 years.
1.25 times the Single premium, if age at entry is 56 to 65 years.
Where the minimum Sum Assured is not in the multiples of ` 5,000, it will be rounded off to the next multiple of ` 5,000. Annualized Premiums shall be payable in multiple of ` 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of ` 250/-.
Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge, Guarantee Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under:
Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge, Guarantee Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under:
Appropriation price is applied (when fund is expanding):
Market value of investment held by the fund plus the expenses incurred in the purchase of the assets plus the value of any current assets plus any accrued income net of fund management charges including Guarantee Charge less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any new units are allocated).
Expropriation price is applied (when fund is contracting):
Market value of investment held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges including Guarantee Charge less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed).
Market value of investment held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges including Guarantee Charge less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed).
Applicability of Net Asset Value (NAV):
The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.
The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.
Similarly, in respect of the valid applications received for surrender, partial withdrawal, death claim and in case of complete withdrawal etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim and in case of complete withdrawal etc after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable
In case of discontinuance, as specified in Para 10 below, wherein the policyholder does not exercise the option within the period of 30 days of receipt of notice then the NAV as on the date of expiry of notice period shall be applicable.
In respect of maturity claim, the Policyholders fund value shall be based on the highest NAV over the first 100 months of the policy or the NAV as applicable on the date of maturity, whichever is higher.
The timing (presently 3 p.m.) is as per the existing guidelines and changes in this regard shall be as per the instructions from IRDA.
Charges under the Plan:
Charges under the Plan:
A) Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below:
For Single premium policies: 3.3%
For Regular premium policies:
For Single premium policies: 3.3%
For Regular premium policies:
Premium | Allocation Charge |
First Year | 6.00% |
2nd to 5th Year | 4.50% |
B) Charges for Risk Covers:
i) Mortality Charge – This is the cost of life insurance cover which is age specific and will be taken every month. The life insurance cover is the difference between Sum Assured under Basic plan and the Fund Value after deduction of all other charges.
The charges per ` 1000/- life insurance cover for some of the ages in respect of healthy lives are as under:
i) Mortality Charge – This is the cost of life insurance cover which is age specific and will be taken every month. The life insurance cover is the difference between Sum Assured under Basic plan and the Fund Value after deduction of all other charges.
The charges per ` 1000/- life insurance cover for some of the ages in respect of healthy lives are as under:
Age | 25 | 35 | 45 | 55 |
` | 1.42 | 1.73 | 3.89 | 10.76 |
Accident Benefit charge - It is the cost of Accident Benefit rider (if opted for) and will be levied every month at the rate of ` 0.50 per thousand Accident Benefit Sum Assured per policy year.
C) Other Charges: The following charges shall be deducted during the term of the policy:
Policy Administration charge ` 30/- per month during the first policy year and ` 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
Policy Administration charge ` 30/- per month during the first policy year and ` 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
Fund Management Charge – It is a charge levied as a percentage of the value of assets and shall be appropriated by adjusting the Net Asset Value (NAV) at 0.90% p.a. of Fund Value.
This is a charge levied at the time of computation of NAV, which will be done on daily basis.
Guarantee Charge – A charge of 0.40% p.a. of the Fund Value shall be levied for the cost of investment guarantee.
Guarantee Charge – A charge of 0.40% p.a. of the Fund Value shall be levied for the cost of investment guarantee.
This is a charge levied at the time of computation of NAV, which will be done on daily basis.
Bid/Offer Spread – Nil.
Bid/Offer Spread – Nil.
Discontinuance Charge – The discontinuance charge for 5 years premium paying term policies is as under:
Where the policy is discontinued during the policy year | Discontinuance charges for the policies having annualized premium up to ` 25,000/- | Discontinuance charges for the policies having annualized premium above ` 25,000/- |
1 | Lower of 10% * (AP or FV) subject to a maximum of ` 2500/- | Lower of 6% * (AP or FV) subject to maximum of ` 6000/- |
2 | Lower of 7% * (AP or FV) subject to a maximum of ` 1750/- | Lower of 4% * (AP or FV) subject to maximum of ` 5000/- |
3 | Lower of 5% * (AP or FV) subject to a maximum of ` 1250/- | Lower of 3% * (AP or FV) subject to maximum of ` 4000/- |
4 | Lower of 3% * (AP or FV) subject to a maximum of ` 750/- | Lower of 2% * (AP or FV) subject to maximum of ` 2000/- |
5 and onwards | NIL | NIL |
AP – Annualised Premium
FV – Policyholder’s Fund Value on the date of discontinuance
FV – Policyholder’s Fund Value on the date of discontinuance
There shall not be any discontinuance charge under Single Premium.
- Service Tax Charge – Service tax charge shall be levied on all or any of the charges applicable to this plan as per the prevailing service tax laws / notifications etc. as issued by Government of India from time to time in this regard without any reference to the policyholder.
