Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group andinvestment

company headquartered in Mumbai. It is the largest insurance company in India with an estimated
asset value of 1,560,482 crore(US$230 billion).[2] As of 2013 it had total life fund of Rs.1433103.14
crore with total value of policies sold of 367.82 lakh that year.[citation needed]
The Life Insurance Corporation of India was founded in 1956 when the Parliament of Indiapassed
the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245
insurance companies and provident societies were merged to create the state owned Life Insurance
Corporation.[citation needed]

History[edit]

LIC Zonal Office, Night View From Connaught Place Park

Founding organisations[edit]
The Oriental Life Insurance Company, the first company in India offering life insurance coverage,
was established in Calcutta in 1818 by Anita Bhavsar and others. Its primary target market was the
Europeans based in India, and it charged Indians heftier premiums.[3] Surendranath Tagore had
founded Hindusthan Insurance Society, which later became Life Insurance Corporation. [4]
The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider.
Other insurance companies established in the pre-independence era included

Postal Life Insurance (PLI) was introduced on 1 February 1884

Bharat Insurance Company (1896)

United India (1906)

National Indian (1906)

National Insurance (1906)

Co-operative Assurance (1906)

Hindustan Co-operatives (1907)

Indian Mercantile

General Assurance

Swadeshi Life (later Bombay Life)

Sahyadri Insurance (Merged into LIC, 1986)

The first 150 years were marked mostly by turbulent economic conditions. It witnessedIndia's First
War of Independence, adverse effects of the World War I and World War II on the economy of India,
and in between them the period of worldwide economic crises triggered by the Great depression.
The first half of the 20th century saw a heightened struggle for India's independence. The aggregate
effect of these events led to a high rate of and liquidation of life insurance companies in India. This
had adversely affected the faith of the general public in the utility of obtaining life cover.

Products and services[edit]

LIC offers a variety of insurance products to its customers such as insurance plans, pension plans,
unit-linked plans, special plans and group schemes.

Operations[edit]
Today,the LIC has 8 zonal offices, around 113 divisional offices, 2,048 branches and 1381 satellite
offices and corporate offices;[1] it also has 54 customer zones and 25 metro-area service hubs
located in different cities and towns of India. It also has a network of 1,337,064 individual agents,
242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance
business from the public.

Slogan[edit]
LIC's slogan yogakshemam vahamyaha is in Sanskrit language which translates in English as "Your
welfare is our responsibility". This is derived from ancient Hindu text, the Bhagavad Gita's 9th
chapter, 22nd verse.[7] The slogan can be seen in the logo, written in Devanagariscript.

Awards and recognitions[edit]

The Economic Times Brand Equity Survey 2012 rated LIC as the No. 6 Most Trusted Service
Brand of India.[8]

From the year 2006, LIC has been continuously winning the Readers' Digest Trusted brand
award.

Voted India's Most Trusted brand in the BFSI category according to the Brand Trust Report
for 4 continuous years - 2011-2014 according to the Brand Trust Report.[9]

Employees and agents[edit]

As on 31 March 2014, LIC had 1,20,388 employees, out of which 24,867 were women (20.65%).
Category of employees

Total Number

No. of Women

Class-I Officers

31,420

6,297

Class-II Development Officers

26,621

1,033

Class III/IV employees

62,347

17,542

Total

1,20,388

24,867

Agency strength LIC had 11,95,916 agents as on 31 March 2014, out of which the number of active
agents were 11,32,677 (94.71%).

Lic Single Premium Endowment Policy Plan no 817

Lic Single Premium Endowment Policy was introduced on 1st January
2014. Lic Single Premium Endowment Policy is an endowment policy
where sum assured along with Bonus and Final additional bonus will be
paid to the policyholder, at the end of the policy term. Sum Assured

will be paid to the nominee in case of death of the policyholder, during

the policy year. In this Lic Single Premium Endowment Plan 817,
premium needs to be paid by the policyholder, as a lump sum just
once at the start of the policy.

Key Features of Lic Single Premium Endowment

Policy

Single premium endowment policy with profit plan.

Policy can be taken as early as at 90 days of age.

On maturity, policyholder will get sum assured along with bonus

and Final Additional bonus.

You can opt for Accident Benefit Rider and Critical Illness Rider by
paying small amount along with the Premium.

High Bonus, High liquidity and saving point.

Lic Single Premium Endowment Policy Conditions

Entry age:

Minimum: 90 days (completed)

Maximum: 65 years (nearest birthday)

Minimum: 18 years (completed)

Maximum: 75 years (nearest birthday)

Maturity age:

Minimum: 10 years

Maximum: 25 years

Single Premium only.

