Investment of Rs 150 will get you Rs 19 lakh
LIC This Policy Advantage & Rs 150 tax investment will get 19 lakh LIC is the most trusted insurance company in the country. Consumers are greatly benefited by investing in this government-run company policy. In this age of rising inflation, it is imperative for each of us to save a certain percentage of our hard earned money and invest it in a policy. Everyone dreams of a better future for their children. The Life Insurance Corporation of India has a similar scheme which has been designed keeping in view the needs of the children. We are talking about LIC’s LIC NEW CHILDREN’S MONEY BACK PLAN
- The minimum sum insured is Rs. 1,00,00.
- There is no limit to the maximum sum insured.
The policyholder will get 20% of the sum assured on completion of 18, 20 and 22 years of age.
At the time of policy maturity (in case the insured does not die during the term of the policy) the policyholder will get an increased portion of the sum insured with a bonus of 40 per cent
In case of death of the policyholder at the time of the policy term, in addition to the sum insured, a simple reversionary bonus check and a final maximum bonus are given. Death Benefit shall not be less than 105% of the total premium payment
View Policies of self, spouse and children
- Register for Premier Services (online service requests)
- Online Renewal Premium payment; Top-up; Loan Repayment and Loan Interest payment
- Online Loan Requests
- Doctor Locator
- Premium paid statements; Individual and Consolidated
- Premium Calendar
- Revival Quotations.
- Complaint Registration and View Complaint Status
- Claim status enquiry
- Loan status enquiry
- Claim history
- View Service Request status
- Email and SMS Alerts
Benefits
- JEEVAN SURABHI – (Table Nos. 106,107 & 108)
Introduction :
- Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).
- For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.
Product summary :
- This is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals.
Premiums:
- Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the premium paying term of the policy or till the earlier death.
Bonuses :
- This is a with-profit plan and participate in the profits of the Corporation’s life insurance business. It gets a share of the 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. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
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Death Benefit :
- The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.
Survival Benefit : A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:
Maturity Benefit :
- The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.
- Supplementary/Extra Benefits : These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Surrender Value :
- Buying a life insurance contract is a long-term commitment. However, surrender values are available under the plan on earlier termination of the contract.
Guaranteed Surrender Value :
- The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium in case no survival benefit payment has already fallen due. Where one or more survival benefits have fallen due, the guaranteed surrender value will be 30% of the premiums paid on or after the due date of payment of latest survival benefit.