- Miscellaneous Charge – This is a charge levied for an alteration within the contract, such as change in premium mode and grant of Accident Benefit after the issue of the policy. An alteration may be allowed subject to a charge of ` 50/-.
D) Right to revise charges: The Corporation reserves the right to revise all or any of the above charges except the Premium Allocation charge, Mortality charge and Accident Benefit charge. The modification in charges will be done with prospective effect with the prior approval of IRDA.
Although the charges are reviewable, they will be subject to the following maximum limit:
Policy Administration Charge
Policy Administration Charge
` 60/- per month during the first policy year and ` 60/- per month escalating at 3% p.a. thereafter, throughout the term of the policy
Fund Management Charge: The Maximum for Fund will be 1.30% p.a. of Fund Value
Fund Management Charge: The Maximum for Fund will be 1.30% p.a. of Fund Value
- Guarantee Charge shall not exceed 0.60% p.a. of the Fund Value.
- Miscellaneous Charge shall not exceed ` 100/- each time when an alteration is requested.
In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s Fund Value.
Discontinuance of Premiums:
In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s Fund Value.
Discontinuance of Premiums:
If you fail to pay premiums under the policy within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise one of the following options within a period of thirty days of receipt of such notice:
Revival of the policy, or
Complete withdrawal from the policy
Revival of the policy, or
Complete withdrawal from the policy
During the notice period of 30 days, the policy shall be treated as in force and the charges for Mortality, Accident Benefit cover, if any, shall be taken in addition to other charges, by canceling an appropriate number of units out of the Policyholder’s Fund Value. The cover shall continue till the date of discontinuance of the policy (i.e. till the date on which the intimation is received from the policyholder for complete withdrawal of the policy or till the expiry of the notice period).
If you do not exercise any option within the stipulated period of 30 days, you shall be deemed to have exercised the option of complete withdrawal from the policy.
If you do not exercise any option within the stipulated period of 30 days, you shall be deemed to have exercised the option of complete withdrawal from the policy.
The benefits payable under the policy during the notice period shall be same as that under an in-force policy, except Partial Withdrawal, which shall not be allowed if all due premiums have not been paid.
The benefits payable when you exercise the option for complete withdrawal or you do not exercise any option during the notice period shall be as under:
If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as specified below and Proceeds of the discontinued policy as specified below shall be payable after completion of 5 years from the date of commencement of the policy.
If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as specified below and Proceeds of the discontinued policy as specified below shall be payable after completion of 5 years from the date of commencement of the policy.
Method of calculation of Monetary amount and Proceeds of the Discontinued Policy:
The conversion to monetary amount shall be as under:
The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units in the Policyholder’s Fund Value as on that date will be the monetary amount.
The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units in the Policyholder’s Fund Value as on that date will be the monetary amount.
The Proceeds of the Discontinued Policy shall be calculated as under:
The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum interest rate of 3.5% compounded annually from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.
Compulsory termination:
The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum interest rate of 3.5% compounded annually from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.
Compulsory termination:
If the balance in the Policyholder’s Fund Value, at any time after partial withdrawal of units, is not sufficient to recover the relevant charges, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Fund Value, if any, shall be refunded to the policyholder.
Other Features:
Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.
Other Features:
Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.
Partial Withdrawals: Youmay en-cash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:
In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
Partial withdrawals will be allowed twice in a policy year.
Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units subject to a minimum amount of ` 2000/-.
For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
Under 5 years Premium Paying Term policies, partial withdrawal will be allowed subject to a minimum balance of at least one annualized premium in the Policyholder’s Fund Value.
Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of 25% of the single premium in the Policyholder’s Fund Value.
In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
Partial withdrawals will be allowed twice in a policy year.
Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units subject to a minimum amount of ` 2000/-.
For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
Under 5 years Premium Paying Term policies, partial withdrawal will be allowed subject to a minimum balance of at least one annualized premium in the Policyholder’s Fund Value.
Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of 25% of the single premium in the Policyholder’s Fund Value.
Increase / Decrease of risk covers:No increase or decrease of covers will be allowed under the plan.
Revival: If due premium is not paid within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise the option for revival within a period of thirty days of receipt of such notice. If you exercise the option to revive the policy, then the arrears of premium without interest shall be required to be paid.
The Corporation reserves the right to accept the revival at its own terms or decline the revival of a policy.
Irrespective of what is stated above, if the Policyholder’s Fund Value is not sufficient to recover the charges during the notice period, the policy shall terminate and thereafter revival will not be allowed.
Reinstatement:
A policy once surrendered cannot be reinstated.
Risks borne by the Policyholder:
Risks borne by the Policyholder:
- LIC’s Samridhi Plus is a Unit Linked Life Insurance product which is different from the traditional insurance products and is subject to the risk factors.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAV of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Samridhi Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
- The fund offered under this contract is the name of the fund and does not in any way indicate the quality of this plan, its future prospects and returns.
