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Senior Citizen

APOLLO MUNICH OPTIMA SENIOR
PLAN NAME SALIENT FEATURES BROCHURE APPLY
APOLLO MUNICH OPTIMA SENIOR
  • Covers Senior Citizens at any age 61 and above
  • 5% discount on renewal premium
brochure
Min Entry Age 61 Years
Max Entry Age No Limit
Max Policy Renewal Age No Limit
Policy Term 1/2 years
Sum Assured Options 2/3/5 Lacs
Premium Payment Options Yearly
In-patient Treatment Covered
Day-Care Procedures 140 listed day care procedures covered
Domiciliary Treatment Covered
Expenses for organ donor Covered
Pre hospitalisation Covered upto 30 days before hospitalisation
Post hospitalisation Covered upto 60 days immediately after discharge from hospital
Emergency Ambulance upto Rs. 2000 per hospitalisation
Health Check-up Not Available
Maternity Expenses Not Covered
Ayush Benefit Not Covered
No Claim Bonus Not Available
Restore Benefit Not Applicable
Cashless facility Available in network hospitals
Re-imbursement In case policyholder opts for non empanelled hospital , expenses are re-imbursed within 14 working days from date of submission of all records
Co-Pay 15% in case of twin sharing room(or lower)/30% in case of Single Room(or higher)/30% in case of
Claim Based Loading No claim based loading
Renewal Premium Discount 5% non cumulative premium discount on renewal after every claim free year
Family Premium Discount Not Available
Tax Benefit on Investment Tax benefit available under section 80C of Income Tax Act
Riders Not Available
Pre Policy Medical CheckUp Mandatory, the company shall reimburse 50% of expenses on medicals on acceptance of proposal
Pre-existing disease Any pre-existing condition shall be covered after waiting period of 3 years
Waiting Period 2 year waiting period for specific diseases like cataract, hernia etc.
No claim period All treatments within first 30 days of the cover, except accidental injury
General exclusions Non-allopathic treatments, congenital diseases, mental disorder or insanity etc.
Grace Period 30 days for renewing the policy
Policy Termination Not Available
Doctor Consultations (OPD)
Reimbursement (OPD)
Annual Health CheckUp (OPD)
Pros Covers individuals at any age 61 and above, lifelong renewal, no claim based loading
Cons Co-Pay Applicable

Pension Plans

JEEVAN AKSHAY VI

Features

Introduction: Policy Document

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

  • Type of Annuity:
    • Annuity payable for life at a uniform rate.
    • Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
    • Annuity for life with return of purchase price on death of the annuitant.
    • Annuity payable for life increasing at a simple rate of 3% p.a.
    • Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    • Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    • Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

  • Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features:

      • Premium is to be paid in a lump sum.
      • Minimum purchase price :
        • Rs.100,000/- for all distribution channels except online.
        • Rs.150,000/- for on line sale.
      • No medical examination is required under the plan.
      • No maximum limits for purchase price, annuity etc.
      • Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
      • Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last
birthday

Yearly annuity amount under option

( i )

( ii ) (15 years certain)

( iii )

( iv )

( v )

( vi )

(vii)

30

7190

7160

6890

5250

7080

6970

6860

40

7510

7440

6930

5610

7310

7120

6890

50

8140

7950

7000

6280

7760

7420

6930

60

9350

8790

7110

7530

8640

8030

7010

70

12080

9830

7260

10220

10560

9370

7130

80

17880

10440

7480

15890

14600

12340

7290

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

No surrender value will be available under the policy.

Loan:

No loan will be available under the policy.

Cooling-off period:

If you are not satisfied with the ?Terms and Conditions? of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Section 45 Of 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 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 bona fide insurance agent employed by the insurer.
    • 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.


Benefits

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies :

  1. Under option (i) annuity ceases.
  2. Under option (ii)
    On death during the guaranteed period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
    On death after the guaranteed period – annuity ceases.
  3. Under option (iii) annuity ceases and the purchase price is paid to the nominee.
  4. Under option (iv) annuity ceases.
  5. Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
  6. Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
  7. Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

LIC's New Jeevan Nidhi

Benefits

LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan with a combination of protection and saving features. This plan provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

  1. Benefits:
  1. Benefit on Vesting: Provided the policy is in full force, on vesting an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.

The following options shall be available to the Life Assured for utilization of the benefit amount.

  1. To purchase an immediate annuity

The Life Assured shall have a choice to commute the amount available on vesting to the extent allowed under Income Tax Act. The entire amount available on vesting or the balance amount after commutation, as the case may be, shall be utilized to purchase immediate annuity at the then prevailing annuity rates. Commutation shall only be allowed provided the balance amount is sufficient to purchase a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938.

In case the total benefit amount is insufficient to purchase the minimum amount of annuity, then the said amount shall be paid as a lump sum to the Life assured.

The annuity shall only be purchased from Life Insurance Corporation of India.
or

  1. To purchase a new Single Premium deferred pension product from Life Insurance Corporation of India

Under this option the entire proceeds available on vesting shall be utilized to purchase a single premium deferred pension product provided the policyholder satisfies the eligibility criteria for purchasing single premium deferred pension product.

The Life Assured will have to intimate his / her intention to go for a particular option available on the date of vesting atleast six months prior to the date of vesting.

  1. Death Benefit:

Death during first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.

Death after first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus, if any, shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.

In any case, provided all due premiums have been paid, the total death benefit at any time shall not be less than 105% of the total premiums paid (excluding taxes, extra premium and rider premium, if any).

The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.

  1. Guaranteed Additions: The policy provides for Guaranteed Additions @ Rs.50/- per thousand Basic Sum Assured for each completed year, for the first five years.
  1. Participation in profits: Provided the policy is in full force, depending upon the Corporation’s experience the policies shall participate in profits from 6th year onwards for a Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by way of death or on vesting, provided the policy has run for certain minimum term.

  1. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium under regular premium policies. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived. If the policy becomes a claim either by way of death or the policy vests before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid in lump sum.

The Accident Benefit Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 1,00,000 and maximum of Rs. 50 lakh (under individual as well as group policies with LIC of India). This benefit will be available only till the vesting age.


Benefit Illustration

Statutory warning:

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.”
LICs_New_Jeevan_Nidhi_benefits_illustration_clip_image002

LICs_New_Jeevan_Nidhi_benefits_illustration_clip_image004

SECTION 45 OF 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.

Prohibition of Rebates (Section 41 of Insurance Act, 1938):
(1) 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 bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

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

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