Anmol Jeevan I : This policy by LIC is the cheapest available policy providing term cover. The entry age to purchase this policy is 18 years while the maximum age is 55 years. Maximum age allowed at the maturity of the policy term is 65 years. Minimum sum assured for the policy is Rs. 5 lakh which could exceed to a sum less than Rs. 25 lakh. Premium payment mode options of annual, half-yearly and single premium payment are available with rebate of 1% on annual premium amount if the policyholder pays the premium on an annual basis.
As the policy is a pure term cover plan, no surrender or loan facility on Anmol Jeevan I policy plan. Revival of the policy in case of policy lapse subject to submission of requisite documents to the satisfaction of the corporation.
Low-cost of Anmol Jeevan I could be illustrated with the following example: A person aged 28yrs. can protect his life against uncertain future events by opting Anmol Jeevan I for a policy term of 10 years; S.A value of Rs. 10 lakh by paying Rs. 2,505/- annually, Rs. 1,265/- half-yearly or single premium amount of Rs. 16,530/-
Jeevan Amulya Policy : Jeevan Amulya LIC plan is a conventional term plan for individuals seeking a higher sum assured value of over Rs. 25 lac. Being a purely term cover plan, there is no maturity benefit in case the insured survives through the term of policy plan. However, in an unfortunate event of the death of the insured during the term of the policy, an amount equal to the sum assured is payable to the nominee of the policy.
Anyone within the age bracket of 18- 60 years could buy the policy, with a maximum age allowed at the maturity of 70 years. Like other conventional policies, Jeevan Amulya also provides premium payment mode options of single, annual or half-yearly. No facility of loan or surrender is available on this policy plan.
LIC Bima Gold: Launched to mark the golden jubilee of the corporation in the year 2006, Bima Gold is still a popular endowment assurance money back policy. The policy pays the amount paid as premium to policyholders as money-back in installment at some time intervals. Moreover, LIC Bima Gold provides life cover for the extended term i.e. half the policy term after the expiry of the previously specified policy term in addition to protection available through the policy term. The policy allows the policyholder to opt for monthly, quarterly, half-yearly or annual mode of premium payment. Assured survival benefit equal to 15% of the S. A value is available to policyholders every fourth year during the policy term.
On maturity of the policy, policyholder is entitled to receive an amount equal to total premium amount plus loyalty additions - survival benefits provided during the policy term. In case of death of the insured, S.A value is payable provided the policy is in force. Also, for the extended term, the nominee is entitled to receive an amount equal to 50% of the sum assured value.
Jeevan Anand: A mix of endowment and whole-life plan provides a lump-sum amount at selected time in case of survival of the life insured during the policy term in addition to protection against death. Bonuses on account of the policy being a with-profits plan that accrue to policyholders are paid at the end of the policy term or in the event of death of the insured as lump sum amount. Certain additional benefits are also offered in case the policy is active for certain minimal years. If the insured survives through the term of the policy, sum assured plus vested bonus is paid at policy maturity. An important point to make note of is that Jeevan Anand policy pays an additional sum assured in case of the death of the insured after the end of the policy term.
LIC Jeevan Ankur: This conventional child plan by LIC could be opted by parents with children aged under 17 years. With single and regular premium modes, the policy operates such that child's need are met irrespective of the survival status of the insured. The policy provides risk cover to the parent and child remains the nominee. The minimum cover for the policy is Rs. 1 lakh, however there is no cap on the maximum cover. The term for the policy is decided basis the age of the child at maturity of the policy term.
The policy provides nominee with sum equivalent to basic S.A value in the event of death of the insured. Additionally, the nominee is also entitled to receive 10% of the S. A every year till the entire term of the policy. In case, child or nominee of the policy dies, life assured has an option to now nominate another child or heir to continue with the policy. Loyalty additions are also paid as part of the policy on the maturity. Critical illness and accidental riders are also available at an additional cost.