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Life Insurance plans in Hyderabad
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Term Life Insurance plans in Hyderabad
SIIP Plan Features and Benefits
Introduction
Life is unpredictable. To help you take control of your life, you need insurance. Which brings us to the most common dilemma you face what to choose. That’s why there is Life Insurance Corporation. The biggest life insurance company in India, with a network of over 13 lakh agents and 2048 branches all over India. With the highest claim settlement record in the world and a customer base of over 30 crore policy holders, LIC brings with it a world of experience. LIC Offers you customized insurance products that suit your specific needs, and helps you plan for a secure future.
Unique Identification No. 512L301V01
Your financial priority in life, be it savings, protection or investment, depends on the stage of life you are in. With changing life stages, your priorities will change as well. To meet these constantly evolving needs, you may need to buy different policies at every stage.
Now, LIC of India presents an unit-linked non-participating individual life insurance plan, LIC's SIIP which comes out as an opportunity to monetize the investment options offered by the market.
Regular Premium, Non-Participating, Unit Linked Insurance
If the insured survives until the maturity date, the plan will offer an amount to the insured which will be equal to the fund value. In Addition to that, provided all due premiums under the policy have been paid, an amount equal to the total amount of Mortality Charges deducted in respect of life insurance cover shall be payable along with the Maturity benefit.
On the death of the insured, the nominee will be liable to receive the death benefits.
On the death (before the commencement date of risk) during the policy tenure, the plan will pay an amount which will be equal to the unit fund value to the nominee or the beneficiary.
On death after the date of commencement risk, an amount higher of basic sum assured or unit fund value or 105% of the total premium is payable.
The death benefits shall be payable either in lumpsum or in installments, if settlement options is opted for.
Min. age at entry
90 days (completed) *
Max. age at entry
65 yrs (near birthday)
Max. Maturity age
85 yrs (near birthday)
Policy Term
10 to 25 yrs
PPT
Same as Policy Term
Min. Basic S.A.
10 * Annualized premium for age below 55 years 7 * Annualized premium for age 55 years & above
Min. Premium
Yly
Hly
Qly
Mly (ECS)
40,000
22,000
12,000
4,000
Max. Premium
No limit. Annualized premium shall be payable in multiple of Rs. 1000 for all modes other than Mly. For Monthly (NACH), the premium shall be in multiples of Rs. 250
Modes allowed
Yly, Hly, Qly, Mly(NACH)
*Age at entry for the L.A. Is to be taken as nbd except for the min. Age at entry i.e. 90 days
Guaranteed Addition as a percentage of Annualized Premium as mentioned in the table below shall be added to the Unit fund on completion of specific duration of policy years provided all due premiums are paid and policy is inforce.
End of Policy Year Guaranteed Addition of one Annualized Premium
6
5%
10
10%
15
15%
20
20%
25
25%
This is the cost of life insurance cover. Mortality charges will be taken every month by canceling appropriate number of units out of your fund value.
This Plan does not have provision to invest additional money as Top-Up.
No Policy Administration charges shall be applicable under this plan.
If at a later stage your financial priorities change, you can switch between different funds at any time. There is a provision of 4 free switches every policy year. Any switch beyond this limit will be charged at Rs.100/- per switch. Partial switching is not allowed.
The Fund Management Charge (FMC) for the various funds will be as follows:
1.35% p.a. of Unit Fund for all the four fund types available under an inforce policy.
I.e. Bond fund, Secured fund, Balanced fund and Growth fund.
0.50% p.a. of Unit Fund for "Discontinued policy fund".
FMC will be deducted on the date of computation of NAV. NAV, thus declared, will be net of FMC.
In the unfortunate event of accidental death, apart from the emotional trauma, there are financial liabilities a family must face. This rider offers cover against Accident and Disability.
In the event of the death due to accident, the nominee gets an Accident Sum Assured under the rider.
Accident Benefit can be availed of as an optional Rider benefit by paying an additional premium of Rs. 0.40 for every Rs. 1,000/- of the Accident Benefit Sum assured per policy per year by cancellation of appropriate number of units.
The Plan has a provision to receive the death benefit amount in 5 yearly or 10 half yearly installments.
The installment amount shall be total no of units as on the date of death divided by total number of installments. The no. of units arrived at in respect of each installment will be multiplied by the NAV as on the date of installment payment.
