Jeevan Ankur Plan Details

Entry Age – 18 years to 50 years

Entry Age for kids – 0 to 17 years

Term – 18 minus age of kid, maximum 25 minus age of kid

Sum assured – minimum Rs. 1 lakh while there is no maximum limit

Features

• Parents are the life assured (not kids)
• Maturity benefit:  Sum assured + loyalty bonus
• Death Benefit:  Sum assured + maturity benefit +income benefit
• Various riders to choose from including accident benefit rider
• Critical illness benefit rider including premium waiver
• Cannot take loan with this policy

Benefits

• Death benefit ensures that immediate payment to meet the financial requirement for kids.
• 10% SA on policy anniversaries to help meet the financial requirements regularly till the end of policy
• Monetary benefit helps reach the important goals in your child’s life at the time of maturity
• Customization of plan with accidental riders, critical illness rider for more security

Although comes loaded with various benefits and features, as the experts advice just think twice in taking such traditional endowment or children’s plans as the actual yield at the end of the term would much lesser comparatively in terms of inflation as well as liquidity factors, etc.

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• How to apply for NEFT for policy payment with LIC
• Review of LIC Jeevan Arogya Plan
• LIC Samridhi Plus Unit Linked Insurance Plan

Hence with this new option, the LIC will pay the policy payment including the annuity, claims, etc.

Advantages of NEFT with LIC

• Faster payment credit exactly on due date
• Most secure way to get paid on your policy
• No other extra charge or service charges
• Easy to track and get back the amount in case of non-receipt of your policy maturity amount

How to give NEFT to LIC

If you are wondering how you can submit your existing bank details for prompt payment from LIC via NEFT, then read further.  First you will need to download the LIC NEFT Mandate form from the LIC India Website and then fill in all your personal details including your policy numbers.  You can actually fill in up to 6 policy numbers in one mandate form.

You should include your bank name, address, account type, bank account number, IFS Code along with your signature to the LIC office where at least one of your policy is being serviced.

Along with your NEFT Mandate form you will need to give your bank’s cancelled cheque leaf or photocopy of the passbook which has the above mentioned details.

Important Points

• Make sure you give all the correct details of your bank so that you get the correct credit of your policy payment on maturity or either for money back plans.
• Also confirm and make sure that your existing bank has the option of receiving NEFT transfer
• NRI Accounts are eligible to receive such transfers from LIC
• If you want to change your existing bank details with LIC, then you will need to give a fresh mandate form for the same

This is an excellent option and a welcome move by LIC and RBI to help our lives a lot more easier as it will ensure that you get your policy payment promptly and effectively without getting lost or needing to wait for the cheque, etc.

You can download this LIC NEFT Mandate form from here .

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• LIC Jeevan Ankur Child Plan Review
• Review of LIC Jeevan Arogya Plan
• LIC Samridhi Plus Unit Linked Insurance Plan

Features of Jeevan Arogya

• Financial protection during hospitalization
• Lump sum coverage inspite of medical costs involved
• Increase in health cover each year
• Flexibility of paying premiums and choosing limits
• Availing of no claim benefit
• Automatic date of renewal
• Quick cash benefit
• Term assurance and accident benefit riders

Benefits of Jeevan Arogya

• Hospital cash and major surgical benefits
• Day care procedures covered
• Ambulance and premium waiver benefit

Some of the key benefits of Jeevan Arogya are that the hospital cash benefit will be applicable if someone has to be hospitalized at least for 24 hours period you will get daily cash benefit.  Similarly there are major surgical benefits in which the insured will be paid with the coverage amount irrespective of the costs involved.  Although there are certain exclusions under this condition as well.  Similarly there are some of the day care procedures which are covered in this policy and even the ambulance charges are covered.  You will get no claim benefit for each year where there was no claim made.  It will be 5% of the initial daily benefit, will be added to the policy.

There are whole lot of day care procedures covered under this LIC’s Jeevan Arogya which makes it a viable option for those looking for financial independence during any of the medical emergencies.

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• LIC Jeevan Ankur Child Plan Review
• How to apply for NEFT for policy payment with LIC
• LIC Samridhi Plus Unit Linked Insurance Plan

This, LIC Samridhi Plus, plan is said to safeguard the investment of the policy holders during the period of market fluctuations by offering you guaranteed NAV during the 100 months of the policy period.  There is also additional accidental benefit option available with this plan with the cover of the maximum of Rs. 50 lakhs with certain pre-conditions to it.

Policy Details

• The policy term for this ULIP plan from LIC is 10 years
• The minimum and maximum entry age for Samridhi Plus plan is 8 years and 65 years respectively
• The minimum premium is Rs. 1500 monthly and Rs. 30,000 (one time single premium)
• The maximum premium that you can pay with this policy is Rs. 1 lakh per year.
• The minimum premium payment term is 5 years
• Available only for the 3months from the date of launch

Features of LIC Samridhi Plus

• Highest NAV guaranteed of 100 months of NAV on maturity (whichever is highest)
• Partial withdrawal option is available for this Samridhis Plus plan after 5 years of policy’s existence
• Can avail accidental benefit by paying extra Rs. 0.50 per 1000 sum assured

Other Benefits

Death Benefits – With the death benefit of this policy the nominee will receive the sum assured or the fund value whichever is high.

Maturity Benefits – The policy holder will receive highest NAV of the policy value

Plan Charges

The fund charges for Samridhi Plus for the first year for the regular premium policy is 6% and 4.50% for 2nd and 3rd years.  For the single premium policy, it would be 3.3%.  There are also other charges like the policy admin charges of Rs. 30 per month and fund management charges of 0.90% p.a. as well as the guarantee charge of 0.40% p.a. throughout the policy term.

