LIC

INTRODUCTION

It has been decided to introduce LIC’s Jeevan Utsav (Plan No. 871) with effect from 29th November 2023.

The Unique Identification Number (UIN) for LIC’s Jeevan Utsav is 512N363V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc).

LIC’s Jeevan Utsavisa Non-Linked, Non-Participating, Individual, Savings, WholeLife Insurance plan. It is a Limited Premium plan with Guaranteed Additions throughout Premium Paying Term.

The proposer shall have following two options to choose at inception which are detailed in Para3(B). The benefits shall vary as per the option chosen.

1. OptionI-Regular Income Benefit
2. OptionII–Flexi Income Benefit

However, the policyholder can change the option exercised by him at the inception of the policy at any time up to six months before the beginning of the policy year in which the first Regular Income Benefit or Flexi Income Benefit becomes due.

This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms as well as On line directly through web site www.licindia.in. However, it is not available for sale through Point of Sales Persons-Life Insurance(POSP-LI) / Common Public Service Centers (CPSC-SPV).

The benefits and other details of the plan are given below:

ELIGIBILITY CONDITIONS AND RESTRICTIONS FOR BASE PLAN

LIC's New Endowment Plan is a Non-Linked, Participating, Individual, Life Assurance plan which offers an attractive combination of Risk cover and saving features.

Eligibility Conditions:

• a) Minimum Age at entry: 8 years (completed)
• b) Maximum Age at entry: 55 years (nearer birthday)
• c) Minimum Maturity Age: 20 Years
• d) Maximum Maturity Age: 75 years (nearer birthday)
• e) Minimum Basic Sum Assured: Rs. 100,000
• f) Maximum Basic Sum Assured: No Limit (The Basic Sum Assured shall be in multiples of Rs.5000/-)
• g) Minimum Policy Term: 12 years
• h) Maximum Policy Term: 35 years
• i) Premium Paying Mode: Yearly, Half-yearly, Quarterly, Monthly NACH only, SSS

Benefits to Policyholders:

A.Risk Cover:

1. Sum Assured on Death along with vested Simple Reversionary Bonuses and Final Additional bonus, if any.
2. Sum Assured on Death is higher of Basic Sum Assured or 7 times of annualized premium.
3. This death benefit shall not be less than 105% of the total premiums paid.

B. Maturity Benefit:

1. Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
2. Settlement Option for Maturity Benefit: An option to receive Maturity Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy.

C. Policy Loan:

Loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

D. Surrender:

The policy can be surrendered at any time provided two full years’ premiums have been paid.

E. Riders:

Life assurance saving and provision to have 5 different riders.

• 1. ADDB rider (Accident Death and Disability benefit rider)
• 2. Accident Benefit Rider
• 3. Premium Waiver Benefit Rider
• 4. Term Assurance Rider
• 5. Critical illness Benefit Rider

USP:

• 1. Excellent plan for creating Tax Free cash asset for self and family.
• 2. Retire and Enjoy: If smaller Sum assured policies are given, maturing every year after 12 years, then it becomes Tax free Pension plan(Retire and Enjoy) e.g. 914/12,914/13,914/14 etc.
• 3. If DOC is chosen as DOB, then is it Tax free Birthday gift. It also helps to Renew of relationship by Birthday wishes.

LIC’s Jeevan Akshay-VII Plan is a Single Premium, Non-linked, Non-participating, Individual Immediate Annuity plan.

Eligibility Conditions:

1. i. Minimum Age at Entry: 30 years(Completed)
2. ii. Maximum Age at Entry: 85 years(Completed) except option F / 100 years(Completed) for option F
3. iii. Minimum Purchase Price*: Rs. 1,00,000/- subject to Minimum Annuity as specified below.

*Note- The above mentioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below.

For Purchase Price less than Rs. 1,50,000/- annuity rates given under this plan shall be reduced with Reduction Factors as given in Para 7 below.

1. iv. Maximum Purchase Price: No Limit
2. v. Minimum Annuity:

vi. Premium Paying Mode: Single premium only

Benefits to Agents:

1. 2% of Single Premium is payable as commission to Agent, Corporate agent, Brokers snd Insurance Marketing Firms (IMFs).
2. No bonud commission shall be payable.

Benefits to Policyholders:

1. Annuity Options:
2. Option A: Immediate Annuity for life.
3. Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
4. Option c: Immediate Annuity with guaranteed period of 10 years and life thereafter.
5. Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
6. Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
7. Option F: Immediate Annuity for life with return of Purchase Price.
8. Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
9. Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the secondary annuitant on the death of the Primary Annuitant.
10. Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survivves.
11. Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survivves and return of Purchases Price on the death of last survivor.

LIC's New Jeevan Anand Plan is a Non-linked, Participating, Individual, Life Assurance plan which offers an attractive combination of Risk cover and savings features.

Eligibility Conditions:

1. a) Minimum Age at entry: 18 years (completed)
2. b) Maximum Age at entry: 50 years (nearer birthday)
3. c) Maximum Maturity Age: 75 years (nearer birthday)
4. d) Minimum Basic Sum Assured: Rs. 100,000
5. e) Maximum Basic Sum Assured: No Limit (The Basic Sum Assured shall be in multiples of Rs. 5000/-)
6. f) Minimum Policy Term: 15 years g) Maximum Policy Term: 35 years
7. g) Premium Paying Mode: Yearly, Half-yearly, Quarterly, Monthly NACH only, SSS

Benefits to Policyholders:

1. Sum Assured on Death along with vested Simple Reversionary Bonuses and Final Additional bonus, if any.
2. Sum Assured on Death is higher of 125 % of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of total premiums paid.
3. On Death after expiry of the policy term: Basic Sum Assured shall be payable
4. Option to take Death Benefit in installments : an option to receive Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy.

B. Maturity Benefit:

1. Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
2. Settlement Option for Maturity Benefit: An option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy.

C. Policy Loan:

Loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

D. Surrender:

The policy can be surrendered at any time provided two full years’ premiums have been paid.

E. Riders:

Life assurance saving and provision to have 4 different riders.
1. ADDB rider (Accident Death and Disability benefit rider)

 2. Accident Benefit Rider
 3. Term Assurance Rider
 4. Critical illness Benefit

USPs:

Important to note: Cost of Risk cover is high and it may not be available at higher ages.

• The policy can be surrendered at any time provided two full years’ premiums have been paid.
  • 1. ADDB rider (Accident Death and Disability benefit rider)
  • 2. Accident Benefit Rider
  • 3. Term Assurance Rider
  • 4. Critical illness Benefit
  • 1. Risk cover is 125% of Basic sum assured during Term of policy
  • 2. Life time free risk cover (equal to Basic Sum assured) after payment of Maturity claim at the end of Policy term.
  • 3. Excellent plan for automatic free risk cover for higher ages for entire life.

1. This is a Non-Linked, Non-Participating, Individual, SinglePremium, DeferredAnnuityPlan and as single premium plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity.
2. The annuity rates are guaranteed at the inception of the policy and annuities are payable post-deferment period throughout the life time of the Annuitant(s).

Eligibility Conditions:

The above mentioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below.

Joint Life: The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, and Grand Children) or spouse or siblings.

Premium Paying mode : Single premium only

Benefits to Agents:

1. 2% of Single Premiumi.e.PurchasePrice (net of taxes)is payable as commission to Agent, Corporate agents.
2. No bonus commission shall be payable.

Benefits to Policy holders:

Annuity Options:

The options available are:

1. Option 1: Deferred annuity for Single life.
2. Option 2: Deferred annuity for Joint life Annuity option once chosen cannot be altered.