New Changes in LIC Plans

Major changes in new plans are given below.

No other change in features, benefits or premiums:-

1. Jeevan Umang (945)
Premium Waiver Rider allowed

2. Jeevan Labh (936)
(a) Two additional riders AB rider and PWB rider allowed
(b) Settlement option also provided both for maturity and death proceeds

3. Jeevan Anand (915)
(a) Quantum of policy loan as % of Surrender Value increased for terms beyond 24 years
(b) Settlement option also provided both for maturity and death proceeds

4. Jeevan Lakshya (933)
(a) Additional riders AB and CIR allowed
(b) Settlement option also provided both for maturity and death proceeds

5. Endowment Plan (914)
(a) Two additional riders AB rider and PWB rider allowed
(b) Settlement option also provided both for maturity and death proceeds

6. Aadhaar Shila (944) / Aadhaar Sthambh (943)
Settlement option provided both for maturity and death proceeds

7. Children Money Back (932) / Jeevan Tarun (934)
Settlement option provided both for maturity and death proceeds

8. Jeevan Shiromani (947) / Bima Shree (948)
Change in class-1 extra Premium for CIR

9. Money-Back 20 years (920) / 25 years (921)
(a) Additional rider for AB allowed
(b) Settlement option also provided both for maturity and death proceeds
(c) Max age at entry for ADDB rider increased to 60 years

10. Bima Bachat (916)
(a) Max entry age restricted to 50 years
(b) SA on death 1.25 times SP or BSA
(c) ADDB Rider and New Term Assurance rider allowed
(d) Settlement option for both maturity and death claims
(e) GSV increased to 75% premium in first year from 70%
(e) Loan value as %SV increased from 60% to 90%

11. Single Premium Endowment (917)
(a) Two additional riders ADDB rider and Term Assurance rider allowed
(b) Settlement option also provided both for maturity and death proceeds
(c) Loan value as % SV increased to 90% for all terms.

In addition to these plan-specific changes, following general changes also are applicable to new plans:-
1. Risk cover upto 7 times annualized premium instead of 10 times
2. Revival period increased to 5 years from 2 years
3. SV / paid-up/ Loan in 2 years
4. SV factors modified
5. Grace period 30 days for yrly, half yrly, qly modes
6. Change in claim relaxation in suicide cases
7. CIS rebate in place of CEIS rebate

 

*Short Forms

  • SV – Surrender Value
  • SA – Sum Assured
  • ADDB – Accident Death & Disability Benefit Rider
  • AB – Accident Benefit
  • PWB – Waiver of Premium Rider
  • CIR – Critical Illness Benefit Rider

 

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