Life Insurance Corporation -Schemes and Policies

Dear Aspirants,

For the upcoming LIC AAO exam, we are providing an article on Life Insurance Corporation – schemes and policies. We hope that will help you.

Latest LIC Policy by LIC of India:

Lic’s Single Premium Endowment Plan: This is an endowment plan or policy which combines savings and financial protection. The minimum age at entry is 90 days while Maximum age at entry is 65 years. Term ranges between 10 years and 25 years. The minimum age at maturity is 18-75 years. There is no upper limit on the maximum sum assured while the minimum sum is 50,000 Rupees.

Lic’s New Endowment Plan: This endowment plan gives the policy holders the benefit of LIC’s Accidental Death and Disability Benefit Rider in equal monthly installments for 10 years with the payment of extra premium. The policy term can extend from 12-35 years, and the sum assured starts from a minimum of 1, 00,000 Rupees.

Lic’s New Jeevan Anand: This plan provides insurance and risk coverage for the entire life of the policy-holder. At death or attainment of 100 years of the policy holder (whichever occurs earlier), sum assured will be paid to the nominee. The policy can be bought between 18 to 50 years. The premium paying modes are yearly, half yearly, quarterly and monthly (ECS Only).

LIC’s Jeevan Rakshak: This is a regular endowment assurance plan with profit. In case of death of the policyholder during the policy term if no premiums are due, Sum Assured on Death shall be payable, which is the highest among basic sum assured, 10 times of annualized premium and 105% of all the premiums paid as on date of death.

LIC’s Limited Premium Endowment Plan: This is a participating non-linked policy that offers the policy holder the optional benefits of LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider. Age at entry must be 18 Years to 54 years.

The plan term might be 12, 16 and 21 years. Premium Mode may be Yearly, Half Yearly, Quarterly or Monthly. The Basic Sum Assured would be 3, 00,000 rupees and above (In multiples of 10000).

LIC’s JEEVAN SANGAM: This is a single premium life insurance plan that is participating, non-linked and provides a risk cover is a multiple of single premium. If the policy holder dies before the date of risk commencement and before completing first five policy years, the single premium will be paid back excluding service tax and extra premium without interest.

If the policy holder dies after the date of commencement of risk before completing first five policy years, the Basic sum assured is paid which is 10 times the tabular single premium. If the policy holder dies after first five policy years before the date of Maturity, the Basic Sum Assured is paid which is 10 times the tabular single premium in addition to the Loyalty Addition.

LIC’s Jeevan Lakshya: This is a non-linked plan which offers Annual Income benefit which helps to fulfill the needs of a family in case of sudden death of Policy holder before maturity and a lump sum amount at Maturity regardless of the life of Policy holder

LIC’s Jeevan Tarun: It is a non-linked plan with limited premium payment. This is designed to meet the educational needs of children of 20-24 years with annual Survival Benefit. Maturity Benefit is provided at 25 years. This plan gives four options for choosing the Survival and Maturity benefits

LIC’s Anmol Jeevan II: LIC Anmol Jeevan is a policy providing financial cover to the policy holder’s family in case of sudden death. The main benefits are the Death Benefit and Maturity Benefit.

The minimum age of the policy holder is 18 years while the maximum age is 55 years. The policy term is 5-25 years. The sum assured ranges between 6, 00,000 Rupees to 24, 00,000 Rupees.

LIC’s Amulya Jeevan II: LIC Amulya Jeevan is a policy providing financial cover to the policy holder’s family in case of sudden death. The minimum age of the policy holder is 18 years while the maximum age is 60 years. The policy term is 5-35 years. The minimum Sum Assured is 25, 00,000 Rupees. The maximum age at maturity is 70 years.

Other schemes are:

LIC’s e-Term

LIC’s NEW TERM ASSURANCE RIDER

LIC’s NEW MONEY BACK PLAN – 20 YEARS

LIC’s NEW MONEY BACK PLAN – 25 YEARS

LIC’s NEW BIMA BACHAT

LIC’s NEW CHILDREN’S MONEY BACK PLAN Policy Document

Thanks!

GradeUp Team