Minimum: Rs.50,000/-

Maximum: No limit

Policy term:

Premium Payment mode:

Sum Assured:

Sum Assured will be in multiples of Rs.5,000 /- only.

Lic Single Premium Endowment Policy Rebates

Sum Assured Rebate:
Sum Assured

Rebate

Rs. 50,000/- to Rs. 95,000/-

NIL

Rs. 1,00,000/- to Rs. 1,95,000/-

18.00 % Basic Sum Assured

Rs. 2,00,000/- to Rs. 2,95,000/-

25.00 % Basic Sum Assured

Rs. 3,00,000/- and above

30.00 % Basic Sum Assured

Lic Single Premium Endowment Policy Benefits

Maturity Benefits:
On survival of the Life Assured to the end of policy term,
Maturity benefit = Sum Assured + vested Simple Reversionary
Bonuses + Final Additional Bonus, if any.

Death Benefits:
On death of the Life Assured on or after the commencement of risk
during the policy term,
Death Benefit = Sum Assured + vested Simple Reversionary Bonuses
+ Final Additional Bonus, if any.
On death of the Life Assured before the commencement of risk during
the policy term,
Death Benefit = Return of single premium Service tax and extra
premium, if any, without interest.
Example:
Suppose if Raju of age 3 years taken Lic Single Premium Endowment
plan for Sum Assured of Rs. 20,00,000/- and for policy term of 20
years then, if he dies in the age of 4 then he will be paid back by the
amount 20,00,000 Taxes any riders he opted or other charges.

Additional Information about Lic Single Premium

Endowment Policy
Date of Commencement of risk:
In case the entry age of Life Assured is less than 8 years, risk will
commence either 2 years from the date of commencement or from the
policy anniversary coinciding with or immediately following the
attainment of 8 years of age, whichever is earlier. For those aged 8
years or more, risk will commence immediately.

Surrender Value:
Lic Single Premium Endowment policy can be surrendered at any time
during the policy term.
Guaranteed Surrender Value (GSV):
1. First year: 70% of the Single premium Service tax and extra
premium, if any
2. Thereafter: 90% of the Single premium Service tax and extra
premium, if any.
In addition, the surrender value of vested Simple Reversionary
Bonuses, if any shall also be payable.
Special surrender value (SSV):
Special surrender Value is the discounted value of sum assured and
vested simple reversionary bonuses.

Loan:

Loan facility is available under Lic Single Premium Endowment policy.

Suicide clause:
If the life assured commits suicide before 12 months from the date of
commencement of risk, he/she will be returned back with 90% of
single premium paid excluding any taxes and extra premium, if any.

Taxes:
Taxes, if any, shall be as per the Tax laws and the rate of tax as
applicable from time to time. For more information regarding Income
Tax Benefits, visit www.taxqueries.in.

Cooling-Off Period:
If the policyholder is not satisfied with the Terms and Conditions of
the Single Premium Endowment policy, the policy may be returned to
the company within 15 days from the date of receipt of the policy
stating the reason of objections.

Backdating Interest:
The policies can be dated back with in the same financial year.

Policy Stamping:
Under Lic Single Premium Endowment Policy plan 817, stamping
charges will be 20 paise per thousand sum assured.

Assignments/Nominations:
Assignments and Nominations is possible under this Lic Single
Premium Endowment Policy plan no 817.

Lic Single Premium Endowment Policy Example

Suppose if Raju of age 25 years has opted for Single Premium
Endowment Lic plan for Sum Assured of Rs. 25,00,000/- and for
policy term of 15 years then,
the first year premium will be as shown below,
First year Premium

without tax

Tax

With Tax

1529750

47269

1577019

Single premium

Maturity benefit will be, Rs. 3,975,000/-.

Lic Single Premium Endowment Policy circular

lic single premium endowment policy plan 817 circular
Lic single premium endowment proposal form 300
Lic single premium endowment proposal form 340
Lic single premium endowment Maturity claim form
LIC Jeevan Rakshak 827 Policy is a participating Endowment Plan and
Regular Premium paying plan. LIC Jeevan Rakshak 827 Policy is a
Traditional Plan with Bonus facility which gives you the dual benefit of
protection and savings. LIC Jeevan Rakshak 827 Policy suits for all

lower-income people. In LIC Jeevan Rakshak 827 Policy Bonus is given

in the form of Loyalty Additions after the completion of 5 years policy.
LIC Jeevan Rakshak 827 Policy provides this plan without any medical
requirements. In LIC Jeevan Rakshak 827 Policy at the stage of
maturity, the policyholder gets the basic Sum Assured and the
additional loyalty. If the policyholder dies during the policy term then
the Sum Assured on death and the additional loyalty (if any) is paid to
the nominee.

