Lic jeevan anurag 168

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Transcript of Lic jeevan anurag 168

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Children are Children are God’s Gift to God’s Gift to

ParentsParents

Gift a present to your child that lasts longGift a present to your child that lasts long

... Long enough to meet his future’s needs... Long enough to meet his future’s needs

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LIC of India presents Jeevan Anuraag

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Your child’s future is always Your No. 1 priority

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Watching and helping children grow from new borns….. new borns….. to toddlers….to toddlers…. to teenagers….to teenagers…. to confident young men and to confident young men and womenwomenis a joyous experience for parents.But, it also brings great responsibility

to provide the best upbringing and

education.

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1) Borrow from Banks or other financial institutions

2) Withdraw from savings planned for other purposes

3) Let go opportunities for child’s desired education

due to lack of finances.

4) Start planning early to finance the desired education.

What are the options for a parent, when need arises to provide finance for children’s education ?

Every parent will certainly would like to choose option (4)

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Ever rising education costs. Demands on accumulated savings Lower interest rates Ever rising costs of living, health care,

travel, entertainment etc. which makes it difficult to set aside lump sum amount for future needs.

Uncertainties of life

Challenges faced by parents in pursuit of dreams for their

children

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LIC of India presents Jeevan Anuraag

Jeevan AnuraagA policy on your life

for your child’s benefitA plan that guarantees

A pre-specified sum At pre-specified dates

Notwithstanding uncertainties of life

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Ideal for providing for future higher education of children.

Flexible premium payment options, term assurance, critical illness, accident death and disability cover and premium waiver benefit.

Flexible terms available from 10 to 25 years term. 5 years term available for single premium.

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Policy participates in profits and vested bonus along with terminal bonus, if any, shall be paid at maturity or death, if earlier.

Premiums can be paid throughout the term or for term less 3 years or by single premium.

Loan is available under the policy before payment of assured benefits commence.

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Maturity can be planned to coincide with the financial requirements of the child’s career.

Assured benefitAssured benefit of 20% of sum assured at the start of every year during last 3 years before maturity and 40% of basic sum assured along with vested bonuses at the time of maturity

Death CoverDeath Cover : Payment of basic sum assured immediately on death of life assured.

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   Who can avail of this plan ? Those who are aged between 20 & 60 years (aged nearest birthday)

What are the policy terms allowed ? All terms from 10 to 25 years. In case of single mode, minimum term shall be 5 Years. 

What is the maximum Sum Assured ? No limit. But depends on income.

What are the premium modes available ? Premium can be paid in quarterly, half yearly and yearly modes.

Features of Basic PlanFeatures of Basic Plan

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The plan offers following optional riders on payment of additional premium and subject to the eligibility conditions mentioned below:

a) Accidental Death and Disability Benefit: These benefits are available for an amount not exceeding sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.

b) Term Assurance Rider BenefitThis benefit is available for an amount not exceeding sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together. c) Critical Illness Rider BenefitThis benefit is available for an amount not exceeding sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together. If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.

OPTIONAL RIDER BENEFITS

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Who can avail of this rider?

Those who are aged between 20 to 50 years (age nearest birthday)

What is the maximum age at maturity allowed

Maximum 60 years (age nearest birthday)

For how much Sum Assured is this rider available?

Minimum : Rs. 1 lakh. Maximum : An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing  policies of the life assured and the term assurance rider under the new proposal into consideration. The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /- only.

Features of Term Assurance RiderFeatures of Term Assurance Rider

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Who can avail of this rider ?

Those who are aged between 20 to 50 years (age nearest birthday)

What is the maximum age at maturity allowed

Maximum 60 years (age nearest birthday)

For how much Sum Assured is this rider available?

Minimum : Rs. 50,000 Maximum : An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all term assurance riders availed under all existing  policies of the life assured and the critical illness rider under the new proposal into consideration. The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /- only.

Features of Critical Illness RiderFeatures of Critical Illness Rider

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Who can avail of this rider ?

Those who have opted for the critical illness rider and sum assured under the basic plan is equal to the critical illness rider sum assured.

What are the benefits if the rider is availed ?

In case, the life assured is diagnosed with any of the critical illnesses covered under the plan, total future premiums in respect of the policy are waived provided policy is in full force.

