liclifeplus

Our Products

  1. As such there are number of plans and schemes offered by several companies but LIC LifePlus non term plan is below all. Non term plans offered by the LIC includes retirement and investment plans. Jeevan Nidhi, Jeevan Akshay – VI, New Jeevan Dhara, New Jeevan Suraksha – I, Endowment Plus, Bima Nivesh 2005, Jeevan Saral, Jeevan Madhur, Jeevan Mangal are some of the plans that provide the customers with different sets of pension options to make them feel independent when they are not in a condition to earn for themselves. Some Of Our Products are...

 

Participation in Profits:

Policies under this plan shall participate in profits of the Corporation. During the accumulation period policies shall be entitled to receive simple reversionary bonuses which will be payable on survival to the end of the accumulation period or on earlier death. After the accumulation period, policies will be entitled to receive a Loyalty Addition payable on maturity or earlier death. The amount of simple reversionary bonus and Loyalty Addition will depend on the experience of the Corporation. 

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  • Anmol Jeevan-I

    On Death during the Term of the Policy Sum Assured
    On Maturity Nil

     

    Restrictions

    Minimum age at entry 18 years (completed)
    Maximum age at entry 55 years (nearer birthday)
    Maximum age at maturity 65 years
    Minimum Term 5 years
    Maximum Term 25 years
    Minimum Sum Assured Rs.5,00,000/-
    Maximum Sum Assured Less than 25,00,000 .
    Mode of Premium Payment* Yearly, Half- Yearly and Single premium

     

    Note : The policy would be issued in multiples of Rs. one lakh for Sum Assured above Rs. 5 lakh.

    Rebate

    i) Sum Assured Rebate : NIL in case of regular premium policies . 

    ii) Mode Rebate : 1 % of Annual premium for yearly mode and nil for Half-Yearly mode.

     Underwriting, Age Proof and Medical Requirements
    The plan is available to Standard and Sub-standard lives (upto Class VI EMR). This plan is also available to female lives (category I and II lives only) and to physically handicapped persons subject to certain conditions. Standard age proof will have to be submitted along with the Proposal Form. 

    PAID-UP AND SURRENDER VALUE : 

    i) The policy will not acquire any paid-up value.
    ii) No Surrender Value will be available under this plan. 

    Loan
    No loan will be granted under this plan. 

    Grace Period For Non-Forfeiture Provisions
    A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums. If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured paid after deduction of the said premium as also unpaid premiums falling due before the next policy anniversary of the Policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses. 

    Revival
    If the Policy has lapsed, it may be revived during the life time of the Life Assured, but before the date of expiry of policy term, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be prevailing at the time of the payment. The corporation reserves the right to accept or decline the revival of discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured. The cost of the Medical reports, including Special Reports, if any, required for the purposes of revival of the policy, should be borne by the Life Assured. 

    Payment Of claims 
    No Claims concession will be applicable to this Policy. 

    Back-Dating Interest 
    The policy can be back dated within the financial year. No dating back interest shall be charged.

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  • Amulya Jeevan-1

    Death Benefit: In case of unfortunate death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.

    Maturity Benefit: Nil

    MODE OF PAYMENT OF PREMIUMS 
    Premiums may be paid Yearly, Half-yearly or by Single Premium mode.

    PREMIUM RATES
    The tables below provide specimen tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured


    Annual Premium: 

    Age
    (yrs.)

    Term of the Policy (years)

    5

    10

    15

    20

    25

    30

    35

    20

    1.97

    1.97

    1.97

    1.97

    2.05

    2.18

    2.38

    25

    2.07

    2.07

    2.08

    2.18

    2.35

    2.61

    2.94

    30

    2.13

    2.19

    2.36

    2.57

    2.92

    3.36

    3.88

    35

    2.43

    2.64

    2.94

    3.40

    3.97

    4.65

    5.47

    40

    3.04

    3.43

    4.07

    4.81

    5.70

    6.77

    -

     

    Single Premium:

    Age
    (yrs.)

    Term of the Policy (years)

    5

    10

    15

    20

    25

    30

    35

    20

    8.12

    13.71

    18.12

    22.03

    25.86

    29.84

    34.51

    25

    8.55

    14.33

    19.46

    24.49

    29.70

    35.84

    42.79

    30

    8.81

    15.54

    22.14

    28.99

    37.04

    46.18

    56.37

    35

    10.07

    18.73

    27.72

    38.31

    50.31

    63.71

    78.88

    40

    12.62

    24.45

    38.38

    54.18

    71.81

    91.79

    -

     

    REBATES:

    Large Sum Assured Rebates: The reduction in tabular premiums for different Sum Assured ranges are given below: 

    Sum Assured

    Regular Premium

    Single premium

    Up to Rs.99 lakh

    -

    -

    Rs.1 Crore and above

    -

    Rs.0.50 %o SA

     

    MODE EXTRA : 2.00% of tabular annual premium for half-yearly mode.

     ELIGIBILITY CONDITIONS

    Minimum age at entry                         -           18 Year (Completed)
    Maximum age at entry                        -           60 years (nearest birthday)
    Maximum age at maturity                   -           70 years
    Policy term                                        -           5 to 35 years
    Minimum Sum Assured                       -           Rs.25,00,000/-
    Maximum Sum Assured                      -           No upper limit 
    (Sum Assured shall be in multiples of Rs.1,00,000/-)

     GRACE PERIOD: 
    A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.

     PAID UP VALUE: 
    The policy shall not acquire any paid-up value.

     REVIVAL
    If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly.

     SURRENDER VALUE: 
    No Surrender Value will be available under this plan.

     LOAN
    No loan will be available under this plan.

     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.

     EXCLUSIONS:

     Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death.

     Section 45 of Insurance Act, 1938:
    No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

    Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

     Prohibition of Rebates (Section 41 of INSURANCE ACT ,1938) :

    (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

     (2) Any person making default in complying with the provision of this Section shall be punishable with a fine, which may extend to 500 rupees.

     Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.

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  • Jeevan Surabhi-15

    Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under

    Maturity term is more than premium paying term.

    Early and higher rate of survival benefit payment.

    Risk cover increases every five years.

    The actual term and the premium paying term for these plans are as under. 

    Plan no. Policy Term Premium Paying Term
    106 15 years 12 years
    107 20 years 15 years
    108 25 years 18 years

     

    Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

    Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

    Suitable For:
    This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

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  • Jeevan Surabhi-20

    Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under

    Maturity term is more than premium paying term.

    Early and higher rate of survival benefit payment.

    Risk cover increases every five years.

    The actual term and the premium paying term for these plans are as under. 

    Plan no. Policy Term Premium Paying Term
    106 15 years 12 years
    107 20 years 15 years
    108 25 years 18 years

     

    Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

    Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

    Suitable For:
    This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

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  • Jeevan Surabhi-25

    Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under

    Maturity term is more than premium paying term.

    Early and higher rate of survival benefit payment.

    Risk cover increases every five years.

    The actual term and the premium paying term for these plans are as under. 

    Plan no. Policy Term Premium Paying Term
    106 15 years 12 years
    107 20 years 15 years
    108 25 years 18 years

     

    Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

    Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

    Suitable For:
    This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

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