LIC's New Policy Endowment Plan Table 814 Vs LIC Endowment Plan 14

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Information about LIC's New Policy Endowment Plan Table 814 Vs LIC Endowment Plan 14
Finance

Published on January 4, 2014

Author: memanishraghav

Source: slideshare.net

Description

This is a new plan recently launched in Jan 2014

To know more please visit : http://licofindiadelhi.weebly.com/lics-new-endowment-plan.html LIC’s NEW ENDOWMENT PLAN Plan No. 814

Benefits Table No. 14 Endowment Assurance Plan Table No.814 New Endowment Plan Maturity Benefit Maturity Benefit Basic Sum Assured along with Basic Sum Assured along with Vested Simple Reversionary Vested Simple Reversionary Bonuses Bonuses and Final Additional and Bonus, if Any. Final Additional Bonus, if Any. Death Benefit Death Benefit Sum Assured (SA) along with ‘Sum Assured on Death’ along with Vested Simple Reversionary Vested Simple Reversionary Bonuses Bonuses and Final Additional and Final Additional Bonus, if any. Bonus, if any.

LIC’s New Endowment Plan Eligibility Conditions and Restrictions Particulars Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Age at entry 12 to 65 years 8 to 55 years Age at Maturity Maximum 75 years Maximum 75 Years Policy Term 5 to 55 years 12 to 35 years Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Basic Sum Assured 50000 and above 100000 and above ( In multiples of 5000)

LIC’s New Endowment Plan ~ Rebates Rebate Mode Table No. 14 Table No. 814 Yearly 3% of tabular Premium 2% of tabular premium Half-yearly 1.5% of tabular premium 1% of tabular premium Quarterly Nil Nil Table No 14 Endowment Assurance Plan Basic Sum Assured Rebate (Rs.) Table No. 814 New Endowment Plan Basic Sum Assured Rebate (Rs.) 100001 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA 50001 to 100000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSA Upto 50000 Nil <1,95,000 Nil

LIC’s New Endowment Plan ~ Policy Loan Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Available after payment of 3 full years premiums. Available after payment of 3 full years premiums. Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term. The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on % of loan modified the Policy Term, as given in the table below. Foreclosure action was initiated on Foreclosure action shall not be default of 2 or more half-yearly taken under fully paid-up and loan interest installments. inforce policies even if there is 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%

LIC’s New Endowment Plan ~ Surrender Value Table No.14 Table No. 814 Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV) Available after payment of 3 full years premiums. Available after payment of 3 full years premiums. GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any. 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) Cash Value of vested bonuses, if any. GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors – Year of SV – Policy Term – Factor 3 12 18.60% 19 25 20.85% 29 30 30%

LIC’s New Endowment Plan Table No. 14 Endowment Assurance Plan Table No. 814 New Endowment Plan Special Surrender Value (SSV) Special Surrender Value (SSV) Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. 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. 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 Surrender Value payable The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

LIC’s New Endowment Plan ~ Table No. 814 Table No 14 Endowment Assurance Plan Table No 814 New Endowment plan A Policy may be revived within a period of 5 years from the date of first unpaid premium. A Policy may be revived within a period of 2 years from the date of first unpaid premium. Taxes, if any , were borne by the corporation. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules. There shall be no change in the following Items Back Dating Grace Period Paid-up Value Assignment/Nomination

LIC’s New Endowment Plan – Changes over Table No.14 • ‘Sum Assured on Death’ has been defined separately. • Age at entry has been reduced. • Percentage of Loan payable as a percentage of Surrender Value shall depend upon policy term. • GSV percentage shall also depend on policy term and year of Surrender. • Rebates for high SA and premium mode modified.

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