You can either surrender the policy or you can partially withdraw the amount. If policy is surrendered before completion of 5 years the unit value on the date of surrender is paid but only after completion of 5 years. But once premium has been paid for 5 years and policy is surrendered, full unit value is paid on date of surrender. The partial withdrawal is allowed only after completion of 5 years subject to following conditions:
Policy Year Maximum Withdrawal Allowed
6th to 10th Year
20% of Unit Fund
11th to 15th Year
25% of Unit Fund
16th to 20th Year
30% of Unit Fund
21st to 25th Year
35% of Unit Fund
If partial withdrawal is opted, the sum assured will be reduced for the withdrawn amount for 2 years period from the date of withdrawal
if premiums under the policy have not been paid before the expiry of the grace period (30 days), then the policy shall be in a state of discontinuance. During the grace period, the policy shall be treated as in-force and the mortality as well as accident benefit cover charges will be applicable as usual.
Benefits payable under the policy upto to expiry of grace period shall remain same except partial withdrawal, which shall not be allowed if all due premiums have not been paid.
Upon expiry of the grace period, the Unit fund Value after deducting the Discontinuance Charges shall be converted into monetary terms. This monetary amount shall be transferred to the Discontinued Policy Fund and the risk cover and rider cover, if any, shall cease.
On such discontinuance, a communication will be sent to you within three months of the date of first unpaid premium, communicating the status of the policy and the option of revival available during the revival period of three years from the date of First Unpaid Premium.
Policy can be surrendered anytime during the policy term.If policyholder surrenders the policy during 5 year lock in period, then the Unit Fund value after deducting the discontinuance charge shall be converted into montery amount which shall be transferred to the Discontinued Policy fund. If policyholder surrenders the policy after completion of 5 year lock in period, then the Unit Fund value on the date of surrender shall be payable. There will be no discontinuance charge under the policy.
The proceeds of Discontinued Policy Fund in respect of the policy shall be higher of Discontinued
Policy Fund Value or the Guaranteed Monetary Amount. The Guaranteed Monetary Amount is the accumulation of monetary amount transferred into the Discontinued Policy Fund at the guaranteed interest rate.
Currently, this guaranteed interest is 4% p.a. from the date of withdrawal to the end of 5 years from commencement. The amount along with this guaranteed interest will be due to you only at the end of five years.
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Life Insurance plans in Hyderabad
Nivesh Plus Plan Features and Benefits
Life is unpredictable. To help you take control of your life, you need insurance. Which brings us to the most common dilemma you face what to choose. That’s why there is Life Insurance Corporation. The biggest life insurance company in India, with a network of over 13 lakh agents and 2048 branches all over India. With the highest claim settlement record in the world and a customer base of over 30 crore policy holders, LIC brings with it a world of experience. LIC Offers you customized insurance products that suit your specific needs, and helps you plan for a secure future.
Nivesh Plus
Unique Identification No. 512L317V01
Your financial priority in life, be it savings, protection or investment, depends on the stage of life you are in. With changing life stages, your priorities will change as well. To meet these constantly evolving needs, you may need to buy different policies at every stage.
Now, LIC of India presents a comprehensive unit linked product which is non-participating, single premium indivisual life insurance plan. We present Nivesh Plus which offers insurance cum investment benefits that helps you to stay protected and earn great returns. This plan allows the insured to monetize the insurance opportunities associated with the stock market. It also offers guaranteed additions at low charges.
A plan that combines the best of investment and insurance
Maturity Benefits
The policy matures on the completion of the term of the policy. On maturity date, you will get value of units.
Death Benefits
On the death of the insured, the nominee will be liable to receive the death benefits.
In case of death before the date of commencement of risk, an amount which will be equal to the unit fund value will be paid.
If the death occurs after the date of commencement of risk, an amount which will be higher of basic sum assured or unit fund value is payable, where BSA is (10 times of single premium) or (1.25 times of the single premium), as per the options chosen.
The death benefits shall be payable either in lumpsum or in installments, if settlement options is opted for.
Criteria
Min. age at entry
90 days (completed) for both option 1 & 2
Max. age at entry
70 yrs (near birthday) for Option 1
35 yrs (near birthday) for Option 2
Min. Maturity age
18 yrs (completed)
Max. Maturity age
85 yrs (near birthday) for Option 1
50 yrs (near birthday) for Option 2
Min. Policy Term
Option 1: If BSA is 1.25 times of Single Premium
10 to 25 yrs
Option 2: If BSA is 10 times of Single Premium
For age at entry upto 25 yrs
10 to 25 yrs
For age at entry 26 to 30 yrs
10 to 20 yrs
For age at entry 31 to 35 yrs
10 yrs
Min. Basic S.A.
