Lic jeevan bharti 160

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Transcript of Lic jeevan bharti 160

Company PhilosophyJeevan Bharati Today’s woman Deserves Something Special
“Only you can give life, that’s why we protect yours”
LIC’s tribute to the Indian woman That understands her needs and covers her adequately
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
An Exclusive plan for the
woman of today
in every sphere
an achiever at the work place.
She is an equal partner in her
family’s progress
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
To cater to her special needs, an
insurance plan should provide:
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
LIC presents Jeevan Bharati:
A plan that is:
Distinctive Affordable Profitable
A with-profit plan that provides financial security, periodic Money Back, Flexibility and Special Cover for Female Critical Illnesses (FCI) and Congenital Disability Benefits (CDB).
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Who is best suited to avail this plan ?
Women in the age group of 18-50 years.
For what sums is insurance available?
Rs. 50,000 to Rs. 25 lakhs (in multiples of Rs.5000)
For how many years is premium payable ?
Two options available : 15 years or 20 years
For how many years is risk cover provided?
Two options available : 15 years or 20 years
Premium Payment Mode ?
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Free Insurance Cover :
If two years’ premiums are paid then FULL INSURANCE COVER is available even when premiums remain unpaid for the next three years.
Encashment of Survival Benefits as and when needed :
Survival Benefits payable after every 5 years can be encashed at a later date earning interest on the amount.
Flexibility in premium payment:
Option available to pay next yearly premium in advance (in maximum 3 instalments). A premium rebate of 4% p.a. for complete number of months on portions of premium paid will be given.
Flexibility in receiving benefits :
Option is available to receive maturity benefits as an annuity instead of lump sum.
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Age
Term
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Payable after
10 years
15 years
Rs. 1.20 lakh (i.e. 60% of S.A.) plus + Rs. 50,000 (Guaranteed Addition for first 5 years) + Reversionary Bonus for 10 years (6th-15th year)
Payable after
10 years
15 years
20 years
Rs. 80,000 (i.e. 40% of S.A.) plus + Rs. 50,000 (Guaranteed Addition for first 5 years) + Reversionary Bonus for 15 years (6th-20th year)
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Amount payable on unfortunate death during the term of the policy
On death during the first 5 policy years -
An amount equal to basic sum assured plus vested
Guaranteed Additions @ Rs. 50 per thousand sum-
assured.
An amount equal to the Basic Sum Assured, plus
vested Guaranteed Additions @ Rs. 50 per thousand
sum-assured plus reversionary bonuses, as declared
from the 6th year onwards.
Survival benefits already paid shall not be
deducted from the claim payment, in even of death.
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Female Critical Illness (FCI) benefit
An amount equal to the Sum Assured (subject to a maximum of Rs 2 lakhs will be payable on the occurrence of any one of the following Critical Illnesses-
Breast Cancer
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Congenital Disabilities Benefit (CDB)
An amount equal to 50% of the Sum Assured (subject to a maximum of Rs 100000) will be payable on the birth of the child with any of seven predefined Congenital Disabilities.
This benefit will be available for two children. The cover will be provided where age at entry of life assured is 35 years or below, and will be available till the life assured attains 40 years of age.
Diseases covered for new born babies are Downs Syndrome, Spina Bifida, Tetralogy of fallot, Oesophageal Atresia & Tracheo-oesophagaeal Fistula, Anal Atresia, Imperforate anus, Cleft Palate with or without Cleft Lip
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Age at entry: 25 years Policy Term: 20 years
Sum Assured: Rs.1 Lakh. Annual Premium: Rs.7,345/- up to age 41 years next birthday and Rs.7,085/- thereafter.
Year
Benefits payable on survival to the end of year
Guaranteed
Variable
Total
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Age at entry: 25 years Policy Term: 20 years
Sum Assured: Rs.1 Lakh. Annual Premium: Rs.7,345/- up to age 41 years next birthday and Rs.7,085/- thereafter.
Year
Death Benefit during the year
Guaranteed
Variable
Total
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
The illustration are applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
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. 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.
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.
Future bonus will depend on future profits and as such is Guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.
Jeevan Bharati (PLAN 160) Today’s woman Deserves Something Special
Are CDB and FCI benefits optional?
No, these benefits are not optional.
In case, I am unable to continue my policy, can I surrender my policy? How much SV is payable?
The policy may be surrendered if it is in force for 3 years
or more. GSV is 30% of the basic premiums paid
excluding the first year’s premium, any extra premiums
and premiums towards Accident Benefit, FCI and CDB.
 
In practice, LICI pays SSV- equal to or more than GSV.
This value will depend on the duration for which
premiums have been paid and the policy duration at the
date of surrender. In some circumstances, in case of early
termination of the policy, the surrender value payable
may be less than the total premium paid.