Basic Life Insurance Plans
- Whole Life Assurance Plan:
A low cost
insurance plan where Sum Assured is payable on death of the life assured
and premiums are payable throughout life.
- Endowment Assurance Plan:
Under this plan Sum
Assured is payable on the date of maturity or on death of the life
assured, if earlier.
Both these plans are available with
facility of paying the premiums for a limited period.
Term Assurance Plans
- Two Year Temporary Assurance Plan:
Term assurance
for 2 years is available under this plan. Sum assured is payable only on
death of the life assured during the term.
- Convertible Term Assurance Plan:
It provides term
assurance for 5 to 7 years with an option to purchase a new Limited
Payment Whole Life Policy or an Endowment Assurance Policy at the end of
the selected term provided the policy is in full force.
- Bima Sandesh:
This is basically a Term Assurance Plan with the
provision for return of premiums paid on surviving the term.
Bima Kiran:
This plan is an improved version of
Bima Sandesh with an added attraction of Loyalty Addition, in built
accident cover and Free Term Cover after maturity, provided the policy
is, then in full force.
Plans for Children
Various children's Deferred
Assurance Plans are available viz CDA, CAP, Jeevan Balya, New CDA and
Jeevan Kishore. Jeevan Sukanya is a plan especially designed for girls.
Children's Money Back ssurance Plan is especially designed to provide for
children's higher educational expenses with added attractions of
Guaranteed additions, Loyalty Additions and optional family
benefit.
Pension
Plans
These plans provide for either immediate or deferred
pension for life. The pension payments are made till the death of the
annuitant (unless the policy has provision of guaranteed period). Both the
Deferred Annuity and Immediate Annuity Plans are available with return of
GIVE amount on death after vesting under Jeevan Dhara Plan and return of
Purchase Price on death under Jeevan Akshay Plan.
Jeevan
Sarita
Joint life last Survival Annuity-cum-Assurance Plan (for
husband and wife) where claim amount is payable partly in lumpsum and
party in the form of an annuity with return of balance sum assured on the
death of survivor.
Special plans to meet special needs
- Jeevan Griha Plan (Double cover & triple
cover):
For people desirous of obtaining a housing loan with
the policy acting as collateral security and to ensure repayment of loan
in the event of premature death of the borrower.
- Mortgage Redemption:
Suitable for borrowers as it
ensures that the outstanding loan is automatically repaid in the event
of the borrower's death.
- Bhavishya Jeevan:
Ideal plan for professionals with
a limited span of high income.
- New Jana Raksha:
Ideal for people with no regular
income. It provides for death cover for a period of 3 years from first
unpaid premium, provided at least 2 full years premiums have been
paid.
- Double Endowment:
Ideal for people with physical
disability who are otherwise not acceptable for other plans of assurance
at normal rates.
- Fixed Term (Marriage) Endowment/Educational Annuity:
A plan suitable for making provision for start in life, marriage or
education of children.
- Convertible Whole Life:
The policy is issued as a
whole life plan with an option to convert it into an Endowment Assurance
at the end of 5 years. A plan suitable for those who cannot afford high
premium in the initial years but have prospects of increased income
within a few years.
- Money Back Plan:
Beside providing life cover during
the term of the policy, the maturity benefits are paid in instalments by
way of survival benefits.
- Jeevan
Surabhi:
Improved version of Money Back Plan where
premiums are payable for a limited period with an added attraction of
periodical increase in insurance cover.
- Jeevan Sathi:
This is a double cover Joint Life
Endowment Assurance plan with profits for husband and wife.
- Jeevan Chhaya:
The plan ideal to provide for
child's higher education.
- Jeevan
Mitra:
Basically an endowment assurance plan with payment
of an additional sum assured on death of the life assured during the
term of the policy.
- Jeevan Shree:
Jeevan Shree is basically a limited
payment endowment assurance plan with attractive Guaranteed Addition and
Loyalty Additions.
- Asha Deep II:
This plan provides besides death and
maturity payment, benefits in case the life assured suffers from any of
the four defined ailments.
- Jeevan Aadhar:
Especially designed for handicapped
dependents. This is a limited payment whole life policy where claim
amount is paid partly in lumpsum and partly in the form of an annuity.
Income Tax relief under Section 80 DDA is also available.
- Jeevan
Suraksha:
This is a new pension plan which will fulfill
one's financial needs during old age. Income Tax relief under Section 80
CCC(I) is also available.
- Jeevan
Sanchay:
This is a without profit Money Back type plan
with provision for Guaranteed Additions and Loyalty Additions. While the
plan provides full life cover during the term of the policy, the sum
assured is payable in instalments at various durations. Guaranteed
Addition at the rate of Rs.70 p.a. per thousand sum assured alongwith
Loyalty Addition is payable on the date of maturity or at death.
- Jeevan
Sneha:
This plan has been prepared specially for
females. This is basically a Money Back Type Plan without participating
in profits but with Guaranteed Additions and Loyalty Additions. While
the plan provides full life cover during the term of the policy, the sum
assured is payable in instalments at various durations. Guaranteed
Addition at the rate of Rs.70 p.a. per thousand sum assured together
with Loyalty Addition is payable on the date of maturity or at death. In
addition it provides for inbuilt accident benefit and some other
benefits details of which can be obtained from Branch Office.
Individual Plans
Jeevan Mitra (Triple
Cover) :
For a small extra cost it provides a risk cover
of 3 times the basic Sum Assured. Incase of accidents, the risk cover goes
up to 4 times. It is thus an attractive plan that provides a high risk
cover for a comparitively lower cost.
Jeevan Vishwas
:
A new life insurance plan, which provides for risk cover on the
life of the breadwinner and a regular income to the handicapped dependant.
It thus enables the breadwinner to provide security to his handicapped
dependant.
Bal Vidya :
Most parents, however may not be satisfied with what they provide to
the child. They may aspire to give the child financial security, the best
of education and support for the launch of a career. In the context of
today's increasing costs, offering these is easier said than done. This is
where LIC's Bal Vidya comes in handy. It provides not only life
insurance for the bread winner but also money in regular monthly
instalments and in lump sums at specific points of time. These can take
care of most of the expenses of the family - on school, college and
professional education, health care, starting a career etc.
Nav Prabhat :
To take care of some of the problems of old age, LIC has, in the
'Year of Senior citizens', come out with "Nav
Prabhat". It provides for risk cover at a comparatively low cost and
relief for disability due to accident or illness and an option for a life
pension after the maturity of the policy. It is a plan that not only takes
care of old age needs but also provides for dependants.
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