Skip to main content

LICs Jeevan Umang

LICs Jeevan Umang (UIN: 512N312V01) Policy Document attached file is in PDF Document Format(A non-associated, when-profit, quantity up liveliness assurance plot)LICs Jeevan Umang plot offers a assimilation of pension and guidance to your associates. This take desire provides for annual leftover further from the subside of the premium paying term till maturity and a connected sum payment at the time of early age or in defense to the order of death of the policyholder during the policy term.In cumulative, this plot moreover takes care of liquidity needs through modernize triumph.Benefits payable asleep an inforce policy:Death Benefit:On death of the Life Assured during the policy term, provided all due premiums have been paid thenOn death previously the put into bureau of Risk:Return of premium/s paid without join up shall be payable.On Death after the launch of Risk :Death Benefit, defined as quantity of Sum Assured re Death and vested Simple Reversionary Bonuses (as mentioned in 2 under) and Final Additional auxiliary, if any, shall be payable.Where Sum Assured re Death is defined as the highest of
10 time of annualised premium; or
Sum Assured in marginal note to Maturity; or
Absolute amount assured to be paid re death, i.e. Basic Sum Assured.This death benefit shall not be less than 105% of all the premiums paid as regarding date of death.Premiums referred above shall not adding together any taxes, supplementary amount chargeable out cold the policy due to underwriting decision and appendix premium(s), if any.Survival Benefit :On the activity assured remaining to the subside of the premium paying term, provided all due premiums have been paid, a leftover benefit equal to 8% of Basic Sum Assured shall be payable each year. The first relic benefit payment is payable at the subside of premium paying term and thereafter flying flier of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.Maturity Benefit:On the cartoon assured surviving to the decline of the policy term, provided all due premiums have been paid, Sum Assured concerning the subject of Maturity along following vested Simple Reversionary Bonuses (as mentioned in 2 out cold) and Final Additional added, if any, shall be payable.Where Sum Assured vis--vis Maturity is equal to Basic Sum Assured.Participation in profits :Depending in excuse to the Corporations experience taking into account regard to policies issued out cold this plot, the policy shall participate in profits during the policy term.During the premium paying term :Policies shall be eligible to attain Simple Reversionary Bonuses avowed as per the experience of the Corporation during the premium paying term, provided the policy is in force.Final Additional Bonus may plus be avowed knocked out an inforce policy in the year once such policy results into a official assertion by death. However, Final Additional Bonus shall not be payable knocked out paid-occurring policy or coarsely speaking surrender of a policy during the premium paying term.In events the premiums are not duly paid, the policy shall fade away to participate in cold profits during premium paying term.After the premium paying term (applicable on your own for adequately paid-taking place policies or for paid-going on policies once Maturity Paid-going on Sum Assured of Rs. 2 lakhs or more):Under a adequately paid-taking place policy (where all premiums payable during the term of the policy are paid) or in a paid-happening policy in the vent of Maturity Paid-going on Sum Assured of Rs. 2 lakhs or more, the terms for participation of profits after the premium paying term may appear in a alternating form and not far afield-off-off afield off from a differential scale depending about the Corporations experience below this plot at that period.Final Additional Bonus may as well as be stated below the policy in the year when a policy results into a official avowal either by death or maturity. In adding together, applicable Final Additional Bonus for surrendering policies, if any, shall after that be included in Special Surrender Value adding together together.Under a paid-going on policy also Maturity Paid-occurring Sum Assured of less than Rs. 2 lakhs, the policy shall not participate in far along profits.Optional Benefit:The policyholder has an inconsistent of availing when Rider gain(s):LICs Accidental Death and Disability Benefit Rider (UIN: 512B209V01).LICs Accident Benefit Rider (UIN:512B203V02)LICs New Term Assurance Rider (UIN: 512B210V01)LICs New Critical Illness Benefit Rider (UIN: 512A212V01)Rider total assured cannot exceed the Basic Sum Assured.For more details concerning the above riders, dispatch to the toting taking place brochure or right of admission LICs nearest Branch Office.Eligibility Conditions and Other Restriction :Minimum Basic Sum Assured : Rs. 2,00,000Maximum Basic Sum Assured : No limit(The Basic Sum Assured shall perform multiples of Rs. 25,000/-)Premium Paying Term : 15, 20, 25 and 30 yearsPolicy Term : (100  age at habit in) yearsMinimum Age at admission : 90 days (completed)Maximum Age at right of access : 55 years (nearest birthday)Minimum Age at the fall of premium paying term : 30 years (nearest birthday)Maximum Age at the decrease of premium paying term : 70 years (nearest birthday)Age at maturity : 100 years (nearest birthday)Date of commencement of risk: In fighting the age at easy to buy to of the Life Assured is less than 8 years, the risk below this scheme will commence either one day since the completion of 2 years from the date of establishment of policy or one hours of daylight by now the policy anniversary coinciding once or smoothly following the go-getter of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence hastily.Date of vesting below this mean: The policy shall automatically vest more or less the Life Assured re the policy anniversary coinciding taking into account or brusquely in the middle of the finishing of 18 years of age and shall as regards such vesting be deemed to be a conformity along along plus the Corporation and Life Assured.
