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LIC Bhagya Lakshmi Plan 829 | Features, Benefits, Details of Bhagyalakshmi Plan

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LIC Bhagya Lakshmi Plan (Table No. 829) Review

LIC Bhagya Lakshmi Plan (Table No. 829) is a new Term Plan introduced by Life Insurance Corporation of India as per new guidelines of IRDA. The Unique Identification Number of the LIC’s Bhagyalakshmi Plan is 512N292V01. This UIN no. should be quoted in all relevant documents provided to the policyholders. LIC New Bhagya Lakshmi Plan is a non-participating limited payment protection oriented plan with 110% of total amount of premiums payable on maturity are returned. Where the premium paying term for this LIC New Term Plan 829 is 2 years lesser than the policy term. The policy also pays out a death benefit to the dependents of the life assured in the case of his/ her demise.

Micro Insurance is a special category created by IRDA to increase the coverage of insurance for an economically vulnerable section of society. Any life insurance policy with a sum assured of Rs. 50,000 or less is called micro insurance. LIC India has introduced this New Bhagyalakshmi policy for providing the distinct needs of the people with low income. The Key Features, Eligibility Conditions, Death & Maturity Benefits, Riders, etc. of LIC Bhagya Lakshmi Plan are mentioned in detail below.

LIC Bhagya Lakshmi Plan

Key Features of LIC Bhagyalakshmi Plan

LIC Bhagya Lakshmi Plan is a new Micro Insurance Plan with Term Insurance Plan Features. Any life insurance policy with a sum assured of Rs. 50,000 or less is called Micro Insurance policy. And, Term insurance plans usually provides protection to your family in case of unfortunate and unforeseen circumstances. So, choosing these plans are the best option for those who wish to lead a stress-free life on their families. Below are the key features of LIC New Bhagyalakshmi Plan.

  • The Bhagyalakshmi Plan of LIC is a non-participating limited payment protection oriented plan.
  • It offers good life cover with low premium payments.
  • Policy term will be the premium paying term plus two years, i.e., if the policy term is 5 years then the premium paying term is 7 years.
  • If the death of the policyholder before the end of the policy term, then the insured family will receive Sum Assured as a death benefit.
  • 110% of the premiums will be paid to the individuals on Maturity by excluding taxes and extra premium.
  • Yearly, Half-Yearly, Quarterly, Monthly, or through Salary deductions are the different premium payment modes available for this plan.
  • The Insured can revive the lapsed policy within a period of 2 consecutive years from the date of first unpaid premium (FUP).
  • The Grace period available for premium payment in all modes is two calendar months, i.e., less than 60 days.

LIC New Bhagya Lakshmi Plan Eligibility Conditions

S.no. Eligibility Conditions & Restrictions Details
1. Minimum Entry Age
  • 18 years (completed).
2. Maximum Entry Age
  • 55 years (nearest birthday).
3. Maximum Maturity Age
  • 65 years (nearest birthday).
4. Policy Term
  • Premium Paying Term + 2 years.
5. Premium Payment Modes
  • Yearly.
  • Half-Yearly.
  • Quarterly.
  • Monthly.
  • Salary Deductions.
6. Minimum Basic Sum Assured
  • Rs 20,000/-.
7. Maximum Basic Sum Assured
  • Rs. 50,000/- (in multiples of Rs. 1000).
8. Minimum Premium Paying Term
  • 5 years.
9. Maximum Premium Paying Term
  • 13 years.

Benefits of LIC’s Bhagyalakshmi Plan

Death Benefit:

If the death of the Insured occurs before the stipulated date of maturity, provided the policy is inforce by paying up-to-date premiums, then the nominee of the policy will get Sum Assured as Death Benefit. Where Sum Assured is the amount of money received along with the significant bonus at the end of the policy term.

Maturity Benefit:

Provided the policy is in force, if the Life Assured survives till the date of maturity, then Sum Assured on Maturity shall be payable which is 110% of total amount of premiums payable during the term of the contract. Taxes and extra premium, if any, are excluded.

Rebates of LIC Bhagya Lakshmi Policy

A rebate is a discount in premium that the policyholder will get if he/ she pays the premium annually. There is only one rebate available for this LIC Bhagya Lakshmi plan 829, i.e., Mode Rebate. High Sum Assured Rebate is not available for this plan.

Mode Rebate:

Mode Percentage
Yearly 2% tabular premium
Half-Yearly 1% tabular premium
Monthly & Quarterly NIL

LIC Bhagyalakshmi New Micro Insurance Plan Riders

A Rider is an add-on provision to any insurance policy because it provides additional benefits to the life assured at an additional cost. Generally, LIC India provides an accidental death benefit, Critical illness, and Permanent disability riders. But for this LIC Bhagya Lakshmi Plan (Table no. 829), there are no riders available. So, the individuals cannot avail additional benefits with this plan.

LIC Bhagya Lakshmi Plan Buying Process

The Customer can buy the LIC New Bhagya Lakshmi Plan from the LIC Agent or nearest LIC Branch Office. The Proposal form required to purchase the policy is available on the official website of Life Insurance Corporation. The Documents that are needed for buying the LIC’s Bhagyalakshmi Plan are as under.

  • Proposal Form with a photo.
  • Age Proof of the Life Assured.
  • Address Proof.
  • Medical Reports (if any required).

LIC New Term Plan 829 Claim Process

If the Insured is met with sudden accident or disability within the Policy Term or Maturity Period of Policy is completed, the Nominee can lodge the Claim. The Claim Forms can be obtained from Official Website of LIC India or from the LIC Regional Offices. The documents that are required during the Claim Process of LIC Bhagya Lakshmi Plan are listed below. Hence, you should collect all these forms before claiming this LIC’s New Bhagyalakshmi Policy.

  • NEFT form.
  • Discharge form.
  • Original Policy Bond.
  • Medical Reports.
  • Cancel check or Bank Passbook xerox.
  • Death Certificate.
  • Discharge Form.
  • Proof of Title.
  • Proof of Age.

LIC Bhagyalakshmi Plan Premium Calculator

The Life Assured can calculate the minimum premium amount that has to be paid to take the Policy by using this LIC Bhagya Lakshmi Plan Premium Calculator. The Amount of Single Premium Paid will depend on the Sum Assured, Policy Term, and Age of the Insured. The LIC Bhagya Lakshmi Premium Chart is used to estimate the benefits offered by this LIC Micro Insurance plan 829. But you should enter some basic details like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the premium value.

Sample Premium Rates:

Following are some of the sample annual tabular premium rates per Rs. 1000/- Sum Assured, exclusive of service tax.

Age in Years

Premium Paying Term (PPT) in years

7(5)

10(8)

15(13)

20

127.45

64.35

37.20

30

129.30

65.80

38.55

40

138.30

72.80

44.25

50

164.10

91.40

57.15

55

179.90

103.05

Additional Information about LIC Micro Insurance Plan Bhagya Lakshmi

Loan: There is no loan facility available for this LIC Micro Insurance Plan Bhagya Lakshmi (Table no. 829).

Paid-Up Value: 

For policies with Premium Paying Term less than 10 years if after at least two years premiums have been paid and for policies with PPT (Premium Paying Term) 10 years or more if after at least three full years premiums have been paid and any succeeding premium be not duly paid, the policy shall not become completely void, but exists as a paid-up policy. Under a paid-up policy, the amount payable on death will be reduced to such a Sum called Death Paid-up Sum Assured. Whereas the amount payable at maturity will be reduced to a sum called Maturity Paid-up Sum Assured. The terms Death Paid-up and Maturity Paid-up Sum Assured are defined as

Death Paid-up Sum Assured = Sum Assured on Death * (number of premiums paid/ number of premiums payable during the policy tenure).

Maturity Paid-up Sum Assured = Sum Assured on Maturity * (number of premiums paid/ number of premiums payable during the term of the policy).

Surrender Value: The Individuals can surrender the policy at any time during the policy tenure provided the premiums have been paid. If the premium paying term is less than 10 years, then the premiums should be paid for at least two consecutive years to surrender the policy. If in case, the premium paying term is 10 years or more, then the premiums should be paid for at least three consecutive years to surrender the policy. Guaranteed Surrender Value is equal to Guaranteed Surrender Value factor multiplied by total premiums paid exclusive of taxes and extra premium. Go through the following table which illustrates the GSV factors that are applicable to total premiums paid.

