CHAPTER II PLANS OF LIFE INSURANCE POLICIES

Transcription

1 CHAPTER II PLANS OF LIFE INSURANCE POLICIES LIC'S JEE VAN MITRA High Risk Cover for a Very Low Cost For a small extra cost it provides a risk cover of 3 times the basic Sum Assured. In case of accidents, the risk cover goes up to 4 times. Benefits On maturity: on the policyholder surviving the term, the sum assured with bonus will be paid, provided all premiums are paid. On Death Three times the basic sum assured along with bonus will be paid if the policyholder dies during the term of the policy, provided the policy is in full force as on the date of death., Bonus: Bonus additions will be reckoned only on the basic Sum assured at the rates applicable to the endowment assurance. Bonus will be declared after each valuation and it will be simple, reversionary bonus payable only on death or maturity. Accident benefit: If the policyholder dies because of an accident, then an additional amount equal to the Sum Assured will also be payable among with the benefits stated above. The accident benefit is, However restricted to an overall of Rs.25Lacs/-in aggregate. Eligibility Conditions 1. Age limit : 18 to 50 years. 10

2 2. Maximum Age at Maturity : 70 years. 3. Term of the Policy : 15 to 30 years. 4. Minimum Sum assured : Rs.30,000/- JEEVAN ANAND Basically, the plan is a combination of the Whole Life Plan and the most popular Endowment Assurance plan. The plan provides the pre-decide sum assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death. SURVIVAL BENEFIT Sum assured along with all vested bonuses payable at the end of the premium paying term (endowment Term) DEATH BENEFIT Sum assured along with vested bonuses payable on death during the premium paying term. An amount equal to sum assured is payable if death occurs after the premium paying term. Accident Benefit Double accident benefit is available during the premium paying term and thereafter up to age 70 a maximum cover of Rs.5 lakhs exclusively for this plan No accident extra premium (built-in premium in the tabular premium rates in addition to High sum assured rebate, a further rebate will be available on Sum assured in excess of Rs. 5 Lakhs reduced by the accident benefit availed under this plan earlier. 11

3 Salient Features Business > Age : Years Simple reversionary bonus accrues > Maximum age at the end of the during the premium paying term premium paying final additional bonus, if any, too > Term : 75 Years > Premium paying term : 5-57 years > Minimum sum assured : Rs.1,00,000. > Frequency of premium paying Term : Monthly, Quarterly, Half Yearly, Yearly and also SSS. NEW JANARAKSHA Specially designed for those people with irregular income and insecure job. This policy gives financial security for the family, as risk is covered even during the lapsed period of the policy upto 3 years, after the premium are paid for 2 years. Suitable for farmers, Petty businessman, milk vendors, etc. Features Ideal for those persons who cannot produce age proof. (Provided age is less than or equal to 40 years and sum proposed is Rs.50,000/- Features Minimum Maximum Age at entry 18 years 50 years* Age at Maturity 70 years Term 12 years 30 years Sum assured Rs. 30,000 Rs Lacs *40 years in case of NMG 12

4 BENEFITS Maturity Benefits Sum assured + Accrued Bonus of 'maturity Death Benefits Natural Sum Assured + Accrued bonus Accidental : Two Times sum assured + Accrued Bonus Mode of Payment Yly, Hlf, Yly, m ly., Mly., SSS Mode Rebate Yearly : 3%; Half yearly : 1.5% Loan Facility General loan facility available after 3 years of commencement of policy when premiums are fully paid-up for 3 years. Housing loan facility is available ENDOWMENT ASSURANCE PLAN This plan makes provision for the family of the life assured in the event of his early death and also assures a lump sum at any desired age. Minimum Sum Assured Rs. 30,000 Min age at entry Max age at entry 12 years 65 years 13