Terms and Eligibility Conditions of LIC Jeevan

Rakshak 827 Policy

Entry Age

Minimum age 8 years (Completed)

Maximum age 55 years (Nearest Birthday)

Minimum 10 years

Maximum 20 years

Minimum Sum assured Rs. 75,000

Maximum Sum assured Rs. 2,00,000

Monthly (SSS, ECS), Quarterly, Half yearly, Yearly

70 years(Nearest Birthday)

Policy term

Sum Assured

Premium
Paying modes
Maximum

Maturity age
Maximum
Cover Ceasing

75 years(Nearest Birthday)

If the Premium is not paid within the time then a delay of 3

age

Grace Period

days for Yearly, Half-Yearly and Quarterly modes and 15 da

for monthly mode is extended to pay the premium amou

which is grace period.

LIC Jeevan Rakshak 827 Policy Rebates

Sum Assured Rebate:
Sum Assured

Rebate

Rs.75,00,000 to 1,45,000

NIL

Rs.1,50,000 to 2,00,000

For every Rs.1000 sum assured, Rebate is Rs.1.50

Mode Rebate:

Mode

Percentage

Yearly

Table premium 2%

Half yearly

Table Premium 1%

Benefits of LIC Jeevan Rakshak 827 Policy

Death Benefit: In case of death of the Life Insured within the policy
term, then the nominee gets Sum assured on death and Loyalty
Additions(if any) if death occurs after completion of 5 years policy
term.
Sum assured on death means basic Sum Assured or 10 times of
annualized premium or 105% of all premium paid on date of death.

Maturity Benefit: On survival of policyholder till the end of the policy

term, the policyholder gets Basic sum assured and additional loyalty (if
any).
Income tax Benefit: Life Insurance premiums paid up to Rs.
1,50,000 are allowed as a deduction from the taxable income each
year under section80 C and the Maturity Proceeds are tax-free
under Section 10(10D) subject

to

fulfilment

of

terms

and

conditions. For more information regarding Income Tax Benefits,

visit www.taxqueries.in.
LIC Accidental Benefit Rider: Accidental benefit rider is available as
an optional rider by payment of additional premium. In case of
accident death, the Accident Benefit Sum Assured will be payable as
lump sum amount along with the death benefit under basic plan.

Buying Procedure of LIC Jeevan Rakshak 827 policy

Documents required to buy fresh policy of LIC Jeevan Rakshak 827
Policy

Application form/Proposal form along with photo

Address Proof

Age Proof

Medical reports(if required)

Claim Procedure of LIC Jeevan Rakshak 827 policy

The documents required for claim procedure under LIC Jeevan
Rakshak 827 Policy are given below

NEFT form

Discharge form

Cancel check or Bank Pass book xerox

Policy bond

Death certificate

LIC Jeevan Rakshak 827 policy Premium Calculator

The required data for calculating the premium rates in LIC Jeevan
Rakshak 827 Policy

NAME :

E-MAIL ID :

MOBILE NUMBER :

AGE :

TERM :

SUM ASSURED :

Example of LIC Jeevan Rakshak 827 policy

If Harish had decided to take the LIC Jeevan Rakshak 827 Policy then
the following details are given below
Age : 18 years
Sum assured : Rs.2,00,000
Policy Term : 20 years
Now, Harish is going to pay premiums with and without tax are
tabulated below
Premium

without tax

with tax

Yearly

6758

6967

Half-Yearly

3415

3520

Quarterly

1725

1778

Monthly

575

593

Additional Information of LIC Jeevan Rakshak 827

Policy
Risk Coverage: Risk coverage will be provided till the end of term
policy.
Date of Commencement of Risk: Means from first day of taking the
policy.
Loan facility: Loan facilities are available after payment of premiums
for at least 3 years under LIC Jeevan Rakshak 827 Policy.
Locking Period: If you are not satisfied with this policy you may
return the policy within 15 days from date of receipt of the policy. After
15 days you are not eligible for cancelling the policy upto 3 years.
Income Tax Reduction: Available for premiums paid and for Maturity
returns.