- All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.
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. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:
Value of units in the Policyholder’s Fund
Plus unallocated premium
Plus PolicyAdministration charge deducted
Less charges @ ` 0.20per thousand Sum Assured under Basic plan
Less Actual cost of medical examination and special reports, if any.
Loan:
Value of units in the Policyholder’s Fund
Plus unallocated premium
Plus PolicyAdministration charge deducted
Less charges @ ` 0.20per thousand Sum Assured under Basic plan
Less Actual cost of medical examination and special reports, if any.
Loan:
No Loan will be available under this plan.
Assignment:
Assignment:
Assignment will be allowed under this plan.
Benefits:
Guaranteed NAV:
In this product there is a guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of ` 10. This means the payment at the end of the policy term will be based on highest NAV recorded over the first 100 months of the policy, or the NAV as applicable on the date of maturity, whichever is higher. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for guarantee of NAV shall be 100 months from the date of commencement of policy.
In this product there is a guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of ` 10. This means the payment at the end of the policy term will be based on highest NAV recorded over the first 100 months of the policy, or the NAV as applicable on the date of maturity, whichever is higher. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for guarantee of NAV shall be 100 months from the date of commencement of policy.
A) Death Benefit:
In case of death of the Life Assured within the policy term, when the cover is in full force, the nominee shall get higher of the Sum Assured under the Basic Plan and the Policyholder’s Fund Value. However, if partial withdrawal has been made during the last two years from the date of death, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
In case of death of the Life Assured within the policy term, when the cover is in full force, the nominee shall get higher of the Sum Assured under the Basic Plan and the Policyholder’s Fund Value. However, if partial withdrawal has been made during the last two years from the date of death, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
The Policyholder’s Fund on death shall be determined at the prevailing NAV as on the date of receipt of intimation of death.
B) Maturity Benefit:
On the policyholder surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable. The Policyholder’s Fund at the end of policy term shall be based on the highest Net Asset Value (NAV), over the first 100 months of the policy or the NAV as applicable on the date of maturity, whichever is higher.
On the policyholder surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable. The Policyholder’s Fund at the end of policy term shall be based on the highest Net Asset Value (NAV), over the first 100 months of the policy or the NAV as applicable on the date of maturity, whichever is higher.
2. Options:
Accident Benefit Option:
If you are between 18 and 60 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of ` 25,000 and maximum of ` 50 lakh (taken all policies with LIC of India and other insurers.) In case of death due to an accident, an additional sum equal to Accident Benefit Sum Assured shall be payable.
3. Investment of Funds: The fund detail is as under:
Accident Benefit Option:
If you are between 18 and 60 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of ` 25,000 and maximum of ` 50 lakh (taken all policies with LIC of India and other insurers.) In case of death due to an accident, an additional sum equal to Accident Benefit Sum Assured shall be payable.
3. Investment of Funds: The fund detail is as under:
Fund Type | Investment in Government / Government Guaranteed Securities / Corporate Debt | Short-term investments such as money market instruments | Investment in Listed Equity Shares | Details and objective of the fund for risk / return |
Samridhi Plus Fund | 0% to 100% | 0% to 100% | 0% to 100% | Medium Risk |
In the period during which this product is open for sale, all premiums received shall be invested in Money Market instruments of applicable duration i.e. the period from the date of sale to the date of closure of the plan. After the date of closure of the plan the above investment pattern shall be followed.
4. Surrender: The surrender value, if any, is payable as under:
If the policy is surrendered within 5 years from the date of commencement of the policy:
If you apply for surrender of the policy within 5 years from the date of commencement of policy, then the Policyholder’s Fund Value after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as per para 11 below. This monetary amount shall be credited to the Discontinued Policy Fund and no charges shall be deducted thereafter. The Proceeds of the Discontinued Policy, as per para 11 below, shall be payable on completion of 5 years from the date of commencement of policy.
If you apply for surrender of the policy within 5 years from the date of commencement of policy, then the Policyholder’s Fund Value after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as per para 11 below. This monetary amount shall be credited to the Discontinued Policy Fund and no charges shall be deducted thereafter. The Proceeds of the Discontinued Policy, as per para 11 below, shall be payable on completion of 5 years from the date of commencement of policy.
In case of death of life assured after the date of surrender but before the completion of 5 years from the date of commencement of policy the Proceeds of the Discontinued Policy shall be payable to the nominee/ legal heir immediately.
If the policy is surrendered after 5 years from the date of commencement of the policy:
If you apply for surrender of the policy after 5 years from the date of commencement of policy, then the Policyholder’s Fund Value, as at the date of surrender, shall be payable. There will be no Discontinuance Charge
If you apply for surrender of the policy after 5 years from the date of commencement of policy, then the Policyholder’s Fund Value, as at the date of surrender, shall be payable. There will be no Discontinuance Charge
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