a) Temporary Assurance (Table No. 43):

It is a term assurance plan which provides risk cover for a short period of two years or less.

b) Mortgage redemption Assurance (Table No. 52):

Decreasing term assurance policy to meet the requirements of borrowers, where the death benefit is the outstanding loan amount.

c) Convertible Term Assurance (Table No. 58):

It is a term assurance plan with an option to convert the policy to whole life limited payment assurance or endowment assurance at any time during the specified term, without undergoing fresh medical examination.

d) LIC’s Anmol Jeevan – 1 (Table No. 164):

A term assurance plan where one can choose any term from 5 to 25 years. It provides for payment of the sum assured on death of the life assured during the term of the policy.

e) LIC’s Amulya Jeevan – 1 (Table No. 190):

A term assurance plan with a minimum sum assured of Rs 25 lakhs.

Check our Other LIC Plans:

1) Basic Life Insurance Plans.

2) Children plans.

3) Pension Plans.

4) Unit Linked Plans.

5) LIC Micro Insurance Plan.

6) LIC Health Insurance Plans.

7) LIC Handicapped Dependants Plans.

8 ) General LIC insurance plans (Others).

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Related posts:

1. LIC Temporary Assurance certain without profits. Table 43 ====LIC Temporary Assurance certain without profits. Table 43==== General Conditions: Min. age at entry:  18 years (lbd). Max. age at...

General Conditions:

Min. age at entry:  18 years (lbd).

Max. age at entry:  60 years (lbd).

Min. S.A.: Rs. 3 lakhs

Max. SA :  1 crore.

SA in multiples: 50,000

Max. Maturity age: 62 years.

Modes Allowed: Single only.

Terms Allowed: 6/12/18/24 months

Accident benefit: Not Allowed.

Requirements in writing:

Age proof:   Standard.

Form Number:  300/340

Female lives category: I

Dating Back @ 8% : Allowed

Non-Medical General:  Not Allowed

Non-Medical Professional: Not Allowed

Non-Medical Special: Not Allowed

Risk Coverage:  SA

Actual Sum Assured: Basic SA

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan: No.

Revival: Yes.

Surrender of Policy: No.

Survival Benefits: No.

Assignment: Yes.

Housing Loan: No.

Details:

1. Before completion, age must be admitted.

2. This plan is not allowed to pregant women, physically Handicapped lives and when occupational extra chargeable.

3. SA Rebate:

a. 5lacs & above but less than 20 lacs         : Re. 1

b. 20 lacs and above but less than 50 lacs: Rs 1.50

c. 50 lacs and above: Rs. 2.00

4. Maturity Benefits: No.

5. Death Benefits: S.A.

6. Other Details:

a. Medical Examination is compulsory, and the proposer is required to pay the medical examination fee.

b. Under the without profit plan, the policy will be issued.

c. Policy can be allowed to Standard and sub-standard lives up to class-III.

d. In the LA’s death occuring within the selected period from the commencement of the policy, the SA will be payable.

e. This plan is for insuring non-insurance minded class of lives who require risk cover for a short period of 2 years or less.

Click here to know more about LIC Term Assurance. Go back to LIC.

Related posts:

1. LIC Anmol Jeevan-1 (without profits). Table 164 =====Anmol Jeevan-1 (without profits). Table 164===== W.e.f. 01-11-2003 and W.e.f. 27-02-2006 maximum SA is reduced to 24 lakhs. General Conditions:...
2. LIC Whole Life Policy. Table 2 (with profits) & Table 5 (Limited payment with profits)-LIC India Whole Life Policy. Table 2 (with profits): W.e.f. 15-12-1956 General Conditions: Min. age at entry:  15 years. Max. age at...

W.e.f. 01-11-2003 and W.e.f. 27-02-2006 maximum SA is reduced to 24 lakhs.

General Conditions:

Min. age at entry:  18 years (completed).

Max. age at entry:  55 years (nbd).

Min. S.A.: Rs. 5 lakhs

Max. SA. (wef 27-2-2006): 24 lakhs

SA in multiples: 1 lakh

Max. Maturity age: 65 years (nbd).

Modes Allowed: Yearly/Half Yearly/Single

Min Term: 5 years.

Max Term: 25 years.