LIC Bhagyalakshmi Plan Conditions

Tax: Taxes including service tax, if any, shall be as per the Tax laws and the rate of tax will be as applicable from time to time. The amount of tax paid must not be considered for the calculation of benefits payable under this LIC Bhagya Lakshmi Plan.

Free Look Period: If the Life Assured is not satisfied with the “Terms and Conditions” of the policy, then he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason for objections. On receipt of the same, the LIC India will cancel the policy and return the amount of premium deposited.

Grace Period: A Grace period of two calendar months but not less than 60 days will be allowed for this plan under all modes of payment.

Revival Period: If the policyholder doesn’t pay the premiums within the grace period then the policy will lapse. But he/ she can revive a lapsed policy within a period of 2 consecutive years from the date of first unpaid premium but before the date of maturity.

Exclusions

Suicide:

  • Provided the policy is inforce, if the policyholder commits suicide at any time within 1 year from the date of commencement of risk, then the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes and extra premium.
  • If the insured commits suicide within 12 months (1 year) from the date of renewal, then an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, shall be payable excluding any taxes and extra premium, if any.

FAQ’s of LIC Bhagya Lakshmi Policy

1. What is the Minimum Sum Assured for this LIC Bhagya Lakshmi Plan 829 ?

Ans. The minimum sum assured under this New Micro Insurance Plan is Rs. 20,000.

2. When does paid up value/ surrender value will be received ?

Ans. The Surrender/ paid up value accrues after the premiums for 2 full years have been paid for policies with a PPT less than 10 years. Whereas for the PPT greater than 10 years, then the Surrender/ paid up value will be received after the premiums for 3 full years have been paid.

3. What are modes of paying the premium for LIC New Bhagyalakshmi Policy ?

Ans. The different modes of paying the premium amount for this Plan is Yearly, Half Yearly, Quarterly, Monthly, or through Salary deductions.

For more information regarding various LIC Term Insurance Plans, refer and bookmark our site www.policybook.in

LIC New Jeevan Mangal Plan 840 | Features, Benefits, Details of New LIC Term Plan

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LIC New Jeevan Mangal Plan (Table No. 840) Review

LIC New Jeevan Mangal Plan (Table No. 840) is a new Term Plan introduced by Life Insurance Corporation of India as per new guidelines of IRDA. The Unique Identification Number of the LIC’s Jeevan Mangal Plan is 512N287V02. This UIN no. should be quoted in all relevant documents provided to the policyholders. The LIC Micro Insurance Plans are not plans but opportunities that knock on your door once in a lifetime. Also, these plans are a perfect combination of insurance, investment and a lifetime of happiness. The LIC New Jeevan Mangal Micro Insurance Policy was customized to provide the distinct needs of the most vulnerable low-income sections of the Indian population.

The LIC’s Jeevan Mangal is a protection plan with return of premiums on maturity, where you can pay the premiums either in a lump sum or regularly over the tenure of the policy. This Jeevan Mangal Term plan has an in-built Accident Benefit which provides for double risk cover in case of accidental death. This New online term plan from LIC provides double benefits to their customers, i.e., In the case of something unfortunate event has occurred, the policy provides financial security to their family, and pays back the total premiums paid during the policy term to the insured. The Key Features, Eligibility Conditions, Death & Maturity Benefits, Riders, etc. of LIC New Jeevan Mangal Plan are mentioned in detail below.

LIC New Jeevan Mangal Plan

Key Features of LIC Jeevan Mangal Plan

LIC Jeevan Mangal Plan is a new Micro Insurance Plan with Term Insurance Plan Features. Any life insurance policy with a sum assured of Rs. 50,000 or less is called Micro Insurance policy. And, Term insurance plans usually provides protection to your family in case of unfortunate and unforeseen circumstances. So, these plans are the best option for those who wish to lead a stress-free life on their families. Below are the key features of LIC New Jeevan Mangal Plan.

  • It is a protection plan, so offers life covers with small payments.
  • The New Jeevan Mangal comes with two premium options such as Single Premium and Regular Premium to help the individuals to choose one option according to their needs.
  • Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals are the different modes of premium payment for this LIC New Term Plan 840. The Single Premium mode is available for terms from 5 to 10 years.
  • The insured can choose one from the flexible policy term, i.e., he/ she can choose the policy tenure ranging from 5 to 10 years for the single premium mode and 1 to 15 years for the regular premium mode.
  • The Policyholder can pay the premiums either in a lump sum or regularly over the term of the policy.
  • When you take this policy, the corporation pays dual risk cover in the case of unfortunate death.

LIC Jeevan Mangal New Term Plan Eligibility Conditions

S.no. Eligibility Conditions & Restrictions Details
1. Minimum Entry Age for Insured 18 years (Completed).
2. Maximum Entry Age for Life Assured
  • 55 years (nearest birthday) for policy term 20 years.
3. Policy Term
  • Regular premium: 10 to 15 years.
  • Single Premium: 5 to 10 years.
4. Premium Payment Mode Yearly, Half-Yearly, Quarterly, Monthly, Fortnightly, and Weekly.
5. Basic Sum Assured (in multiples of 10,000)
  • Minimum: Rs. 10,000/-.
  • Maximum: Rs. 50,000/-.
6. Maximum Maturity Age
  • 65 years (Nearest Birthday).
7. Minimum Installment Premium
  • For Monthly Mode: Rs. 60/-.
  • For remaining modes: No specific minimum installment premium.

Benefits of LIC’s New Jeevan Mangal Plan

Death Benefit:

The death benefit shall be payable to the nominee of the policy as under:

  • If death occurs due to an Accident then an additional sum equal to Sum Assured shall be payable. Here, in this case, an accident is referred as a sudden or unforeseen or involuntary event caused by external, violent, and visible means.
  • If the demise of the insured occurs due to any reason other than Accident, then death benefit for different premium terms is as follows.
    • Regular premium policies: Sum Assured on death will be payable that was higher than 10 times of annualized premium or 105% of all the premiums paid as on date of death or Absolute amount assured to be paid on death or Sum assured on Maturity.
    • Single Premium policies: Sum Assured on death will be payable that was higher than 125% of Single premium or absolute amount assured to be paid on death.

Maturity Benefit:

Provided the policy is in force, If the policyholder survives till the maturity date, an amount equal to the total amount of premium paid during the tenure of the contract is payable. The accident benefit premium and all extra premium, if any, are excluded.

Tax Benefit:

The Policyholders of this LIC New Micro Insurance plan 840 are granted with tax benefits on the premiums paid and the payout received on maturity or death. The premiums paid for up to Rs. 1,50,000 are allowed as a deduction from the taxable income under Section 80C every year. And, the maturity proceeds are tax-free under section 10(10)D.

Riders of LIC New Jeevan Mangal Policy

Riders are one of the chief distinguishing features of term insurance. These offer additional protection and coverage via payment of a marginally higher premium. In general, the insured should pay an additional premium to avail the benefits of rider. But for this LIC Jeevan Mangal Plan, there is no need to pay any additional premium because this LIC’s New Micro Insurance Plan 840 comes with inbuilt Accident Death Benefit Rider.

Accident Benefit Rider

If the demise of the insured occurs as a result of the accident during the term of the policy, then an additional amount equal to Accident Benefit Rider Sum Assured will be payable. If the total and personal disability arise due to an accident that occurs within 180 days from the date of an accident then the accident benefit will be payable in monthly installments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of 10 years, then the disability benefit installments which have not fallen due will be paid along with the claim.

LIC New Jeevan Mangal Plan Buying Process

The Customer can buy the LIC New Jeevan Mangal Plan from the LIC Agent or nearest LIC Branch Office. The Proposal form required to purchase the policy is available on the official website of Life Insurance Corporation. The Documents needed for buying the LIC’s Jeevan Mangal Plan are listed below.

  • Proposal Form with a photo.
  • Age Proof of the Life Assured.
  • Address Proof.
  • Medical Reports (if any required).