5 A Two Way Safeguard To make adequate provisions for your old age when your income diminished. To make sure that in the event of one's unforeseen premature death, the present living standard of his family could be reasonably maintained. An Endowment Assurance Policy Best answer to the twin problems of living too long i.e. Beyond one's earning years, and of dying too soon i.e. Before one's plans for one's dear ones are fulfilled. Death Benefit Sum assured along with accumulated bonus will be given to the nominee Survival Benefit Sum assured + Bonus will be given at the end of the premium paying term Accident Benefit Overall double accident benefit is limited to Rs.25,00,000 SA on all policies. LIMITED PAYMENT ENDOWMENT WITH PROFITS Features just as in the case of limited payment whole life polices, here, too, the payment of premium can be limited either to a single payment or to a term shorter than the policy. The endowment is, however, payable only at the end of the policy term, or no death of the policy holder if it takes place earlier. If payment of the premiums ceases after at least three years premiums have been paid, a free paid-up policy for an amount bearing the same proportion to the sum assured as the number of premiums actually paid bears to the number stipulated for in the policy, will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs

6 Such reduced paid-up Policy will not be entitled to participle in the profits declared thereafter, but such Bonus as has already been declared on the policy will remain attached hereto. Benefits This is the most popular form of life assurance since it not only makes provision for the family of the life assured in the event of early death, but also assures a lump sum at any desired age. The amount assured, if not paid by reason of his earlier death, becomes payable at the end of the endowment term when it may be invested to provide an annuity during the remainder of his life or in any other way he may think most suitable at the time. Suitable for Being an endowment assurance policy, this plan is apt for people 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 earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time. Plan Parameters Minimum Maximum Entry Age ( years) 12 nbd 60 Sum assured (Rs.) No limit Term (years)

7 Mode of Payment Yearly, Half-Yearly, quarterly, monthly, SSS Max Maturity age : 70 KOMAL JEE VAN The Best Parents Guaranteed additions : Rs. 75 per thousand sum assured per annum at the of the each policy year will be added to the policy by way of guaranteed additions provided the policy is in full force, the guaranteed additions will be payable. > On death or D On maturity i.e. on policy anniversary immediately after the life assured attains the age of 26 years, provided he risk has commences under the policy. Installment Benefits The sum assured will be paid in installments as under a) 20% on policy anniversary following attainment of age 18. b) 20% on policy anniversary following attainment of age 20. c) 20% on policy anniversary following attainment of age 22. d) 20% on policy anniversary following attainment of age 24. Loyalty Addition policy. Payable on maturity or on death after the commencement of the risk under the 16

8 Death Benefit In the event of unfortunate death during the term, after the commencement of risk but before policy matures, the Sum assured together with guaranteed additions is payable without any deduction or adjustment for the amount that may have been paid earlier by way of installment benefits. Eligibility Minimum age at entry 0 years, Maximum age at entry 10 years maturity age 26 years minimum sum assured Rs. 1,00,000/- maximum sum assured Rs. 25,00,000/- Note : Policy will be issued only in multiples of Rs. 25,000/- JEEVAN KISHORE Life risk cover starts from the 7th year of the child or 2 years from the commencement of the policy. On maturity, the amount received can be utilized for the marriage of the child or career of child. Features Minimum Maximum Age at entry 1 year 12 Years Age at maturity - 45 years Term (years) 15 years 35 years Sum assured Rs.30,000 Rs. 40 lacs* *Rs. 15 Lakhs if age at entry is upto 10 years 17

9 Benefits Maturity Benefits Sum assured + Accrued bonus + final additional bonus if any After risk commencement : Sum assured + Accrued bonus + FAB if any Mode of Payment Yly, hlf, yly., quly., Mode Rebate Yearly : 3% half yearly : 1.5% Accident benefit : allowed from policy anniversary following attainment of 18 years by the policyholder provided Re 1 / extra premium 1000 SA limit = Rs. 25 Lacs apart from free AB cover of Rs. 1 lac after age 25 years. JEEVAN CHHAYA Features > Ideal for parents having less than a year old child. > Makes provision for education / Marriage of the child. > Extra benefit of waiver of premium in case of death of the policy holder. Special features : this policy is given under non-medical scheme up to sum assured of Rs. 1 lakh, if the prospect is having a child of less than one year of age as on date of registering the proposal. This non medical is exclusive for other policies. 18

