LIC JEEVAN VAIBHAV : JEEVAN VAIBHAV LIC : TABLE NO 809 : JEEVAN VAIBHAV

Download JEEVAN VAIBHAV presentation & JEEVAN VAIBHAV PREMIUM CALCULATOR at the bottom of this page

LIC’S JEEVAN VAIBHAV (Plan No.809) is also a close ended plan guaranteed return which would be open for sale from 21st May, 2012 for a maximum period of 120 days.
Key features of LIC JEEVAN VAIBHAV

• Single Premium non-linked endowment assurance plan.
• Maturity Benefit : Sum Assured and Loyalty Addition.
• Liquidity : Facility for loan.
• Life Cover : Full Sum Assured Payable on death during the term.
• Loyalty Addition, if any, payable on Death, if it occurs during the last policy year or on maturity.

LIC’s Jeevan Vaibhav is a Life insurance Plan especially designed to meet needs of -

• Insurance
• Wealth creation and
• Liquidity

Maturity Benefit:
On maturity, the Sum Assured along with Loyalty Addition, shall be payable.
Example:The Maturity Benefits under LICJeevan Vaibhav plan include the Sum Assured and Loyalty Addition, if any. For a person aged 35 years, paying a premium of Rs.95730/-, the Sum Assured shall be Rs. 200000/- . The Details of benefits payable are as under:-

LIC JEEVAN AKSHAY VI : NEW JEEVAN AKSHAY VI : TABLE NO 810 : JEEVAN AKSHAY VI

Introduction :

In view of the demand from various offices it has been decided to modify LIC’s Jeevan
Akshay – VI plan. The modifications are as under:
• The plan shall also be sold online in addition to other existing distribution channels.
• Annuity option- “Joint-life and 100% of annuity to spouse on death of the annuitant with
return of purchase price on death of last survivor” shall also be available in addition to
the existing six options.
• Reduction in the minimum age at entry and increase in maximum age at entry.
• Minimum premium amount for online sale shall be Rs. 1.5 lacs and for other
distribution channels it shall be Rs. 1 lac.
• Slabs of incentive for higher purchase price have been modified.
• Service tax to be collected from the policyholder along with the purchase price.

Type of annuities available:
Various annuity options available under the Plan are as under:
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
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vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/
her life time on death of annuitant with return of purchase price on the death of last
survivor.

Benefits:
The first instalment of annuity shall be paid one year, six months, three months or one
month after the date of purchase of the annuity depending on whether the mode of annuity
payment is yearly, half-yearly, quarterly or monthly respectively. Further, annuity shall be
paid during the life time of the annuitant with following provisions on death of the annuitant
for different options:
(a) Under option (i) – payment of annuity ceases.
(b) Under option (ii)
i. On death during the guarantee period – annuity is paid to the nominee till the
end of the guaranteed period after which the same ceases.
ii. On death after the guarantee period – payment of annuity ceases.
(c) Under option (iii) – payment of annuity ceases and the purchase price is returned to
the nominee.
(d) Under option (iv) – payment of annuity ceases.
(e) Under option (v) – payment of annuity ceases and 50% of the annuity is paid to the
surviving named spouse during his/her life time. If the spouse predeceases the
annuitant, nothing is payable after the death of the annuitant.
(f) Under option (vi) – payment of annuity ceases and 100% of the annuity is paid to
the surviving named spouse during his/her life time. If the spouse predeceases the
annuitant, nothing is payable after the death of the annuitant.
(g) Under option (vii) – payment of annuity ceases. 100% of the annuity is paid to the
surviving named spouse during his/her life time and purchase price is returned to
the nominee after the death of the spouse. If the spouse predeceases the
annuitant, the annuity ceases and purchase price is paid to the nominee.
The amount of annuity shall be assured throughout the period for which it is payable.

Eligibility Conditions and Features:
(a) Minimum Age at entry: 30 years last Birthday
(b) Maximum Age at entry: 85 years last Birthday
(c) Minimum Purchase Price: Rs.1,00,000/- for all distribution channel except online
sale.
Rs. 1,50,000/- for online sale.

Surrender value:
No surrender value shall be available under this plan.

Loan:
No loan shall be given by the Corporation to the policyholders under this plan.

Assignment / Nominations:
No assignment is allowed under this policy.
Notice of change of nomination should be submitted for registration to the office of the
corporation, where this policy is serviced if the type of annuity opted is either for a
guaranteed period and for life thereafter or with return of purchase price. In registering a
nomination the Corporation does not accept any responsibility or express any opinion as
to its validity or legal effect.

