LIC Launches New Endowment Plan  (Table No 814). As per the IRDA, LIC revised all the popular plans accordingly to the new rule.

Maturity Benefit - Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.

Death Benefit - ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death.

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ Basic Sum Assured (BSA)

OR 10 times Annualised Premium.(10 x AP).

[*The premiums mentioned in death benefit are excluding taxes, extra premiums and premiums for riders, if any]

Eligibility Conditions and Restrictions

·         Age at entry – 8 to 55 years

·         Age at Maturity – Maximum 75 Years

·         Policy Term – 12 to 35 years

·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

·         Basic Sum Assured – 100000 and above

Loan – Available after payment of 3 full years premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term.

Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.

Guaranteed Surrender Value (GSV) - Available after payment of 3 full years premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.

Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –

Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

Year of SV – Policy Term – Factor

3                  12                  18.60%

19                 25                  20.85%

29                 30                  30%

( In multiples of 5000)

Special Surrender Value (SSV) - The discount factors shall be surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

Surrender Value payable – The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

LIC’s  New Endowment Plan – Changes over  Table No.14

1.     Sum Assured on Death’ has been defined separately

2.     Age at entry has been reduced.

3.     Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term.

4.     GSV percentage shall also depend on policy term and year of Surrender

5.     Rebates for high SA and premium mode modified.

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LIC Launches New Bima Bachat Plan (Table No 816).

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules

.

Maturity Benefit -Single Premium Paid along with loyalty addition less Taxes and  extra premiums ,if any

Death Benefit -

First 5 years:  Sum Assured shall be payable.

After completion of 5 years:  Sum Assured and Loyalty Additions, if any shall be payable.

SURVIVAL BENEFIT (as a percentage of Sum Assured )

Year >Term	3rd	6th	9th	12th	15th
9	15%	15%	Maturity	NA	NA
12	15%	15%	15%	Maturity	NA
15	15%	15%	15%	15%	Maturity

Eligibility Conditions and Restrictions

·         Age at entry - 15 years

·         Age at Maturity - Maximum 75 Years

·         Policy Term - 9 , 12 and 15 years

·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

·         Basic Sum Assured -

	Min Term 9 Yrs	Min Term 12 Yrs	Min Term 15 Yrs	Maximum Term – 9/12/15
Sum Assured	35000	50000	70000	No upper LimitSA shall be in multiple of Rs.5000

Loan – Loan facility available after completion of 1 policy year.

Loan can be granted upto 60% of Surrender Value

Surrender Value-

·         Available at any time during the policy term subject to realisation of the premium cheque.

·         No Loyalty Addition payable

·         Higher of GSV or SSV payable

Guaranteed Surrender Value (GSV) -

1st  Year ~ 70% of Single Premium excluding taxes and extra premium,if any.

Thereafter ~ 90% of Single Premium excluding all Survival Benefits paid earlier, taxes and extra premium, if any.

Special Surrender Value (SSV) -Discounted value of Single Premium paid excluding taxes and extra premium, if any.

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LIC Launches new Money Back Plan for 20 Years (Table No 820).

Service Tax shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit - 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any

Death Benefit -‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)

OR 10 times Annualised Premium.(10 x AP).

[Premiums - excluding taxes, extra premiums and premiums for riders, if any]

SURVIVAL BENEFIT (as a percentage of Sum Assured )

Policy Year	5th	10th	15th
Survival Benefit Payable	20%	20%	20%

Eligibility Conditions and RestrictionsPaid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

·         Age at entry - 13 to 50 years

·         Age at Maturity - Maximum 70 Years

·         Policy Term - 20 years

·         Premium Paying Term – 15 Years

·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

·         Basic Sum Assured - 1,00,000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums

The maximum amount of loan that can be granted as a percentage of Surrender Value be  as under:

·         For inforce and fully paid-up policies – upto  90%

·         For paid-up policies – 80%

·         Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest

Surrender Value-

Guaranteed Surrender Value (GSV) -

·         Available after payment of 3 full years premiums.

·         GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid.

·         Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –

Year of SV –  Factor

3            16.21%

10            18.16%

19               30%

Special Surrender Value (SSV) - Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

LIC Launches new Money Back Plan for 25 Years (Table No 821).

A  Policy may be revived within a period of 2 years from the date of first unpaid premium.

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit - 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any

Death Benefit -Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)

OR 10 times Annualised  Premium.(10 x AP).

[*Premiums - excluding taxes, extra premiums and premiums for riders, if any]

SURVIVAL BENEFIT (as a percentage of Sum Assured )

Policy Year	5th	10th	15th	20th
Survival Benefit Payable	15%	15%	15%	15%

Paid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

Eligibility Conditions and Restrictions

·         Age at entry - 13 to 45 years

·         Age at Maturity - Maximum 70 Years

·         Policy Term - 25 years

·         Premium Paying Term – 20 Years

·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

·         Basic Sum Assured - 1,00,000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value be  as under:

·         For inforce and fully paid-up policies – upto  90%

·         For paid-up policies – 80%

·         Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.

Surrender Value-

Guaranteed Surrender Value (GSV) - Available after payment of 3 full years premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.

Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –

Year of SV –  Factor

3            15.28%

20            21.99%

24             30%

Special Surrender Value (SSV) - Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

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LIC Launches New Jeevan Anand Plan  (Table No 815)

·         A  Policy may be revived within a period of 2 years from the date of first unpaid premium.

·         Accident Benefit as a rider.

·         Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit -Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any

Death Benefit -

During the policy term – ‘Sum  Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

After expiry of policy term – Basic Sum Assured

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual Premium.(10 x AP).

The death benefit  as defined above shall not be less than 105% of total premiums* paid as on the date of death .

[*excluding taxes, extra premiums and premiums for riders, if any]

Eligibility Conditions and Restrictions

·         Age at entry - 18 to 50 years

·         Age at Maturity - Maximum 75 Years

·         Policy Term - 15 to 35 years

·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

·         Basic Sum Assured - 100000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term, as given in the table below.

Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is a default of loan interest.

Policy Term	Upto 23	24 to 27	28 to 31	32 to 35
% for inforce policies	90%	80%	70%	60%
% for Paid-up policies	80%	70%	60%	50%

Guaranteed Surrender Value (GSV) -Available after payment of 3 full years premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.

Examples of GSV factors applicable for total  premiums paid

Policy Year ~ GSV factor

3   =   30%

5   =   50%

t -1  =   80% (t=Policy Term)

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –

Year of SV – Policy Term – Factor

3                  15                  17.66%

19                 25                  20.85%

29                 30                  30%

Special Surrender Value (SSV) -Surrender Value shall be  the discounted  value of the Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.

Surrender Value payable – The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

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