Chapter IV

Features of Life
Insurance Plans-
A Profile
 CHAPTER- IV

FEATURES OF LIFE INSURANCE PLANS – A PROFILE

4.1 INTRODUCTION

In this chapter, the researcher has summarized the salient features of various life

assurance plans offered by Life Insurance Corporation of India in current times. These

plans are categorized under six major headings for easy understanding.

4.2 WHOLE LIFE INSURANCE PLANS

Whole Life plan is also called as straight life, ordinary life. It remains throughout

the insured whole lifetime provided the premiums are paid. A certain aforementioned

amount is paid to the nominee in the event the insured dies. The policyholder at any time

withdraws the policy or borrows against it. The maturity age for this policy is 100 years.

If the insured lives past the maturity age, the policy will become matured endowment.

The death benefit under this plan is tax free.

(i) Jeevan Umang Plan:(845)

a) Product Summary:

Jeevan Umangplan (845) is a non-linked, with-profits whole life assurance plan.

This plan provides for annual survival benefits from the end of the premium paying term

till maturity and lump sum payment at the time of maturity or on death of the

policyholder.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term (100 – age entry) Year

PPT (Plan Period Term) : 15 years, 20 years, 25 years, 30 years

Minimum Entry Age : (90) days (completed)

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Maximum Entry Age :

55 years (Nearest Birthday) for PPT=15 years

50 years (Nearest Birthday) for PPT= 20 years

45 years (Nearest Birthday) for PPT= 25years

45 years (Nearest Birthday) for PPT= 30years

Minimum age at the end of the PPT : (30) years(Nearest Birthday)

Maximum age at the end of the PPT : (70) years(Nearest Birthday)

Age at Maturity : (100) years(Nearest Birthday)

Minimum Sum Assured : Rs. 2, 00,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

Maximum Accidental Death and Disability Benefits Rider up to age 70.

Maximum Accidental Benefits Rider shall be available during the ppt only.

b) Policy Benefits:

 On death before the commencement of risk: An amount equal to the total amount

of premium/s paid without interest shall be payable.

 On death after commencement of risk: Sum Assured on Death + vested simple

reversionary Bonus + FAB if any.

 Where Sum Assured on Death is defined as the highest of Basic Sum –Assured,

OR 105% of all premiums paid arson death.

 On Survival 8% of Basic Sum Assured shall be payable each year.

c) Surrender value:

The policy can be surrendered at any time during the policy term provided at least

three full years’ premiums have been paid.

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d) Loan: Loan Facility is available under this plan, after payment of premiums for

at least 3 full years.

e) Income tax Benefits: Premium paid under this plan is eligible for TAX rebate

(exemption) under section 80c.

Maturity under this plan is free from I.T under sec 10(10D)

4.3 ENDOWMENT PLANS

Everyone wants to live a long life and see their family flourish. Contrary to

popular belief, life insurance isn’t just a pessimistic plan meant to protect your loved

ones after your untimely death or disablement. You can even use a life insurance policy

to secure a happy, fulfilling post-retirement life you can enjoy with your whole family,

with the invaluable help of an Endowment Life Insurance policy.

Endowment plans are life insurance policies that not only cover the individual’s

life in case of an unfortunate event, but also offer a maturity benefits at the end of the

term. After a specific period of time- called ‘maturity’- they are designed to pay a lump

sum amount. The insurance company will pay this assured sum to the endowment policy

holder’s nominees in case of holder’s death or to the holder himself on a fixed date in the

future.

(i) New Endowment Plan: (814)

a) Product Summary:

New Endowment plan (814) is a regular premium, non-linked with profits Endowment

plan.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 12 to 35 years

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Minimum Entry Age : 8 Years Completed

Maximum entry age : 55 Years (Nearest Birthday)

Maximum Maturity Age : 7 5 Years

Minimum Sum Assured : Rs. 1, 00,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

Maximum Accidental Death and Disability Benefits Rider up to age 70.

b) Policy Benefits:

 On Death: Sum Assured + Vested Bonus + FBA if any. OR 10 times of

Annualized Premium, OR 105% of all Premiums paid as on death, WHICHEVER

IS HIGHER.

 On Survival Basic Sum Assured + Vested Bonus(Standard)+ FBA if any.

c) Surrender value: The policy can be surrendered at any time during the policy

term provided at least three full years premiums have been paid.

d) Loan: Loan Facility is available under this plan, after payment of premiums for

at least 3 full years.

e) Income tax Benefits:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

Proposal Form: 300/340/360 shall be used under this plan.

(ii) Jeevan Anand Plan:(815)

a) Product Summary:

New Jeevan Anand (815) plan is a participating non-linked plan which offers an

attractive combination of protection and savings. This combination provides financial

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protection against death throughout the lifetime of the policyholder with the provision of

payment of lump sum at the end of the selected policy term in case of his or her survival.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 15 to 35 years

Minimum Entry Age : 18 Years Completed

Maximum entry age : 50Years (Nearest Birthday)

Maximum Maturity Age : 75 Years

Minimum Sum Assured : Rs. 1, 00,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

Maximum Accidental Death and Disability Benefits Rider up to age 70years.

b) Policy Benefits:

On Death:

Provided all due premiums have been paid, the following death benefit shall be paid:

 On Death during the policy term: Death benefit, defined as sum of Sum Assured

on Death and vested Simple Revisionary Bonuses and final Additional bonus, if

any, shall be payable, where, Sum Assured on Death is defined as higher of 125%

of Basic Sum Assured or 10 times of annualized premium. This death benefit

shall not be less than 105% of all the premiums paid as on date of death. This

premium mentioned above exclude service tax, extra premium and rider

premiums, if any.

 On death of policyholder at any time after policy term: Basic Sum assured.

c) On Survival

Basic Sum Assured, along with vested simple Revisionary Bonuses and final

Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy

term provided all due premiums have been paid.

