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

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 Benefit	Basic 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 Benefit	No Change	No Change
Age at entry	18 to 65 years	18 to 50 years
Age at Maturity	Maximum 75 Years	Maximum 75 Years
Policy Term	5 to 57 years	15 to 35 years
Premium mode	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)	Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured	100000 and above	100000 and above ( In multiples of 5000)
Surrender Value	Available 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

Private insurance companies deny...

Private insurance companies deny...

LIC's total investments touch Rs 14.8-lakh crore

LIC's total investments touch Rs 14.8-lakh crore

Source: Business Standard

India's largest insurer to invest Rs 2.25-lakh crore in FY14

 

The total investments of Life Insurance Corporation of India (LIC) at the end of FY13 stood at Rs 14.86 lakh crore. According to LIC's annual report for 2012-13, the country's largest insurer had Rs 14.84 lakh crore worth of investments in India and Rs 2,408.61 crore worth of investments abroad.

In FY14, LIC plans to invest Rs 2.25 lakh crore in government securities, bonds, infrastructure, debenture and equity, of which 15-20 per cent would be in equity.

The insurer had booked Rs 21,000 crore profit from sale of equities and churning of the  portfolio. According to an earlier presentation by LIC to a Parliament standing committee on finance, total investments at the end of March 31, 2012 was Rs 13.49 lakh crore.

Usha Sangwan, managing director of LIC, had recently said the insurer has planned to invest Rs 40,000 crore in equity this financial year. "We have already invested Rs 33,000 crore. We have also booked profits of Rs 14,000 crore, since there has been a continuous churn in the portfolio," she had said.

With respect to the investment in infrastructure and the social sector, LIC invested Rs 10,995.33 crore in power, Rs 4,121.74 crore in housing, Rs 35.72 crore in water supply and sewerage, and Rs 5,012.13 crore in other infrastructure in FY13.

The insurer plans to have 12 per cent growth in new business premium this financial year. LIC Chairman S K Roy had earlier said that although it had budgeted for 12 per cent in first premium growth, the insurer is hopeful of achieving more growth........KSP