10 BENEFITS Survival Benefits Maturity : At the end of 20th years-balance 25% Sum assured + bonus + Additional final bonus. Fixed benefits : 25% of the sum assured payable each year at the end of last 3 years. Before maturity : Balance 25% of the sum assured + Bonus + Additional final bonus. Death Benefits Natural : Besides the fixed benefits, an additional amount equal to the sum assured will be paid on the death of the policy holder. further premium waived. Accident : Payment of double the sum assured + Fixed benefits. Further premiums waived. Max Maturity Age 65 Years Minimum Maximum Entry Age Sum assured (Rs.) No Limit Term (years) MARRIAGE ENDOWMENT EDUCATIONAL ANNUTY Features The marriage endowment educational annuity plan provides a sum assured to be kept aside for the expenses of marriage of higher education of the policyholder's 19

11 children. Premium payable for 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 the marriage or high education of children two major responsibilities in the life of every family person. Under this plan the policy money and bonus are paid only at the end of the selected term, or till death of the life assured if it occurs during the selected term. Suitable for Being an endowment assurance policy, this plan is apt for people with fluctuating income of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their untimely death and in particular to meet the educational and marriage expenses of children. Suitable for Being an endowment assurance policy, this plan is apt for people with fluctuating income of all age and social groups who wish to protect their families from a financial setback that may occur owing to their untimely death and in particular to meet the educational and marriage expense of children. The amount assured will become payable the end of the endowment term when it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at the time. 20

12 The policyholder also has the option to receive the policy moneys in 10 equal half-yearly installments. If there is a death claim, then the beneficiaries can exercise their right instead. Survival Benefits (Sum Assured + Bonus) payable in lump sum. OR beneficiary. (Sum Assured + Bonus) payable in 10 half-yearly installments at the option of Accident. Accident benefit equivalent to basic sum assured would be available by paying appropriate additional premiums in that behalf. An amount equivalent to sum assured become payable immediately. Plan Parameters Minimum Maximum Entry Age (years) 18 nbd 60 Sum assured (Rs No limit Term (years) 5 25 JEEVAN BHARATI Only you can give life. That's why we protect yours. This plan is a money back plan covering illness perculiar to women Conditions : Minimum sa Rs.50,000/- Thereafter in multiples of 5,5000!- subject to a maximum of Rs.25,00,000/- Minimum age ; 18 years Maximum age : 50 years mode of premium payment ; Yearly only 21

13 Benefits : Death benefit, on death in the first 5 policy years : An amount equal to the Basic sum assured, along with vested guaranteed additions (described below), will be paid. On death after first 5 policy years : An amount equal to the basic sum assured, along with vested Guaranteed additions and reversionary bonuses. Survival benefit 20% SA payable every 5 yrs. Maturity benefit : For policy term of 15 years : 60% of the sum assured along with vested guaranteed additions and reversionary bonuses. For policy of 20 years : 40% of the sum assured along with vested Guaranteed additions and reversionary bonuses. Special Benefits (a) Female Critical Illness (FCI) Benefit An amount equal the sum Assured (Subject to a maximum the of Rs. 2 lacs) will be payable on the occurrence of any one of the following Critical illnesses : Cancer of Breast / Ovarian / Fallopian Tube / Cervical / Uterine Vaginal / Vulval. B) Congenital Disabilities Benefit (CDB) Benefit An amount equal to 50% of the Sum Assured (Subject to a max. of Rs. 1 lalch) payable under the plan on the birth of the child with any one or more of the congenital disabilities listed below. This benefits is available for two children only and will not be payable if the birth of the child occurs after the proposer completes the age of 40 years. This benefit will be payable only if age at entry is upto age 35 yeats. Downs Syndrome, Spina Bifdsa, Tetralogy of Fallot, Oesophageal Atresia & Tracheooesophageal Fstuala, Anal Atresia, Imperforate anus, Cleft Palate with or without Cleft Lip. 22