LIC New Term Plan 840 Claim Process

If the Policyholder is met with sudden accident or disability within the Policy Term or Maturity Period of Policy is completed, the Nominee can lodge the Claim. The Claim Forms can be obtained from Official Website of LIC India or from the LIC Regional Offices. The documents that are required during the Claim Process of LIC New Jeevan Mangal Plan are listed below. Hence, you should collect all these forms before claiming this LIC New Micro Insurance Plan 840.

  • NEFT form.
  • Discharge form.
  • Original Policy Bond.
  • Medical Reports.
  • Cancel check or Bank Passbook xerox.
  • Death Certificate.
  • Discharge Form.
  • Proof of Title.
  • Proof of Age.

New Jeevan Mangal Plan Premium Calculator

The Insured can calculate the minimum premium amount that has to be paid to take the Policy by using this LIC New Jeevan Mangal Plan Calculator. The Amount of Single Premium Paid will depend on the Sum Assured, Policy Term, and Age of the Insured. The LIC Jeevan Mangal Premium Chart is used to estimate the benefits offered by this LIC Trop plan 840. But you should enter some basic details like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the premium value.

Sample Premium Rates:

Following are some of the sample premium rates per Rs. 1000/- Sum Assured:

Annual Premium for Rs. 1000 Sum Assured:

Age (yrs.) Term of the Policy (years)
10 15
20 58.85 36.85
30 60.15 38.15
40 66.45 43.60
50 83.60 56.15

Single Premium for Rs.1000 Sum Assured:

Age (yrs.) Term of the Policy (years)
5 10
20 175.30 138.65
30 179.25 144.40
40 199.85 172.00
50 269.45 247.40

Additional Information about LIC Jeevan Mangal Plan 840

Paid-Up Value:

If premiums have been paid for at least three years in respect of this LIC New Jeevan Mangal policy and subsequent premiums not be duly paid, the policy shall not be wholly void but remains as a paid-up policy. This is applicable for regular premium policies. Hence, the Sum assured on death will be reduced to a sum known as Death Paid-Up Sum Assured.

Surrender Value:

The Guaranteed Surrender Value available for this Jeevan Mangal plan is as follows.

Single Premium policies: This new Micro Insurance policy may be surrendered at any time during the policy term. The Guaranteed Surrender Value for the single premium policies is as follows.

  • Within 3 policy years from the date of commencement of policy, 70% of the Single premium excluding taxes and extra premium, if any can be surrendered.
  • After that, 90% of the Single premium excluding taxes and extra premium, if any can be surrendered.

Regular Premium policies: The policy may be surrendered for cash provided the premiums have been paid for at least three consecutive years. The Guaranteed Surrender Value (GSV) shall be equal to Guaranteed Surrender Value factor multiplied by total premiums paid (excluding taxes and extras, if any). The Guaranteed Surrender Value factor will depend on the policy term and policy year in which the policy is surrendered and is as under:

Policy Year

Policy Term

10

11

12

13

14

15

1

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

2

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

3

30.00%

30.00%

30.00%

30.00%

30.00%

30.00%

4

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

5

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

6

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

7

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

8

65.00%

60.00%

57.50%

56.00%

55.00%

54.29%

9

80.00%

70.00%

65.00%

62.00%

60.00%

58.57%

10

80.00%

80.00%

72.50%

68.00%

65.00%

62.86%

11

80.00%

80.00%

74.00%

70.00%

67.14%

12

80.00%

80.00%

75.00%

71.43%

13

80.00%

80.00%

75.71%

14

80.00%

80.00%

15

80.00%


Free Look Period: 

If the insured is not satisfied with the “Terms and Conditions” of the policy, then he/ she may return the policy to the LIC India within the free look period, i.e., 15 days from the date of receipt of the policy stating the reason for objections.

Grace Period:

The Grace period is an extra time period allowed after due date during which the policyholder can pay lagging premium. So, the LIC New Jeevan Mangal Plan was provided with a grace period of 30 days.

Exclusions

The New Jeevan Mangal Plan shall be void if the policyholder commits suicide. But the exclusions may vary for single and regular premiums as follows.

  • Under Single Premium policies: If the policyholder commits suicide at any time within 1 year from the date of commencement of risk then the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid.
  • Under Regular Premium policies:
    • If the insured commits suicide at any time within 12 months from the date of commencement of risk, then the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid.
    • In case if the Life Assured commits suicide within one year from the revival date, an amount which is above 80% of the premiums paid till the date of death or the surrender value, provided the policy is inforce, will be payable.

FAQ’s about Jeevan Mangal LIC Trop Plan

1. Are there any rider options available in this LIC New Jeevan Mangal Term Plan?

Ans. Yes, the New Micro Insurance plan 840 comes with inbuilt Accident Benefit Rider.

2. What are modes of paying the premium for LIC Jeevan Mangal Plan 840 ?

Ans. The method of payment available under this LIC New Jeevan Mangal Plan is Yearly, Half Yearly, Quarterly, Monthly, Fortnightly, and Weekly.

3. What is the Minimum Sum Assured for this LIC Term Plan ?

Ans. The minimum sum assured under this New Jeevan Mangal Plan is Rs. 10,000.

For more information regarding various LIC Term Insurance Plans, refer and bookmark our site www.policybook.in

LIC Bima Diamond Plan 841 | Features, Benefits, Details of New Money Back plan

LIC New Bima Diamond Plan (Table No. 841) Review

LIC Bima Diamond Plan (Table No. 841) is a non-linked, with-profit, limited premium payment money back life insurance policy. The Unique Identification Number of the LIC’s Beema Diamond Plan is 512N307V01. This UIN no. should be quoted in all relevant documents provided to the policyholders. The LIC Bhima Diamond Policy is a new Money Back plan introduced on 1st September 2016 at Mumbai by the Finance Minister Shri Arun Jaitley. On the occasion of Diamond Jubilee celebration, Life Insurance Corporation of India has launched this LIC New Plan 841. Since this LIC New Bima Diamond Plan is a close ended plan, it will be available for sale from 1st September 2016 to 31st August 2017.

Most of the people want to invest for few years and get the benefits later. Keeping this in mind, LIC India has designed this New Bima Diamond plan. The payment term of this LIC New Plan 841 is only 60% of the policy term. So, those who are looking for a short term investment that issues guaranteed returns in periodic installments can take this Bima Diamond policy. The unique feature of this LIC Bima Diamond Plan 841 is extended risk cover after policy term. That means the corporation provides financial support for the family of policyholder not only during the policy term but also behind the policy term in the extended cover period. Also, the life assured can avail a Death Benefit of ‘Sum Assured equal to ten times’ of the Annualised Premium, which is payable as on date of death.

The Key features, Eligibility Conditions, Benefits, Rebates, etc. of LIC’s Bima Diamond Money Back Plan are mentioned in detail below.

LIC Bima Diamond Plan

LIC Bima Diamond Plan Key Features

Life Insurance Corporation of India creates policies based on some target segments like Jeevan Tarun for children, Jeevan Akshay for pension seekers and New Children Money back plan for financial needs of children. But, for the first time in LIC history, they have introduced a new money back plan that can cater all section of customers. The LIC’s Bhima Diamond Policy is thrice as nice with triple advantage. Below are the key features of LIC Bima Diamond Plan.

  • Contributes a fixed percentage of sum assured after every 4 years with policy terms of 16, 20 or 24 years.
  • The premiums can regularly be paid at monthly, quarterly, yearly, or half-yearly intervals or through salary deductions during the premium paying term of the policy.
  • The LIC Bima Diamond Policy provides money back at an interval of every 4th year and maturity at the end of the policy term.
  • This New Plan from LIC offers insurance cover of full sum assured during the policy term and half the amount of sum assured beyond the policy tenure during the extended cover period.
  • Loan facility is available after the payment of premium for at least full three years.
  • Maturity amount is tax-free under 10 (10D).
  • Premiums paid are exempted from income tax under 80C.
  • On a policy of at least 5 full years on which subsequent premium is not duly paid, the auto cover period of two years is available.