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This non-linked plan from LIC offers you complete liquidity, guaranteed minimum returns, non-complex features, no need of medical examination, no hidden charges, and average risk cover.

Features of Bima Account:

• Lock-in Period of just 3 years
• Guaranteed returns of at least 6% p.a.
• Availability of loan after first year onwads
• Income tax benefits on premium paid
• Topping up of premium
• Option of choosing decreased benefits

Bima Account I

• Policy term – 5 to 7 years
• Entry age between 11 to 50 years
• Premium range of Rs. 7000 and Rs. 14,000 annually
• Up to 20 times of annualized premium as risk cover.
• No need for medical examination

Bima Account II:

• Policy term – 10 to 15 years
• Entry age of 8 to 60 years.
• Risk cover of 10 to 30 times annual premium
• Fixed premium of Rs. 15,000 annually no higher limit

Benefits of Bima Account:

• Death benefit of sum assured
• Maturity benefit in case of survival
• Guaranteed interest will be applicable in the account of the policy holder and not on the premium paid.
• LIC also can announce additional interest in case of regular premium payment

Just like each year, LIC seems to announce new plans during the tax planning period of February-March and this plan is just that.  It is not always advisable to mix your insurance and investment together and hence it is better to avoid this plan, instead go for a term plan and go for a good rated and good performing Mutual Fund via the SIP route.

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• The LIC Pension Plus Review
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It is on the table No. 802 in the LIC policy info.  This plan from LIC offers you savings, insurance as well as investment all in one.  As claimed by LIC, the risk put forth on the investment is borne by the investors in this particular ULIP plan as well, just like any other ULIPs.

Salient Features of Endowment Plus:

• Entry age: 7 to 60 years
• Term: between 10 to 20 years
• Maturity age: 18 to 70 years
• Minimum annual premium: Rs. 20,000, maximum annual premium: Rs. 1,00,000
• Maximum single  premium: Rs. 30,000; maximum single premium: no limit
• Regular premium for monthly mode (ECS): Rs. 1750
• Premiums can be paid at yearly, half- yearly, quarterly or monthly (ECS) intervals
• Premium Allocation charges: 7.5 % in 1^st year, 5% from 2^nd year to 5^th year; 3% from 6^th year onwards.
• Critical illness and accident benefits are optional riders available for extra premium
• Partial withdrawal allowed after 5 years from policy commencement date
• Loan facility after 3 years of policy commencement if all previous premiums have been paid
• Risk cover: 11 to 30 times of annualized premium

Benefits:

• Benefit payable on death: Nominee is eligible for the Sum Assured or policy holders fund value, whichever is higher
• Benefit payable on maturity: Policy holder is eligible for fund value
• Critical illness rider benefit: minimum sum assured is Rs. 50000 and maximum sum assured is Rs. 10,00,000
• Accident benefit: minimum sum assured is Rs. 25,000 and maximum sum assured is Rs. 50,00,000

The policy holder of LIC Endowment Plus can choose to invest his premiums in one of the four funds: Bond Fund, Secured Fund, Balanced Fund and Growth Fund. Allocation charges are deducted from the premiums and units of the fund chosen are purchased from the remaining amount. Depending on the NAV i.e. net asset value; the unit value increases or decreases.

Switching between funds with this Endowment Plus policy can be done any number of times in year. The first four switches are free of cost but a nominal charge is levied after that.

After three years, policy holder can avail a loan of up to 30% of fund value of the policy holder (if all premiums have been paid). There is also an option to the policy holder to encash fund at regular intervals over a period of 5 years from the maturity date.

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• The LIC Pension Plus Review
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• LIC Samridhi Plus Unit Linked Insurance Plan

Main features of this plan:

The policy uses the fund value to offer a pension based on the current annuity rates under the chosen annuity option. The policy guarantees a return with minimum rate of interest of 4.5 per cent. One-third of the corpus can be withdrawn after maturity. In case of surrender of the policy within 5 years from the date of commencement of policy, the policy holder can obtain the amount equivalent to the fund value after deducting the policy discontinuance charge. If case of surrender of the policy after 5 years from the date of commencement of policy, then the policy fund value can be used for payment of an annuity and there will be no deduction of policy discontinuance charge.

Benefits of Pension Plus:

Some of the benefits of the policy are as follows:

• The policy offers two choices of fund – Debt Fund and Mixed Fund.
• The policy can be purchased by anyone between 18-75 years of age.
• The minimum maturity time of the policy is 10 years.
• The policy offers guaranteed maturity benefits and death benefits.
• The policy offers a minimum guaranteed return of 4.5 per cent.
• The minimum premium is Rs. 1500 per month while minimum single premium is Rs. 30,000.

Fund options of the policy

The new Pension Plus policy is associated with the Insurance Regulatory and Development Authority’s (IRDA) latest ULIP guidelines. The policy offers two fund options – Debt fund and Mixed fund. Under the Debt fund, more than 60% of the policy amount will be invested in government securities and the remaining 40 % will be invested into money market instruments. Under the Mixed fund plan, more than 45% of the policy amount will be invested in government securities, 40% of the amount will be invested into money market instruments, and the remaining 15-35 % will be invested into equities.

Overall, this LIC Pension Plan seems just like another ULIP plan from LIC, but the only significance is that it comes after the wake of the latest tussle between IRDA and SEBI as well as the first ULIP from LIC after some of the new guidelines being announced by IRDA on ULIP policies.  If you really are looking for a new ULIP plan then go for it, else just stick with any of the Mutual Funds via SIP route.

Related Posts:

• LIC Endowment Plus Unit Linked Plan
• Birla Sun Life Insurance (BSLI) Foresight Plan
• LIC Samridhi Plus Unit Linked Insurance Plan