14 JEENTEN SAMR1DDHI Unique Money Back Plan With Guaranteed Additions and Loyalty Addition Added Features Periodic money back at Specified intervals. Risk cover for full Sum Assured irrespective of Money Back installments. Guaranteed Rs 65/- per thousand Sum Assured per annum. Accident Benefit upto Rs. 10 Lalchs (Inclusive of all other Plans) Additional Risk Cover upto Rs.25 Laths on payment of extra Premium. Survival benefits Form plan 154/12 Amount payable at the end of 4 and 8 years will be 20% of SA Amount payable at the end of 12 years will be 60% of SA Plan 155 / 15 % of SA 156 / 15 % of SA 157 / 15 % of SA At the end of 5 years At the end of 10 years At the end of 15 years At the end of 20 years At the end of 25 years 40 Conditions a) Minimum Age at entry : 14 years (completed) for term 12 years 13 years (completed) for terms 15,20 & 25 years. b) Maximum Age at entry : 58 yrs for term 20 yrs. 55 years for terms 15 yrs for term 20 years. 45 yrs for term 25 yrs. c) Maximum age at maturity : 70 years (Nearest Birthday) 23

15 d) Mode of payment of premium : Yly, Half-Yly, Quarterly, Monthly & Salary Savings Scheme. e) Minimum Sum Assured : Rs.40,000/- LIC'S JEEVAN REKHA A never before combination of money back & whole life policy. It offers you both regular returns all through the term, and a lifelong cover. A Policy that not only provides for your financial needs at every stage of your life, financial needs at every stage of your life, but also ensures the security of your family too. Benefits 1. Survival benefits : 10% of the basic sum assured will be payable to the life assured on survival after every five year from the date of commencement. 2. Death benefit : Sum Assured along with vested bonuses are payable on death of the Life assured whenever it occurs, irrespective of survival benefits paid already. 3. Bonus : Simple Reversionary bonus accrues during the lifetime of the life assured and is payable on his/her death, along with final additional bonus, if any. 4. Accident benefit option : Accident Benefit is available up to a maximum of Rs. 10 Lakh. This is inclusive of the maximum limit of Rs. 10Lakh placed under other life insurance plans. Premiums for accident benefit are quoted separately for various ages at entry premium paying terms. 24

16 Restrictions a. Minimum age at entry : 13 years completed/ b. Maximum age at entry : 65 years (age nearer birthday). c. Premium paying terms : Single premium 5,10,15,20,25 yrs and premiums payable for life. d. Sum assured : Minimum Rs.2 Lakh : thereafter in multiple of Rs.10,000/- e. Modes of premium payment : Yearly, Half yearly, Quarterly, monthly and SSS (Salary Savings Scheme). LIC'S MONEY BACK POLICIES A Money Back Plan with Rising Insurance Cover Features Earlier payment of survival benefits Increasing risk cover Limited premium paying term Minimum age at entry : 14 years Minimum sum assured : Rs. 40,000 Survival Benefit Term of the Policy Survival Benefit per Rs.1000/-Basic Sum Assured at the end of 4 yrs 8 yrs 12yrs 15yrs 18yrs 15 years years years