LIC’s Beema Diamond Policy Eligibility Conditions

S.no. Eligibility Conditions & Restrictions Details
1. Minimum Entry Age for Insured 14 years (Completed).
2. Maximum Entry Age for Life Assured
  • 50 years (Nearest Birthday) for policy term 16 years.
  • 45 years (Nearest Birthday) for policy term 20 years.
  • 41 years (Nearest Birthday) for policy term 24 years.
3. Policy Term (Premium Payment Term) 16(10), 20(12), 24(15).
4. Premium Payment Mode Yearly, Half-Yearly, Quarterly, and Monthly.
5. Basic Sum Assured (in multiples of 10,000)
  • Minimum: Rs. 1,00,000/-.
  • Maximum: Rs. 5,00,000/-.
6. Maturity Age
  • 66 years (NBD) for policy term 16 years.
  • 65 years (NBD) for policy term 20 and 24 years.

(NBD = Nearest Birthday)

7. Premium Payment Mode Rebate 2% on yearly; 1% on Half Yearly; Nil on Quarterly & Monthly.

Benefits of LIC Bima Diamond Money Back Plan

Death Benefit: 

  • In case, if the death of the insured occurs during first 5 years, Sum Assured on death shall be payable to the nominee. Whereas if the death occurs after completion of 5 policy years but before the date of maturity, the sum assured on death and loyalty addition, if any, shall be payable.
  • If the policyholder’s demise occurs during the extended cover period, an amount equal to 50% of Basic Sum Assured shall be payable as the death benefit to the assignee.

Survival Benefit:

  • If in case the life assured survives till the end of each of the specified durations during the policy term, with all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable.
  • The fixed percentage for various policy terms of this LIC Bima Diamond Plan is as follows.
    • For policy term 16 years, 15% of Basic Sum Assured at the end of each of 4th, 8th and 12th policy year.
    • For policy term 20 years, 15% of Basic Sum Assured at the end of each of 4th, 8th, 12th and 16th policy year.
    • For policy term 24 years, 12% of Basic Sum Assured at the end of each of 4th, 8th, 12th, 16th and 20th policy year.

Maturity Benefit:

  • In case, if the policyholder survives till the end of the policy term with all due premiums have been paid, the life assured will get Maturity benefit as Basic Sum Assured plus Loyalty Addition.
  • Where Sum Assured on Maturity is defined as
    • 55% of Basic Sum Assured for the policy term 16 years.
    • 40% of Basic Sum Assured for policy terms 20 and 24 years.

Lic Bima Diamond Policy Benefits

Rebates of New Bima Diamond Plan

Rebate means getting a discount on tabular premium as per the payment mode of the policy. There are two types of rebates available for this LIC Bima Diamond Plan. They are

  • Mode Rebate.
  • High Basic Sum Assured Rebate.

These rebates are available on the premium if the policyholder opts for the higher mode and take the high-risk cover policy.

High Basic Sum Assured Rebate:

Basic Sum Assured (BSA) Rebate per Rs. 1000 BSA
1,00,000 to 1,80,000 NIL
2,00,000 to 4,80,000 2.50
5,00,000 3.00

Mode Rebate:

Mode Percentage
Monthly & Quarterly NIL
Half-Yearly 1% tabular premium
Yearly 2% tabular premium

LIC Bima Diamond Plan 841 Riders

There are two optional riders available for this LIC New Bima Diamond Plan i.e., LIC Accidental Death and Disability Benefit Rider (UIN: 512B209V01) and LIC New Term Assurance Rider (UIN: 512B210V01). The policyholder can avail these riders by paying an additional premium. Also, the benefits of optional rider will be available during the policy term only. If the life assured have chosen LIC’s Accidental Death and Disability Benefit Rider, then an extra amount equal to Accidental Benefit Sum Assured will be payable on death due to the accident, provided that the rider is inforce at the time of the accident. If the insured selects LIC’s New Term Assurance Rider, then Term Assurance Rider Sum Assured will be payable on death to the beneficiary of the policy.

LIC New Bhima Diamond Plan Buying Process

The Customer can buy the LIC Bima Diamond Plan from the LIC Agent or nearest LIC Branch Office. The Proposal form required to purchase the policy is available on the official website of Life Insurance Corporation. The Documents needed for buying the LIC’s Bima Diamond Money Back Plan are listed below.

  • Proposal Form with a photo.
  • Age Proof of the Life Assured.
  • Address Proof.
  • Medical Reports (if any required).

Bima Diamond LIC Plan 841 Claim Process

If the Policy Holder is met with sudden accident or disability within the Policy Term or Maturity Period of Policy is completed, the Nominee can lodge the Claim. The Claim Forms can be obtained from Official Website of LIC or from the LIC Regional Offices. The documents required during the Claim Process of LIC Bima Diamond Plan are listed below.

  • NEFT form.
  • Discharge form.
  • Original Policy Bond.
  • Medical Reports.
  • Cancel check or Bank Passbook xerox.
  • Death Certificate.
  • Discharge Form.
  • Proof of Title.
  • Proof of Age.

LIC Bima Diamond Premium Calculator

You can calculate the minimum premium that has to be paid to take the Policy by using the LIC Bima Diamond Plan Premium Calculator. The Amount of Single Premium Paid will depend on the Sum Assured, Policy Term and Age of the Insured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the premium value.

Sample Premium Rates:

Following are some of the sample tabular annual premium rates per Rs. 1000/- Basic Sum Assured excluding the service tax.

Age / Policy Term (PPT) 16(10) 20(12) 24(15)
20 87.80 74.15 60.05
30 88.80 75.70 61.75
40 92.25 79.70 66.05
50 99.95

Additional Information about LIC Bima Diamond Plan 841

Paid-up Value: If the policyholder does not renew the policy for up to 2 years of non-payment, the corporation will never provide them full basic sum assured and future bonus. Rather, they will get only the paid up value of the policy on maturity.

Surrender Value: The insured can surrender the LIC Bima diamond policy anytime. But they should not forget that any policy does not give the surrender value if the premium has not paid for at least 3 full years. The surrender value of this plan is always less than the paid-up value as you get it immediately.

Loan: If this LIC New Bima Diamond policy has acquired a surrender value, then they can avail a loan during the policy tenure.

The maximum loan amount for this policy is

  • For inforce policies – up to 90% of surrender value.
  • For paid-up policies – up to 80% of surrender value.

Loyalty Addition:

If all the due premiums have been paid till date of death or maturity then depending upon the Corporation’s experience, the policy shall participate in profits in the form of Loyalty Addition. The LIC Bhima Diamond Plan gives loyalty additions after the payment of all the premiums or on death after 5 years within the policy term.

Grace Period: The Grace period of this LIC Bima Diamond Plan is one calendar month, i.e., 30 days for yearly, half-yearly and quarterly modes. For monthly premium payment mode, the grace period is 15 days.

Free Look Period: If the insured is not satisfied with the terms and conditions of the policy, he/ she can return it to the LIC India within the free look period, i.e., 15 days from the date of receipt of the policy bond stating the reasons for objections.

Exclusions

The New Bima Diamond Plan will be void

  1. If the policyholder commits suicide at any time within 1 year from the date of commencement of risk and the Corporation will not entertain any claim except for 80% of the premiums paid, provided the policy is inforce.
  2. If the life assured commits suicide within 1 year (12 months) from the date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, will be payable. LIC shall not entertain any other claims.

FAQ’s of LIC New Bima Diamond Plan

1. Is there are Rider Options available in this LIC Bima Diamond Money Back Plan?

Ans. Yes, LIC Accidental Death and Disability Benefit Rider and LIC New Term Assurance Riders are provided to the Life Assured on payment of additional premium.

2. Should Policyholder receive any money on Maturity ? If yes, how much ?

Ans. The Maturity Sum Assured along with the Loyalty Addition will be payable to the policyholder if he/she survives till the end of the policy term.

3. Is the lapsed policy can be revived ?

Ans. The Policy can be revived within 2 years from the first unpaid premium amount.

4. What are modes of paying the premium for LIC Plan 841 ?

Ans. The method of payment available under this LIC New Bima Diamond Plan is Yearly, Half Yearly, Quarterly, and Monthly.

