Lic whole life plan 02

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Lic whole life plan 02

  1. 1. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANLIC presents‘Whole Life Policy’in 3 variants(Plan 02) – Regular Premium Payment(Plan 05) – Limited Premium Payment(Plan 08) – Single Premium Payment
  2. 2. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANAttractionsAttractions This plan is mainly devised to create an estate forthe heirs of the policyholder as it provides forpayment of sum assured plus bonuses on thedeath of the policyholder. Considering the increased longevity of people,LIC has amended the above provision, therebyproviding for payment in the form of maturityclaim on completion of age 80 years or on expiryof term of 40 years from date of commencementwhichever is later. This policy is suitable for people of all ages whowish to protect their families from financial crisesthat may occur owing to the policyholder’spremature death. Bonus is higher than endowment and moneyback plans. In case of limited premiumpayment, bonus continues to accrue even afterpremium is fully paid.IntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  3. 3. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANFeatures Who can avail of this plan ?Those aged between 12 years (completed) and60 years (nearer birthday) What will be minimum & maximum Sum Assured?Minimum Sum Assured – Rs.30,000/-Maximum Sum Assured – No limit. For many years is premium payable ?- Under Table 2, premiums are payable for a periodof 3 years or up to age 80 years, whichever islater.- Under Table 5, premiums are payable for a periodof 5 years to 55 years, depending upon thepolicyholders’ choice.- Under Table 8, premiums are payable in a singleinstallment.IntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  4. 4. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANFeatures Whether loan can be granted?Yes. Is bonus payable under this policy?This is a with-profit plan and participates in theprofits of the Corporation’s life insurancebusiness. It gets a share of the profits in theform of bonuses. Simple Reversionary Bonusesare declared per thousand Sum Assuredannually at the end of each financial year.Once declared, they form part of theguaranteed benefits. A Final (Additional)Bonus may also be payable provided apolicy has run for certain minimum period. Whether Key Man Insurance be granted underthis plan?Yes. IntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  5. 5. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANDeath Benefit :The Sum Assured plus all bonuses to date ispayable in a lump sum upon the death of the lifeassured.Maturity Benefit :This is a whole life assurance plan and hence doesnot have a maturity date. You, however, have theoption to take the Sum Assured plus all bonusesdeclared under the policy anytime after 40 yearsfrom the date of commencement of the policyprovided you have attained, at least, 80 years ofage.Supplementary/Extra Benefits :These are the optional benefits that can be addedto your basic plan for extra protection/option. Anadditional premium is required to be paid for thesebenefits.BenefitsIntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  6. 6. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANIllustration 1:Table No 2 Age at entry: 35 yearsSum Assured: Rs.1,00,000/- Premium Paying term: 45 yearsMode of premium payment: Yearly Annual Premium: Rs.2917/-End ofyearTotal premiumspaid till end ofyearBenefit payable on death / maturity at the end of yearGuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 2917 100000 3900 10800 103900 1108002 5834 100000 7800 21600 107800 1216003 8751 100000 11700 32400 111700 1324004 11668 100000 15600 43200 115600 1432005 14585 100000 19500 54000 119500 1540006 17502 100000 23400 64800 123400 1648007 20419 100000 27300 75600 127300 1756008 23336 100000 31200 86400 131200 1864009 26253 100000 35100 97200 135100 19720010 29170 100000 39000 108000 139000 20800015 43755 100000 58500 162000 158500 26200020 58340 100000 104000 288000 204000 38800025 72925 100000 130000 360000 230000 46000030 87510 100000 156000 432000 256000 53200035 102095 100000 182000 504000 282000 60400040 116680 100000 208000 576000 308000 676000IntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  7. 7. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANIllustration 2:Table No 5 Age at entry: 35 years Sum Assured: Rs.1,00,000/-Premium Paying term: 15 years Mode of premium payment: YearlyAnnual Premium: Rs.4,444/-End ofyearTotalpremiumspaid till endof yearBenefit payable on death / maturity at the end of yearGuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 4444 100000 3900 10800 103900 1108002 8888 100000 7800 21600 107800 1216003 13332 100000 11700 32400 111700 1324004 17776 100000 15600 43200 115600 1432005 22220 100000 19500 54000 119500 1540006 26664 100000 23400 64800 123400 1648007 31108 100000 27300 75600 127300 1756008 35552 100000 31200 86400 131200 1864009 39996 100000 35100 97200 135100 19720010 44440 100000 39000 108000 139000 20800015 66660 100000 58500 162000 158500 26200020 66660 100000 104000 288000 204000 38800025 66660 100000 130000 360000 230000 46000030 66660 100000 156000 432000 256000 53200035 66660 100000 182000 504000 282000 60400040 66660 100000 208000 576000 308000 676000IntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  8. 8. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLAN This illustration is applicable to a non-smokermale/female standard (from medical, life styleand occupation point of view) life.  The non-guaranteed benefits (1) and (2) inabove illustration are calculated so that theyare consistent with the Projected InvestmentRate of Return assumption of 6% p.a. (Scenario1) and 10% p.a. (Scenario 2) respectively. Inother words, in preparing this benefitillustration, it is assumed that the ProjectedInvestment Rate of Return that LICI will be ableto earn throughout the term of the policy willbe 6% p.a. or 10% p.a., as the case may be.The Projected Investment Rate of Return is notguaranteed. Illustrations : Disclaimer and AssumptionsIllustrations : Disclaimer and AssumptionsIntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  9. 9. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANIllustrations :Illustrations :Disclaimer and assumptions ( Contd. )Disclaimer and assumptions ( Contd. ) The main objective of the illustration isthat the client is able to appreciate thefeatures of the product and the flow ofbenefits in different circumstances withsome level of quantification. Future bonus will depend on future profitsand as such is not guaranteed. However,once bonus is declared in any year andadded to the policy, the bonus so addedis guaranteed. The Maturity Benefit is the amount shownat the end of 45 years.IntroIntroFeaturesFeaturesBenefitsBenefitsIllustrationsIllustrations
  10. 10. LIC’sLIC’sWHOLE LIFEWHOLE LIFEPLANPLANThank youThank you

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