17 Every though the full sum assured gets paid as survival benefits by the end of the premium paying term, the risk cover continues and the policy participated in profits till the end of the policy term. Death benefit : If death occurs at any time during the term of a policy, the basic Sa along with the vested bonus will be paid on death seen below. Term of the Policy Survival Benefit per Rs.1000/-Basic Sum Assured at the end of First 5 policy years 6-10 Policy years Policy years Policy years Policy years 15 years Nil years Nil years Nil Bonus : The bonus will vest only the end of 5 years from the commencement of the policy provided full 5 years premiums have been paid and policy is in force. be paid Maturity benefit : On survivance upto the date to maturity, the vested bonus will MONEY BACK PLANS Popular plans from LIC which provides cash at periodic intervals. It has been designed fro people especially businessmen who need their insured sum at regular intervals. In case of death, before completion of the term, nominee will get full S.A + Accrued bonus for the period, irrespective of the survival benefits already paid. Features Fixed percentage of sum assured paid periodically. This policy enable you to satisfy important financial needs like children's education or marriage, long awaited holiday, purchase of car, scooter, TV etc. 26

18 Survival Benefits Period Table 75 (20 yrs) Table 93 (25 yrs) 5 years 20 percent of SA 15 percent of SA 10 years 20 percent of SA 15 percent of SA 15 years 20 percent of SA 15 percent of SA 20 years 40 percent of SA + Bonus 15 percent of SA 25 years - 45 percent + Bonus Particulars Minimum Maximum Age at entry 13 years 50 years table years table 93 Age at maturity - 70 years Sum assured Rs.40,000 No limit Maturity Benefits Sum Assured + Accrued Bonus on maturity Death Benefits Natural Accidental : Sum Assured + Accrued Bonus : Two times Sum Assured + Bonus ANMOL JEEVA A Pure Term Assurance Plan Anmol Jeevan for a Precious life Who Can Insure? All males and females with earned income (category 1) and females with unearned income and paying tax (category II) are eligible for this plan. Minimum Age at entry Maximum age at entry Maximum maturity entry 18 years 50 years 50 years 27

19 Min sum assured Max sum assured Rs. 5 Lacs Rs. 3 Crores Benefits : The Sum Assured is payable on the death of the life Assured during the term of the policy provided the policy is kept in force by payment of premiums. However, if the policyholder survives the term, no amount will be payable as it is a pure term assurance plan. Paid up and Surrender Value The policy will not acquire any paid up value no surrender value will be available under this plan *SA above 10 Lacs in multiples of 50,000 LIC'S NEW BIMA KIRAN A Unique Term Assurance Plan With Return of Premium Features Ideal for young men & women with limited income Maximum risk cover with minimum premium Free insurance cover after maturity Exclusive in-built accident benefit Eligibility Min age at entry Maximum age at entry Maximum maturity entry 18 yrs 45 yrs 60 yrs Min sum assured Rs. 1,00,000 Max sum assured Rs. 10,00,000 28

20 Maturity Benefit Payment of sum equivalent to the total premiums paid + loyalty addition + free insurance cover for further 10 years. Loyalty addition, of any, will be paid along with death or maturity benefits, provide the policy is in force. This will depend on the future experience of the corporation with regard to mortality, interest and expenses bases the term and duration of the policy. Death Benefit Payment of Rs.1000/- together with loyalty Addition, if any on the unfortunate death of the life assured during the term. Accident Benefit On death due to accident Rs. 1000/- in addition to basic sum assured. On disability due to accident Rs.1000/- in monthly installments spread over a period of 10 years and waiver of premiums. Max AB cover under old Bima Kiran + New Bima Kiran = 5 Lacs. JEEVAM ASHA NOW COMES TO YOU WITH MORE BENEFITS AS JEEVEN ASHA II A Life Insurance Plan to Facilitate Healthy and Carefree Life Special Features This plan covers major surgical procedures covered for Nervous system (non malignant, causes) Respiratory system 29