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d) Surrender value:

The policy can be surrendered for cash provided at least three full years premiums

have been paid. The Guaranteed Surrender value during policy term shall be a percentage

of total premiums paid (net of service tax) excluding extra premiums and premiums for

riders, if opted for. This percentage will depend on the policy term and policy year in

which the policy is surrendered.

e) Loan facility can be availed under the policy provided the policy has acquired a

surrender value and subject to the terms and conditions as the company may specify from

time to time.

f) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

Proposal Form: 300shall be used under this plan.

(iii) Single Premium Endowment Plan: (817)

a) Product Summary:

Single Premium Endowment Plan (817) is a single premium, non-linked, with

profits Endowment Plan.

Premium Payment Mode : Single Premium

Term : 10 to 25 years

Minimum Entry Age : 90days Completed

Maximum entry age : 65Years (Nearest Birthday)

Maximum Maturity Age : 75 Years

Minimum Sum Assured : Rs. 50,000

Maximum Sum Assured :NO LIMIT (Depending upon income)

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b) Policy Benefits:

On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if

any On death before commencement of risk: Return of Single Premium excluding taxes

and extra Premium.

On Survival Sum Assured + Vested Bonus + FBA if any.

c) Surrender value: The policy can be surrendered at any time during the policy

term subject to realization of the premium cheque.

d) Loan: Loan Facility is available under this plan, after completion of one policy

year.

e) Income tax Benefit:

U/S 80C up to 10% of SA.

Proposal Form: 300/340 shall be used for this plan.

(iv) Jeevan Rakshak Plan:(827)

a) Product Summary:

This is a regular premium paying non-linked, with-profits, Endowment

Assurance plan. This plan shall be available to standard lives only without any medical

examination and the total Sum Assured under all the policies issued to an Individual

under this plan shall not exceed Rs. 2lacs.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 10 to 20 years

Minimum Entry Age : 8 Years Completed

Maximum entry age : 55 Years (Nearest Birthday)

Maximum Maturity Age : 70 Years

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Minimum Sum Assured : Rs. 75,000

Maximum Sum Assured : Rs. 2, 00,000

Maximum Accidental Death and Disability Benefits Rider up to age 70.

b) Policy Benefits:

On death of the Life Assured during the policy term Sum Assured on Death shall

be payable, which is the highest of

 Basic Sum Assured; or

 10 times of annualized premium; or

 105% of all the premiums paid as on date of death.

The premium mentioned above excludes taxes, extra premium and rider

premiums, if any. In addition to the above, Loyalty Addition, if any, shall also be payable

if death occurs after completion of 5th policy year.

On Survival to the end the policy term Basic Sum Assured along with Loyalty

Addition, if any, shall be payable.

c) Surrender value:

The policy can be surrendered at any time during the policy term provided at least

three full years premiums have been paid.

Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be a percentage of total premiums paid

(net of taxes) excluding any extra premiums and premiums for riders, if opted for. This

percentage will depend on the policy term and policy year in which the policy is

surrendered.

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d) Loan:

Loan Facility is available under this plan, after payment of premiums for at least

3 full years subject to following conditions:

a. The maximum loan as a percentage of surrender value shall be 70percent in case

of enforces policies and 60percent in case of paid-up policies.

b. The rate of interest to be charged for the loan amount would be determined from

time to time by the corporation.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c of

I.T Act.

 Maturity under this plan is free under sec 10(10D) of I.T Act.

(v) Limited Premium Endowment plan:(830)

a) Product Summary:

Limited Premium Endowment plan (830) is a limited premium paying

conventional with profits Endowment Assurance plan.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 12 years, 16 years, 21 years

PPT (Plan Period Term) : 8years, 9 years

Minimum Entry Age : 18 Years Completed

Maximum entry age : 62 Years (Nearest Birthday)

Maximum Maturity Age : 75 Years

Minimum Sum Assured : Rs. 3, 00,000

Maximum Sum Assured : No LIMIT (Depending upon Income of insured).

Maximum Accidental Death and Disability Benefits Rider up to age 70.

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b) Policy Benefits:

On Death: 125% of Basic Sum-Assured, OR 10 times of Annualized Premium,

OR 105% of all Premiums paid as on death, WHICHEVER IS HIGHER.

On Survival: Basic Sum Assured + Revisionary Bonus+ Final Additional Bonus.

c) Surrender value:

The policy can be surrendered at any time during the policy term provided at least

two full years premiums have been paid.

d) Loan:

Loan Facility is available under this plan, after payment of premiums for at least

2 full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(vi) Jeevan Lakshya plan: (833)

a) Product Summary:

This is a limited premium paying term conventional With – Profits Endowment

Assurance plan where premium paying term is less than policy term by three years.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 13 to 25 years,

PPT (Plan Period Term) : (Policy Term -3) years

Minimum Entry Age : 18 Years Completed

Maximum entry age : 50 Years (Nearest Birthday)

Maximum Maturity Age : 65 Years (Nearest Birthday)

Minimum Sum Assured : Rs. 1, 00,000

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Maximum Sum Assured : No LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefits Rider up to age 65.

b) Policy Benefits:

 Benefits payable on death: Sum Assured on Death + Bonuses and Final

Additional Bonus, if any, shall be payable in following manner.

 Annual Income Benefits equal to 10% of the Basic Assured (till policy

anniversary prior to date of maturity).

 Assured Absolute Amount of 110% of Basic Sum Assured, payable (on due

date of maturity).

 Along with Bonuses and Final Additional Bonus, if any on maturity. (On due

date of maturity).

 On Survival: Basic Sum Assured + Vested Bonus + FAB if any.

c) Surrender value:

The policy can be surrendered at any time during the policy term provided at least

3 full years premiums have been paid.

d) Loan: Available after payment of premium of 3 full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c of

I.T Act.

 Maturity under this plan is free under sec 10(10D) of I.T Act.

