Tuesday, 31 December 2013
LIC’s Single Premium Endowment Plan Plan No. 817 UIN 512N283V01
LIC’s SINGLE
PREMIUM ENDOWMENT PLAN –
Highlights
§Single
Premium
§With
Profit Endowment Plan
§Minimum
Age at entry is 90 days
§Loan
available after completion of one year
§Back
dating is allowed
Maturity Benefit
Sum Assured Plus
Simple Reversionary Bonuses Plus
Final Additional Bonus, if any.
Death Benefit
After Commencement of Risk
|
Before Commencement of Risk#
|
Sum Assured plus vested Simple
Reversionary bonuses and final additional bonus, if any.
|
Return of Single Premium excluding taxes and extra premiums,
if any.
|
# In case the age at
entry of Life Assured is less than 8 years, risk will commence either 2 years from the DOC OR
policy anniversary after completion of
8 years of age whichever is earlier, for others risk shall commence immediately.
|
|
Loan
§Available after completion of 1 policy year.
§Amount of loan will
depend on year of Policy and Policy Term.
§The maximum loan shall be
granted as a percentage of Surrender Value(SV).
Some Examples of Loan as a percentage of Surrender Value are given below
-
Policy
Year →
Term ↓
|
2
|
3
|
6
|
9
|
12
|
13 and
above
|
Upto 15 yrs
|
55%
|
60%
|
80%
|
90%
|
90%
|
90%
|
16 to
20 yrs
|
40%
|
45%
|
60%
|
80%
|
90%
|
90%
|
21 yrs
and above
|
30%
|
30%
|
45%
|
60%
|
80%
|
90%
|
Eligibility Conditions
and Restrictions
Particulars
|
Description
| ||||||||||
Age at entry
|
90 days (completed) to
65 years (nearest birthday)
| ||||||||||
Age at Maturity |
18 to 75 years
| ||||||||||
Policy
Term |
10 to 25 years
| ||||||||||
Premium mode
Basic Sum Assured |
Single Premium only
| ||||||||||
50000 and above ( In
multiples of 5000)
– No upper
Limit
Rebate for High Sum
Assured
The policy can be surrendered at any time during the policy term.
Higher of Guaranteed Surrender Value or
Special Value shall be payable.
Guaranteed
Surrender Value(GSV):
1st Year ~ 70% of Single Premium
excluding taxes and extra premium, if
any.
Thereafter ~ 90% of Single Premium
excluding taxes and extra premium, if
any.
Plus Surrender Value of
vested bonuses.
Special
Surrender Value (SSV):
Discounted value of Sum Assured and
vested simple reversionary bonuses
Why
LIC’s SINGLE PREMIUM ENDOWMENT PLAN
…………Because
it is SPECIAL
S~ Single Premium
-One time investment.
P~ Protection
-Risk Cover# for full Sum
Assured.
E~ Excellent for meeting educational needs of young ones.
C~ Children from
the age of 90 days can be covered.
I~ Ideal for investment planning-Wide range of policy
term.
A~ Attractive
- participates in profits.
L~ Liquidity
through Loan.
Thank
You !
LIAFI-Singanallur branch
COIMBATORE DIVISION
|
life insurers line up 500 schemes for launch in jan2014
As many as 500 new insurance schemes are all set to hit the market in the next couple of months, following the approval of the Insurance Regulatory and Development Authority (IRDA) as part of its new guidelines applicable from first January 2014.
The IRDA has cleared over 500 products in line with the new design norms which are being introduced by the domestic life insurers. Most insurers have already redesigned their products and also obtained approvals.
The IRDA has issued new guidelines to make policies more customer-friendly. The new guidelines have introduced three broad categories of products –traditional insurance plans, variable insurance plans (VIPs) and Unit-linked insurance plans (ULIPs).
Insurance behemoth, Life Insurance Corporation of India (LIC) has already decided to stop selling as many as 48 insurance plans, including Jeevan Anand, Jeevan Madhur and Jeevan Saral, to comply with new regulatory guidelines, and planned to unveil a slew of new insurance schemes.
Private sector insurer Reliance Life Insurance has lined up over two dozen new insurance schemes, which include protection and retirement, for their launch, in the next three months. Reliance Life said that traditional plans will contribute 80% while the ULIPs will contribute around 20% to the top-line in the new product environment.
Aviva Life Insurance has already launched 13 products that are compliant with the new traditional product guidelines.
Another player, Max Life Insurance has plans to launch four new products by the first week of January in line with the revised IRDA guidelines. The company has already launched 13 products.
Bajaj Allianz Life Insurance has received approvals for its individual and group insurance plansunder the new product guidelines and planned to launch three new insurance schemes. These plans will cover the needs of individuals at their different life stages. The company will also be launching a suite of online and channel specific insurance plans by next month.
HDFC Life will make available 21 products to consumers from first January 2014 which will be compliant with new regulations issued by IRDA.
Others life insurers including ICICI Prudential, Birla Sun Life, TATA AIA and SBI Life are also planning to launch their product suit next month.
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