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Protection Plans

BIRLA SUNLIFE EASY PROTECT PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE EASY PROTECT PLAN Traditional A plan that provides high risk cover at low cost to the insured for the financial security of the family. brochure
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Suitability Suitable for young and medium aged individuals with dependents.
Min Age 18 years
Max Age 55 years
Min Premium -
Min Term 5 years
Max Term 30 years
Min Sum Assured Rs. 5000000
Max Sum Assured -
Maturity Benefit Not Applicable
Death Benefit Sum Assured
Riders Not Available
Premium Payment Options Annual/Monthly
Investment Options None
Surrender Facility Not Available
Loan on Policy Not Applicable
Partial Withdrawal Not Applicable
Tax Benefit on Investment Available under section 80C of Income Tax Act
Taxation on Income Tax free under section 10(10D)
Pros High risk cover at low cost, Increasing Term Assurance option available
Cons Return of premium not available
BIRLA SUNLIFE FUTURE GUARD PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE FUTURE GUARD PLAN Traditional A plan that provides financial security to the family alongwith the benefit of receiving back premiums paid, on maturity. brochure
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Suitability Suitable for young and middle aged individuals with dependents.
Min Age 18 years
Max Age 65 years
Min Premium -
Min Term 10 years
Max Term 30 years
Min Sum Assured Rs. 500000
Max Sum Assured -
Maturity Benefit Total premium amount paid during policy period.
Death Benefit Sum Assured
Riders Available
Premium Payment Options Yearly/ Half-Yearly/Quarterly/Monthly
Investment Options None
Surrender Facility Available after 3 years.
Loan on Policy Not available
Partial Withdrawal Not available
Tax Benefit on Investment Available under section 80C of the Income Tax Act, 1961.
Taxation on Income Tax free under section 10(10D) of the Income Tax Act, 1961.
Pros Receive all premiums paid back on maturity.
Cons -
BIRLA SUNLIFE PROTECTOR PLUS PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE PROTECTOR PLUS PLAN Traditional A plan that provides high financial security for the family with rewards for a healthy lifestyle. brochure
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Suitability Suitable for young and middle aged individuals with dependents.
Min Age 18 years
Max Age 65 years
Min Premium Rs. 3024
Min Term 5 years
Max Term 30 years
Min Sum Assured Rs. 3000000
Max Sum Assured -
Maturity Benefit Nil
Death Benefit Sum Assured
Riders Available
Premium Payment Options Annual/Half-Yearly/ Quarterly/Monthly
Investment Options Nil
Surrender Facility Not Available
Loan on Policy Not Available
Partial Withdrawal Tax free under section 10(10D) of the Income Tax Act, 1961.
Tax Benefit on Investment Available under section 80C of the Income Tax Act, 1961.
Taxation on Income -
Pros In case of total permanent disability, 50% of the sum assured subject to maximum of Rs. 50,000/-shall be paid to the life insured.
Cons Return of premium not available.
ASSURNCE RIDER
PLAN NAME TYPE OBJECTIVE BROCHURE
ASSURNCE RIDER Traditional brochure
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LIC AMULYA JEEVAM POLICY FORM
PLAN NAME TYPE OBJECTIVE BROCHURE
LIC AMULYA JEEVAM POLICY FORM Traditional brochure
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LIC ANMOL JEEVAN POLICY FORM
PLAN NAME TYPE OBJECTIVE BROCHURE
LIC ANMOL JEEVAN POLICY FORM Traditional brochure
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Term Assurance Plan
LIC's ANMOL JEEVAN II

LIC’s Anmol Jeevan – II is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.

Benefits:

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

LIC'S AMULYA JEEVAN II
LIC’s Amulya Jeevan – II is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise.

Benefits:

Death Benefit: In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the policy term, nothing shall be payable.

LIC'S E-TERM

PLAN
LIC’s e-Term is a regular premium non-participating “on-line term assurance policy” which provides financial protection to the insured’s family in case of his/her unfortunate demise. This plan will be available through on-line application process only and no intermediaries will be involved.

Under this plan, there are two categories of premium rates namely (1) Aggregate lives & (2) Non-smoker lives. For Sum Assured upto Rs. 49 lacs Aggregate category rates only would apply. For Sum Assured Rs. 50 lacs and above there is an option to choose differential premium rate for Non-smoker category. However, the application of Non-smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases the Aggregate premium rates shall be applicable.


FEATURES

  • Available through Online mode (www.licindia.in)
  • Pure Term plan
  • Differential premium rates for Smoker/Non-Smoker lives
  • Proposal on own life ONLY will be considered

BENEFITS

Death Benefit In case of unfortunate death of the Life Assured during the policy term Sum Assured shall be payable.
Maturity Benefit On survival to the end of the policy term, nothing shall be payable.

ELIGIBILITY

Minimum Sum Assured Rs. 25,00,000 for Aggregate category
Rs. 50,00,000 for Non-smoker category
Maximum Sum Assured No limit
Minimum age at entry 18 years (completed)
Maximum age at entry 60 years (nearest birthday)
Maximum cover ceasing age 75 years (nearest birthday)
Minimum policy term 10 years
Maximum policy term 35 years
Mode of payment Premiums are to be paid annually.
Eligible life The person should be Resident Indian residing in India.
He should NOT BE Non-Resident Indian(NRI), Overseas Citizen of India(OCI)or Person of Indian Origin(PIO).
He/she must have own earned income.
One cannot propose for anyone other than self. Key Man Insurance (KMI)/ Partnership/ Employer-Employee Cover will not be allowed.
LIC's NEW TERM ASSURANCE RIDER - (UIN: 512B210V01)
Policy Document

LIC’s New Term Assurance Rider provides for life cover in case of unfortunate death of the insured during the cover period. It can be attached with a basic policy to provide add-on benefit at a nominal cost. This rider shall only be attached with Non-Linked plans at the inception of the base policy.