For more information regarding various LIC Money Back Plans, refer and bookmark our site www.policybook.in

LIC Jeevan Pragati Plan | LIC New Plan 838 Key features, Benefits

LIC Jeevan Pragati Plan 838 Review

LIC Jeevan Pragati (Plan 838) is a non-linked, with – profits endowment plan. Jeevan Pragati endowment plan provides an attractive fusion of protection and saving features. LIC of India recently introduced a new endowment plan Jeevan Pragati with effect from 3rd February 2016. New Endowment Plan Jeevan Pragati provides the automatic increase in risk cover after every 5 years during the term of the Insurance policy. Also, this new LIC Plan also takes care of liquidity needs through loan facility. The new UIN (Unique Identification Number) for LIC’s New Jeevan Pragati plan is 512N306V01. Jeevan Pragati Endowment Plan offers financial support for the family in case of unfortunate death of the insured any time before the maturity and a lump sum amount at the time of maturity for the surviving Insured.

New LIC Jeevan Pragati Plan Key Features

LIC New endowment plan-Jeevan Pragati can be suitable for an individual who is looking for saving as well as adequate risk cover as protection for their family. This New LIC plan helps you to do the things what you always have been doing. LIC of India offers various Endowment plans for individuals, Family, etc. Let us have the glance at the key features provided by the LIC Jeevan Pragati Plan (838) in the following section.

LIC-Jeevan-Pragati

Jeevan Pragati Plan Key Features

  • LIC Jeevan Pragati is non-linked, with – profits endowment plan.
  • New LIC Endowment Plan Jeevan Pragati is a combination of Protection and savings need.
  • The Accidental Death & Disability Benefit Rider (UIN: 512B209V01) offered by  LIC India is available under this plan as an optional rider.
  • The life assured will receive a lump sum Amount on Maturity of the Policy.
  • LIC Jeevan Pragathi endowment plan is the ‘sum assured on death’ automatically increases after every five years during the term of the policy.
  • Death Benefit: Sum Assured on Death” is higher of 10 times of annualized premium.

New LIC Endowment Plan 838 – Jeevan Pragati Eligibility Conditions

LIC Jeevan Pragati endowment plan offers customized policies that can surround almost any Saving need that insured might have. Check the eligibility conditions for the Jeevan Pragati Endowment plan in the following section.

LIC Jeevan Pragati Plan Eligibility Conditions:

S.no Conditions Details
1.  Entry age Allowed
  •  Minimum 12 years completed.
  • Maximum 45 years (Nearest Birthday).
2. Basic Sum Assured
  • Minimum Rs. 1,50,000/-
  • Maximum No Limit.
3. Policy Term
  • Minimum 12 years.
  • Maximum 20 years.
4. Premium Paying Frequency
  • Yearly.
  • Half-Yearly.
  • Quarterly.
  • Monthly.
5. Premium Paying Term
  • Equals to Policy Term.
6. Maturity Age
  • Maximum 65 Years (Nearest Birthday).
7. Accident Benefit Rider
  •  Available on payment of additional premium.

LIC Jeevan Pragati Benefits

New LIC Jeevan Pragati Plan Benefits

LIC Jeevan Pragati endowment plan provides a reliable tool for increasing funds and offers a life cover to the life assures. Here we are presenting the essential benefits of endowment (New LIC Plan 838). Let’s have a look at the benefits offered by the LIC endowment plan in the following section.

  • Death Benefit: On decease of the Insured during the policy term, a Death Benefit which is Sum Assured on Death + Final Additional Bonus + Vested Simple Reversionary Bonuses, if any, shall be payable to the beneficiary.
    • The Sum assured on death automatically rises every five years. Where “Sum Assured on Death” is defined as the higher of the following.
      • 10 times of annualized premium.
      • Absolute amount assured to be paid on death, which is as follows.
    • During the first five policy year: 100% of the Basic Sum Assured.
    • During 6th to 10th policy year: 125% of the Basic Sum Assured.
    • During 11th to 15th policy year: 150% of the Basic Sum Assured.
    • During 16th to 20th policy year: 200% of the Basic Sum Assured.
  • Free Look Period: If the policyholder is not satisfied with the “Terms  Conditions” of the LIC Jeevan Pragati plan, she/he may return the insurance policy to the Corporation within 15 days from the date of receipt of the policy.
  • Maturity Benefit: If life insured survives till the end of the policy term, “Sum Assured on Maturity” which is equal to the Basic Sum Assured + Simple vested Simple Reversionary Bonuses + Final Additional bonus will be Payable as Maturity Benefit.
  • Participation in Profits: By taking this Policy, the Life assured will receive Share in Profits of the Corporation as Simple Reversionary Bonuses declared as per the experience of the Corporation.
  • Policy Revival: LIC’s Jeevan Pragati Plan can be revived before two years from the date of First Unpaid Premium (FUP).
  • Grace Period: A grace period not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for the monthly mode of premium payment.
  • Loan:  Loan facility is available under this plan after the Successful Payment of Premiums for at least Three Years.

New LIC Endowment Plan 838 – Jeevan Pragati Riders

The Jeevan Pragati endowment plan present your financial security so that when your professional income starts to decrease gradually, you can still live with pride on your living standards without compromising. Under LIC Jeevan Pragati endowment plan an optional Accidental Death & Disability Benefit Rider (UIN: 512B209V01) is available. Get an idea about LIC Accident Benefit Rider in the following section.

LIC Accident Death & Disability Benefit Rider: Under LIC Jeevan Pragati Accident Benefit Rider is available as an optional rider by payment of additional premium. In the case of accidental death, the Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the basic plan. This benefit Rider sum assured cannot overreach the Basic Sum Assured.

S.no Conditions Details
1. Entry Age Allowed
  • Minimum of 18 years (completed).
  • Maximum the Cover can have Opted at Inception or any Policy Anniversary after that.
2. Cover Ceasing Age
  • 65 years (Nearest Birthday).
3. Accident Benefit Sum Assured
  • Minimum Rs.10,000/-.
  • Maximum of an Amount Equal to the Basic Sum Assured Subject to Maximum of Rs. 100 Lakh Overall Limit was taking Existing Policies of the Life Assured.

New LIC Jeevan Pragati Rebates

Let us check the New LIC’s Jeevan Pragati Endowment Plan Rebates here.

S.no Mode Percentage of the tabular Premium
1. Yearly 2%
2. Half yearly 1%
3. Quarterly & Monthly Nil

High Basic Sum Assured Rebate:

S.no Basic Sum Assured Rebate
1. Rs. 1,50,000/- to Rs. 2,90,000/- Nil
2. Rs. 3,00,000/- to Rs. 4,90,000/- 1.5% of Basic Sum Assured
3. Rs. 5,00,000/- to Rs. 9,90,000/- 2% of Basic Sum Assured
4. Rs. 10,00,000/- and Above. 2.25% of Basic Sum Assured

CEIS Rebate:

If LIC Jeevan Pragati Policy completed under CEIS (Corporation’s Employee Insurance Scheme) will be eligible for the Rebate. Check the CEIS Rebate Rates.

S.no Policy Term Tabular Premium
1. 8 to 14 years 5%
2. 15 years or above 10%

LIC Jeevan Pragati Endowment Plan Buying Procedure

New LIC Jeevan Pragati Endowment Plan buying procedure is available here. Before purchasing the LIC New Endowment Plan- Jeevan Pragati, insured should read the Plan details carefully. The Client can get this New LIC Endowment Plan -Jeevan Pragati policy in two ways either online or offline. For Online mode, refer the LIC India Official Website. For offline mode, Visit the nearest LIC Branch Office or Contact an LIC Agent of superior guidance. Get the documents required for the LIC Endowment Plan 838 here.

  • Revised Proposal Form 300, 340, 360 / Application Form along with the Photograph.
  • Address Proof ( Nominee & Life assured).
  • Age proof of the Life assured.

Jeevan Pragati Plan Claim Procedure

The life assured can claim the Jeevan Pragati Endowment plan 838 offered by LIC, India after the completion of the policy period. In the case of eventual death of the policyholder, the nominee can claim instead of the Life assured. Let us have a glance at the documents required for Claim the LIC Jeevan Pragati Endowment Plan here.

  • Original Policy Document / Bond.
  • NEFT Form.
  • Discharge form.
  • Proof of title.
  • Proof of Death ( If in the case of the eventual death of the life insured).
  • Proof of Accident and Disability.
  • School/College/employer’s certificate
  • Cancel check or Bank Passbook xerox.

