LIC Whole Life Without Profit Plan

 Plan Highlights:

Under the Whole Life Policy premiums are payable throughout the life time of the life assured and, as such
this is the cheapest form of policy.
If payment of premiums ceases after at least three years premiums have been paid, a free paid-up policy for
such reduced sum as can be allowed according to the rules will be automatically secured provided the
reduced sum assured, exclusive of any attached bonus, is nott less than Rs. 250/-.
Such reduced paid-up policy will not be entitled to participate in the profits declared thereafter, but such
bonus as has already been declared on the policy, will remain attached therto.

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LIC Jeevan Anurag

LIC’s Jeevan Anurag Plan is a with profits plan under which benefits are payable at prespecified durations
irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the
policy. In addition, the plan provides for an immediate payment of Sum Assured under the Basic Plan on
death of the Life Assured during the term of the policy. This plan is therefore suitable to take care of the
educational and other needs of children.
Benefits
Death Benefit:
An amount equal to the Sum Assured under the Basic plan shall be payable immediately on the death of the
life assured during the term of the policy, provided the policy is in full force.
Assured Benefits:
Provided policy is in full force, an amount equal to 20% of the Sum Assured under the Basic Plan at the start
of every year during last 3 policy years before maturity shall be payable. At maturity, 40% of the Sum
Assured under the Basic Plan along with Reversionary Bonuses declared from time to time for the full term
and the Terminal Bonus, if any, shall be payable.
This amount is payable both in case of life assured surviving to the end of policy term provided policy is kept
in force by payment of premiums or dying during the policy term when policy was in force.
For example, if term of the policy is 20 years, 20% of the Sum Assured under the Basic Plan will be payable
at the end each of the 17th,18th and 19th policy year and the balance 40% of the Sum Assured under the
Basic Plan along with the vested Reversionary Bonus and the Terminal Bonus, if any, at the end of the 20th
year.
Participation in profits:
The policy shall participate in profits of the “With Profit Assurance Policies” at such rates as may be declared
by the Corporation provided the policy is kept in force for full Sum Assured
In case of death of the policyholder when the policy is in full force, the policy shall participate in profits for
the balance of the term after payment of death claim of Sum Assured under the Basic Plan.
Terminal Bonuses, if any, may also be declared under the policy depending upon the experience of the
Corporation and shall be payable at maturity.
Options:
The plan offers the following optional riders by payment of additional premium -
Accident Benefit Option:
Accident Benefit as optional rider will be available under this plan for a sum not exceeding the Sum Assured
under the Basic Plan. This will be called the Accident Benefit Sum Assured, the maximum limit of which shall
be Rs.25 lakh for all policies of the Life Assured with the Corporation taken together. An amount equal to the
Accident Benefit Sum Assured shall be payable on death if the same occurs as a result of accident provided
the policy is in full force. This benefit will be available for the full term of the policy or till the policy
anniversary on which the age nearer birthday of the Life Assured is 70 years, whichever is earlier.
Term Assurance Rider Option:
Term assurance as optional rider will be available under this plan for a sum not exceeding the Sum Assured
under the Basic Plan. This will be called the Term Assurance Rider Sum Assured, the maximum limit of which
shall be Rs.25 lakh for all policies of the Life Assured with the Corporation taken together. An amount equal
to the Term Assurance Rider Sum Assured shall be payable on death during the policy term provided the
policy is in full force.
Critical Illness Rider Option:
Critical Illness as optional rider will be available under this plan for a sum not exceeding the Sum Assured
under the Basic Plan. This will be called the Critical Illness Rider Sum Assured, the maximum limit of which
shall be Rs. 5 lakh for all polices of the Life Assured with the Corporation taken together. An amount equal to
the Critical Illness Rider Sum Assured shall be payable in case of diagnosis of a defined categories of critical
illness during the term of the plan subject to the terms and conditions of Critical Illness Rider provided the
policy is in full force.
Premium Waiver Benefit Option:
This is an optional benefit which may be opted in case of following:
i)If critical illness rider has been opted for ; and
ii)The Sum Assured under the Basic Plan is equal to the Critical Illness Rider Sum Assured.
In case, the Life Assured is diagnosed with any of the critical illnesses covered under the policy, the total
future premiums (i.e. premium for Sum Assured under the Basic Plan and the premiums for the Riders opted
for) in respect of the policy shall be waived provided the policy is in full force.
Loan
Loan is permissible subject to the usual terms and conditions. The rate of interest on loan shall be charged at
the rate of 10.5% p.a. payable half-yearly. The Corporation may revise the rate of interest in future.
Eligibility Conditions and Features
FOR BASIC PLAN:
Minimum age at entry 20 years (age nearest birthday)
Maximum age at entry 60 years (age nearest birthday)
Maximum age at maturity 70 years (age nearest birthday)
Minimum term 5 years for Single Premium &10 years for Regular Premium.
Maximum term 25 years
Minimum sum assured Rs. 50,000 /-
Maximum sum assured No limit
The Sum Assured under the Basic Plan shall be in multiples of Rs. 5,000/-
FOR TERM ASSURANCE RIDER OPTION :
Minimum age at entry 20 years (age nearest birthday)
Maximum age at entry 50 years (age nearest birthday)
Maximum age at maturity 60 years (age nearest birthday)
Minimum term 5 years for single premium & 10 years for others.
Maximum term 25 years.
Minimum sum assured Rs. 1,00,000 /-
Maximum sum assured An amount not exceeding the Sum Assured
under the Basic Plan subject to the maximum of Rs.25 lakh
overall limit taking all Term Assurance Riders availed under all
existing policies of the life assured with the Corporation .
The Term Assurance Rider Sum Assured shall be in multiples of Rs. 25,000/-
FOR CRITICAL ILLNESS RIDER OPTION :
Minimum age at entry 20 years (completed)
Maximum age at entry 50 years (age nearest birthday)
Maximum age at maturity 60 years (age nearest birthday)
Minimum Term 10 years.
Maximum Term 25 years.
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured An amount not exceeding the sum assured under
the Basic Plan subject to the maximum of Rs.5 lakh overall
limit taking all Critical Illness Riders availed under all existing
policies of the life assured with the Corporation and the Critical Illness
Rider
under the new proposal into consideration.
The Critical Illness Rider Sum Assured shall be in multiples of Rs. 10,000/-
Modes of premium Payments
Premiums are payable either by Single Premium or regularly during the premium paying term with modes of
premium payment Yearly, Half-Yearly, Quarterly, Monthly or through Salary deductions.
Premium Paying Term ( PPT )
Following premium paying terms are available
Premium Paying Term (PPT) may be equal to the policy term or
PPT = Policy Term – 3.
Premiums may also be paid as a Single Premium.
Grace period for payment of premium
A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or
quarterly premiums and 15 days for monthly premiums.
Back-dating interest
The policies can be dated back within the financial year, as usual. Back- dating interest will be charged at the
rate of 9% p.a. for dating back in excess of one month. This rate is subject to revision. The interest shall be
charged even where the policy is back dated to a lean month.

