LIC

LIC

Friday, January 17, 2014

Comparison Old Money Back 20 Years Plan 75 to New Money Back 20 Years Plan no 820

LIC launches New Money Back plan for 20 Years Table No. 820

Call us on 93 600 80 622 

As per the rule of IRDA most of the LIC plans are revised.

Below are the list of changes done in new Money Back plan 820 compared to old Money Back plan 75. 


Money Back Plan -20 years (Table No. 75)New Money Back Plan – 20 years (Table No.820)
Maturity Benefit40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.No Change
Death BenefitBasic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .
Survival Benefit20% of the sum assured in every 5th, 10th and 15th yearNo Change
Paid-up valuePaid-up value per thousand Sum AssuredPaid –up value shall be equal to [(Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.
Age at entry13 to 50 years13 to 50 years
Age at MaturityMaximum  70 yearsMaximum  70 years
Policy Term20 Years15 years
Premium modeYearly, Half-yearly, Quarterly, Monthly (SSS or ECS)Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured50,000 and above1,00,000 and above ( In multiples of 5000)
Rebate
  • 3% of tabular Premium for Yearly premium
  • 1.5% of tabular premium for Half-Yearly premium
  • 2% of tabular premium for Yearly premium
  • 1% of tabular premium for Half-Yearly premium
Loan
  • Available after payment of 3 full years premiums.
  • Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value  in case of Paid-up policies.
  • Foreclosure action shall be  initiated on default of 2 or more half-yearly  loan interest installments.
  • Available after payment of 3 full years premiums
  • he maximum amount of loan that can be granted as a percentage of Surrender Value be  as under:
    For inforce and fully paid-up policies – upto  90%
    For paid-up policies – 80%
  • Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.
Guaranteed Surrender Value (GSV)
  • Available after payment of 3 full years premiums
  • Before Payment of Survival Benefit: GSV shall be equal to 30% of the total premiums paid less First Year Premium and  extra premium, if any.
    After Payment of Survival Benefit: GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.
  • Available after payment of 3 full years premiums.
  • GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid. Examples of GSV factors applicable for total  premiums paid
    Policy Year ~ GSV factor
             3   =   30%
             5   =   50%
           t -1  =   80% (t=Policy Term)
Special Surrender Value (SSV)
  • Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
  • The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
  • Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
  • The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Main Changes
  • A  Policy may be revived within a period of 5 years from the date of first unpaid premium.
  • Taxes, if any , were borne by the Corporation.
  • A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
  • Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
No Changes in
  • Back Dating
  • Grace Period
  • Assignment/Nomination
  • Back Dating
  • Grace Period
  • Assignment/Nomination
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Why LIC's Single Premium Endowment plan you should take?


Why LIC's single premium endowment plan you should take?


  1. Single premium – one time investment.
  2. Protection -risk cover# for full sum assured.
  3. excellent for meeting educational needs of young ones.
  4. Children from the age of 90 days can be covered.
  5. Ideal for investment planning-wide range of policy term.
  6. Attractive – participates in profits.
  7. Liquidity through loan.

Call us on 93 600 80 622 or kspgeetha@yahoo.co.in
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LIC New Endowment Plan No 814



LIC Launches New Endowment Plan  (Table No 814). As per the IRDA, LIC revised all the popular plans accordingly to the new rule.

Maturity Benefit - Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.

Death Benefit - ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death.


What is Sum Assured on Death?
Sum  Assured on Death shall be Higher of ~ Basic Sum Assured (BSA)
OR 10 times Annualised Premium.(10 x AP).
[*The premiums mentioned in death benefit are excluding taxes, extra premiums and premiums for riders, if any]

Eligibility Conditions and Restrictions
  • Age at entry – 8 to 55 years
  • Age at Maturity – Maximum 75 Years
  • Policy Term – 12 to 35 years
  • Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
  • Basic Sum Assured – 100000 and above
Loan – Available after payment of 3 full years premiums.
The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term.
Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.

Guaranteed Surrender Value (GSV) - Available after payment of 3 full years premiums.
GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.