21 Cardiovascular system Heamic and lymphatic system Endocrine system, Ocluar system Muskoskeletal system Added Features Full sum assured is payable on death irrespective of payments made earlier. Fixed benefits for surgical treatment can now be availed twice, provided the first surgery is minor. Exclusive Double / Triple Accident benefit available. Option to switch over from existing Jeevan Asha plan. Plan now encompasses more surgical procedures. Survival Benefits Option 1:2% of the sum assured can received by the policyholder at the end of every second year. Option 2 : In case above benefit is not opted, the policyholder can get an enhanced lumpsum benefit towards any health emergency at a later date. Guaranteed Addition Rs 70/- Per thousand S.A. Loyalty Addition : Will be paid as per rats and terms declared by the corporation. Benefits on Maturity : The SA along with guaranteed and loyalty additions will be payable subject conditions. 30

22 Other Features Fixed benefit amount will be payable irrespective of actual expenses incurred for surgery. The policyholder continues to enjoy the periodic survival benefit payment of 2% even after getting the fixed benefit. Double \ triple accident benefit payment on death before the date of maturity. Parameters Minimum Maximum Entry Age (years) 18 nbd 60 Sum assured (Rs.) No limit Term (years) 5 25 ASHA DEEP (II) POLICY LIC's health insurance plans to take the worries out of health care expanses. Features Owing to popular demand this plan of life insurance has been reintroduced to cover the risk of four major ailments namely. Cancer (Malignant) Paralytic stroke resulting in permanent disability Renal failure of both kidneys or Coronary artery disease where by pass surgery has been done. Added Features Besides maturity or death benefits this plan provides for the following additional coverage. 31

23 50% of sum assured paid on the eventuality of the defined aliments Premiums waived after admission of claim as above 10& of sum assured paid for every surviving year to meet medical expenses Balance 50% paid on maturity or death if earlier Available for 15,20 & 256 year terms. Survival Benefits Sum assured + Bonus on maturity death benefit : Natural; If the life assured is not affected by any of the specified ailments, the legal heirs get the full sum assured + accrued bonus. Accidental : accidental benefits available to the life assured whether affected or not affected by any of the specified ailments. Max Maturity Ages 65 Years Minimum Maximum Entry Age (years) 18 nbd 60 Sum assured (Rs.) Term (years) JEE VAN SAATHI Unique Unmatched Joint Life Policy for Husband & Wife Jeevan Saathi, a novel joint life plan which covers both husband and wife one policy. This is a joint life plan with a difference. The plan is designed to give total protection to families. Under the Jeevan Saathi plan. a. The sum assured is immediately payable in the event of death of one of the partners, to the surviving partner. 32

24 b. The surviving partner need not pay further premiums but he policy is kept if force and will continue to earn bonuses declared on the basis of yearly valuations. c. If both partners survive the selected term, the basic sum assured with bonus is paid on the date of maturity_ From the benefits available it can be seen that a family that is used to certain comforts, gets a lump sum immediately if one of the partners dies, to help the surviving partner maintain a certain a certain level economic stability. Once against the basic sum assured is paid to the surviving pattern on maturity or in the event of his / her death earlier, to the nominee. Thus, this plan gives total and complete insurance protection to the whole family. Eligibility conditions for opting for this plan. Policies under this plan will be one the lives of husband and wife, provided both partners are earning members as specified by the corporation. BIMA NIVESH TRIPLE COVER Single Premium Plan High Returns There Times Risk Cover Value Added Product The life insurance corporation of India has always believed in providing valueadded services and products. In tune with the changing economic scenario, it offers multi-benefits schemes to full the varied financial needs of the public. 33

25 Benefits on Maturity The sum assured, along with the Guaranteed additions, and Loyalty additional. If any, will be paid on the expiry of the stipulated term of 10 years. Other Features Min age entry : 18 years Max age entry : 50 years Max age maturity : 60 years Term : 10 years only Medicinal examination will be required for all proposals Guaranteed additions There will be guaranteed additions of a compound rate of Rs.60/- per thousand sum assured per annum accruing at the end of every policy year during the term of the policy Minimum Sum Assured Minimum sum assured : Rs.25,000 Maximum sum assured is Rs.10,00,000 (in multiples of Rs. 5,000) Loyalty Addition Depending on LIC's experience with regard to interest, mortality and expenses, loyalty additions may be paid on maturity Premium Rates Single premium per Rs.1000/- Sum assured will be Rs. 961/- for all ages at entry On Death During the Term Three times the sum assured will be payable on the death of the policy holder during the term of the policy Tax Benefits Premium contributions are eligible for Income Tax exemption under Section 88 of IT Act. No guaranteed additions and loyalty additions and payable My tomorrow will be as rewarding as today. LIC has shown me the way 34