(10 * Single Premium) or (1.25 times of the Single Premium), whichever is higher.
Min. Premium
1,00,000
Max. Premium
No Limit (Premium in multiple of Rs. 10,000/-)
Modes allowed
Single Premium
* Age at entry for the L.A. Is to be taken as nbd except for the min. Age at entry i.e. 90 days
Guaranteed Addition as a percentage of single premiums as mentioned in the table below shall be added to the Unit Fund on completion of specific duration of policy years.
End of Policy Year Guaranteed Addition (% of single premium)
6 3%
10 4%
15 5%
20 6%
25 7%
This is the cost of life insurance cover. Mortality charges will be taken every month by cancelling appropriate number of units out of your fund value.
Except for the 4 free switches allowed every policy year, all other switches will be charged at Rs. 100 per switch.
This Plan does not have provision to invest additional money as Top-Up.
No Policy Administration Charges shall be applicable under this plan.
A Service tax charge will be levied on all applicable charges as per the prevailing service tax laws.
If at a later stage your financial priorities change, you can switch between different funds at any time. There is a provision of 4 free switches every policy year. Any switch beyond this limit will be charged at Rs.100/- per switch. Partial switching is not allowed.
The Fund Management Charge (FMC) for the various funds will be as follows:
1.35% p.a. of Unit Fund for all the four fund types available under an in-force policy.
i.e. Bond fund, Secured fund, Balanced fund and Growth fund.
0.50% p.a. of Unit Fund for "Discontinued policy fund".
FMC will be deducted on the date of computation of NAV. NAV, thus declared, will be net of FMC.
This is a charge levied on the Unit Fund at the time of partial withdrawal of the Fund and shall be a flat amount of Rs. 100/- which will be deducted by cancelling appropriate number of units of
Unit Fund Value and the deduction shall be made on the date on which partial withdrawal takes place.
In the unfortunate event of accidental death, apart from the emotional trauma, there are financial liabilities a family must face. This rider offers cover against Accident and Disability.
In the event of the death due to accident, the nominee gets an Accident Sum Assured under the rider.
Accident Benefit can be availed of as an optional Rider benefit by paying an additional premium of Rs. 0.40 for every Rs. 1,000/- of the Accident Benefit Sum assured per policy per year by cancellation of appropriate number of units.
The Plan has a provision to receive the death benefit amount in 5 yearly or 10 half yearly installments.
The installment amount shall be total no of units as on the date of death divided by total number of installments. The no. of units arrived at in respect of each installment will be multiplied by the NAV as on the date of installment payment.
You can either surrender the policy or you can partially withdraw the amount. If policy is surrendered before completion of 5 years the unit value on the date of surrender is paid but only after completion of 5 years. But once premium has been paid for 5 years and policy is surrendered, full unit value is paid on date of surrender. The partial withdrawal is allowed only after completion of 5 years subject to following conditions:
Policy Year Maximum Withdrawal Allowed
6th to 10th Year 15% of Unit Fund
11th to 15th Year 20% of Unit Fund
16th to 20th Year 25% of Unit Fund
21st to 25th Year 30% of Unit Fund
If partial withdrawal is opted, the sum assured will be reduced for the withdrawn amount for 2 years period from the date of withdrawal
Policy can be surrendered anytime during the policy term.
If policyholder surrenders the policy during 5 year lock in period, then the Unit Fund value after deducting the discontinuance charge shall be converted into montery amount which shall be transferred to the Discontinued Policy fund.
If policyholder surrenders the policy after completion of 5 year lock in period, then the Unit Fund value on the date of surrender shall be payable. There will be no discontinuance charge under the policy.
The proceeds of Discontinued Policy Fund in respect of the policy shall be higher of Discontinued Policy Fund Value or the Guaranteed Monetary Amount. The Guaranteed Monetary Amount is the accumulation of monetary amount transferred into the Discontinued Policy Fund at the guaranteed interest rate.
Currently, this guaranteed interest is 4% p.a. from the date of withdrawal to the end of 5 years from commencement. The amount along with this guaranteed interest will be due to you only at the end of five years.
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