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(vii) Jeevan Labh plan: (836)

a) Product Summary:

Jeevan Labh Plan (836) is a limited premium paying, non-linked, with-profits

Endowment Assurance plan.

Premium Payment Mode : Yearly Half-yearly, Quarterly, Monthly (ECS)

Term : 16 year, 21 year, 25 year

PPT (Plan Period Term) : For Term 16 year Ppt 10 year

: For Term 21 year Ppt 15 year

: For Term 25 year Ppt 16 year

Minimum Entry Age : 8 Years Completed

Maximum entry age : 59 Years (Nearest Birthday)

Maximum Maturity Age : 75 Years (Nearest Birthday)

Minimum Sum Assured : Rs. 2, 00,000

Maximum Sum Assured : No LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefits Rider up to age 70.

b) Policy Benefits:

 On Death: Basic Sum-Assured, OR 10 times of Annualized Premium, OR

105% of all Premiums paid as on death, WHICHEVER IS HIGHER.

 On Survival: Basic Sum Assured + Revisionary Bonus+ Final Additional

Bonus.

c) Surrender value: The policy can be surrendered at any time during the policy

term provided at least three full years premiums have been paid.

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d) Loan: Loan Facility is available under this plan, after payment of premiums for

at least 3 full years.30% of surrender up to 3 years/ 60% of surrender after the

completion of 5 years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(viii) Jeevan Pragati plan : (838)

a) Product Summary:

Jeevan Pragati (838)is a non-linked, with profits Endowment Assurance Plan

wherein the risks cover automatically increases after every five years during the term of

the policy.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 12 to 20 years,

Minimum Entry Age : 12 Years Completed

Maximum entry age : 45 Years (Nearest Birthday)

Maximum Maturity Age : 65 Years

Minimum Sum Assured : Rs. 1, 50,000

Maximum Sum Assured : No LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefits Rider up to age 65.

b) Policy Benefits:

On Death:

Sum Assured + Vested Bonus + FAB if any.

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 Where S.A on Death defined as the higher of

1. 10 times of Annualized Premium, OR

2. Absolute amount assured to be paid on death, which is as under:

During first five policy years: 100% of the Basic S.A.

During 6th to 10th policy years: 125% of the Basic S.A.

During 11th to 15th policy years: 150% of the Basic S.A.

During 16th to 20th policy years: 200% of the Basic S.A.

This Death Benefit shall not be less than 105% of all premiums paid as on death.

On Survival: Basic Sum Assured + Vested Bonus+ FAB if any.

c) Surrender value: The policy can be surrendered at any time during the policy

term provided at least 3 full years’ premiums have been paid.

d) Loan: Loan Facility is available under this plan, after payment of premiums for

at least 3 full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

Proposal Form: 300/340/360 shall be used under for this plan.

(ix) Aadhaar Stambh plan :( 843)

a) Product Summary:

This is a regular premium paying Non-Linked, With-Profits, Endowment

Assurance plan. This Plan is exclusively designed for MALE LIVES having Aadhaar

Card issued by UIDAI. This plan shall be available to standard lives only without any

medical examination and the total Sum Assured under all the policies issued to an

Individual under this shall not exceed Rs.3lacs.

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Premium Payment Mode : Yearly, Half-yearly Quarterly, Monthly (ECS)

Term : 10 to 20 years,

Minimum Entry Age : 8Years Completed

Maximum entry age : 55 Years (Nearest Birthday)

Maximum Maturity Age : 70 years

Minimum Sum Assured : Rs. 75,000

Maximum Sum Assured : Rs.3, 00,000

Maximum Accidental Death and Disability Benefits Rider up to age 70.

b) Policy Benefits:

On Death: of the life Assure during the policy term Sum Assured on Death shallow

be payable, which is the highest of

 Basic Sum Assured; or

 10 times of annualized premium; or

 105% of all the premiums paid as on date of death.

The premium mentioned above excludes taxes, extra premium and rider premiums,

if any. In addition to the above, loyalty Addition, if any, shall also be payable if death

occurs after completion of 5th policy year.

On Survival: to the end of the policy term Basic Sum Assured along with Loyalty

Addition, if any, shall be payable.

c) Surrender value: The policy can be surrendered at any time during the policy

term provided at least three full years premiums have been paid.

Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be a percentage of total premiums

paid (net of taxes) excluding any extra premiums and premiums for riders, if

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 opted for. This percentage will depend on the policy term and policy year in

which the policy is surrendered.

d) Loan: Loan Facility is available under this plan, after payment of premiums for

at least 3 full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(x) Aadhaar Shila Plan:(844)

a) Product Summary:

This is a regular premium paying Non-Linked, With-Profits, Endowment

Assurance plan. This Plan is exclusively designed for FEMALE LIVES having Aadhaar

Card issued by UIDAI. This plan shall be available to standard lives only without any

medical examination and the total Sum Assured under all the policies issued to an

Individual under this shall not exceed Rs.3lacs.

Premium Payment Mode : Yearly, Half -yearly, Quarterly, Monthly (ECS)

Term : 10 to 20 years,

Minimum Entry Age : 8Years(Completed)

Maximum entry age : 55 Years (Nearest Birthday)

Maximum Maturity Age : 70 Years

Minimum Sum Assured : Rs. 75,000

Maximum Sum Assured : Rs. 3, 00,000

Maximum Accidental Death and Disability Benefits Rider up to age 70.

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b) Policy Benefits:

On death of the life Assured during the policy term Sum Assured on Death shall

be payable, which is the highest of

 110% of Basic Sum Assured; or

 10 times of annualized premium; or

 105% of all the premiums paid as on date of death.

The premium mentioned above excludes taxes, extra premium and rider

premiums, if any. In addition to the above, loyalty Addition, if any, shall also be

payable if death occurs after completion of 5th policy year

On Survival: to the end of the policy term Basic Sum Assured along with Loyalty

Addition, if any, shall be payable.

c) Surrender value:

The policy can be surrendered at any time during the policy term provided

at least three full years premiums have been paid.