Benefits:
Death Benefit: In case of unfortunate death of the life assured during the term of the Rider, an amount equal to the Term Assurance Rider Sum Assured shall be payable.

Maturity Benefit: On survival to the end of the term of the Rider, nothing shall be payable

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

      • Eligibility Conditions and Other Restrictions:
      • Minimum age at entry                                           : 18 years (completed)
      • Maximum age at entry                                          : 60 years (nearest birthday)
      • Maximum Cover ceasing age                                : 75 years (nearest birthday)
      • Term of this rider                                                  : 5 to 35 years
      • Minimum Term Assurance Rider Sum Assured   : Rs. 100,000/-
      • Maximum Term Assurance Rider Sum Assured   : Rs. 25,00,000/-

The maximum Term Assurance Rider Sum Assured shall be less than or equal to the Basic Sum Assured / Sum Assured /Sum Assured (in Health plan) under the basic policy to which it is attached, but not exceeding the overall limit of Rs.25 Lakhs taking all Term Assurance Riders under all existing policies of the life assured taken from Life Insurance Corporation of India including the new proposal under consideration.

      • Mode of Premium Payment: Same as the basic policy to which the Rider is attached.

 

      • Sample Premium Rates:

Following are some of the sample premium rates per Rs. 1000/- Term Assurance Rider Sum Assured exclusive of Service Tax:
Annualized Regular Premium (in Rs.):

Age
(yrs.)

Term of the Policy (years)

10

20

30

20

1.61

1.61

1.89

30

1.88

2.44

3.51

40

3.67

5.52

7.63

50

9.18

12.61

Annualized limited premium (in Rs.):

Age
(yrs.)

Term of the Policy= 10years

Term of the Policy= 20years

Term of the Policy= 30years

PPT=5

PPT=9

PPT=10

PPT=15

PPT=10

PPT=20

20

2.62

1.61

2.49

1.88

3.67

2.30

30

3.23

1.96

3.87

2.92

6.76

4.26

40

6.30

3.83

8.67

6.56

14.31

9.12

50

15.58

9.56

19.30

14.80

Single Premium (in Rs.):

  Age
 (yrs.)

Term of the Policy (years)

10

20

30

   20

10.81

17.77

26.15

   30

13.36

27.57

48.14

   40

25.96

61.36

101.34

   50

63.76

134.05

      • Rebate for Mode of premium payment and High Sum Assured:

Mode rebate                           : Same as the basic plan
High Sum assured rebate     : Nil

      • Grace Period: Same as basic plan i.e A grace period of one-month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly Rider premiums and 15 days for monthly Rider premiums.

 

      • Paid-up Value: The Term assurance rider will not acquire any paid-up value.
      • Surrender Value: No surrender value will be available under this rider. However, on surrender of the basic policy to which this rider is attached, provided all the due  premiums in respect of this rider have been paid, additional rider premium charged in respect of cover after PPT shall be refunded as follows:

 

Regular premium policies: Nothing shall be refunded.

Limited premium paying policies:

      • Refund shall only be payable if full premiums have been paid for atleast
      • first two consecutive years in case of premium paying term less than 10 years
      • first three consecutive years in case of premium paying term of 10 years or more
      • The amount to be refunded shall be 75% of a value calculated based on duration elapsed in completed years as on date of surrender as well as on the Sum Assured, Premium Paying Term and Term of the Rider.

 

Single Premium policies:
The amount to be refunded shall be 90% of single premium for the Rider multiplied by ratio of outstanding term to original term of the rider.

      • Revival:

Subject to production of satisfactory evidence of continued insurability, a lapsed Rider can be revived along with basic policy by paying arrears of premium together with interest within a period of two years from the date of first unpaid premium but before cover ceasing age under the rider. The rider can only be revived along with the basic policy and not in isolation. The rate of interest applicable will be as fixed by the Corporation from time to time.

      • Taxes:

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the policyholder on the premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the rider.

      • Cooling-off period: If the policyholder is not satisfied with the “Terms and Conditions” of the Rider, the Rider may be returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the Rider and return the amount of premium deposited for this rider after deducting the proportionate risk premium till the date of receipt of returned policy document, charges for medical examination, special reports, if any on account of rider inclusion and stamp duty charges.

 

      • Exclusions:

Suicide: This rider can not be issued on stand alone basis and shall be attached with basic plan. Suicide claim provision as mentioned in the Basic Policy with regard to rider would apply.

 

Section 45 of the Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Section 41 of the Insurance Act, 1938:
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of  the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate,  except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer : provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bonafide insurance agent employed by the insurer.

Any person making default in complying with the provisions of this Section shall be punishable with a fine which may extend to Rs.500 / –

Note : “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

 BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDA clarifies to public that

      • IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
      • IRDA does not announce any bonus.

Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

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