LIC Jeevan Pragati Premium Calculator

LIC Jeevan Pragati Premium Calculator is used to calculate Premium amount for yearly, half-yearly, quarterly and monthly of any Policy. This LIC calculator is used to estimate the benefits offered by the Jeevan Pragati Plan. Jeevan Pragati endowment Calculator provision helps you to calculate the premium amount and amount paid to the insured (or his/her family) after maturity.

Sample Premium Rates:

Check the Sample Premium Rates here. Following are some of the sample tabular annual premium rates per Rs. 1000/- Basic Sum Assured.

 Age in years Term
12  years 15 years 20 years
20 88.10 69.50 49.70
30 88.45 70.00 50.75
40 90.05 72.20 54.40
45 92.00 74.65 57.85

For more details regarding LIC Jeevan Pragati Premium Calculator, additional information refers, www.policybook.in.

LIC Jeevan Pragati Maturity Calculator

LIC Jeevan Pragati Plan 838 Maturity Calculator helps insured to calculate the maturity amount. The Maturity amount is the amount that is payable to the policyholder during the maturity time. Maturity value is calculated based on previous year Bonus Rates. Along with Bonus rates LIC Jeevan Pragati Endowment Plan Premium and Maturity Calculator uses some other parameters like Sum Assured (SA), Final Additional Bonus (FAB), etc. These are not exact amounts you will receive. But you will receive approximate or nearby maturity amount in this LIC Jeevan Pragati 838 Plan Maturity Amount Calculator. Following are the required details to calculate maturity.

  • Name.
  • E-Mail Id.
  • Mobile Number.
  • Age.
  • Policy Term.
  • Sum Assured.

Additional Information regarding LIC Jeevan Pragati information

Let’s Check the regarding Jeevan Rakshak Endowment plan in the following section.

Surrender Value:

LIC Jeevan Pragati Policy can be Surrendered at any time during the Policy Term after Successful Payment of Premium for Three Successful years. The Policyholder will receive Guaranteed Surrender Value and Special Surrender Value on Surrendering of the Policy.

Guaranteed Surrender Value:

The Guaranteed Surrender Value, which is equal to the total premiums paid along with the Surrender Value of Simple Reversionary Bonuses, which is equal to Vested Bonuses multiplied by the Guaranteed Surrender Value factor applicable to vested Bonuses, will be Payable.

Special Surrender Value: The Special Surrender Value of Maturity Paid-up Sum Assured plus Vested Simple Reversionary Bonuses if any will be payable.

Paid-up Value: If the Policy Holder has paid Premiums for at least Two years or Three Full years depends on the Premium Paying Term and any Subsequent Premiums be not paid, all the Benefits under this policy will be ceased after Grace Period has completed.

Death Paid-up Sum Assured Value

[Sum Assured on Death x (Number of premiums paid/Total Number of premiums payable under the Policy)].

Maturity Paid-up Sum Assured Value

[(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)].

Taxes: Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the Policyholder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.

Suicidal Exclusion:

  • If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 80% of the Premiums paid excluding any taxes and Extra Premium paid.
  • If the Life Assured commits suicide at any time Within 12 Months from Date of Revival, the Corporation will pay 80% of the Premiums paid till the Date of Death.

LIC Jeevan Shikhar Plan Review, Details, Benefits – LIC New Endowment Plan No. 837

LIC Jeevan Shikhar Plan Review

LIC Jeevan Shikhar Plan (Plan No 837) is a Non-Linked, with Profit, Saving cum Protection, Single Premium Endowment Assurance plan. The Unique Identification Number of the LIC’s Jeevan Shikhar Plan is 512N305V01. This UIN should be used in all relevant documents provided to the policyholders. LIC Jeevan Shikhar 837 plan is a new Endowment Plan introduced on 5th January 2016 by Life Insurance Corporation of India. Jeevan Shikhar plan is a close ended plan, which will be open for 120 days from 9th January 2016.

Under this scheme no. 837, the insured will have the option to choose the Maturity Sum Assured. The Insured can avail a Death Benefit of Sum Assured equal to 9 times the Tabular Single Premium, which is payable after the commencement of the risk. LIC also had launched a similar plan in the same year called Jeevan Shikhar LIC Plan 837, an Endowment plan. The Key features, Eligibility Conditions, Benefits, Rebates, etc. of LIC’s New Jeevan Shikhar Policy are mentioned in detail below. Refer our site www.policybook.in for more information regarding LIC Endowment Plans.

LIC Jeevan Shikhar

What are the Features of LIC Plan No. 837?

  • High Risk Cover in case of Death.
  • Option to choose the Maturity Sum Assured (MSA).
  • Any time surrender option & higher surrender value.
  • Premium paid is eligible for the rebate under 80(C).
  • Maturity amount will be tax-free under Section 10(10D).
  • Actual Sum Assured to be taken is nine times that of the tabular single premium.

LIC New Jeevan Shikhar Plan Eligibility Conditions

S.No

Eligibility Conditions & Restrictions

Details
1.

Minimum Age of Entry for Life Assured

6 years (Completed)
2.

Maximum Age of Entry for Life Assured

45 years (Nearer Birthday)
3.

Policy Term

15 years
4. Minimum Maturity Sum Assured Rs. 1,00,000
5. Maximum value of Sum Assured No Limit
6. Mode of Premium Payment Single Premium
7. Maturity Sum Assured Multiples of Rs. 20,000/-

Jeevan-Shikhar

Benefits of LIC’s Jeevan Shikhar Policy (Table 837)

The Benefits of LIC Jeevan Shikhar Endowment Plan are mentioned below.

Death Benefit:

  1. On death during first five policy years
    • If the insured dies before the date of commencement of risk, the single premium will be refunded without interest and service tax, and also excluding the extra premium.
    • If the Policyholder dies after the date of commencement of risk, Basic Sum assured, i.e., ten times the tabular single premium shall be payable.
  2. On death after completion of five policy years but before the stipulated Date of Maturity
    • Basic Sum Assured, i.e., ten times the tabular single premium along with Loyalty Addition, and if any, shall be payable.

Maturity Benefit:

If the Insured survives till the end of the policy term, the Maturity Sum Assured along with the Loyalty Addition will be payable.

Loyalty Addition:

LIC Endowment Plan 837 was eligible for the share in profits in the form of Loyalty Addition, which depends on upon the experience of the Corporation. The Loyalty Addition shall be payable on death or surrender, provided the policy has run for at least five policy years or on policyholder surviving to the maturity.

Free Look Period/ Cooling Off Period:

The Policyholder may return the policy to the corporation within 15 days if he/ she was not satisfied with the Terms and Conditions. The count should be from the date of receipt of the plan.

Rebates of Jeevan Shikhar New Plan

  1. High Maturity Sum Assured
Maturity Sum Assured (MSA) Reduction in Tabular Premium
Below Rs 2,00,000/- Nil
Rs 2,00,000 to Rs 4,80,000 Rs 15.00
Rs. 5,00,000 and Rs. 9,80,000 Rs 20.00
Rs.10,00,000 and above Rs 25.00

2. Corporation Employees Insurance scheme (CEIS) Rebate

The Policy completed under Corporation Employees Insurance Scheme will be eligible for the CEIS Rebate of 2% of the tabular premium. But the policy should not be taken from any Intermediaries such as Agents/ Direct Sales Executives/ Brokers, etc.

LIC Jeevan Shikhar Premium Calculator

LIC Jeevan Shikhar Policy Calculator is used to calculate the Premium amount that has to be paid to get all the benefits available under this policy. The data required for calculating premium rates using LIC’s Jeevan Shikhar Maturity Calculator are Name, Email-Id, Age, Term, Sum Assured, etc. Since the mode of payment for this policy is available in single premium only, you can calculate your maturity amount and bonus for the single premium mode.

LIC Jeevan Shikhar Single Premium Plan Buying Procedure

The major drawback why a lot of people stayed away from LIC Policies is because of their high price. When compared with the endowment plans available with other insurers in India, insured think that these are costly. But few still tried to buy this LIC Jeevan Shikhar Endowment plans with LIC because of their faith in it and to diversify their risk among the insurers. The Buying procedure of LIC Jeevan Shikhar policy is very simple if you have all the information regarding documents with you. The Life Assured can buy the LIC Plan 837 either in online or offline mode.

In Online mode, the insured have to visit the LIC Direct Website and fill the application form or proposal form for the relevant policy. The guidelines regarding how to fill the form and required documents are mentioned in detail there.