Guaranteed Surrender Value:

The Guaranteed Surrender Value shall be a percentage of total premiums

paid (net of taxes) excluding any extra premiums and premiums for riders, if

opted for. This percentage will depend on the policy term and policy year in

which the policy is surrendered.

d) Loan: Loan Facility is available under this plan, after payment of premiums for

at least 3 full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

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(xi) Nav Jeevan plan :(853)

a) Product Summary:

Nav Jeevan (844) plan is a Non-Linked, With-Profit, Endowment Life Assurance

plan. Under this Plan the Premium can be paid either as Single Premium or as Limited

premium with a premium payment term of 5 years.

Premium Payment Mode : Single or Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 10 to 18 year

PPT (Plan Period Term) : 5 Year for Limited Premium Option

Minimum Entry Age:

Single Premium : 90 days (Completed)

Limited premium under Option-1 : 90 days (Completed)

Limited premium under Option-2 : 45 years (nearer birthday)

Maximum entry age :Single Premium: 44 Years (Nearer birthday)

Limited premium under Option-1 : 60 years (Completed)

Limited premium under Option-2 : 65 years (nearest birthday)

Minimum Maturity Age : 18 Years(Completed)

Maximum Maturity Age :Single Premium : 62 Years (Nearer birthday)

Limited premium under Option-1 : 75 years (Completed)

Limited premium under Option-2 : 80 years (nearest birthday)

Minimum Sum Assured : Rs. 1,00,000

Maximum Sum Assured : No LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefits Rider up to age 70.

b) Policy Benefits:

On Death: Death during 5 years (Before the date of commencement of risk):

Refund of premium(s) paid without interest shall be payable. The premium(s)

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 referred above shall not include any taxes, extra amount paid due to underwriting

decision and rider premium(s) if any.

Death during 5 yrs. (after the date of commencement of risk): Sum Assured on

Death shall be payable.

Death after 5yrs: Sum Assured on Death + LA

 SA on Death* for Single Premium : BSA or 10 times Tabular Single

Premium for the chosen Basic Sum Assured

 SA on Death* for Limited Premium (option-1): BSA or 10 times

Annualized Premium for the chosen Basic Sum Assured

 SA on Death* for Limited Premium (option-2): BSA or 7 times

Annualized Premium for the chosen Basic Sum Assured

On Survival: Basic Sum-Assured +Loyalty Addition.

c) Surrender value:

 Under Single Premium Payment: The policy can be surrendered at any time

during the policy term.

 Under Limited Premium Payment: The policy can be surrendered at any time

during the policy term provided at least two full years premiums have been

paid.

d) Loan:

 Under Limited Premium Payment: Loan Facility is available number this

plan, after 3months from completion of the policy.

 Under Limited Premium Payment: Loan Facility is available number this

plan, after payment of premiums for at least 2full years.

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e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

Proposal Form No: 506,507,508 applicable under this plan.

4.4 TERM ASSURANCE PLANS

Term insurance is a type of life insurance that provides coverage for a specific

period of time or years. This type of life insurance provides financial protection to the

nominee in case policyholder dies during the policy term. Term Insurance policies

provide high life cover at lower premiums. For e.g.: Premium for 1 Cr Term Insurance

cover could be as low as 490 p.m. These fixed premiums can be paid at once or at regular

intervals for the entire policy term or for a limited period. Premium amount varies basis

the type of the premium payment method opted by the buyer.

(i) Anmol Jeevan plan: (822)

a) Product Summary:

Anmol Jeevan 2 plan number 822 is a regular premium paying conventional

without profit pure protection plan.

Premium Payment Mode : Yearly, Half-yearly

Term : 5 to 25 years

Minimum Entry Age : 18Years (Completed)

Maximum entry age : 55 Years (Nearest Birthday)

Maximum Cover Ceasing Age : 65 Years(Nearest Birthday)

Minimum Sum Assured : RS. 6,00,000

Maximum Sum Assured : Rs. 24,00,000

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b) Policy Benefits:

 On Death: of the life Assured during the policy term Sum Assured shall be

payable.

 On Survival: to the end of the policy term, no benefits shall be payable.

c) Surrender value: No surrender value will be available under this plan.

d) Loan: Loan will be granted under this plan.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

(ii) Jeevan Amar plan: (855)

a) Product Summary:

JEEVAN AMAR plan number 855 is a Non- linked, Without Profit, pure

protection plan. Under this plan there is flexibility to choose from two death benefit

options viz. Level Sum Assured and Increasing Sum Assured.

Under this plan, there are two categories of premium rates viz.(1) Non-Smoker

rates and (2) Smoker rates.

Premium Payment Mode:

Premiums can be paid either under regular premium, Limited Premium or Single

Premium payment options under this plan. In case of regular and Limited

Premium

Payment, the premium can be paid regularly during the premium paying Term with

modes of premium payment yearly or half-yearly.

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Term : 10 to 40 years

Minimum Entry Age : 18Years ( Last Birthday)

Maximum entry age : 65 Years (Last Birthday)

Minimum Sum Assured : Rs.;25,00,000

Maximum Sum Assured : NO LIMIT

Premium paying Term:

b) Policy Benefits:

On Death: of the Life Assured during the policy term Sum Assured on Death shall

be payable.

For Regular premium and Limited premium payment policy, Sum Assured on

Death is defined as the highest of: 7 times of annualized premium; or 105% of

all the premiums paid as on the date of death; or Absolute amount assured to be

paid on death.

For Single Premium Policy, Sum Assured on Death is defined as the higher of :

125% of Single premium. Absolute amount assured to be paid on death.

Absolute amount assured to be paid on death shall depend on Death Benefit

option chosen at the time of taking this policy and is mas under:

 Option I: Level Sum Assured: Absolute amount assured to be paid on death

shall be an amount equal to Basic Sum Assured, which shall remain the same

throughout the policy term.

