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LIC to introduce New single premium close ended plan JEEVAN UTKARSH (Plan No.846), for a maximum period of 270 days. LIC’s Jeevan Utkarsh is a single premium, non-linked, with-profits, savings cum protection plan wherein the risk cover is ten times of Tabular Single Premium. 

Benefits of Jeevan Utkarsh Plan:

Death Benefit:

On death during first five policy years
Before the date of commencement of risk: Refund of Single Premium without interest. Single Premium mentioned above shall not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium, if any. 
After the date of commencement of risk: “Sum Assured on Death” shall be payable. 

On death after completion of five policy years but before the stipulated Date of Maturity: “Sum Assured on Death” equal to 10 times the Tabular Single Premium along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Death” is defined as the highest of
125% of the single premium; or
Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured ; or
“Absolute amount assured to be paid on death” i.e. 10 times of Tabular Single Premium
Tabular single premiums mentioned above shall not include any extra amount if charged under the policy due to underwriting decision or taxes and is before applying any rebate for high Basic Sum Assured.

Maturity: On the Life Assured surviving to the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Loyalty Addition: Depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit after completion of five policy years in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years.

Optional Benefit: LIC’s Accidental Death and Disability Benefit Rider shall be available under this plan. LIC’s Accidental Death and Disability Benefit Rider.
LIC’s Accidental Death and Disability Benefit Rider shall be available as an optional rider by payment of additional premium. This rider can be opted for at inception only. The benefit cover under this rider shall be available during the policy term of the base plan. If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable on death due to accident, provided the rider is inforce at the time of accident. In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years. If the policy becomes a claim by way of death before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim amount. Beyond the specific details as mentioned in this circular in respect of this rider, for any additional details like refund to be made in respect of this rider on surrender of base plan, requirements of claim, definition of disability etc.,

Eligibility Conditions and Restrictions:
For Base Plan:
a) Minimum Entry Age : 6 years (completed)
b) Maximum Entry Age : 47 years (nearer birthday)
c) Mode of premium payment : Single premium only
d) Minimum Basic Sum Assured : Rs.75,000/-
e) Maximum Basic Sum Assured : No Limit
f) Policy Term : 12 years

Basic Sum Assured shall be in multiples of: Rs. 5,000 – if Basic Sum Assured under a policy is below Rs. 3,00,000 Rs. 20,000 – if Basic Sum Assured under a policy is Rs. 3,00,000 and above Age at entry for the Life Assured is to be taken as age nearer birthday except for the minimum age at entry i.e. 6 years, where it is in completed years. Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age. For those aged 8 years or more, risk will commence immediately.

GST effect on Insurance Premiums

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Insurance Type  & GST Hike
Health Plans 18%
Endowment Plans 4.5%
Term Plans 18%
 Motor Insurance 18%

Exempt Services : GST on LIC Policy (Insurance)

The following services will be exempt from GST:

Services of life insurance business provided under following schemes–

(a) Janashree Bima Yojana (JBY)

(b) Aam Aadmi Bima Yojana (AABY)

(c) Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having a maximum amount of cover of Rs 50,000

(d) Varishtha Pension Bima Yojana

(e) Pradhan Mantri Jeevan Jyoti Bima Yojana

(f) Pradhan Mantri Jan Dhan Yojana

(g) Pradhan Mantri Vaya Vandan Yojana

(h) Any other insurance scheme of the State Government as may be notified by Government of India on the recommendation of GSTC

Jeevan Umang Plan 845

No comments:
LIC is going to  introduce a new plan JEEVAN UMANG
Table no . 845
A plan similar to Jeevan Tarang with SB @ 8% p.a till age 100.
Min Age- 90 days
Max Age- 55 yrs
Min SA- 2 lakhs
Max SA- No limit
Premium paying Term 15, 20, 25, 30 years.
*Save 3 Lacs pa for 30 years, Get 8 Lacs PA Lifetime till age 100 + 3.3 Cr + Family Fund
*Save 4 Lacs pa for 25 years, Get 8 Lacs PA Lifetime till age 100 + 2.7 Cr + Family Fund
*Save 5.5 Lacs pa for 20 years, Get 8 Lacs PA Lifetime till age 100 + 2 Cr + Family Fund
*Save 8 Lacs pa for 15 years, Get 8 Lacs PA Lifetime till age 100 + 1 Cr 60 Lacs Family Fund

Year NoYearAgeDeposit AmountSum AssuredBonus (Approx)Risk Cover (Approx)Return
3120475502500000Bonus8802500 +  Bonus *200000
3220485602500000Bonus8802500 +  Bonus *200000
3320495702500000Bonus8802500 +  Bonus *200000
3420505802500000Bonus8802500 +  Bonus *200000
3520515902500000Bonus8802500 +  Bonus *200000
3620526002500000Bonus8802500 +  Bonus *200000
3720536102500000Bonus8802500 +  Bonus *200000
3820546202500000Bonus8802500 +  Bonus *200000
3920556302500000Bonus8802500 +  Bonus *200000
4020566402500000Bonus8802500 +  Bonus *200000
4120576502500000Bonus8802500 +  Bonus *200000
4220586602500000Bonus8802500 +  Bonus *200000
4320596702500000Bonus8802500 +  Bonus *200000
4420606802500000Bonus8802500 +  Bonus *200000
4520616902500000Bonus8802500 +  Bonus *200000
4620627002500000Bonus8802500 +  Bonus *200000
4720637102500000Bonus8802500 +  Bonus *200000
4820647202500000Bonus8802500 +  Bonus *200000
4920657302500000Bonus8802500 +  Bonus *200000
5020667402500000Bonus8802500 +  Bonus *200000
5120677502500000Bonus8802500 +  Bonus *200000
5220687602500000Bonus8802500 +  Bonus *200000
5320697702500000Bonus8802500 +  Bonus *200000
5420707802500000Bonus8802500 +  Bonus *200000
5520717902500000Bonus8802500 +  Bonus *200000
5620728002500000Bonus8802500 +  Bonus *200000
5720738102500000Bonus8802500 +  Bonus *200000
5820748202500000Bonus8802500 +  Bonus *200000
5920758302500000Bonus8802500 +  Bonus *200000
6020768402500000Bonus8802500 +  Bonus *200000
6120778502500000Bonus8802500 +  Bonus *200000
6220788602500000Bonus8802500 +  Bonus *200000
6320798702500000Bonus8802500 +  Bonus *200000
6420808802500000Bonus8802500 +  Bonus *200000
6520818902500000Bonus8802500 +  Bonus *200000
6620829002500000Bonus8802500 +  Bonus *200000
6720839102500000Bonus8802500 +  Bonus *200000
6820849202500000Bonus8802500 +  Bonus *200000
6920859302500000Bonus8802500 +  Bonus *200000
7020869402500000Bonus8802500 +  Bonus *200000
7120879502500000Bonus8802500 +  Bonus *200000
7220889602500000Bonus8802500 +  Bonus *200000
7320899702500000Bonus8802500 +  Bonus *200000
7420909802500000Bonus8802500 +  Bonus *200000
7520919902500000Bonus8802500 +  Bonus *200000
76209210008982500 +  Bonus *
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