In Offline mode, you have to approach the LIC agents or intermediaries and pay the premium by Cash/ Cheque/ Demand Draft at the cash counter of any LIC Branch Office. Before buying the policy, you have to keep the following documents with you.

  1. Proposal Form/ Application Form.
  2. Proof of Age.
  3. Identification proof.
  4. If Required any Medical Certificates, etc.

Requirements for Claiming Jeevan Shikhar Plan 837

The Candidate should submit the following documents while claiming the Jeevan Shikhar Plan No 837.

  1. Duly filled claim form.
  2. Original Policy Document.
  3. NEFT Form.
  4. Identification Proof.
  5. Proof of Death.
  6. Medical treatment documents before death.
  7. Age proof.
  8. School/ College/ Employer’s Certificate.

Additional Information about LIC Single Premium Jeevan Shikhar Plan

Loan Facility:

The Loan facility is available for the policyholders at any time during the policy term after three months of the policy issuance. The following conditions will be followed while issuing the loan.

a. Depending on the age at entry, the maximum loan can be granted as a percentage of Surrender Value (S.V.) for different policy years as

Policy year Maximum Loan Amount as a % of surrender value for age at entry <=35 Maximum Loan Amount as a % of surrender value for age at entry >35
*3 months  to 3rd 55% 35%
4th  to 6th 65% 50%
7th  to 9th 75% 70%
10th  to 12th 80% 80%
13th to 15th 85% 85%

NOTE: *3 months means loan can be availed after three months of the policy issuance or after the expiry of Free Look period.

b. The Corporation shall become entitled to deduct the amount of the loan or any portion thereof which is outstanding, together with all unpaid interest from the policy money, if the policy matures or becomes a claim by way of death.

Surrender Value:

During the policy term, the Policy can be surrendered at any time subject to the realization of the premium cheque.

  • Guaranteed Surrender Value:

The Guaranteed Surrender value of Jeevan Shikhar policy will be calculated as

  1. First Year –  70% of single premium paid excluding any extra amount paid.
  2. Thereafter – 90% of single premium paid excluding any extra amount paid.
  • Special Surrender Value:

Special Surrender Value will be the discounted value of the Maturity Sum Assured. The special surrender value factors per Rs 100 of maturity sum assured for 1/2 year, 1 year, and 1.5 years are given in the table below.

Duration Maturity sum assured value
For 0.5 year Rs. 17.29
For 1 year Rs. 34.57
For 1.5 year Rs. 35.92
  • If the policy is surrendered after completion of five policy years, the Loyalty Addition based on the surrender value may also be payable.

Back-Dating Interest: The policies can be dated back to the same financial year. The Back-dating interest will be charged at the rate as fixed by the Corporation from time to time at the time of completion of policy.

Policy Stamping: 20 paise per thousand of Sum Assured on Death will be the Charges for policy stamping under this plan.

Assignments/ Nominations: Assignments or Nominations for Plan 831 should be made at the proposal stage as per Section 38 and 39 of Insurance Act, 1938 amended from time to time.

Proposal Forms: Proposal Form no. 300, 340 and 360 issued by the U&R Department as applicable should be used for this LIC Jeevan Shikhar plan.

Taxes: The amount of tax payable by the policyholder on single premium including extra premiums, if any shall be payable. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Exclusion

Suicide Clause:

The Policy will lapse if the insured commits suicide within one year from the date of commencement of risk. An amount which is higher of 90% of the single premium or surrender value shall be paid. But this clause shall not be applicable in the case of the policyholder whose age at the time of entry is below eight years.

FAQ’s of Jeevan Shikhar LIC Policy No 837

1. Should Policyholder receive any money on Maturity? If yes, how much?

A. The Maturity Sum Assured along with the Loyalty Addition will be payable to the policyholder if he/she survives till the end of the policy term. In this policy, the insured have the option to choose the Maturity Sum Assured. The minimum maturity proceeds under this plan are Rs 1.00 lakh.

2. What to do If I need money during the policy term? Is there any chance to surrender the policy?

A. You can surrender the policy during the policy’s term which subjects to the realization of the premium cheque. Guaranteed Surrendered Value is

  • First Year –  70% of the single premium shall be payable.
  • After that – 90% of single premium shall be payable.

LIC Farrukhabad Branch Address – Farrukhabad LIC Office Address and Phone Number

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The LIC Policyholder, who are looking for the nearest LIC branch office in Farrukhabad city, can get required information here. We provided LIC Farrukhabad branch address details and their services here. The LIC India provides their insured facilities for the persons who are searching for insurance plans.

Search for the LIC branches in Farrukhabad can be eased through the information provided here. For purchase of policy plans and to know the existing policy status the insured can visit the LIC customer care, in which the address is mentioned below.

If you are facing any problem with LIC policy, then just make use of the LIC toll-free helpline numbers can call to the LIC Customer care Executives and get your problem solved. For further details about LIC branch in Farrukhabad follow the information mentioned below.

LIC Farrukhabad Branch Address

In India, LIC is the leading life insurance company, and people have good faith and trust on LIC because the Indian government controls Life Insurance of India. But, when it comes to the services and extra features provided by the LIC is behind their private complements. The interested persons can get these services through the LIC Farrukhabad branch who are living near Farrukhabad.

Life Insurance Corporation of India (LIC) was established in September 1956. It is undertaking by Government of India. LIC is the largest life insurance company in India with its markets in both rural and urban areas.

The LIC Policyholder can call on the numbers which are provided below for any doubts or enquire on new plans or existing status of policy plans or Complaint. The Insured can check LIC India policy status through online or phone or SMS.

Life Insurance Plans

LIC provides many life insurance plans with different categories such as

  • LIC term insurance plans,

  • Whole Life Insurance,

  • Endowment Plans,

  • Child plans,

  • Money back plans,

  • Pension plans,

  • Health Insurance plans.

In LIC of India, the most important services that an insurance company provides to its customers is Claims. To know more details about claim settlement visit your near LIC branch in Farrukhabad for this address and related information to contact them is given below.

The information about the LIC Branch Office in Farrukhabad and their branch details are provided here. The Policyholder of LIC who are living in Farrukhabad can visit the Farrukhabad branch office. We have provided the full LIC Farrukhabad Branch Address and services, i.e., plans offered by the LIC office in Farrukhabad.

LIC Branch Office Details

Branch Name: LIC of India, Fatehgarh Br Office

Address: LIC of India, Fatehgarh Br Office
Fatehgarh.
Dt . Farrukhabad
City: Fatehgarh 
State: U P. 
Pin Code: 0 
Branch Code: 26P 
Ph No: 05692-240609 
Email id: bo_26P@licindia.com 

Branch Name: LIC of India, Farrukhabad Branch

Address: LIC of India, Farrukhabad Branch
Awas Vikas Colony.
Barhpur Farrukhabad (Up)
City: Farrukhabad 
State: UP 
Pin Code: 0
Branch Code: 271 
Ph No: 05692-240092 
Email id: bo_271@licindia.com 

LIC Mainpuri Branch Address – LIC Office Address in Mainpuri

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If you are searching for the nearest LIC branch in Mainpuri, then you are in right place. In this website, we provided the entire details related to LIC Mainpuri branch address. The information regarding the LIC branch office in Mainpuri such as address, Customer care number, i.e., phone number, the mail address is available here on our website. People who want details of policy and its status can reach Mainpuri  LIC branch.

This site aims to help individual customers to locate the LIC Mainpuri branch address, Phone numbers of essential services. The information provided here is quite accurate to help you to find the right place according to the information you require.

LIC Mainpuri Branch Address

Life Insurance Corporation of India (LIC) is the one and only public sector life insurance company in India. It is the largest life insurance company in India with its markets in both rural and urban areas. LIC has 54 Customer zones and 25 metro-area service hubs which are located in different cities and towns of India.

LIC offers various insurance products to the customers like Insurance plans, Pension plans, Unit-Linked Plans, Special Plans and Group schemes.

The insurance needs and requirements are different from that of the others. LIC India insurance plans are policies that talk to you individually and give you the most suitable options that can fit your requirement. So, the customers can get this services at your nearer LIC branch.

