LIC Marriage/ Education Annuity

LIC  Marraige/Educational Annuity Plan Table No 90.

Premium Ceasing Age : 70 Premium Ceasing Term : 0

Plan Highlights

Features

The Marriage Endowment/ Educational annuity plan provides a sum assured to be kept aside for the expenses of marriage or higher education of the policyholder’s children. Premiums under this plan are payable for a selected term or till death of the life Assured. Benefits will be given only after the selected term.

Special Features

With the help of this policy one can earmark money exclusively for marriage or higher education of his children. Under this plan the policy monies and bonus are paid only at the end of the selected term, irrespective of whether the policy holder survives till the term or not, i.e. the survival or death benefit is payable at the same time. Unlike in the case of other endowment policies, the policy benefits in the case of Marriage Endowment / Student Educational Annuity Plan are not released to the policy holder’s family in case of his premature death, but retained by LIC and released only at the end of the originally selected term. In case the policy holder were to die during the term of the policy, no further premiums are payable but the bonus continues to accrue for the full-term of the policy. The sum assured, plus the accumulated bonus for the full term, are then paid to the family at the end of the policy’s term. Further, one can opt to receive the money either in one lump sum, or in ten half-yearly instalments, the former may be suitable if the policy is bought essentially for the purpose of a child marriage and the latter if it is a provision for higher education. In case, the Double Accident Benefit is availed, then an additional sum equal to the basic Sum Assured becomes payable immediately on death due to accident during the policy term.

Benefits

Survival Benefits:

Sum Assured + Lumpsum Bonus Or Maturity Amount in 10 half-yearly instalments.

Death Benefits:

Sum Assured + Lumpsum Bonus.

Natural:

Payment of future premiums cease immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus becomes payable on the date previously selected, if eligible.

Accidental:

Payment of future premiums ceases immediately. An amount equivalent to Sum Assured paid immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus, if eligible becomes payable on the maturity date.

LIC Jeevan Anand

LIC’s Jeevan Anand: Plan No- 149.

Premium Ceasing Age : 75 Premium Ceasing Term : 0

Plan Highlights
Features
LIC’s Jeevan Anand  table no 149 is a With Profit assurance plan. The plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. Jeevan Anand Policy provides pre-decided Sum Assured and bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.
Special Features
• Moderate Premiums
• High bonus
• High liquidity
• Savings oriented.
Jeevan Anand Plan Premiums are usually payable for the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Benefits :-
Survival Benefits:
Sum Assured along with all vested bonuses payable at the end of the premium paying term ( Endowment term).
Accident Benefit:
The Double Accident benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum accident cover available under this plan will be Rs. 5 lakh (this limit excludes accident benefit taken under other plans).
Premium Stoppage:
If payment of premiums ceases after at least three years’ premiums have been paid , a free paid-up policy for a reduced Sum Assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.
Bonus:
If it is a With Profits Policy note that every year the LIC distributes its surplus among policyholder to with profits polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.
Death Benefits:
Sum Assured along with vested bonuses are payable on death during the premium paying term and when policy ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term.
Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with final additional bonus, if any. No Bonus is paid on death after the premium paying term.
Suitable for
Being an endowment assurance + whole life policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholders life or in any other way he may think most suitable at that time.

Read here for Example/ Illustrations on LIC’s Jeevan Anand Click here. 

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LIC Bima Kiran 150

Plan Highlights:

· Ideal for young men & women with limited income .

· Maximum risk cover with minimum premium (up to 10 lakhs).

· Free insurance cover after maturity for a period of 10 years.

· Exclusive in-built accident benefit (restricted to 5 lakhs) and Loyalty additions.

· Return of premiums on Maturity .

· This policy gives you free risk cover (depending on term) for 10 years after maturity.

Benefits

Survival Benefits:

Return of total premium + Loyalty Addition + 10 years free insurance cover (both according to duration of the policy).

Death Benefits:

If death occurs, full sum assured + Loyalty Addition if policy has completed at least 4 yrs and kept in force.

Contact us for Free Charts, Presentaions, Reviews, Questions, Answers, Premium Calculations, Reviews etc on LIC’s New Bima Kiran Plan.