ENDOWMENT PLANS. The Future Solution

Transcription

1 ENDOWMENT PLANS Jeevan Anand 149 Endowment with Profit 14 Limited Payment Endowment with profit 48 Jeevan Mitra 88 Jeevan Saathi 89 Marriage Educational Annuity 90 New Janaraksha 91 Jeevan Mitra Triple Cover 133

2 Features Jeevan Anand 149 This With-Profit plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the 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. Moderate Premiums High bonus High liquidity Savings oriented

3 Jeevan Anand 149 Special Features 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)

4 Jeevan Anand 149 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.

5 Survival benefits: Sum assured along with all vested bonuses payable at the end of the premium paying term (Endowment term) Death Benefits: Jeevan Anand 149 Sum Assured along with vested bonuses are payable on death during the premium paying term and 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

6 Jeevan Anand 149 Plan Parameters Min Max Entry Age 18 completed 65 nbd Sum Assured 1,00,000 No limit Term 5 57 Mode of Payment: Yly, Hly Qly, Mly or SSS Max. Maturity age: Policy Loan available: 75 Years Yes

7 Jeevan Anand Yield Chart AGE Policy TERM Prem SUM ASSURED YLY PREMIUM MAT VALUE YIELD % YIELD INCLUDING IT BENEFITS BASED ON BONUS/FAB DECLARED AS AT

8 Endowment With profit - 14 Features Moderate Premiums High bonus High liquidity Savings oriented This policy not only makes provisions for the family of the Life Assured in 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

9 Endowment With profit - 14 Plan Parameters Min Max Entry Age 12 nbd 65 Sum Assured No limit Term 5 55 Mode of Payment: Yearly, half yearly quarterly, monthly or SSS Max. Maturity age: Policy Loan available: 75 Years Yes

10 Endowment With profit - 14 Benefits Survival benefits: Payment of full Sum Assured + Vested Bonus + Final Additional bonus, if any Death Benefits: Payment of full sum assured + Vested Bonus

11 Endowment With profit - 14 Special Features Disability Benefit: In case policy holder becomes totally and permanently disabled due to an accident before reaching the age of 70 and the policy is in full force, he will not be required to pay further premiums, (the Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and the policy will continue to be in force.

12 Endowment With profit - 14 Accident Benefit The Double Accident Benefit equal to the Sum Assured and not exceeding Rs.25 lacs can be availed by paying a small extra premium of Re.1 per Rs.1000/- Sum Assured per year. Even students above the age of 18 years can avail of this benefit.

13 Endowment With profit - 14 Yield Chart AGE TERM SUM ASSURED YLY PREMIUM MAT VALUE YIELD % YIELD INCLUDING IT BENEFITS BASED ON BONUS/FAB DECLARED AS AT

14 Features Limited Payment Endowment with Profits 48 The payment of premium can be limited either to a single payment or to a term shorter than the policy. The Sum Assured and Vested Bonus are, however, payable only at the end of the policy term, or on death of the policy holder if it takes place earlier.

15 Limited Payment Endowment with Profits 48 Plan Parameters Min Max Entry Age 12 nbd 60 Sum Assured No limit Term 5 50 Mode of Payment All modes Max Maturity Age 70 Policy loan available No loan under policies issued on minors until vesting

16 Limited Payment Endowment with Profits 48 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 his 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.

17 Limited Payment Endowment with Profits 48 Special Features 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.250. Such reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached hereto.

18 Jeevan Mitra 88 Special Features Besides the usual benefits offered by any endowment insurance plan, this policy provides for an additional insurance cover equal to the sum assured in the event of a policy holder s death during the term of the policy. In other words, the death claim in the case of this policy is twice the basic sum assured. The survival claim, on the other hand, is the basic sum assured, plus the accrued bonuses. Bonus is, similarly, calculated only on the basic sum assured at rates applicable to endowment policies.

19 Jeevan Mitra 88 Benefits Survival benefits: Sum Assured + vested Bonus on the basic Sum Assured Death Benefits: Double the Sum Assured + vested Bonuses on the basic Sum Assured Or Double Accident benefits, if taken and paid for will treble the amount of Sum Assured

20 Jeevan Mitra 88 Plan Parameters Min Max Entry Age 18 lbd 50 Sum Assured No limit Term Mode of Payment Max Maturity Age Policy loan available All modes 70 Years Yes

21 Jeevan Mitra 88 Features The benefits of this policy are considered normally for standard and substandard lives upto Class VI. It cannot be allowed for people engaged in hazardous occupations. Female lives under Category I & II allowed. Non-medical special is allowed only if the Sum Assured does not exceed Rs.1,00,000/-

22 Special Features Jeevan Saathi 89 This policy is issued on the lives of the husband and wife including those under Category II & III. The Sum Assured will be payable on the first death and again on the death of the survivor during the term of the policy. Vested Bonuses would also be paid along with the Sum Assured on the second death.

23 Jeevan Saathi 89 Special Features The Premium under this Plan is payable during the joint life time of the two lives and ceases on the first death or the expiry of the selected term, whichever is earlier.