In LIC Premium payment the most important services that an insurance company provides to its customers is Claims. To know more details about claim settlement visit your near LIC  branch in Mainpuri for this address and related information to contact them is given below.

Life Insurance Plans

Life Insurance Corporation of India provides many insurance plans. LIC offers many life insurance plans with different categories, the LIC plans are

  • LIC term insurance plans,
  • Whole Life Insurance,
  • Endowment Plans,
  • Child plans,
  • Money back plans,
  • Pension plans,
  • Health Insurance plans.

If any individual wants to raise a complaint on a policy or grievances regarding their policies, then one can make the call to the mentioned phone number based on their location.

LIC Branch Office Details

Branch Name: LIC of India, Mainpuri Branch Office

Address: LIC of India, Mainpuri Branch Office
Railway Station Road.
Mainpuri U P
City: Mainpuri 
State: U P 
Pin Code: 0 
Branch Code: 267  
Ph No: 05672-235060 
Email id: bo_267@licindia.com

LIC Deoghar Branch Address – Deoghar LIC Office Location Details

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The LIC branch insured who are searching for the LIC Deoghar branch address may get their required information from our website. LIC India has its branches in Deoghar also. The clients who are facing any issues or queries on Insurance plans and policy status can reach your nearest LIC branch. The address of LIC office in Deoghar and their services are listed below.

LIC Deoghar Branch Address

The India’s largest insurance policy provider is Life Insurance Corporation in which established its offices every corner of the country. LIC is a government-owned insurance company. It gained high credibility among the people of India. LIC is also in Investment Company, which was entered a few years back and is attaining steady growth.

LIC was started in the year 1956, and its headquarters is in Maharashtra, Mumbai. The approximate assets of the LIC company according to the latest release in the press is around 13.2 Trillion Indian Rupees. LIC has 8 Zonal offices and 113 Divisional offices in India.

Life Insurance India has huge customer base. To rectify the problems of LIC customer, they started department named LIC Customer care department. The primary purpose of LIC Customer service department is to answer the queries of Customers and Complaints about the Insurance policies. For this, they allotted some phone numbers that is some toll-free numbers and for others costs at usual prices. The Phone number of LIC Deoghar branch is mentioned below.

The LIC has different insurance schemes and plans. So, the clients can find most suitable options according to their requirements. The Customer service helps to check your policy status since they provided Phone helpline and SMS inquiry which is given on our website.

Life Insurance Plans

LIC provides many life insurance plans with different categories such as

  • LIC term insurance plans,
  • Whole Life Insurance,
  • Endowment Plans,
  • Child plans,
  • Money back plans,
  • Pension plans,
  • Health Insurance plans.

In LIC of India, the most important services that an insurance company provides to its customers is Claims. To know more details about claim settlement visit your near LIC branch in Deoghar for this address and related information to contact them is given below.

For the LIC Policy details the insured can visit their near branch with the help of, LIC Deoghar Branch Address and contact phone number are given below.

LIC Branch Office Details

Branch Name: LIC of India, Deoghar Branch Office

Address: LIC of India, Deoghar Branch Office
P B No 7 Court Rd
Deoghar Dt Santhal.
Parganas
City: Deoghar  
State: Jharkhand 
Pin Code: 814112 
Branch Code: 529 
Ph No: 06432-222203 
Email id: bo_529@licindia.com

LIC Bageshwar Branch Address – Locate Nearby LIC Branch Address in Bageshwar

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The LIC Policyholder who are looking for the nearest LIC branch office in Bageshwar can get required information here. We provided LIC Bageshwar branch address details and their services here. The LIC premium provides their services for the persons who are searching for insurance plans. Search for the LIC branches in Bageshwar can be eased through the information provided here.

Search for the LIC branches in Bageshwar can be eased through the information provided here. Visit LIC India, branch in Bageshwar to get the details of Policy premium payment, Existing policy status, Policy details, New policy plans.

If you are facing any problem with LIC policy plans, then just make use of the LIC toll-free  helpline numbers can call to the LIC Customer care Executives and get your problem solved. For further details about LIC branch in Bageshwar follow the information mentioned below.

LIC Bageshwar branch Address

In India, LIC is the leading life insurance company, and people have good faith and trust on LIC because the Indian government controls Life Insurance of India. But, when it comes to the services and extra features provided by the LIC is behind their private complements. The interested persons can get these services through the LIC Bageshwar branch who are living near Bageshwar.

Life Insurance Corporation of India (LIC) was established in September 1956. It is undertaking by Government of India. LIC is the largest life insurance company in India with its markets in both rural and urban areas.

Customers can call on the numbers which are provided below for any doubts or enquire on new plans or existing status of policy plans or Complaint. The Customer can check LIC India policy status through online or phone or SMS.

Life Insurance Plans

LIC provides many life insurance plans with different categories such as

  • LIC term insurance plans.

  • Whole Life Insurance.

  • Endowment Plans.

  • Child plans.

  • Money back plans.

  • Pension plans.

  • Health Insurance plans.

In LIC payment, the most important services that an insurance company provides to its customers is Claims. To know more details about claim settlement visit your near LIC branch in Bageshwar for this address and related information to contact them is given below.

The information about the Bageshwar LIC Branch office and their branch details are given here. The Insured of LIC who are living in Bageshwar can visit the Bageshwar branch office. We have provided the detailed LIC Bageshwar Branch Address and services ie., LIC plans offered by the LIC branch in Bageshwar.

LIC Branch Office Details

Branch Name: LIC of India, Bageshwar Br 24D

Address: LIC of India, Bageshwar Br 24D
C/O Sri Dalip Singh Khetwal
Suraj Kund Pindari Marg.
Bageshwar (Almora)
City: Bageshwar 
State: Uttarakhand 
Pin Code: 263642 
Branch Code: 24D 
Ph No.: 05963-220104 
Email id: bo_24d@licindia.com 

LIC Durg Branch Address – Durg LIC Branch Address

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The LIC insured who are exploring for the LIC branch office near Durg can get their required information here. The complete details regarding the LIC Durg branch address such as Address, office phone number, the Email address is available here. If you are citizens of Durg, you can utilize the services offered by the LIC Durg branch.

Get the nearest Durg LIC office address and solve your queries. To get details of LIC premium, LIC Policy Payment, New LIC plans, LIC Policy Status visit LIC India, branch in Durg with the help of address provided below.

LIC Durg Branch Address

LIC plans are Jeevan Arogya Plan, Bima Account Plans, Plans for Handicapped Dependents, and Plans for high worth individuals. Apart from these, they have introduced Money Back Plans, Special Money Back Plan for Women, Whole Life Plans, Term Assurance Plans, and Joint Life Plan. To know the details about these plans the customers can visit Durg LIC branch through the address informed below.

LIC of India Customer care assists you in choosing the appropriate schemes and plans depending on your needs and requirements. The customer service even helps you check your Policy Status. Moreover, they provide Phone Help Line, Policy Guidelines and Help, Tax Benefit, Bonus Information and SMS Enquiry. The Contact details were provided below.

In Life Insurance Corporation the most important services that an insurance company provides to its customers is Claims. To know more details about claim settlement visit your near LIC branch in Durg for this address and related information to contact them is given below.

Life Insurance Plans

LIC provides many life insurance plans with different categories such as

  • LIC term insurance plans.
  • Whole Life Insurance.
  • Endowment Plans.
  • Child plans.
  • Money back Plans.
  • Pension plans.
  • Health Insurance plans.

At LIC Customer Zone you can ask them about Issuing premium paid certificate, Acceptance of life certificate for pension policies, Resolving any policy related complaints, Change of address and information on Premium position, Bonus, Loan, the revival of lapsed policies. For this visit Durg LIC branch and can use the office addresses given below.

The LIC branch office in Durg address is available here. You can check the complete details like address, Email ID, Phone number, Branch code, etc. in the following sections of this page.

LIC Branch Office Details

Branch Name: LIC of India, Dalirajhara Branch Office

Address: LIC of India, Dalirajhara Branch Office
Behind Bsp Hospital.
Dalirajhara [Durg]
City: Dalli-Rajhara 
State: Chattisgarh 
Pin Code: 491228 
Branch Code: 38F 
Ph No: 07748-285741 
Email id: bo_38F@licindia.com