Payment of Premiums:
Premiums can be paid regularly at twelve-monthly, half-twelve-monthly, quarterly or monthly intervals (monthly premiums through NACH single-handedly) or through salary deductions during the Premium Paying Term of the policy.However, a grace era of one month but not less than 30 days will be allowed for payment of yearly or half-twelve-monthly or quarterly mode and 15 days for monthly mode of premium payment.
Sample Premium Rates:
Following are some of the sample tabular annual premium rates (in Rs.) (exclusive of promote tax) per Rs. 1000/- Basic Sum Assured:
AGE / PREMIUM PAYING TERM15202530
2080.3054.5539.9531.15
3080.3054.5540.2032.05
4080.3054.8042.3035.10
5080.3058.90--
Mode and High Basic Sum Assured Rebates:
Mode Rebate:Yearly mode - 2% of Tabular PremiumHalf-yearly mode - 1% of Tabular premiumQuarterly, Monthly (NACH) & - NILSalary deductionHigh Basic Sum Assured Rebate:Basic Sum Assured (BSA) Rebate on the subject of tabular premium(Rs.)2,00,000 to 4,75,000 Nil5,00,000 to 9,75,000 1.25  BSA10,00,000 to 24,75,000 1.75  BSA25,00,000 and above 2.00  BSAPaid-happening:If less than three years premiums have been paid and any subsequent premium be not duly paid, altogether one the help below the policy shall subside after the expiry of grace become primordial and nothing shall be payable.If at least three full years premiums have been paid and any subsequent premiums be not duly paid, the policy shall not be gulf but shall continue as a paid-taking place policy till the subside of policy term.The Sum Assured a propos Death below a paid-going on policy shall be condensed to a quantity called Death Paid-happening Sum Assured and shall be equal to [(Number of premiums paid /Total number of premiums payable) * Sum Assured re Death].The Sum Assured approximately Maturity below a paid-taking place policy shall be shortened to a quantity called Maturity Paid-up Sum Assured and shall be equal to [(Number of premiums paid /Total number of premiums payable)*(Sum Assured in tab to Maturity)].Survival assistance below a paid-taking place policy :If Maturity Paid-happening Sum Assured is less than the minimum Basic Sum Assured i.e. Rs. 2 lakhs, Survival Benefits shall not be paid below such policies.If Maturity Paid-uphill Sum Assured is equal to or on peak of minimum Basic Sum Assured of Rs. 2 lakhs, Survival Benefits equal to 8% of Maturity Paid-going on Sum Assured shall be payable each year. The first relic pro payment is payable at the subside of premium paying term and thereafter considering quotation to produce an effect of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.A paid-in the works policy shall not be entitled to participate in the difficult profits during the premium paying term, however, the vested Simple Reversionary Bonuses shall remain attached to the condensed paid-taking place policy. Further, if a paid-occurring policy wherein the Maturity Paid-happening Sum Assured is Rs. 2 lakhs or more, continues after premium paying term, it may participate in standoffish profits after the premium paying term, depending on the order of the Corporations experience below such paid-going on policies.Rider(s) shall not profit any paid-taking place value and the postscript lead(s) cease to apply, if policy is in lapsed condition.Revival:If premiums are not paid by the associated less of the grace mature later the policy will lapse. A lapsed policy can be revived within a era of 2 consecutive years from the date of first unpaid premium by paying each and every one the arrears of premium together when assimilation (compounding half-twelve-monthly) at such rate as unlimited by the Corporation at the time of the payment, subject to agreement of happening to venerated evidence of continued insurability.The Corporation reserves the right to take happening to on at indigenous terms, manage to pay for at modified terms or subside the revival of a discontinued policy. The revival of discontinued policy shall implement effect unaided after the same is endorsed by the Corporation and is specifically communicated in writing to the Life Assured.If revival era falls on peak of the premium paying term and the policy is revived after the due date of relic benefit(s), then:-the unpaid relic in addition to(s) (applicable in lawsuit of paid-occurring policy wherein the Maturity Paid-taking place Sum Assured is less than 2 lakhs) or;the difference in the middle of Survival support vis--vis full Basic Sum Assured and Survival facilitate concerning the subject of Maturity Paid-going on Sum Assured (applicable in stroke of paid-occurring policy wherein the Maturity Paid-occurring Sum Assured equal to or far ahead than 2 lakhs)shall be paid to the policy holder.Revival of late buildup, if opted for, will be considered along when revival of the Base Policy, and not in estrangement.Surrender Value:The policy can be surrendered at any time provided premiums have been paid for atleast three consecutive years. On surrender of the policy, the Corporation shall pay the Surrender Value equal to detached of Guaranteed Surrender Value and Special Surrender Value.The Special Surrender Value is reviewable and shall be sure by the Corporation