24 Jeevan Saathi 89 Benefits Survival benefits: If one or both the lives survive to the maturity date, the sum assured, along with the accumulated bonus, is payable. Death Benefits: In case either of the couple dies during the policy s term, two things happen. One, LIC pays to the surviving spouse the full sum assured. And, two, the policy continues on the life of the surviving partner without him/her having to pay any further premiums, i.e. the life cover on the survivor continues free of cost. The sum assured is again be payable on the death of the other partner in case both the husband and wife were to die during the term of the policy. Vested bonus would also be paid along with the sum assured on the second death. LIC SZO Chennai Product Presentation

25 Jeevan Saathi 89 Plan Parameters Min Max Entry Age 20 nbd 50 Sum Assured No limit Term Mode of Payment Max Maturity Age Policy loan available All modes 70 Years Yes

26 Jeevan Saathi - Yield Chart AGE TERM SUM ASSURED YLY PREMIUM MAT VALUE YIELD % YIELD INCLUDING IT BENEFITS BASED ON BONUS/FAB DECLARED AS AT

27 Marriage Endowment & Educational Annuity - 90 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 payable for selected term or till death of the life Assured. Benefits will be given only after the selected term.

28 Marriage Endowment & Educational Annuity - 90 Special Features 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. 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 installments. 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.

29 Marriage Endowment & Educational Annuity - 90 Benefits Survival benefits: (Sum Assured + Bonus) payable in lump sum (or) (Sum Assured + Bonus) payable in 10 half-yearly installments at the option of the life assured. Death Benefits: (Sum Assured + Bonus) payable in lump sum or in 10 half-yearly installments at the option of beneficiary at the end of the policy term. 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.

30 Marriage Endowment & Educational Annuity - 90 Plan Parameters Min Max Entry Age 18 lbd 60 Sum Assured No limit Term 5 25 Mode of Payment Max Maturity Age Policy loan available All modes 70 Years Yes

31 Marriage Endowment & Educational Annuity - 90 AGE TERM SUM ASSURED YLY PREMIUM MAT VALUE YIELD % YIELD INCLUDING IT BENEFITS BASED ON BONUS/FAB DECLARED AS AT

32 New Janaraksha 91 Features Ideal for Farmers and Workers, since farmers have to depend on the vagaries of the climate while workers are subject to changes in trade cycles, depressions, strikes, labor disputes, etc. Provides full life insurance cover for 3 years even when the premiums are not paid. (This benefit is available after at least 2 years premiums are paid). Non-medical General up to Rs.50,000/- with declaration of age up to 40 without any extra premium. Non-medical Special is allowed up to Rs. 1,00,000/-. Accident benefit available without payment of any extra premium.

33 New Janaraksha 91 Special Features The non-medical limit is exclusive to this policy. Double Accident benefit and Bonus is also granted. A special feature of the New Jana Raksha Policy is that it continues to provide full life insurance cover to the assured for three years, even when the premium payments are stopped due to certain reasons, provided that at least 2 years premiums have been received.

34 New Janaraksha 91 Benefits Maturity Benefit: Payment of Sum Assured + Accrued bonus. Death Benefits: Natural: Payment of Sum assured + Accrued bonus. Accident / Permanent Disability: Payment of double the Sum Assured + Accrued bonuses on the Sum Assured as defined on the policy document.

35 New Janaraksha 91 Plan Parameters Min Max Entry Age Sum Assured Term Mode of Payment All modes Max Maturity Age 70 Policy loan available Yes

36 New Jana Raksha Yield Chart AGE TERM SUM ASSURED YLY PREMIUM MAT VALUE YIELD % YIELD INCLUDING IT BENEFITS BASED ON BONUS/FAB DECLARED AS AT

37 Jeevan Mitra Triple Cover 133 Special Features This policy provides the benefits of an Endowment Assurance policy and additional insurance cover equal to three times of Sum Assured in the event of death during the term of the policy so that the total insurance cover is thrice the basic Sum Assured.

38 Jeevan Mitra Triple Cover 133 Benefits Maturity Benefit Basic Sum assured along with vested bonuses will be payable on the life assured surviving till the end of the term. Death Benefit Three times the basic sum assured together with vested bonuses if any, will be payable on death of the life assured during the term of assurance. Bonuses Bonus additions will be reckoned on the basic sum assured at rates applicable to endowment assurance and will be payable at the end of the selected term or at death if it occurs earlier.

39 Jeevan Mitra Triple Cover 133 Plan Parameters Min Max Entry Age Sum Assured No limit Term Mode of Payment Max Maturity Age Policy loan available All modes 70 Years Yes

40 Jeevan Mitra Triple Cover 133 The benefits of this policy can be considered only for standard and substandard lives upto Class VI. It cannot be allowed for people engaged in hazardous occupations. Individuals engaged in dangerous pursuits will be rated against the revised tabular occupational extra rates.

41 Jeevan Mitra(133) Yield Chart AGE TERM SUM ASSURED YLY PREMIUM MAT VALUE YIELD % YIELD INCLUDING IT BENEFITS BASED ON BONUS/FAB DECLARED AS AT