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LIC Jeevan Surabhi Plan No 107 for 20 Years

LIC Jeevan Surabhi Plan No 107 for 20 Years:

Features
The difference between the other money back plans and this plan is as follows:
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.

Premium Ceasing Age : 70 Premium Ceasing Term : 15
Special Features
Longer policy terms and limited premium paying term – This plan has a policy term of 20 years
and premium paying term of 15 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 until
the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5.00
lakhs on a single life.
Benefits
Survival Benefits:
This scheme provides for periodic payments of partial survival benefits as follows, during the
term of the policy, so long as the policy holder is alive.
At end of 4 years , 8 years , 12 years & 15 years 25% of Sum Assured
At end of 20 years on Maturity, the policyholder will receive the vested bonus(if any).
Death Benefits:
If death occurs at anytime during the term of a policy (provided the policy has been kept in
force by payment of all premiums that had fallen due), the basic sum assured along with the
vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from
this claim amount. An additional amount (depending on the duration of the policy) will also be
paid on death under such a policy. The additional amounts payable, at various stages are
shown in the table given below.
Additional Amount Paid In Case Of Death For A Policy Of Rs.1000
First 5 (Policy Years) ———- Nil
6th-10th (Policy Year) ——— 500
11th-15th (Policy Year) ——– 1000
16th-20th (Policy Year) ——– 1500
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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