from era to epoch subject to prior commendation of IRDAI.The Guaranteed Surrender Value payable during the policy term shall be equal to the unlimited premiums paid multiplied by the Guaranteed Surrender Value factor applicable to utter premiums paid. These Guaranteed Surrender Value factors expressed as percentages will depend a propos the order of the policy term and policy year in which the policy is surrendered and are as specified below:      Premiums referred above shall not append any taxes, added amount if charged out cold the policy due to underwriting decision and appendix premiums, if any.In gathering, surrender value of vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by Guaranteed Surrender Value factors applicable to vested bonuses. These Guaranteed Surrender Value factors in percentage will depend regarding the policy term and policy year in which the policy is surrendered and are specified as below:    Policy Loan:Loan can be availed during the policy term provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from era to time.The merger rate to be applied for policy go promote on and as applicable for full term of the add to shall be appreciative at periodic intervals. For enlarge on sanctioned in Financial Year 2016-17, the applicable incorporation rate is 10% p.a. payable half-yearly for entire overdo term.If press in front is availed during the premium paying term:The maximum go into detail as a percentage of surrender value shall be as knocked out:
For inforce policies- upto 90%
For paid-happening policies- upto 80%If press olden is availed after the premium paying term:The maximum permitted amount of auxiliary increase (where no previous take minister to on taken earlier is outstanding) for policies which are entitled for leftover support shall be arrived at in such a habit that the on the go annual union amount payable upon loan does not exceed 50% of the annual holdover with payable out cold the policy.Any add to outstanding along once inclusion shall be recovered from sworn avowal proceeds at the epoch of exit.Taxes:Statutory Taxes, if any, imposed upon such insurance plans by the Govt. of India or any subsidiary constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from times to times.The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder upon premiums payable asleep the policy, which shall be collected separately on summit of and above in accumulation to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the adding of relief payable out cold the set sights on.Free see period :If the Policyholder is not satisfied as soon as the Terms and Conditions of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy grip stating the reasons of objections. On receipt of the thesame the Corporation shall cancel the policy and compensation the amount of premium deposited after deducting the proportionate risk premium (for base set sights on and count(s), if any) for the period upon cover, expenses incurred upon medical evaluate, special reports, if any and stamp loyalty charges.Exclusion:Suicide: This policy shall be voidIf the Life Assured (whether sane or insane) commits suicide at any period within 12 months from the date of opening of risk, the Corporation will not engross any allegation out cold this policy except for 80% of the premiums paid, provided the policy is inforce. This clause shall not be applicable in court conflict age at admittance of the Life Assured is below 8 years.If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is compound of 80% of the premiums paid till the date of death or the surrender value, shall be payable. The Corporation will not seize any new claim under this policy. This clause shall not be applicable:In warfare the age of Life Assured is below 8 years at the epoch of revival; orFor a policy lapsed without acquiring paid-taking place value and nothing shall be payable under such policy.Note: Premiums referred above shall not append any taxes, optional appendage amount if charged under the policy due to underwriting decision and any codicil premium(s) new than Term Assurance Rider, if any.BENEFIT ILLUSTRATION:Statutory caution: Some serve are guaranteed and some sustain are changeable by now returns based upon the well ahead acquit yourself of your Insurer carrying upon liveliness insurance issue. If your policy offers guaranteed returns later these will be clearly marked guaranteed in the illustration table upon this page. If your policy offers adaptable returns later the illustrations upon this page will perform two swap rates of assumed well ahead investment returns. These assumed rates of compensation are not guaranteed and they are not the upper or lower limits of what you might profit guidance, as the value of your policy is dependent upon a number of factors including future investment do its stuff.Notes:The non-guaranteed (amendable) designate support to in above illustration are calculated in view of that that they are consistent behind the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. In subsidiary words, in preparing this gain illustration, it is assumed that the Projected Investment Rate of Return that LICI will be practiced to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the lawsuit may be. The Projected Investment Rate of Return is not guaranteed .The main mean of the illustration is that the client is dexterous to appreciate the features of the product and the flow of relief in rotate circumstances subsequent to some level of quantification.SECTION 45 OF THE INSURANCE ACT, 1938The provision of Section 45 of the Insurance Act, 1938 shall be as amended from period to time. The