Examples of GSV factors applicable for total  premiums paid
Policy Year ~ GSV factor
3   =   30%
5   =   50%
t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –
Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

Year of SV – Policy Term – Factor
3                  12                  18.60%
19                 25                  20.85%
29                 30                  30%
( In multiples of 5000)

Special Surrender Value (SSV) - The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Surrender Value payable – The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

LIC’s  New Endowment Plan – Changes over  Table No.14
  1. Sum Assured on Death’ has been defined separately
  2. Age at entry has been reduced.
  3. Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term.
  4. GSV percentage shall also depend on policy term and year of Surrender
  5. Rebates for high SA and premium mode modified.

Call us on 93 600 80 622 or kspgeetha@yahoo.co.in

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Friday, January 17, 2014


Comparison of Old Money Back Plan 93 to New Money Back Plan 821


LIC launches New Money Back plan for 25 Years - Table no 821. As per the rule of IRDA most of the LIC plans are revised.Call us on 93 600 80 622 or kspgeetha@yahoo.co.in for more details

Below are the list of changes done in new Money Back Plan 821 compared to old Money Back Plan 93.
Money Back Plan -25 years (Plan No. 93)New Money Back Plan – 25 years (Plan No. 821)
Maturity Benefit40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.No Change
Death BenefitSum Assured(SA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .
Survival Benefit15 % every 5 yearsNo Chnage
Paid-up valuePaid-up value per thousand Sum AssuredPaid –up value shall be equal to [(Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy
Age at entry13 to 45 years13 to 45 years
Age at MaturityMaximum  70 yearsMaximum  70 years
Policy Term25 Years20 Years
Premium modeYearly, Half-yearly, Quarterly, Monthly (SSS or ECS)Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured50,000 and above1,00,000 and above ( In multiples of 5000)
Rebate
  • 3% of tabular Premium for Yearly premium
  • 1.5% of tabular premium for Half-Yearly premium
  • 2% of tabular premium for Yearly premium
  • 1% of tabular premium for Half-Yearly premium
Loan
  • Available after payment of 3 full years premiums.
  • Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value  in case of Paid-up policies.
  • Foreclosure action shall be  initiated on default of 2 or more half-yearly  loan interest installments.
  • Available after payment of 3 full years premiums
  • The maximum amount of loan that can be granted as a percentage of Surrender Value be  as under:
    For inforce and fully paid-up policies – upto  90%
    For paid-up policies – 80%
  • Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.
Guaranteed Surrender Value (GSV)
  • Available after payment of 3 full years premiums
  • Before Payment of Survival Benefit:
  • GSV shall be equal to 30% of the total premiums paid less First Year Premium and  extra premium, if any.
  • After Payment of Survival Benefit:
  • GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.
  • Available after payment of 3 full years premiums.
  • GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.
Examples of GSV factors applicable for total  premiums paid
Policy Year ~ GSV factor
         3   =   30%
         5   =   50%
       t -1  =   80% (t=Policy Term)
Special Surrender Value (SSV)
  • Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
  • The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
  • Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
  • The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Main Changes
  • A  Policy may be revived within a period of 5 years from the date of first unpaid premium.
  • Taxes, if any , were borne by the Corporation.
  • A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
  • Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
NO Changes in
  • Back Dating
  • Grace Period
  • Assignment/Nomination
  • Back Dating
  • Grace Period
  • Assignment/Nomination
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Friday, January 17, 2014


LIC New Jeevan Anand Plan No 815

LIC Launches New Jeevan Anand Plan  (Table No 815)

  • A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
  • Accident Benefit as a rider.
  • Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
Maturity Benefit -Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any

Death Benefit -
During the policy term – ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
After expiry of policy term – Basic Sum Assured

What is Sum Assured on Death?
Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual Premium.(10 x AP).
The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .
[*excluding taxes, extra premiums and premiums for riders, if any]

Eligibility Conditions and Restrictions
  • Age at entry - 18 to 50 years
  • Age at Maturity - Maximum 75 Years
  • Policy Term - 15 to 35 years
  • Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
  • Basic Sum Assured - 100000 and above ( In multiples of 5000)
Loan – Available after payment of 3 full years premiums. The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term, as given in the table below.
Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is a default of loan interest.