26 Benefits The national cash option together with reversionary bonuses and final additional bonuses (if any) with or without 25% connutation will be compulsorily converted into an annuity with the following options. Annuity-for life Annuity for life with guaranteed period of 5, 10, 15, 20 years Joint life and last survivor annuity to the annuity and his / her spouse under which annuity payable to the spouse on death of the annuitant will be 50% of the payable to the annuitant. Life annuity with annuities increasing at simple rate of 3% p.a. The annuity rates will be those available under the version of the New Jeevan Akshay Plan current at the date of vesting. A rebate of 3% will be available on the purchase price of the new Jeeven Akshay 1 plan. The option for the annuity type is to be exercised at least 6 months before the date of vesting. Special Surrender Value Special surrender value will be available at least two years after the date of commencement and during the deferment period if at least two years premium have been paid (for regular premium). Keep Smiling Today and Tomorrow Here's an exclusive policy for people with an exclusive lifestyle. Whether you're a professional, industrialist, estate owner, NET, film star, a keyman in an enterprise or an individual successful in your own area of work. This is a policy that 35

27 offers insurance protection match your profile. Life insurance cover continues for a longer term even after premium paying term. Conditions Min age entry Max age at entry Max maturity age Policy Term Sum Assured 18 years Completed : 65_ yes (41x1) : 75 years (nbd) : Min. 5 yers, Max,.25 yrs. : Minimum 5 lakhs and there after in multiples of 1 lakh Benefits a) Maturity Benefits : payment of basic sum assured together with accrued Guaranteed Additions and Accrued bonuses. b) Death Benefit : Basic Sum Assured along with accrued Guaranteed Additions and accrued bonuses, if nay, will be paid. c) Guaranteed Additions : Guaranteed Rs.50% 0 Sum Assured for each completed year, for the first five years. d) Participation in Profits : From the 6th year onwards policyholder shall be entitled to receive bonuses declared as per the experience of the corporation. e) Free disability Benefit : In case of total and permanent disability arising due to accident within 180 days of the accident. Accident benefit will be available under the plan upto a maximum of Rs.25 lakhs An additional amount equal to the accident benefit sum assured is payable on death. Grace Period : 30 days for premium payment. 15-days cooling off period 36

28 LIC'S BIMA PLUS Unique selling Proposition Life insurance cover + Prospect of High Growth Portion of premium invested in equity / deposit investments Choice of fund with investor Facility to switch the fund option Easy liquidity Addl. Unit (upto Sum Assured) can be purchased any time Tax benefit under sec, 88 of I.T.Act 1961 Expert management of funds Features Age Sum assured : 12 years 55 years : Rs.50,000 to 10 lacs Mode; Hly, Yly, Single prem, Term : 10 years only Max, yly prem : Rs. 1 lac, Max.S.P. : Rs. 10 lacs The investment pattern of the funds can be as Under Full Name Equity Debt (incl.equity) Liquid Secured Fund Not less than 10% Not less than 80% Not exceeding 20% Balanced fund Not less than 30% Not less than 80% Not exceeding 20% Risk Fund Not less than 50% Not less than 70% Not exceeding 25% Benefits On maturity : bid value + Bonus at 5% of Sum Assured On Death; 37

29 During first 6 months 30% of SA + Bid Value of fund unties after 1 year SA + Bid value of Fund Units. During 106 year SA + 5% = bid value death due to accident ; An additional SA is payable. 38