 Option II: Increasing Sum Assured: Absolute amount assured to be paid on

death shall remain equal to Basic Sum Assured till completion of fifth policy

year. Thereafter, it increases by 10% of Basic Sum Assured each year from

the sixth policy till fifteenth policy year till it becomes twice the Basic Sum

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 Assured. This increase will continue under an in force policy till the end of

the term; or till the Date of Death; or till fifteenth policy year,

Whichever is earlier? From sixteenth policy year and onwards, the Absolute

amount assured to be paid on death remains constant i.e. twice the Basic Sum

Assured, till the policy term ends.

The option once chosen cannot be altered subsequently.

On Survival: to the end of the policy term, no benefits shall be payable.

c) Surrender value:

No surrender value will be available under this plan. However on surrender of

policy in the following cases (for both Level Sum Assured (option I) as well as

increasing Sun Assured (Option II) options), an amount shall be refunded as per

underwriting terms.

d) Loan: No loan will be granted under this plan.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

Proposal Form:511 and 512 shall be used under for this plan.

4.5 PLANS FOR NEEDS OF CHILDERN

Life Insurance Corporation of India is one of the oldest life insurance companies

in India. Despite 23 competitors in the life insurance industry, LIC holds the maximum

share of customers with its strong market presence and a wide product range. The

company is specialized in serving different needs of customers with effective life

insurance plans such as child plans, investment plans, savings, health plans, withdrawn

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plans, micro insurance, etc. LIC child insurance plans provide a gateway to the parents

to build a financially secure future for their children

(i) Child Money Back plan : (832)

a) Product Summary:

New Child Money Back Plan is a non-linked, with-profit, regular premium

payment money back plan.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly(ECS)

Term : 25 Age at Maturity Time

Minimum Entry Age : 0 Years Last Birthday

Maximum entry age : 12 Years Last Birthday

Minimum Sum Assured : Rs. 1,00,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

c) Policy Benefits:

On Death: Before the Date of Commencement of Risk:

An amount equal to the total amount of premiums paid excluding taxes, extra

premium and rider premium, if any shall be payable.

On death After the Date of Commencement of Risk:

Death Benefit, defined as sum of Sum Assured on Death and vested Simple

Revisionary Bonuses and Final Additional Bonus, if any, shall be payable. Where

Sum Assured on Death is defined as higher of 10 times of annualized premium

or Absolute amount assured to be paid on death i.e. Basic Sum Assured. This

death benefit shall not be less than 105% of the total premiums paid as on date

death.

On Survival:

lf Policy in full force:

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 Completion Age 18YRS – 20% OF MSA

Completion Age 20YRS – 20% OF MSA

Completion Age 22YRS – 20% OF MSA

On Maturity at Age 25YRS - 40% of MSA + Vested Bonus + FAB

c) Surrender value: The policy can be surrendered at any time during the policy

term provided premiums have been paid for full three years.

d) Loan: Loan Facility is available under this plan after payment of premiums for

at least three full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(ii) Jeevan Tarun plan (834)

a) Product Summary:

Jeevan Tarun plan is non-linked, with-profits, Limited premium payment plan

specially designed to meet the educational and other needs of growing children.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term : 25 Age at Maturity Time (25-Age at entry) years

PPT (Plan Period Term) : (20-Age at entry) Years

Minimum Entry Age : 0 Year Last Birthday

Maximum entry age : 12 Years Last Birthday

Minimum Sum Assured : Rs. 75,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

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b) Policy Benefits:

On Death: Before the Date of Commencement of Risk:

An amount equal to the total amount of premiums paid excluding taxes, premium

and rider premium, if any shall be payable.

On death After the Date of Commencement of Risk:

Death Benefit, defined as sum of Sum Assured on Death and vested Simple

Revisionary Bonuses and Final Additional Bonus, if any, shall be payable. Where

Sum Assured on Death is defined as higher of 10 times of annualized premium

or absolute amount assured to be paid on death i.e. 125% of Sum Assured. This

death benefit shall not be less than 105% of the total premiums paid as on date

death.

On Survival:

Option is chosen at proposal stage.

Option-1: No Survival, Maturity Benefit 100% S.A

Option-2: 5% S.A. every year For 5 years from age 20 to 24, maturity Benefit

75% S.A.

Option-3: 10% S.A. every year For 5 years from age 20 to 24,maturity Benefit

50% S.A.

Option-4: 15% S.A. every year For 5 years from age 20 to 24,maturity Benefit

25% S.A.

c) Surrender value: The policy can be surrendered at any time during the policy

term provided premiums have been paid for full three years.

d) Loan: Loan Facility is available under this plan after payment of premiums for

at least three full years.

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e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(iii) Single Premium Endowment plan :(817)

a) Product Summary:

Single Premium Endowment Plan (817) is a single premium, non-linked, with

profits Endowment Plan.

Premium Payment Mode : Single Premium

Term : 10 to 25 years

Minimum Entry Age : 90 days Completed

Maximum entry age : 65 Years (Nearest Birthday)

Maximum Maturity age : 75 years

Minimum Sum Assured : Rs. 50,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

b) Policy Benefits:

On Death: after commencement of risk: Sum Assured + Vested Bonus + FAB

if any On Death before commencement of risk: Return of Single Premium

excluding taxes and Extra Premium.

On Survival: Sum Assured + Vested Bonus + FAB if any.

c) Surrender value: The policy can be surrendered at any time during the policy

term subject to realization of the premium Cheque.

d) Loan: Loan Facility is available under this plan, after completion of one policy

year.

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e) Income tax Benefit:

 u/s 80C up to 10% of SA.

Proposal Form:300 and 340 shall be used under this plan.

4.6 PERIODIC MONEY BACK PLAN

In a money back plan, the insured person gets a percentage of sum assured at

regular intervals, instead of getting the lump sum amount at the end of the term. It is an

endowment plan with the benefit of liquidity. This policy is suitable for risk-averse

individuals who wish to save through an insurance plan and also maintain liquidity

throughout. In case of death of the insured person, the nominee gets the entire sum

assured and the survival benefits are not deducted

(i) 20 Year Money Back plan (820)

a) Product Summary:

This is a limited premium payment, non-linked, with profits Money Back Plan.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly(ECS)

Term : 20 years

PPT (Plan Period Term) :15 Years

Minimum Entry Age : 13Years Completed

Maximum Entry Age : 50Years (Nearest Birthday)

Maximum Maturity age: : 70 years

Minimum Sum Assured : Rs. 1,00,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

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b) Policy Benefits:

On Death: Sum Assured on Death + Vested Bonus + FAB if any.

Sum Assured on Death = Higher of 125% of Basic SA or 10 times of annualized

premium.

Death Benefit shall not be less than 105% of total premiums paid as on date of

death. The premiums exclude taxes, extra premium and rider premiums.

On Survival:

20% of Basic SA is payable after 5th, 10th, and 15th year of policy.

Maturity Time 40% of B basic Sum Assured + Vested Bonus + FAB if any.

c) Surrender value: The policy can be surrendered for cash provided at least three

full years premiums have been paid. The Guaranteed Surrender value during policy term

shall be a percentage of total premiums paid (net of service tax) excluding extra

premiums and premiums for riders, if opted for. This percentage will depend on the

policy term and policy year in which the policy is surrendered.

d) Loan: Available after payment of premium of 3 full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(ii) Bima Bachat plan :(816)

a) Product Summary:

Bima Bachat (816) Plan is a single premium, non-linked, with profits Money

Back type Plan.

Premium Payment Mode : Single Premium

Term : 9 year, 12 year, 15 year

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Minimum Entry Age : 15 Year Completed

Maximum Entry Age : Term 9yr then 66 yrs. (Nearest Birthday)

Term 12yr then 63 yrs. (Nearest Birthday)

Term 15yr then 60 yrs. (Nearest Birthday)

Maximum Maturity age : 75 year

Minimum Sum Assured : Term 9years then Rs .35,000

Term 12yearsthenRs. 50,000

Term 15yearsthenRs. 70,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

b) Policy Benefits:

On Death: During 1st five years policy years : Sum Assured only.

After completion of five policy years : Sum Assured + Loyalty Addition, if any.

On Survival:

For Policy Term of 9 years : 15% of SA, after 3rd and 6th policy year.

For Policy Term of 12 years : 15% of SA, after 3rd and 6th and 9th policy year.

For Policy Term of 15 years : 15% of SA, after 3rd,6th,9th and 12th policy year.

At Maturity time:

Single Premium Paid + Loyalty Additions, if any.

c) Surrender value: The policy can be surrendered at any time during the policy

term subject to realization of the premium cheque.

Guaranteed Surrender Value:

First year: 70% of the Single Premium excluding taxes and extra premium, if any.

Thereafter: 90% of the Single Premium excluding taxes, extra premium, if any

and all survival benefits paid earlier.

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d) Loan: Loan facility is available under this plan at any time after completion of

one policy year.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

(iii) 25 Year Money Back plan :(821)

a) Product Summary:

This is a limited premium payment, non-linked, with profits Money Back

Plan.non-linked, with profits Money Back type Plan.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly(ECS)

Term : 25 years

PPT (Plan Period Term) : 20 Years

Minimum Entry Age : 13 Years Completed

Maximum Entry Age : 45 years (Nearest Birthday)

Maximum Maturity age : 70 years

Minimum Sum Assured : Rs. 1,00,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

b) Policy Benefits:

On Death: Sum Assured on Death + Vested Bonus + FAB if any.

Sum Assured on Death = Higher of 125% of Basic SA or 10 times of annualized

premium.

Death Benefit shall not be less than 105% of total premiums paid as on date of

death. The premiums exclude taxes, extra premium and rider premiums.

On Survival:

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 15% of Basic SA is payable after 5th, 10th,15thand 20thyear of policy.

Maturity Time 40% of basic Sum Assured + Vested Bonus + FAB if any.

c) Surrender value:

The policy can be surrendered for cash provided at least three full years

premiums have been paid. The Guaranteed Surrender value during policy term shall be

a percentage of total premiums paid (net of service tax) excluding extra premiums and

premiums for riders, if opted for. This percentage will depend on the policy term and

policy year in which the policy is surrendered.

d) Loan:

Available after payment of premium of 3 full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(iv) Plan : Child Money Back (832)

Product Summary:

New Children’s Money Back Plan is a non-linked, with-profits, regular premium

payment money back plan.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly(ECS)

Term : 25 Age at Maturity Time

Minimum Entry Age : 0 Years Last Birthday

Maximum Entry Age : 12 years Last Birthday

Minimum Sum Assured : Rs. 1,00,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

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b) Policy Benefits:

On Death: Before the Date of Commencement of Risk:

An amount equal to the total amount of premiums paid excluding taxes, extra

premium and rider premium, if any shall be payable.

On death After the Date of Commencement of Risk:

Death Benefit, defined as sum of Sum Assured on Death and vested Simple

Revisionary Bonuses and Final Additional Bonus, if any, shall be payable.

Where Sum Assured on Death is defined as higher of 10 times of annualized

premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of the total premiums paid as on

date death.

On Survival:

lf Policy in full force:

Completion Age 18YRS – 20% OF MSA

Completion Age 20YRS – 20% OF MSA

Completion Age 22YRS – 20% OF MSA

On Maturity at Age 25YRS - 40% of MSA + Vested Bonus + FAB

c) Surrender value: The policy can be surrendered at any time during the policy

term provided premiums have been paid for full three years.

d) Loan: Loan Facility is available under this plan after payment of premiums for

at least three full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

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(v) Jeevan Tarun plan : (834)

a) Product Summary:

Jeevan Tarun Plan is non-linked, with-profits, Limited premium payment plan

specially designed to meet the educational and other needs of growing children.

Premium Payment Mode : Yearly, Hal fly, Quarterly, Monthly (ECS)

Term : 25 Age at Maturity Time (25-Age at entry) years

PPT (Plan Period Term) : (20-Age at entry) Years

Minimum Entry Age : 0 Year Last Birthday

Maximum Entry Age : 12 year Last Birthday

Minimum Sum Assured : 75,000

Maximum Sum Assured : NO LIMIT (Depending upon income)

b) Policy Benefits:

On Death:

On death Before the Date of Commencement of Risk:

An amount equal to the total amount of premiums paid excluding taxes, extra

premium and rider premium, if any shall be payable.

On death After the Date of Commencement of Risk:

Death Benefit, defined as sum of Sum Assured on Death and vested Simple

Revisionary Bonuses and Final Additional Bonus, if any, shall be payable.

Where Sum Assured on Death is defined as higher of 10 times of annualized

premium or Absolute amount assured to be paid on death i.e. 125% of Sum

Assured. This death benefit shall not be less than 105% of the total premiums

paid as on date death.

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 On Survival:

Option is chosen at proposal stage.

Option-1: No Survival, Maturity Benefit 100% S.A

Option-2: 5% S.A. every year For 5 years from age 20 to 24, maturity Benefit

75% S.A.

Option-3: 10% S.A. every year For 5 years from age 20 to 24,maturity Benefit

50% S.A.

Option-4: 15% S.A. every year For 5 years from age 20 to 24,maturity Benefit

25% S.A.

c) Surrender value: The policy can be surrendered at any time during the policy

term provided premiums have been paid for full three years.

d) Loan: Loan Facility is available under this plan after payment of premiums for at

least three full years.

e) Income tax Benefit:

 Premium paid under this plan is eligible for TAX rebate under section 80c.

 Maturity under this plan is free under sec 10(10D).

(vi) Jeevan Shiromani plan: (847)

a) Product Summary:

Jeevan Shiromani plan is a non-linked, with-profits, limited premium payment

money back life insurance plan especially designed for targeted segment of High Net-

worth individuals.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly (ECS)

Term/PPT (Plan Period Term): 14/10, 16/12,18/14 and 20/16 Years

Minimum Entry Age : 18 Years Completed

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Maximum Entry Age : 55 years(Nearer Birthday) for Term 14

: 51 years (Nearer Birthday) for Term 16

: 48 years (Nearer Birthday) for Term 18

: 45years (Nearer Birthday) for Term 20

Maximum Maturity Age : 69 years (Nearer Birthday) for Term 14

: 67 years (Nearer Birthday) for Term 16

: 66 years (Nearer Birthday) for Term 18

: 65 years (Nearer Birthday) for Term 20

Minimum Sum Assured : Rs 1crore (Multiple of 5 lacks thereafter)

Maximum Sum Assured : No Limit

Guaranteed Addition

` : Rs. 50/- per 1000 SA for 1st 5 years

: Rs. 55/- per 1000 SA for remaining PPT

b) Policy Benefits:

On Death:

Death during 5yrs : SA on Death + GA

Death after 5 yrs :SA on Death + GA + LA

*SA on Death* : 125% of BSA or 10 Times AP or 105% of Premiums Paid

Survival Benefits:

For 14 yrs policy : 30% of BSA in 10th and 12th year

For 16yrs policy : 35% in 12th and 14th year

For 18yrs policy : 40% in 14th and 16th year

For 20yrs policy : 45% in 16th and 18th year

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 Maturity time :Reaming SA with DA + LA

Inbuilt Critical illness Benefit:

10% of BSA on diagnosis of 15 Critical diseases + Premium is deferred for 2

Years w/o interest.

c) Surrender value: The policy can be surrendered at any time during the policy

term provided at least 3 full years premiums have been paid.

d) Loan: Loan Facility is available under this plan, after payment of premiums for at

least 1 full years.

(vii) Plan :Bima Shree (848)

a) Product Summary:

Bima Shree plan is a non-linked, with-profits, limited premium payment money

back life insurance plan with minimum Basic Sum Assured of Rs. 10 lakh especially

designed for targeted segment of High Net-worth individuals.

Premium Payment Mode : Yearly, Half-yearly, Quarterly, Monthly(ECS)

Term/PPT (Plan Period Term) : 14/10, 16/12,18/14 and 20/16 Years

Minimum Entry Age : 8 Years Completed

Maximum Entry Age : 55 years (Nearer Birthday) for Term 14

: 51 years (Nearer Birthday) for Term 16
: 48 years (Nearer Birthday) for Term 18
: 45 years (Nearer Birthday) for Term 20

Maximum Maturity Age : 69 years (Nearer Birthday) for Term 14

: 67 years (Nearer Birthday) for Term 16
: 66 years (Nearer Birthday) for Term 18
: 65 years (Nearer Birthday) for Term 20

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Minimum Sum Assured : Rs 10 lakh (Multiple of 1lacks thereafter)

Maximum Sum Assured : No Limit

Guaranteed Addition:

Rs 50/- per 1000 SA for 1st 5 years

Rs 55/- per 1000 SA for remaining PPT

b) Policy Benefits:

On Death:

Death during 5yrs : SA on Death + GA

Death after 5 yrs :SA on Death + GA + LA

*SA on Death* : 125% of BSA or 10 Times AP or 105% of Premiums Paid.

Survival Benefits:

For 14 yrs policy : 30% of BSA in 10th and 12th year

For 16yrs policy : 35% in 12th and 14th year

For 18yrs policy : 40% in 14th and 16th year

For 20yrs policy : 45% in 16th and 18th year

Maturity time :Reaming SA with DA + LA

New Critical Illness Benefit Rider available.

Premium Waiver Benefit Rider available

c) Surrender value: The policy can be surrendered at any time during the policy

term provided at least 2 full years premiums have been paid.

d) Loan: Loan Facility is available under this plan, after payment of premiums for

at least 2 full years.

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4.7 OTHER POLICIES

(i) Jeeva Arogya plan :(904)

a) Product Summary:

This is non-linked health plan which provides fixed benefits for hospitalization

and almost all types of surgical procedures irrespective of actual cost incurred and the

benefit is in addition to any other health insurance cover the insured lives may have,

subject to certain terms and conditions.

The Benefits offered under the plan are:

i) Hospital Cash Benefit (HCB)

ii) Major Surgical Benefit (MSB)

iii) Day Care Procedure Benefit (DCPB)

iv) Other Surgical Benefit (OSB)

These are in addition to any other health insurance cover.

Two riders: Term Assurance and Accident Benefit Rider available for PI and Insured

Spouse only.

The Principle insured (PI) can take the policy covering himself/herself. The Spouse,

children, parents and Parents-in-law can also be covered under the same policy.

Premium Payment Mode : Yearly, Half-yearly

Minimum Entry Age : For Principal insure/Spouse:18 Years

: For Child: 3 Month

: For Parents /Parents-in-law: 18 Years

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Maximum Entry Age : For Principal insure/Spouse:65 Years

: For Child: 17 Years

: For Parents /Parents-in-law: 75 Years

Minimum Sum Assured : Rs. 1,00,000

Maximum Sum Assured : Rs. 4,00,000

Basic S.A. shall be in multiple of Rs. 1,00,000

b) Policy Benefits:

On Death :No death benefits payable.

However, following action will take place.

i) On death of the Principal Insured (PI); Option for Spouse to take over

policy.

ii) Insure Spouse had predeceased the Principal Insured: Option take new

policy.

iii) In the event of death of an Insured continue with change in premium.

c) Surrender value: No surrender value will be available under the policy.

d) Loan: No loan will be available under the policy.

(ii) Cancer Cover plan : (905)

a) Product Summary:

This is non-linked, regular premium payment health insurance plan which

provides fixed benefit in case life assured is diagnosed with any of the specified early

and/or major stage cancer during the policy term, subject to certain terms and conditions.

The plan has two benefit options which have to be chosen by the proposer at the outset.

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Option 1 : Level Sum Insured :

The Basic Sum Assured remains same throughout the term.

Option 2 : Increasing Sum Insured :

10% Increase in Sum assured for 1st 5 years or till diagnosis of specified cancer.

Premium Payment Mode : Yearly, Half-yearly

Minimum Entry Age : 20 Years (Completed)

Maximum Entry Age : 65 years (Last Birthday)

Minimum Policy Term : 10 years

Maximum Policy Term : 30 years

Minimum Sum Assured : Rs. 10,00,000

Maximum Sum Assured : Rs. 50,00,000

Basic S.A. shall be in multiple of Rs. 1,00,000

Minimum and Maximum cover ceasing age : 50 years and 75 years

Minimum Premium Rs. 2400 p.a. for all modes.

b) Policy Benefits:

A. Early stage cancer :

Payable once for the 1st ever event

i. Lump sum 25% of applicable Sum Assured Payable and

ii. Next 3 years premiums waived.

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c). Major Stage Cancer :

i. Lump sum 100% of applicable Sum Assured Payable minus any claim

paid for A above if any.

ii. 1% of applicable Sum Assured guaranteed payable for next 120 months.

AND

iii. Waiver of future premiums. Maximum claim payable 220% of applicable

sum assured.

d) Surrender value: No surrender value will be available under the policy.

e) Loan: No loan will be available under the policy.

f) Tax Benefits :Not eligible.

(iii) Pradhan Mantri Vaya Vandana Yojana plan (842)

a) Product Summary:

Pradhan Mantri Vaya Vandana Yojana (Plan No. 842) is a Government

subsidized Scheme which shall provide an assured return of 8% p.a. payable monthly

(i.e. Equivalent to 8.30% p.a.) on the pensioner surviving during the policy term of 10

years.

Premium Payment Mode : Single Premium

Mode of Pension payment :

 The modes of pension payment are monthly, quarterly, half-yearly and yearly.

The pension payment shall be through NEFT OR Aadhaar Enabled payment

System only.

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Pension Rate :

 Yearly :8.30% of S.A. p.a.

 Half-yearly :8.13%of S.A. p.a.

 Quarterly : 8.05%of S.A. p.a.

 Monthly : 8.00% of S.A. p.a.

Minimum Entry Age : 60 Years (Completed)

Maximum Entry Age : No Limit

Minimum Sum Assured:

 Yearly : Rs.1,44,578

 Hal fly : Rs.1,47,601

 Quarterly : Rs.1,49,068

 Monthly : Rs.1,50,000

Maximum Sum Assured :

 Yearly : Rs.14,45,783

 Hal fly : Rs.14,76,015

 Quarterly : Rs.14,90,683

 Monthly : Rs.15,00,000

Minimum Pension Limit:

Rs. 1,000/- per Month

Rs. 3,000/- per Quarterly

Rs. 6,000/- per Half-year

Rs. 12,000/- per Year

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Maximum Pension Limit :

Rs. 10,000 /- per Month

Rs. 30,000/- per Quarterly

Rs. 60,000/- per Half-year

Rs. 1,20,000/- per Year

b) Policy Benefits : On Death the full purchase price will be refunded to nominee.

c) Surrender value: Surrender would be allowed in special circumstances like

critical/ terminal illness of self or spouse. The Surrender Value payable in such

cases shall be 98% of Purchase Price.

d) Loan: Loan (up to 75% of subscribed amount) can be availed after 3 years from

the Date of Commencement.

e) Tax Benefits :Not eligible.

4.8 CONCLUSION

The views and opinion of the respondents on these life insurance plans were

elicited by the researcher so as to highlight the extent of popularity of each plan as

evaluated by them. The relevant tabulation and its interpretations are shown in chapter

number V .

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