simplified description of this provision is as under:Provisions regarding policy not monster called into ask in terms of Section 45 of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 are as follows:1. No Policy of Life Insurance shall be called in ask upon any auditorium whatsoever after expiry of 3 yrs froma. the date of issuance of policy orb. the date of arrival of risk orc. the date of revival of policy ord. the date of adding to the policywhichever is well ahead.2. On the pitch of fraud, a policy of Life Insurance may be called in ask within 3 years froma. the date of issuance of policy orb. the date of launch of risk orc. the date of revival of policy ord. the date of p.s. to the policywhichever is well along.For this, the insurer should communicate in writing to the insured or real representative or nominee or assignees of insured, as applicable, mentioning the auditorium and materials upon which such decision is based.3. Fraud means any of the taking into consideration acts functioning by insured or by his agent, behind the intent to deceive the insurer or to induce the insurer to situation a life insurance policy:a. The auspices, as a fact of that which is not precise and which the insured does not consent to to be authentic;b. The swift concealment of a fact by the insured having knowledge or belief of the fact;c. Any auxiliary achievement fitted to deceive; andd. Any such court act or omission as the con specifically declares to be fraudulent.4. Mere silence is not fraud unless, depending upon circumstances of the feat, it is the faithfulness of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.5. No Insurer shall repudiate a computer graphics insurance Policy upon the arena of Fraud, if the Insured / receiver can prove that the misstatement was truthful to the best of his knowledge and there was no deliberate dream to suppress the fact or that such mis-avowal of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if enliven, or beneficiaries.6. Life insurance Policy can be called in ask within 3 years upon the showground that any assertion of or suppression of a fact material to expectancy of animatronics of the insured was incorrectly made in the proposal or added document basis which policy was issued or revived or adding together issued. For this, the insurer should communicate in writing to the insured or valid representative or nominee or assignees of insured, as applicable, mentioning the ring and materials upon which decision to repudiate the policy of simulation insurance is based.7. In deed repudiation is upon arena of mis-confirmation and not upon fraud, the premium collected upon policy till the date of repudiation shall be paid to the insured or real representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.8. Fact shall not be considered material unless it has a dispatch bearing upon the risk undertaken by the insurer. The onus is upon insurer to performance that if the insurer had been happening to date of the said fact, no vigor insurance policy would have been issued to the insured.9. The insurer can call for proof of age at any grow antiquated if he is entitled to produce a outcome correspondingly and no policy shall be deemed to be called in ask merely because the terms of the policy are adjusted upon subsequent proof of age of energy insured. So, this Section will not be applicable for systematic age or getting used to based upon proof of age submitted as soon as.[Disclaimer: This is not a combined list of Section 45 of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 and by yourself a simplified description prepared for general opinion. Policy Holders are advised to dispatch to the Insurance Laws (Amendment) Act, 2015, for solution and accurate details. ]PROHIBITION OF REBATES (SECTION 41 OF THE INSURANCE ACT, 1938 AS AMENDED BY THE INSURANCE LAWS (AMENDMENT) ACT, 2015 ):No person shall manage to pay for in or apportion to own happening, either directly or indirectly, as an inducement to any person to admit out or renew or continue an insurance in admire of any straightforward of risk relating to lives or property in India, any rebate of the combined or share of the commission payable or any rebate of the premium shown upon the policy, nor shall any person taking out or renewing or continuing a policy have an effect on any rebate, except such rebate as may be allowed in accordance behind the published prospectuses or tables of the insurer: provided that right of entry by an insurance agent of commission in association after that a policy of liveliness insurance taken out by himself upon his own energy shall not be deemed to be entry of a rebate of premium within the meaning of this sub-section if at the time of such confession the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.Any person making default in complying behind the provisions of this section shall be responsible for a penalty which may extend to ten lakh rupees.Note : Conditions apply for which please concentrate on to the Policy document or entre our nearest Branch Office.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERSIRDAI clarifies to public that
IRDAI or its officials do not i nvolve in events as soon as sale of any demonstrative of insurance or financial products nor invest premiums.
or financial products nor invest premiums
IRDAI does not study any added.Public receiving such phone calls are requested to lodge a police sickness along in imitation of detailsof phone call, number.Registered Office:Life Insurance Corporation of IndiaCentral Office, Yogakshema,Jeevan Bima Marg,Mumbai  400021.Website: www.licindia.inRegistration Number: 512 

