Launch Date | Table No. | UIN | Status |
6/11/2013 | 818 | 512N271V02 | Active |
Under this plan, an individual can choose to pay premiums for a period (deferment period) anywhere between 5 to 35 years. During the deferment period he gets a life cover. After the deferment period is over the individual gets a lumpsum (Basic sum assured+ guaranteed additions+ accrued bonus), but he has to re-invest it in one of the following;
If incase insured dies during the first five years of deferred term, then the nominee receives basic sum assured + guaranteed additions. Or if incase the insured dies after the first five years, then the nominee receives Sum assured+ guaranteed + accrued bonuses.
Let us understand this better by an example:
Age: 30 Years
Premium: Rs.1183/month
Premium Paying Term: 25 Years
Death Benefit – Rs. 5 Lakh + Guaranteed returns
Death benefit during first 5 years: Sum Assured + Guaranteed returns (Rs.625000)
Death benefit from 6th year till 25th year: Sum Assured + Guaranteed returns + Accrued bonus (Rs 625000+ Accrued bonus)
Survival Benefit: Sum Assured + Guaranteed additions +Accrued bonus= lumpsum (Rs.1290000)
This lumpsum can be re-used in any of the 3 ways:
Consider,
Person’s age: 30 year
Deferment period: 25 years
Premium paying term: 25 years
Sum assured: Rs. 5 lakhs
30 year old person chooses a Basic sum of Rs. 5 lakhs and a deferment period of 25 years. 5% of the basic sum assured is paid as the guaranteed additions for the first five years and from 6th year onwards bonuses are accumulated till the 25th year. If the insured dies during the deferred term refer the box above to see the death benefit.
Once the deferred term is over the individual can choose either of the following options as he receives survival benefit:
Option 1: He can purchase a single deferred LIC pension plan using the survival benefit of Rs 12, 90,000
Option 2: Collect Rs. 430000 of the survival benefit and the remaining Rs.860000 to reinvest in any annuity/pension plan
Option 3: Purchase another LIC immediate life annuity
BonusYear | RevBonus | MinPT | MaxPT | |||||||
---|---|---|---|---|---|---|---|---|---|---|
2016-17 | 4.2% | 5 | 10 | |||||||
2016-17 | 4.4% | 11 | 15 | |||||||
2016-17 | 4.6% | 16 | 20 | |||||||
2016-17 | 4.8% | >20 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Accidental Death and Disability Rider: In this rider the nominee/ family receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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