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TERM ASSURANCE PLAN (WITHOUT PROFIT)

TERM ASSURANCE PLAN (WITHOUT PROFIT). 1) ANMOL JEEVAN 1 (PLAN NO. 164) 2) AMULYA JEEVAN 1 (PLAN NO. 190) 3) 2 Yrs TEMPORARY ASSURANCE (PLAN NO.43) 4) MORTGAGE REDEMPTION PLAN (PLAN NO. 52) 5) CONVERTIBLE TERM ASSURANCE (PLAN NO. 58). TERM INSURANCE IS THE BASIC AND OLDEST FORM

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TERM ASSURANCE PLAN (WITHOUT PROFIT)

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  1. TERM ASSURANCE PLAN(WITHOUT PROFIT) 1) ANMOL JEEVAN 1 (PLAN NO. 164) 2) AMULYA JEEVAN 1 (PLAN NO. 190) 3) 2 Yrs TEMPORARY ASSURANCE (PLAN NO.43) 4) MORTGAGE REDEMPTION PLAN (PLAN NO. 52) 5) CONVERTIBLE TERM ASSURANCE (PLAN NO. 58)

  2. TERM INSURANCE IS THE BASIC AND OLDEST FORM • OF THE INSURANCE. • IN THIS TYPE OF INSURANCE RISK IS COVERED OF • THE POLICY HOLDER WITHIN THE TERM OF THE • POLICY AND AT THE END OF THE TERM i.e. ON • MATURITY NOTHING IS PAYABLE TO POLICY HOLDER • THIS IS THE BASIC PLAN OF THE INSURANCE • CONCEPT WITH IN THE TERM IF THE POLICYHOLDER • DIES THE SUM ASSURED IS PAYABLE TO THE • NOMINEE OF THE POLICYHOLDER • LOW PREMIUM = HIGH RISK COVER.

  3. ANMOL JEEVAN 1(Table 164) • Main Charecteristics : • MIN AGE AT ENTRY : 18 YRS COMPLETED • MAX AGE AT ENTRY : 55 YRS NBD • MAX AGE OF MATURITY : 65 YRS NBD • MIN SA : 5 LAC • MAX SA : 24 LAC • (SA ALLOWED IN MULTIPLE OF Rs. 1 LAC) • MODES ALLOWED : YLY, HLY, SINGLE • DAB : NOT AVAILABLE • TERM RIDER OPTION : NOT AVAILABLE • CRITICAL ILLNESS RIDER : NOT AVAILABLE • Suitable for persons of low income group, person opted for loan, who need only risk cover.

  4. BENEFITS : • ON DEATH = BASIC SA PAID TO NOMINEE • ON MATURITY = NOTHING IS PAYABLE • MODE REBATE = YLY - 2% HLY – NIL • INCOME TAX BENEFIT = U/S 80 C ALLOWED • ( This is the cheapest pure life risk plan. )

  5. UNDERWRITING ASPECT & POLICY SERVICING • FEMALE LIVES : CAT I & II ALLOWED • AGE PROOF : STD,NSAP I • PROP. FORM : 300 • DATING BACK : ALLOWED WITH 8% INT. • SUC : BASIC SA • MEDICAL : COMPULSARY • POLICY LOAN : NOT AVAILABLE • HOUSING LOAN : AVAILABLE • ASSINGMENT/SV/REV: ALLOWED

  6. Death Benefits 0 Year Natural or Accident Sum Assured only Maturity 25 years Nothing is payable

  7. AMULYA JEEVAN (PLAN NO. 190 ) This plan is as same as Anmol Jeevan, only difference is as given below Max age at entry : 60 yrs nbd Max maturity : 70 yrs nbd Max term :35 yrs Min S. A. : 25,00,000 Max S.A. : No limit

  8. 2 Yrs TERMPORARY ASSURANCE POLICY (WITHOUT PROFIT) TABLE-43 • Suitable for Persons taken short term loans, taken overseas jobs for short term duration and for persons going for pilgrimage to difficult terrains. • Min. age at entry :18 years • Max. age at entry : 60 years • Term : 6 months, 1yr,1& 1/2 yr and 2 yr • Min. S.A. : 50,000 • Max. S.A. : 1 crore • Max. age at entry : 62 yr • Loan facility : Not allowed • ADB & PDB : Not allowed

  9. Mode of payment : Single only • Mode Rebate : Not allowed • S. A. Rebate • Up to 5 lac : Nil • 5 lac to < 20 lac : Rs. 1 • 20 lac to < 50 lac : Rs. 1.50 • > 50 lac : Rs. 2

  10. Death Benefits Today Natural or Accident Sum Assured only Nothing is payable Maturity 2 years

  11. THE MORTGAGE REDEMPTION POLICY (WITHOUT PROFIT) TABLE - 52 • SUITABLE FOR- Persons who have taken loan for housing or Business purposes so that in event of death the o/s loan amount gets repaid automatically. • Min age at entry : 18 years • Max. age at entry : 55 years • Max. age at maturity : 60 yrs • Min.Term : 5 yrs • Max. term : o/s loan repayment terms • PPT : 2/3 rd of o/s of loan rep. Term • Min. S A : 50,000 • Max. S A : loan o/s as on date of proposal

  12. Repayment of loan: By EMI only • Loan facility : Not allowed • AB & PDB : Not allowed • Mode of payment : Yly, mtly,SSS, & single • Mode rebate : • Yly – 2% • Monthly-5% extra • SSS & Single-Nil

  13. 0 years Death benefit Naturalor accidental O/s loan as on date of death will be paid to assignee Premium Stops 14 years 21 yrs Loan repayment Term

  14. The Convertible term assurance without profit (Table 58) • Suitable for Young Persons who have just started earning but having immediate need for insurance • Min. age at entry : 20 years • Max. age at entry : 50 ,44 & 43 years for 5, 6, 7 yrs term resp. • Term : 5,6 & 7 yr • Min. S.A. : 50,000 • Max. S.A. : 1 crore • Max. age at Maturity: 55 yr • Loan facility : Not allowed • ADB & PDB : Not allowed

  15. Death Benefits 0 yrs Convertible To Whole life/ Endowment Natural or Accident 5 yrs Sum Assured only 7 yrs Maturity Nothing is payable

  16. Thank You • Presented By – Sangharakshit . M. Shende Devlopment Officer,LIC of India,Mumbai

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