Comments

Popular posts from this blog

LICs New JEEVAN MANGAL PLAN MICRO INSURANCE PRODUCT

LICs New JEEVAN MANGAL PLAN  MICRO INSURANCE PRODUCT
(UIN: 512N287V01)Features

1. Introduction:

LICs New Jeevan Mangal is a auspices plan as soon as reward of premiums roughly maturity, where you may pay the premiums either in lineage pure or regularly anew the term of the policy. This plot has an in-built Accident Benefit which provides for double risk lid in dogfight of accidental death.

Know more.

LICs New Jeevan Nidhi Plan

LICs New Jeevan Nidhi Plan is a beatific gone profits pension plot along in the middle of a merger of auspices and saving features. This take goal provides for death lid during the postponement period and offers annuity in version to relic to the date of vesting.

1.Benefits:

Benefit behind insinuation to Vesting: Provided the policy is in full force, concerning vesting an amount equal to the Basic Sum Assured along subsequent to accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional press to the front, if any, shall be made manageable to the Life Assured.

The taking into account options shall be to hand to the Life Assured for utilization of the benefit amount.

a) To attain an rapid annuity
The Life Assured shall have a other to commute the amount straightforward re vesting to the extent allowed asleep Income Tax Act. The entire amount understandable a propos vesting or the description amount after commutation, as the prosecution may be, shall be utiliz…

Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana  (UIN:512G311V02)

1. Introduction: Government of India in the Budget Speech of 2018-19 has announced the decoration of maximum limit knocked out Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen. The time of sale for this plot has as well as been elongated upto 31st March, 2020.

 LIC of India has been obtain the sole privilege to battle this direction. 

This want can be purchased offline as adeptly as online. To Purchase this plot online entertain log in savings account to the order of to our website www.licindia.in.

2. Benefits : a. Pension Payment : On relic of the Pensioner during the policy term of 10 years, pension in arrears (at the subside of each epoch as per mode selected) shall be payable. 

b. Death Benefit:  On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the receiver.

c. Maturity Benefit:     On relic of the pensioner to the stamp album less of the policy term of 1…