Requirements in writing:

Age proof:   Standard (NSAP-I, WR 5 lacs)

Form Number:  300

Female lives category: I/II

Dating Back (No dating back interest is charged): Allowed

Non Medical:  NA

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan: No.

Revival: Yes.

Surrender of Policy: No.

Survival Benefits: No.

Key-Main Insurance: Yes.

Grace Period (15 days for Ylt/Hly): Yes.

Paid Up Value: No.

Sum Assured Rebate per 1000 SA: Regular premiums – Nil.

Lapsed policies can now be revived as under:

16 to 60 days       -  Arrears of premium with interest

61 days & above  -Arrears of premium with interest subject to conditions.

Benefits:

Maturity Benefits: No amount will be paid to the policy holder on maturity.

Death Benefits: SA will be paid to the nominee in case of death of the policy holder during the policy term.

Additional Information:

1. Under Key-Man Insurance, this is the only plan allowed.

2. Plan allowed to standard & sub-standard lives up to class VI EMR.

3.  It is the cheapest pure life risk plan.

4. Physical Handicapped persons (Group A) can apply for this policy with standard extra rates.

5. In case of sub standard lives, extra premium rates to be charged.

6. For higher EMR, the extra premium will be in multiples of these class I extra rates.

7. No claims concession will be applicable to this policy.

8. On the basis of special reports and medical reports (if any), proposals are considered.

9. Persons not eligible for this plan who are in hazardous occupation attracting an occupation extra of Rs 4. or more per 1000 sum Assured.

10. Under this plan, the basic sum assured will be the basis for Medical Examination and Sum Under Consideration (SUC).

11. LIC will borne the cost of Medical Examination including Special report.

12. Life Assured will borne the cost in case of revival of the policy.

Example:

Mr. Ravi takes a policy for Rs.  10 lakhs for 20 years under Anmol Jeevan-1. He will not receive any amount on survival till maturity. But, in case of death during policy term, his nominee will get Rs 10 lakhs SA

Related posts:

1. LIC Amulya Jeevan. Life Insurance India Table 190 General police condition Min. age at entry Max. age at entry Max. Maturity Age Minimum Term Maximum Term Modes allowed...
2. LIC Whole Life Policy. Table 2 (with profits) & Table 5 (Limited payment with profits)-LIC India Whole Life Policy. Table 2 (with profits): W.e.f. 15-12-1956 General Conditions: Min. age at entry:  15 years. Max. age at...

Max. age at entry

Max. Maturity Age

Minimum Term

Maximum Term

Modes allowed

Minimum S.A

S.A in multiples of

Max. S.A18 yrs (completed)

60 years (nbd)

70 years (nbd)

5 years

35 years

Yly/Hly/S.p

Rs. 25  Lakhs

1 Lkhs

No Limit

Main Features:

This plan has been re-introduced in place of Amulya Jeevan T-177. Features remain  almost same except 5% to 10% approx. reduction in premiums.

This is a pure Term Assurance plan like Anmol Jeevan. In this place Min. S.A is 25 lakhs ( Under Anmol Jeevan Table 164 only policies with S.A below 25 lakhs are issued).

Other details:

1: Plan is  allowed to physically Handicapped persons as per the existing rules.

2: This plan is allowed to persons engaged in hazardous occupation by charging appropriate occupation extra or with clause 86.

3: proposals are considered on the basis of Medical Reports & Special Reports ( if any). FMR (Full Medical Reports) will be required to be done by divisional Medical Referee (DMR)/Addl. DMR or by Third party Administrators (TPA). FMA from Medical Examiners with enhanced powers will not be accepted.

4: Cost of Medical Exam. Including Special Reports will be borne by LIC as per rules.

5: SUC will be calculating as per existing rules. For calculating SUC, S.A under this plan is to be considered.

6: Extra premium Rates to be charged in case of sub standard lived. The extra premium Rates for higher EMR will be in multiples (as applicable under Endowment plan) of these class I extra rates.

7: Grace period: Grace period of 15 days will be allowed for payment of YLY/HLY premium. If death occurs within this period & before the payment of the premium then due, the police shall be valid and S.A. shall be payable after the deduction of the said premium. If premium are not pain within grace period, policy will lapse.

Maturity Benefits    : On maturity no amount will be paid to the policyholder.

Death Benefits : On death of the policyholder during policy term, S.A will be paid to the nominee.

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