The Endowment Assurance Policy

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By ruperi

LIC Life corporation of India


LIC Insurance

  • Moderate Premiums
  • High bonus
  • High liquidity
  • Savings oriented.

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.

Premiums are usually payable for the selected term of years or until death if it occurs during the term period.

Suitable For:
Being an endowment assurance policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.

The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that time.

Disability Benefit:
In case policy holder becomes totally and permanently disabled due to an accident before reaching the age of 70 and the policy is in full force, he will not be required to pay further premiums, (the Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and the policy will continue to be in force.

Accident Benefit:
By paying a small extra premium of Rs.1 per Rs.1000/- sum assured per year he or his family are entitled to the following benefits on death or permanent disability caused by accident. Even students above the age of 18 years can avail of this benefit.

Premium Stoppage:
If payment of premiums ceases after at least THREE years' premiums have been paid , a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.

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.

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

Jeevan Anurag
Komal JeevanCDA Endowment Vesting At 21
Marriage Endowment Or
Educational Annuity PlanCDA Endowment Vesting At 18
Jeevan KishoreJeevan ChhayaChild Career PlanChild Future PlanChild Fortune Plus
Jeevan AadharJeevan Vishwas
The Endowment Assurance PolicyThe Endowment Assurance Policy-Limited PaymentJeevan Mitra(Double Cover Endowment Plan)Jeevan Mitra(Triple Cover Endowment Plan)Jeevan AnandNew Janaraksha PlanJeevan Amrit
Jeevan Shree-IJeevan Pramukh
The Money Back Policy-20 YearsThe Money Back Policy-25 YearsJeevan Surabhi-15 YearsJeevan Surabhi-20 YearsJeevan Surabhi-25 YearsBima Bachat

Jeevan Bharati - I

The Whole Life PolicyThe Whole Life Policy- Limited PaymentThe Whole Life Policy- Single PremiumJeevan AnandJeevan Tarang
Two Year Temporary Assurance PolicyThe Convertible Term Assurance PolicyAnmol Jeevan-IAmulya Jeevan-I
Jeevan Saathi PlusJeevan Saathi

Jeevan Anurag
Komal JeevanCDA Endowment Vesting At 21
Marriage Endowment Or
Educational Annuity PlanCDA Endowment Vesting At 18
Jeevan KishoreJeevan ChhayaChild Career PlanChild Future PlanChild Fortune Plus
Jeevan AadharJeevan Vishwas
The Endowment Assurance PolicyThe Endowment Assurance Policy-Limited PaymentJeevan Mitra(Double Cover Endowment Plan)Jeevan Mitra(Triple Cover Endowment Plan)Jeevan AnandNew Janaraksha PlanJeevan Amrit
Jeevan Shree-IJeevan Pramukh
The Money Back Policy-20 YearsThe Money Back Policy-25 YearsJeevan Surabhi-15 YearsJeevan Surabhi-20 YearsJeevan Surabhi-25 YearsBima Bachat

Jeevan Bharati - I

The Whole Life PolicyThe Whole Life Policy- Limited PaymentThe Whole Life Policy- Single PremiumJeevan AnandJeevan Tarang
Two Year Temporary Assurance PolicyThe Convertible Term Assurance PolicyAnmol Jeevan-IAmulya Jeevan-I
Jeevan Saathi PlusJeevan Saathi


Jeevan Anurag
Komal JeevanCDA Endowment Vesting At 21
Marriage Endowment Or
Educational Annuity PlanCDA Endowment Vesting At 18
Jeevan KishoreJeevan ChhayaChild Career PlanChild Future PlanChild Fortune Plus
Jeevan AadharJeevan Vishwas
The Endowment Assurance PolicyThe Endowment Assurance Policy-Limited PaymentJeevan Mitra(Double Cover Endowment Plan)Jeevan Mitra(Triple Cover Endowment Plan)Jeevan AnandNew Janaraksha PlanJeevan Amrit
Jeevan Shree-IJeevan Pramukh
The Money Back Policy-20 YearsThe Money Back Policy-25 YearsJeevan Surabhi-15 YearsJeevan Surabhi-20 YearsJeevan Surabhi-25 YearsBima Bachat

Jeevan Bharati - I

The Whole Life PolicyThe Whole Life Policy- Limited PaymentThe Whole Life Policy- Single PremiumJeevan AnandJeevan Tarang
Two Year Temporary Assurance PolicyThe Convertible Term Assurance PolicyAnmol Jeevan-IAmulya Jeevan-I
Jeevan Saathi PlusJeevan Saathi

LIC’s JEEVAN MANGAL PLAN – MICRO INSURANCE PRODUCT
(UIN: 512N257V01)

Features

1. Introduction:
LIC’s Jeevan Mangal is a term assurance plan with return of premiums on maturity, where you may pay the premiums either in lump sum or regularly at Yearly, Half Yearly, Quarterly, Monthly, fortnightly or weekly intervals over the term of the policy.

2. Eligibility Conditions and Other Restrictions:
Minimum age at entry : 18 years (completed)
Maximum age at entry : 60 years (nearest birthday)
Maximum age at maturity : 70 years (nearest birthday)
Term : 10 to 15 years for regular premium.
10 years for single premium.
Minimum Instalment Premium :Rs 15/-
Minimum Sum Assured : Rs. 10,000/-
Maximum Sum Assured : Rs. 50,000/-
(Sum Assured shall be in multiples of Rs. 1,000/-)

3. Mode of Premium Payment :
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, Monthly including SSS, fortnightly, weekly and Single Premium. (Single premium is allowed for 10 year term only.)

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

Annual Premium for Rs.1000 Sum Assured:

Jeevan Saral


Product Summary:
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

Loyalty Additions:
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 loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.

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