Features of Premium Waiver Benefit Option Features of Premium Waiver Benefit Option

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OPTIONS OF PAYMENT OF PREMIUM:

Following premium paying terms are offered:

1. Single Premium- One Year

2. Regular Premium payable during (n-3) Years, where n is the policy term.

3. Regular Premium payable throughout the policy term. 

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Assured Benefit: Payment of 20% of the Basic Sum Assured at

the start of every year during last 3 policy years before maturity.

At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable.

For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonus and the terminal bonus, if any, at the end of the 20th year.

Death Benefit: Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

Benefits

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End of Year

Total premium paid

Benefit payable on earlier death /survival up to end of the policy term

Guaranteed

Variable Total

Scenario 1

Scenario 2 Scenario 1 Scenario 2

221,01,332 21,000 0 0 21,000 21,000

231,05,938 21,000 0 0 21,000 21,000

241,10,544 21,000 0 0 21,000 21,000

251,15,150 42,000 72,975

1,91,625 1,14,975 2,33,625

Illustration 1:Illustration 1:Age at entry (Life Assured): 35 years ; Policy Term: 25 yearsPremium paying term: 25 years ; Mode of premium payment: YearlySum Assured: Rs.1,05,000/-

Bonus Assumptions:Regular Bonus -     Rs. 21 per thousand S.A at 6% rate of return                               Rs. 55 per thousand S.A at 10% rate of returnTerminal Bonus -     Rs. 170 per thousand S.A at 6% rate of return                               Rs. 450 per thousand S.A at 10% rate of return

Annual Premium : Rs.4,606/-

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End of Year

Total prem.paid

Benefit payable on death during the year

Guaranteed

Variable Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

159,157 1,05,000 0 0

1,05,000 1,05,000

259,157 1,05,000 0 0

1,05,000 1,05,000

359,157 1,05,000 0 0

1,05,000 1,05,000

459,157 1,05,000 0 0

1,05,000 1,05,000

559,157 1,05,000 0 0

1,05,000 1,05,000

659,157 1,05,000 0 0

1,05,000 1,05,000

759,157 1,05,000 0 0

1,05,000 1,05,000

859,157 1,05,000 0 0

1,05,000 1,05,000

959,157 1,05,000 0 0

1,05,000 1,05,000

1059,157 1,05,000 0 0

1,05,000 1,05,000

1559,157 1,05,000 0 0

1,05,000 1,05,000

2059,157 1,05,000 0 0

1,05,000 1,05,000

2559,157 1,05,000 0 0

1,05,000 1,05,000

Illustration 2 :

Age at entry (Life Assured): 35 years ; Policy Term: 25 years; Single Premium: Rs.59,157 Premium paying term: One ; Sum Assured: Rs.1,05,000/-Bonus Assumptions : Regular Bonus -   Rs.24 per thousand S.A at 6% rate of return                               Rs.92 per thousand S.A at 10% rate of return Terminal Bonus -   Rs.200 per thousand S.A at 6% rate of return                              Rs.760 per thousand S.A at 10% rate of return

Contd.

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Age at entry (Life Assured): 35 years ; Policy Term: 25 years; Single Premium: Rs.59,157 Premium paying term: One ; Sum Assured: Rs.1,05,000/-Bonus Assumptions :

Regular Bonus -   Rs.24 per thousand S.A at 6% rate of return Rs.92 per thousand S.A at 10% rate of returnTerminal Bonus -  Rs.200 per thousand S.A at 6% rate of return Rs.760 per thousand S.A at 10% rate of return

Additional Benefits : 

End of Year

Total premium paid

Benefit payable on earlier death /survival upto end of the policy term

Guaranteed

Variable Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

22 59,157 21,000 0 0 0 023 59,157 21,000 0 0 0 024 59,157 21,000 0 0 0 0

25 59,157 42,000 84,0003,21,300 1,26,000 3,63,300

ILLUSTRATIONILLUSTRATION

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i)   This illustration is applicable to a non-smoker male/female

standard (from medical, life style and occupation point of

view) life.ii)   The non-guaranteed benefits (1) and (2) in above

illustration are calculated so that they are consistent with the

Projected Investment Rate of Return assumption of 6% p.a.

(Scenario 1) and 10% p.a. (Scenario 2) respectively.  In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be.  The Projected Investment Rate of Return is not guaranteed.

iii)   The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

 iv)   Future bonus will depend on future profits & as such is not guaranteed. However, once bonus is declared in any year & added to the policy, the bonus so added is guaranteed.  The Maturity Benefit is the amount shown at the end of the policy term

Illustrations : Assumptions and Disclaimer

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LIC

With Your Child

At Every Stage

In Life

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