Lic endowment plan 14
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Lic endowment plan 14 Lic endowment plan 14 Presentation Transcript

  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicyTable No.14Table No.14Most preferred planMost preferred planPopularity MeterPopularity Meter : 76,11,104 policies sold in 2003-04
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicySimplest of plansSimplest of plansSavings OrientedSavings OrientedWide range of terms: 5 to 55Wide range of terms: 5 to 55Most popular planMost popular planHigh liquidityHigh liquidityBetter returnsBetter returnsAttractions !!!Attractions !!!Loan availableLoan availableOptions available for termOptions available for termrider and critical illness riderrider and critical illness rider
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicyeligibilityeligibilityWho can avail of the plan ?Those aged between age 12 years (completed)and 65 years (nearer birthday).The maximum age at maturity is 75 years.For how many years is premium payable ?Premium is payable over the entire term inmonthly, quarterly, half-yearly and yearly modesover premium payment terms of 5 to 55 years.For how many years is risk cover available ?Choice of policy term from 5 to 55 years isavailable subject to maximum maturity age of 75years.
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicybenefitsbenefitsDeath Cover :On unfortunate death during the term ofthe policy, an amount equal to sumassured plus vested bonus plus finaladditional bonus, if any, is payable,provided policy is in full force. Term rider,if availed, benefits will be additional.Maturity benefit :On survival upto date of maturity, anamount equal to sum assured plus vestedbonus plus final additional bonus, if any, ispayable, provided policy is in full force
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicyWhat are the benefits of the term assurance rider ?On death of the Life Assured during the term ofcover under the rider, an amount equal to theTerm Assurance Sum Assured is payable. Therider can be availed of by payment of a smalladditional premium.Who can avail of the rider ?Those aged between age 18 years (completed)and 50 years (nearer birthday).The maximum age at maturity is 60 years.What is the minimum and maximum sum assuredallowed ?The minimum Sum Assured for the Term Rider isRs. 1,00,000 and maximum sum assured is anamount equal to the Basic Sum Assured,subject to a maximum overall limit of Rs.25,00,000.OptionalOptionalTermTermAssuranceAssuranceRiderRider
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicyOptionalOptionalTermTermAssuranceAssuranceRiderRiderWhat are the terms allowed ?The policy terms allowed are 10 to 35years under regular premium policies;5 to 35 years under Single premiumpolicies and15, 20 and 25 years under limited premiumpaying term policies.This rider is allowed only if the age atmaturity under the main policy is less thanor equal to 60 years.The policy term and premium paying termof the rider should match with the policyterm and premium paying term under themain policy
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicyOptionalOptionalCritical IllnessCritical IllnessRider : EligibilityRider : Eligibility(A) Minimum entry age : 18 yrs (completed)(B) Maximum entry age : 50 yrs (nearer birthday)(C) Maximum maturity age : 60 years(D) Minimum Sum Assured for the Critical illnessRider : Rs.50,000/=(E) Minimum Sum Assured of the Main plan onwhich the Critical illness Rider can be given:Rs.50,000(F) Maximum Sum Assured : An amount equal tothe Basic Sum for the Critical Illness RiderAssured, subject to a maximum of Rs.5,00,000.(G) Term : 10 to 35 years under regular premium5 to 35 years under Single premiumand 15, 20 & 25 years under limitedpremium paying term policies.This rider is allowed only if the maturity ageunder main policy is not greater than 60 years.The policy term and premium paying term of therider should match with the policy term andpremium paying term under the main policy.
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicyCritical Illness Sum Assured is payable on lifeassured surviving for a period of 28 days fromdate of occurrence of any of the following criticalillnesses-Heart Attack (Myocardial Infarction)Stroke (Cerebro-vascular Accident)CancerKidney FailureMajor Organ transplantParalysis3rd Degree BurnsBlindnessCoronary Artery By-pass SurgeryHeart Valve Replacement or RepairAorta Graft SurgeryPremium Waiver Benefit:A policyholder has option to avail of a premiumwaiver benefit whereby premiums falling due onor after the date of diagnosis of critical illness arewaived till maturity date of the main plan orearlier death of the life assured.OptionalOptionalCritical IllnessCritical IllnessRider - BenefitsRider - Benefits
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment PolicyIllustrationIllustrationAge at entry: 35 years Policy Term: 25 yearsPremium paying term: 25 yearsMode of premium payment: YearlySum Assured: Rs.1,00,000/-Annual Premium : 4047/-
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment Policyi) This illustration is applicable to a non-smokermale/female standard (from medical, life styleand occupation point of view) life. ii)  The non-guaranteed benefits (1) and (2) in aboveillustration are calculated so that they areconsistent with the Projected Investment Rate ofReturn assumption of 6% p.a.(Scenario 1) and 10%p.a. (Scenario 2) respectively. In other words, inpreparing this benefit illustration, it is assumedthat the Projected Investment Rate of Return thatLICI will be able to earn throughout the term of thepolicy will be 6% p.a. or 10% p.a., as the case maybe. The Projected Investment Rate of Return is notguaranteed. iii) The main objective of the illustration is that theclient is able to appreciate the features of theproduct and the flow of benefits in differentcircumstances with some level of quantification. iv)  Future bonus will depend on future profits and assuch is not guaranteed. However, once bonus isdeclared in any year and added to the policy, thebonus so added is guaranteed. v)  The maturity benefit is amount shown at the endof policy term.IllustrationIllustrationAssumptionsAssumptionsAndAndDisclaimerDisclaimer
  • LIC of IndiaLIC of Indiapresentspresentsits most popularits most popularEndowment PolicyEndowment Policy