Policy TermUpto 2324 to 2728 to 3132 to 35
% for inforce policies90%80%70%60%
% for Paid-up policies80%70%60%50%

Guaranteed Surrender Value (GSV) -Available after payment of 3 full years premiums.
GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.
Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor
3   =   30%
5   =   50%
t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –

Year of SV – Policy Term – Factor
3                  15                  17.66%
19                 25                  20.85%
29                 30                  30%

Special Surrender Value (SSV) -Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Surrender Value payable – The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

Call us on 93 600 80 622 or kspgeetha@yahoo.co.in for more details
By
K.S.Palanisamy
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Friday, January 17, 2014

LIC's claim settlement Better and Efficient than private insurers: BY IRDA


Private insurance companies fared poorly in terms of settlement of death claims in 2012-13 as compared to state-owned LIC (Life Insurance Corporation), says sectoral regulator Irda. "The claim settlement ratio of LIC was better than that of the private life insurers," Insurance Regulatory and Development Authority said in its annual report.

Life Insurance Corporation posted claim settlement ratio of 97.73 per cent last fiscal, as compared to 97.42 per cent in 2011-12.

For private insurers, the settlement ratio had gone down to 88.65 per cent in 2012-13, as compared to 89.34 per cent during the previous year, Irda said.It further revealed that private sector insurance firms have been rejecting about 8 per cent of the claims as against 1.12 per cent by the LIC.

According to Irda, there were 3.47 per cent claims sought from private insurance companies were pending at the end of the year. The similar figure for LIC was 1.04 per cent.There are about two dozen private life insurance firms in India and the larger ones include ICICI Prudential Life, HDFC Standard Life and Reliance Life.

The life insurance industry recorded a premium income of over Rs 2.87 lakh crore during 2012-13, up 0.05 per cent over the previous fiscal.

While private sector insurers posted 6.87 per cent decline in premium income, LIC recorded 2.92 per cent growth in 2012-13 compared to the previous fiscal.
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Friday, January 17, 2014


Comparison Old Jeevan Anand Plan No 149 to New Jeevan Anand Plan No 815

LIC Launches New Jeevan Anand Plan  (Table No. 815). As per the rule of IRDA most of the LIC plans are revised.Call us on 93 600 80 622 or kspgeetha@yahoo.co.in for more details

Below are the list of changes done in new Jeevan Anand Plan (Table No. 815) compared to old  Jeevan Anand Plan (Table No. 149).

Jeevan Anand (Plan No. 149)New Jeevan Anand (Plan No. 815)
Maturity BenefitBasic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any
Death Benefit

During the policy term - Basic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
After expiry of policy term - Basic Sum Assured		During the policy term - ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
After expiry of policy term - Basic Sum Assured
Survival BenefitNo ChangeNo Change
Age at entry18 to 65 years18 to 50 years
Age at MaturityMaximum 75 YearsMaximum 75 Years
Policy Term5 to 57 years15 to 35 years
Premium modeYearly, Half-yearly, Quarterly, Monthly (SSS or ECS)Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured100000 and above100000 and above ( In multiples of 5000)
Surrender ValueAvailable after completion of 1 year.Available at any time during the policy term subject to realisation of the premium cheque.
Loan
  • Available after payment of 3 full years premiums.
  • Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value  in case of Paid-up policies irrespective of the policy term.
  • Foreclosure action was initiated on default of 2 or more half-yearly  loan interest installments.
  • Available after payment of 3 full years premiums
  • The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term.
  • Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is a default of loan interest.
Guaranteed Surrender Value (GSV)
  • Available after payment of 3 full years premiums.
  • GSV shall be equal to 30% of the total premiums paid less First Year Premium and  extra premium, if any
  • Cash Value of  vested bonuses, if any
  • Available after payment of 3 full years premiums.
  • GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.
    Examples of GSV factors applicable for total  premiums paid
    Policy Year ~ GSV factor
             3   =   30%
             5   =   50%
           t -1  =   80% (t=Policy Term)
Special Surrender Value (SSV)
  • Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
  • The discount factors shall be surrender value factors as provided in Table-1A and 2A(whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
  • Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.
  • The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Other Changes
  • A  Policy may be revived within a period of 5 years from the date of first unpaid premium.
  • Accident Benefit inbuilt.
  • Taxes, if any , were borne by the corporation.
  • A  Policy may be revived within a period of 2 years from the date of first unpaid premium.,
  • Accident Benefit as a rider.
  • Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
NO Changes in
  • Back Dating
  • Grace Period
  • Paid-up Value
  • Assignment/Nomination
  • Back Dating
  • Grace Period
  • Paid-up Value
  • Assignment/Nomination
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