Normal requirements for claim:
On death of the annuitant:
The normal documents which the claimant shall submit while lodging the claim in case of
death of the Annuitant shall be the claim form, as prescribed by the Corporation,
accompanied with original policy document, proof of title, proof of death, whichever is
applicable, to the satisfaction of the Corporation.
It will apply in case the option exercised is for

Death Claim settlement in LIC OF INDIA : Death Claim settlement procedure in LIC

Posted on May 20, 2012

Death Claim settlement in Life Insurance is the most important aspect of the life insurance policy. There is always lot of confusion about “How death claims are settled in LIC OF INDIA? “.

There are two types of death claims, early & non early. If the death of insured person takes place within 3 yrs of starting the LIC POLICY, it will be called early death claim otherwise non early death claim and non early death claims are settled within 30 days from the date of receipt of all requirements.

There can be a scope of cheating/ fraud in early death claims so LIC deals strictly with these and there is little extra procedure needed to be follow in early death claim.

The common requirements in both type of death claims ( early or non early) are as follows:

1. A letter of death intimation containing date, place, No of LIC policy & reason of death from the nominee to the branch manager of the concerned branch.
2. Claimant’s Proof of relationship with the deceased.
3. Policy bond or document.
4. Discharge form or form no 3801 duly executed by the nominee.
5. Death Certificate.
6. Claim form No. 3783 A.
7. NEFT form ( National Electronic Fund Transfer form) for transferring the claim amount in the account of nominee after settlement of the death claim.

If there is early death claim then besides above mentioned requirements, there are some more requirements, they are as:

1. If the deceased was an Employee, Employer’s certificate on Form No. 3787( Revised )
2. Treatment certificate issued by the Hospital/ Attending physician’s certificate on claim from B1 ( Form No. 3816) & B ( Form No. 3784 revised).
3. Identity/ Burial certificate by a person who attended the funeral, except the relative of the deceased on Claim Form “C”. (Form No. 3785 revised).

 Note: For Double accident Benefit, further certain procedures are need to be followed.

1. The claim must be lodged with LIC OF INDIA within 120days from the date of death.
2. Attested copy of F.I.R., Post Mortem report duly attested by the competent court or civil police is required.
3. Spot panchnama & eye witness statement.Claim will be admitted after acceptance and verification of the above mentioned documents by LIC & clearance by the concerned SDM.

Important Points:-

In case of policyholder’s unnatural death caused by accident, suicide etc. the LIC may require some additional details besides above mentioned documents depending on the nature of the case.

• In case the death claim arises within 2 yrs of taking the policy, LIC will admit claims only after the necessary investigation conducted by the LIC Authority. Due to the procedure, the settlement of claim may take little extra time.
• In the absence of nominations under the policy, the list of all the successors should be submitted on Form no. 3806 and on submission of Declaration Form a claim up to Rs 250000 can be settled without succession certificate.

For any kind of further information, you can write your comments and we shall reply them shortly.

                                          Child Plans from LIC OF INDIA

LIC is the biggest insurer in India with maximum number of child plans. There are 10  plans in LIC OF INDIA and they can surely meet the requirements of any individual who wants to plan for the future of his kids.

LIC OF INDIA’s child plans can be divided into two categories.

Category I : It includes plans like Marriage Endowment, Jeevan Chhaya, Jeevan Anurag & Jeevan Ankur

Category II : It included plans like Komal Jeevan, Jeevan Kishore, Child Career, Child Future, Jeevan Tarang

In Category I plans Parent are insured and child is the beneficiary( Nominee) so these plans are suitable for those people who have no insurance at all on their name or their insurance is not adequate. If these people take these plans then their family is safe along with their kids.It guarantees a corpus for your kids whether you are there with them or not.

LIC MARRIAGE ENDOWMENT

Marriage Endowment : This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child. This is a with-profit plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Such bonuses are to be added till maturity even if the life assured dies before the maturity date. Final (Additional) Bonus may also be payable provided a policy is of a certain minimum term.

Death Benefit:
The Sum Assured plus accrued bonuses up to maturity is payable on maturity even though death occurs during policy term. This may be paid in a lump sum or in ten half-yearly instalments at the option of the beneficiary.

Maturity Benefit:
The Sum Assured plus all bonuses declared up to maturity date is payable on survival to the end of the term either in a lump sum or in ten half-yearly installments, as opted by you.

LIC JEEVAN CHHAYA

Jeevan Chhaya : This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Bonuses for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Benefits on death/survival:
One fourth of the sum assured is payable at the end of  each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last installment. These benefits are payable whether the life assured survives the policy term or dies during the term of policy. Further, on death during the policy term, an amount equal to Sum Assured is also payable immediately.

LIC JEEVAN ANURAG

Jeevan Anurag : LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at pre specified 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, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

Assured Benefit
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured. No premiums are payable thereafter. Benefits as per following table are payable in addition: