Some Insurance Plans

ICICI Prudential Life Insurance

India´s Number One private life insurer, ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India´s foremost financial services companies-and Prudential plc- a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 23.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 680 offices, over 235,000 advisors, and 23 banc assurance partners.

ICICI Prudential Insurance providing following plans:
Life
Ques: What is Life Insurance?
Ans: Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises.

In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably.

Life insurance also triples up as an ideal tax-saving scheme. To know more, read the Key Benefits of Life Insurance.

Ques: Key Benefits of Life Insurance?
Life insurance, especially tailored to meet financial needs

Need for Life Insurance Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets.

Asset Protection From an investor´s point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.

Goal based savings Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house, education or marriage of their children. As one grows older, planning for one´s retirement will begin to take precedence. Life insurance is the only investment option that offers specific products tailor-made for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

Human Life Value
Ques: What is your Human Life Value?
Ans: Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings.

Ques: Why should you calculate your Human Life Value?
Ans: You should calculate your Human Life Value so you can accordingly invest in insurance plans that provide your family with adequate finances and hence security even in your absence.

Ques: How do you determine your Human Life Value?
Ans: Your Human Life Value is determined by 3 factors:
1. Your age
2. Current and future expenses
3. Current and future income

As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income.

Life Stage Profiler
All through your life, several significant events the birth of your child, moving to a larger home, his or her education and wedding, buying a new car, retiring from work will occur at various stages and demand your financial commitment. If you plan in advance for these events, you will quite naturally be prepared when they occur.
Life insurance is an effective tool that assists you to plan for your future such that you are financially equipped to meet all your goals.

Ques: Which important goals should you plan for in advance?
Ans: 1. Your family´s protection: So that your loved ones are secure should an unfortunate event happen to you. Life insurance can guarantee that your family receives a lump sum that safely tides them over any financial crises that might occur in your absence.

2. Child´s education: As parent, your primary responsibility is to guarantee your children´s future. Our Education Insurance plans ensure your child receives money at key stages of his or her education even in your absence.

3. Savings: Savings plans allow you to steadily save towards a pre-decided goal in a secure manner. These plans provide you with a host of benefits. You can choose the premium, the underlying fund in which you want to invest your money, the ratio between protection and investment as per your requirements.

4. Retirement: Retirement plans help you secure guaranteed income for your retired life. During the Accumulation phase, you systematically save while you are working. When you retire, the Payout stage of the plan begins. You then purchase an annuity, which will serve as a steady stream of income, for the rest of your life.

6. Health: An integral part for financial planning is protecting oneself against any medical emergencies as well. Hence, a very prudent decision would be to choose a combination of plans that look after your finances and offer you a protective health cover to ensure your financial planning is in track despite any major illnesses.

Life Stage Profiler
Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail of both segments:

Unit Linked Insurance Product
ULIPs have gained high acceptance due to attractive features they offer. These include:

1. Flexibility
• Flexibility to choose Sum Assured.
• Flexibility to choose premium amount.
• Option to change level of Premium / Sum Assured even after the plan has started.
• Flexibility to change asset allocation by switching between funds.

2. Transparency
• Charges in the plan & net amount invested are known to the customer.
• Convenience of tracking one´s investment performance on a daily basis.

3. Liquidity
• Option to withdraw money after few years (comfort required in case of exigency)
• Low minimum tenure.
• Partial / Systematic withdrawal allowed.

4. Fund Options
• A choice of funds (ranging from equity, debt, cash or a combination).
• Option to choose your fund mix based on desired asset allocation.


Traditional Plans
These are the oldest types of plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are:

1. Steady Investment
• Major chunk of ingestible funds are in debt instruments.
• Steady and almost assured returns over the long term.

2. Features
• Death benefit is Sum Assured + guaranteed & vested bonus.
• Helps in asset creation as they are for a long tenure.
• Premium to Sum Assured ratios are fixed for each plan and age.
• Generally withdrawals are not allowed before maturity.

Life Insurance Plans
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided.

ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child´s education will be secure. These plans ensure that money is made available at the crucial junctures in a child´s education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child´s future. Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child´s education continues unhampered.

Under the education insurance plans platform, ICICI Prudential brings the following products to you. • SmartKid New Unit-Linked Regular Premium.
• SmartKid New Unit-Linked Single Premium.
• SmartKid Unit-Linked Regular Premium.

Wealth Creation Plans
Wealth Creation Plans give the customer the dual benefit of protection along with the potentially higher returns of market-linked instruments. Wealth creation plans offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market-linked instrument – giving them an unmatched combination of benefits.

Under the wealth creation platform, ICICI Prudential brings the following:
• LifeTime Super.
• LifeLink Super.
• PremiumLife Gold.
• LifeTiem plus.

Premium Guarantee Plans The latest addition to the life insurance product portfolio of ICICI Prudential is the Premium Guarantee plan - InvestShield Life New. Premium Guarantee plans are the ideal insurance-cum-investment option for customers who want to enjoy the potentially higher returns of a market-linked instrument, but without taking any market risk.

Under the Premium Guarantee Plans platform, ICICI Prudential brings to you the following products: • InvestShield Life New
• InvestShield CashBak.

Protection Plans
The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard one´s family from the financial implications of unfortunate circumstances than one cannot foresee.

Under the Protection Plans platform, ICICI Prudential brings to you the following products:
• Lifeguard
• Save & Protect
• CashBack
• Home Assure

Retirement
Ques: Why is retirement planning important?
Ans: A retirement plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. To understand why an increasing number of individuals have already started planning for their retirement, and why you should too, read on.

Independence is the new way of life: An increasing number of young Indian professionals are moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years.

Costs set to soar: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs.

Non-earning retirement phase is now longer: Only 4% of India working population- mostly government employees – are covered by pensions. The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions.

Ques: Why start planning for retirement right away?
Ans: Both Ramesh and Vikram want to retire at the age of 60 years. To take care of his post-retirement requirements, Ramesh invests a total amount of Rs. 35 lakhs towards his retirement corpus. On the other hand, Vikram invests a total of Rs 50 lakh towards his retirement. Despite investing less, Ramesh accumulates Rs 298 lakh, compared to Vikram´s accumulation of Rs 216 lakh!. Read on to find out how..

What Ramesh had in his favour been TIME? He began investing a sum of Rs 1 lakh p.a. earlier, at the age of 25 years, up to the age of 60. Ramesh, to compensate for lost time, saved twice the amount invested by Ramesh i.e. Rs. 2 lakhs every year from the age of 35, till the age of 59 years.

It is for this precise reason you should plan for your retirement now-and not later; so you get the advantage of investments that multiply quickly each year, giving you the added advantage!
The graph above shows the retirement amount both Ramesh and Vikram accumulate by the age of 60 years.
Please note: The assumption is that both investments appreciate at the rate of 10% per annum.

Ques: How to plan for retirement?
Ans: 5 simple steps to arrive at an ideal retirement plan:

Step 1: Decide how much income you require to live comfortably in your post-retirement years. Remember to take into account aspects like increased medical costs, vacations and gifts for family, but reduce costs like children´s education and rent, if you own your home. Use our easy Inflation Index Calculator to calculate the impact of inflation.

Step 2: Determine how much you need to save regularly, starting today. Use our Retirement Calculator to determine how large a kitty you will need and how much you need to save each year.

Step 3: Select the right retirement plan that enables you to meet your post-retirement requirements. Preferably invest in market-linked plans, which can provide you with potentially higher returns in the long run. Our Life Stage Profiler will help you select the plan that meets your criteria.

Step 4: Start saving now so you have time on your side and can enjoy the power of compounding. Use our simple Power of Compounding Calculator.

Step 5: Systematically invest a fixed amount every month for your post-retirement years.

ULIP Vs Traditional
Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail of both segments:

Unit Linked Insurance Product
ULIPs have gained high acceptance due to attractive features they offer. These include:
1. Flexibility
• Flexibility to choose Sum Assured.
• Flexibility to choose premium amount.
• Option to change level of Premium / Sum Assured even after the plan has started.
• Flexibility to change asset allocation by switching between funds.

2. Transparency
• Charges in the plan & net amount invested are known to the customer.
• Convenience of tracking one’s investment performance on a daily basis.

3. Liquidity
• Option to withdraw money after few years (comfort required in case of exigency).
• Low minimum tenure.
• Partial / Systematic withdrawal allowed.

4. Fund Options
• A choice of funds (ranging from equity, debt, cash or a combination).
• Option to choose your fund mix based on desired asset allocation.

Life Insurance Plans
These are the oldest types of plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are:

1. Steady Investment
• Major chunk of ingestible funds are in debt instruments.
• Steady and almost assured returns over the long term.

2. Features
• Death benefit is Sum Assured + guaranteed & vested bonus.
• Helps in asset creation as they are for a long tenure.
• Premium to Sum Assured ratios is fixed for each plan and age.
• Generally withdrawals are not allowed before maturity.

Types of Annuity
An annuity is a series or stream of payments. In the context of retirement planning, an annuity is a contract between you and the insurance company under which the insurance company promises pays you money for a stipulated period-often for life. You, the person receiving the payments, are the "annuitant".

Types of annuity options offered by ICICI Prudential:

Life Annuity: In this plan, you receive annuities for as long as you live. Payments are no longer made after your demise.

Life Annuity with Return of Purchase Price: You receive annuities for as long as you live and your nominee receives the purchase price of the policy after demise. The purchase price refers to the value of your investment corpus at the end of the accumulation phase (with which the annuity was purchased).

Life Annuity Guaranteed for 5, 10 and 15 Years and Life Thereafter: You receive annuities for a minimum term i.e. 5, 10 or 15 years. Annuities continue for life thereafter. If death occurs before the end of the pre-decided term, the company pays the annuity till the end of that term to the nominee.

Joint Life, Last Survivor Annuity without Return of Purchase Price: Both your spouse and you will receive annuities for life.

Joint Life, Last Survivor Annuity with Return of Purchase Price: Both your spouse and you will receive annuities for life. After this, the purchase price is returned to your nominee.

Retirement Solutions
To cater to the needs of a customer looking for retirement planning, ICICI Prudential presents a wide array of products. These products have been designed to take into account the diverse set of needs that characterize individual customers. Please click on the plans to know more about them and identify which plan is just right for you.
• LifeTime Super Pension
• LifeLink Super Pension
• ForeverLife
• Immediate Annuity

Health
Health Cover Corner

Indians at greater risk
Reason 1: Lifestyles have changed: Indians today suffer from high levels of stress. Long hours at work, little exercise, disregard for a healthy balanced diet and a consequent dependence on junk food have weakened our immune systems and put us at an increased risk of contracting illnesses.

Reason 2: Rare non-communicable diseases now common: Obesity, high blood pressure, strokes, and heart attacks, which were earlier considered rare, now affect an increasing number of urban Indians-almost every day.

Shocking Truths
• 18% of the urban population suffers from hypertension, which leads to renal failure, stroke and cardio vascular diseases.
• 30% of the population suffers heart attacks before age 40.
• 66% of deaths today are due to cardio vascular diseases.
• Almost 3.5 million Indians suffer from diabetes.
• Cardiovascular diseases (CVDs) like heart disease and stroke are the main causes of death and disability.

The Cost Factor
Reason 3: Medical care is unbelievably expensive: Medical breakthroughs have resulted in cures for dreaded diseases. These cures, however, are available only to a select few. High operating expenses—therapy for breast cancer costs as much as Rs. 2 lakhs for 3 days—have restricted treatment to the richest. In fact, even among the affluent groups, 20% need to sell their valuable assets so they can accumulate the required amount for their medication.

Reason 4: Indirect costs add to the financial burden: Indirect sources of expense—travel, boarding and lodging, and even temporary loss of income—account for as much as 35% of the overall cost of treatment. Most often, we overlook this fact when planning for medical expenses.

Reason 5: Incomplete financial planning: Most of us have insured our home, vehicle, child´s education, and even our retirement years. Ironically however, we have not insured our health. We ignore the fact that illnesses strike without warning—and seriously impact our finances and eat into our savings in the absence of a good health cover.

Health Product Suite
Under Health Product Suite, ICICI Prudential offers plans under the following major need categories:
• HealthAssure
• HealthAssure Plus
• Hospital Care
• Cancer Care
• Cancer Care Plus
• Crisis Cover
• Diabetes Care
• Diabetes Care Plus


Life Insurance Corporation

As per LIC Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during:
• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.

By and large, life insurance is civilization´s partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.

LIC providing following plans:

Insurance Plans
As individuals it is inherent to differ. Each individual insurance needs and requirements are different from that of the others. LIC Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.

Child Plans
Jeevan Anurag
Benefits
LIC´s Jeevan ANURAG is a, with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

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

Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

Age at entry Age of the Life Assured- 20 to 60 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 70 years (age nearest birthday)
Term All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured No limit. Sum Assured will be in multiples of Rs.5, 000 /- only.
Mode Yearly, Half yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

For Term Assurance Rider
Age at entry Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 1,00,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration.
Mode NIL

The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-

For Critical Illness Rider
Age at entry Age of the life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration.
Mode NIL

The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-

CDA Endowment Vesting At 21
Features
Product Summary
This is an Endowment Assurance plan designed to enable a parent or a legal guardian or any near relative of the child (called proposer) to provide insurance cover on the life of the child (called life assured). The plan has two stages, one covering the period from the date of commencement of policy to the Deferred Date (called deferment period) and the other covering the period from the Deferred Date to the date of maturity. The insurance cover on the child´ life starts from the Deferred Date and is available during the latter period.

Bonuses:
This is a with-profits plan and participates in the profits of the Corporation´s life insurance business after the deferred date. 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.

Benefits

Death Benefit:
The Sum Assured along with vested bonuses is payable in a lump sum upon the death of the life assured after the deferrement period. If death occurs before the deferrement period all premiums paid is refunded.

Maturity Benefit:
Sum assured along with all bonuses declared up to maturity date is payable in lump sum.

CDA Endowment Vesting At 18
Features
Product Summary
This is an Endowment Assurance plan designed to enable a parent or a legal guardian or any near relative of the child (called proposer) to provide insurance cover on the life of the child (called life assured). The plan has two stages, one covering the period from the date of commencement of policy to the Deferred Date (called deferment period) and the other covering the period from the Deferred Date to the date of maturity. The insurance cover on the child´s life starts from the Deferred Date and is available during the latter period.

Benefits

Death Benefit:
The Sum Assured along with vested bonuses is payable in a lump sum upon the death of the life assured after the deferrement period. If death occurs before the deferrement period all premiums paid is refunded.

Maturity Benefit:
Sum assured along with all bonuses declared up to maturity date is payable in lump sum.

Jeevan Kishore
Features
Product Summary
This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent / grand parent.

Bonuses:
This is a with-profits plan and participates in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple 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.

Benefits

Death Benefit:
The Sum Assured along with vested bonuses, if any, is payable in a lump sum upon the death of the life assured after the commencement of the risk. If death occurs before the commencement of the risk, the premiums paid excluding the premiums for the Premium Waiver Benefit, if any, will be refunded.

Premium Waiver Benefit:
This is an optional benefit that can be added to your basic plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.
Child Career Plan
Features
Introduction
This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Benefits
Survival Benefit:
On life assured surviving to the end of the specified durations an amount specified below is payable:
5 years before the date of expiry of policy term 30% of the Sum Assured along with vested Simple Reversionary Bonuses
4 years before the date of expiry of policy term 15% of the Sum Assured
3 years before the date of expiry of policy term 15% of the Sum Assured
2 years before the date of expiry of policy term 15% of the Sum Assured
1 years before the date of expiry of policy term 15% of the Sum Assured
On the date of expiry of policy term 15% of the Sum Assured along with Final (Additional) Bonus, if any.
Death Benefits:
On death (after the Date of Commencement of Risk)
(i) If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary Bonuses and Final (Additional) bonus (if any) is payable.

(ii) If death occurs within 5 years before the date of expiry of policy term: Sum Assured along with Final (Additional) bonus (if any) is payable.

On death during the Extended Term - Sum Assured is payable.

On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.

Komal Jeevan
Features
Product Summary
This is a Children´s Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Benefits

Survival Benefit:
The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations:
On the policy anniversary immediately following the Life assured attains the age of % Of Sum Assured
18 Years 20%
20 Years 20%
22 Years 30%
24 Years 30%
Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.

Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to the end of the policy term.
Plans for Handicapped Departments
Jeevan Adhar
Features
Product Summary
This plan may be offered to a person who has a handicapped dependant satisfying conditions as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance cover throughout the lifetime of the purchaser. The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.

The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA of Income Tax Act.

Benefits

Death Benefit:
On the death of the Life Assured, Sum Assured together with the Guaranteed Additions and terminal additions, if any, become payable. 20% of such benefit amount shall be paid in lump sum and the balance amount shall be utilized to provide an annuity of 15 years certain and for life thereafter on the life of the handicapped dependant. The annuity rates are guaranteed for this purpose.

If the handicapped dependant predeceases the Life Assured during the premium paying term of the policy, the contract ceases and the Life Assured will have the option of either keeping the policy for a reduced paid-up Sum Assured or receive the refund of premiums. Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.

Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to the end of the policy term.

Jeevan Vishwas
Features
Product Summary
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.

Benefits

Benefits on maturity or earlier death:
On surviving till the end of the term of the policy or earlier death, Sum Assured together with the Guaranteed Additions and Loyalty Additions, if any, become payable. 20% of such benefit amount shall be paid in a lump sum and the balance amount shall be utilized to provide an annuity on the life of handicapped dependant. A number of annuity options are available under the plan.

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.

Endowment Assurance Plans
The Endowment Assurance Policy
Features

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.

Bonus:
Is there anything extra payable besides the sum assured at the time of claim settlement? Yes, but only if it is a ‘with profits’ policy. Every year the Life Insurance Corporation distributes its surplus among policyholder to ‘with profits’ polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.

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.

The Endowment Assurance Policy-Limited Payment
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 on death of the policyholder 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.250.

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.

Jeevan Mitra (Double Cover Endowment Plan)
Features
Product summary
This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the policy term.

Benefits

Maturity Benefit:
The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.

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.

Jeevan Mitra (Triple Cover Endowment Plan)
Features
Product summary
This is an Endowment Assurance plan that provides greater financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the policy term.

Bonuses
This is a with-profit plan and participates in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple 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 a policy has run for certain minimum period.

Benefits

Maturity Benefit: The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.

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.

Jeevan Anand
Features
Product summary:
This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

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

Benefits
Benefits in case of death during the selected term:
The Sum Assured along with the vested bonuses is payable on death in a lump sum.

Benefits in case of survival to the end of selected term:
The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter.

Accident Benefit:
An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in installments.

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.

New Janaraksha Plan
Features
Product summary:
This is an Endowment Assurance plan that provides financial protection against death throughout the term of plan. It pays the maturity amount on survival to the end of the term.

Bonuses:
This is a with-profit plan and participates in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple 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. Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period.

Benefits
Death Benefit:
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured during the policy term.

Accident Benefit:
The Sum Assured (subject to a limit of Rs.5 lakhs) is payable in a lump sum on accidental death of the life assured during the policy term. In case of permanent disability of the life assured due to accident during the policy term, this benefit is payable in installments.
Maturity Benefit:
The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.

Jeevan Amrit
Features
Product summary:
Some people, particularly the younger ones, want to have high cover at a low cost. Further, many of them do not want commitment to pay premiums for a longer duration. LIC´s Jeevan Amrit is most suitable for such persons. Under this plan premium payment is limited to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums payable in subsequent years.

Benefits
Death Benefit:
An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy.

Maturity Benefit:
Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional) Bonus, if any, in case of Life Assured surviving to the end of the term.

Plan for High worth Individuals
Jeevan Shree-I
Features
Product summary:
This is an Endowment Assurance plan offering the choice of many convenient premium-paying terms. It provides financial protection against death throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.

Bonuses:
The policy participates in the profits of the Corporation´s life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteed benefits of the plan.

Benefits
Death Benefit:
The Sum Assured along with guaranteed additions and vested bonuses, if any, is payable in a lump sum on death of the life assured during the policy term.

Maturity Benefit:
The Sum Assured along with guaranteed additions and reversionary bonuses, if any is payable in a lump sum on survival to the end of the policy term.

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.

Jeevan Pramukh
Features
Here´s an exclusive policy for people with an exclusive lifestyle. Whether you´re a professional, industrialist, estate owner, NRI, film star, or an individual successful in your own area of work. This is a policy that offers insurance protection match your profile.

Bonuses :
The policy participates in the profits of the Corporation´s life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteed benefits of the policy.

Benefits: Death Benefit:
The Sum Assured along with accrued guaranteed additions and vested simple reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on death of the life assured during the policy term.

Maturity Benefit:
The Sum Assured along with accrued guaranteed additions and vested simple reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on survival to the end of the policy term.

More in my next posts.