House Loan Surety: House loan surety is available under this LIC
Jeevan Rakshak 827 Policy
Service Tax: 3.09% service tax is applicable.
Backdating interest: The policy can be backdated within the same
financial year.
Assignments/Nominations: Assignees and nominees are possible
under this LIC Jeevan Rakshak 827 Policy
Cooling Off Period: If you are not satisfied with this policy term you
may return the policy within 15 days from the date of receipt of the
policy.
Proposal Forms: Proposal Form no. 300 or 340 will be used under
this LIC Jeevan Rakshak 827 Policy
Policy Revival: If the premium is not paid by you within the grace
period then the policy will lapse. If you are interested to continue this
policy then you can revive your policy on or before 2 years from date
of first Unpaid premium.
Suicide clause: If the policy holder commits suicide for any of the
reasons within 12 months of date of commencement of risk or from
date of revival, then 80% of premium for what he had paid will be
returned to his assignments or nominals.
Riders: Riders are available under this
policy

LIC Jeevan Rakshak

827

Paid up value: Basic Sum Assured x (number of premiums paid /

number of premiums payable).
Surrender value: The policy can be surrendered at any time during
the policy term provided at least three full years premium have been
paid.

Guaranteed Surrender Value expressed as a percentage of

total premiums paid, or

Special Surrender Value which may be declared from time to

time

Policy

Stamping: Under

LIC

New

Jeevan

Rakshak

827

policy

stamping charges will be 20 paise per thousand sum assured.

Loan Amount: Maximum 70% of surrender value.
No medical tests are required under this LIC New Jeevan Rakshak 827
policy.
Sum assured on death means basic Sum Assured or 10 times of
annualized premium or 105% of all premium paid on date of death.
Example: If Naveen taken LIC New Jeevan Rakshak 827 policy for 20
years of sum assured Rs.1,00,000 then
LIC Jeevan Lakshya Policy (plan no 833) was introduced on March,
2015 as a With-Profits Endowment Assurance plan. Lic Jeevan Lakshya
plan is a limited premium paying conventional plan. Lic Jeevan Lakshya
policy provides Annual Income benefit to fulfill the needs of the family.

It is mainly beneficial for children, in case of unfortunate death of

policyholder during the policy term i.e., any time before maturity. Lic
Jeevan Lakshya Policy also provides a lump sum amount at the time
of maturity regardless of survival of the policyholder.
Lic

Jeevan

Lakshya

UIN

(Unique

Identification

Number)

is 512N297V01. This UIN has to be quoted in all relevant documents

furnished to the policyholders and other users.

LIC Jeevan Lakshya Policy (Plan No 833) Eligibility

Conditions
Eligibility Conditions of Basic Plan are,

Entry Age:

Maximum Maturity Age:

Minimum: 18 years

Maximum: 50 years

65 years

Minimum: 13 years

Maximum: 25 years

(Policy term 3) years

Minimu: 1 Lakh

Policy Term:

Premium Term:
Sum Assured:

Premium paying modes:

Maximum: No limit

Basic SA shall be in multiples of Rs. 10,000/- only.

Yearly, Half-yearly, Quartely and Monthly mode.

LIC Jeevan Lakshya Policy Rebates

Under Lic Jeevan Lakshya Plan there are two types of rebates, they are
1. Mode Rebate
2. High Basic Sum Assured Rebate
3. Mode Rebate:
Mode

Percentage

Yearly

2% of tabular premium

Half-yearly

1% of tabular premium

Quarterly and monthly

Nil

4. High Basic Sum Assured Rebate:

Basic Sum Assured

Rebate (in Rs.)

1,00,000 to 1,90,000

Nil

2,00,000 to 4,90,000

2% of Basic Sum Assured

5,00,000 and above

3% of Basic Sum Assured

5.
LIC Jeevan Lakshya Policy Maturity Benefi

On survival of the policyholder till the end of the policy term provided
all due premiums have been paid, Maturity Benefit = Sum Assured on
Maturity + vested Simple Reversionary bonuses + Final Additional
bonus, if any. Where Sum Assured on Maturity is equal to Basic Sum
Assured (SA).

LIC Jeevan Lakshya Policy Death Benefit

On death of the policyholder during the policy term, Death Benefit =
Sum Assured on Death + vested Simple Reversionary Bonuses +
Final Additional Bonus (FAB), if any.
Where Sum Assured on Death = Annual Income Benefit + Assured
Absolute Amount

Annual Income Benefit = 10% of the Basic SA, which shall be

payable from the policy anniversary coinciding with or following
the date of death of Life Assured, till the policy anniversary prior
to the maturity date.

Assured Absolute Amount = 110% of Basic SA, which shall be

payable on due date of maturity.

The vested Simple Reversionary Bonuses and FAB, if any, included in

the Death Benefit, shall be payable on due date of maturity.
The Death Benefit shall not be less than 105% of all the premiums
paid as on date of death.

LIC Jeevan Lakshya Policy Riders (Optional

Benefits)
Lic Jeevan Lakshya Policy provides optional riders with the payment of
additional premium. There are 2 optional riders available under Lic
Jeevan Lakshya Policy, they are
1. Accidental Death and Disability Benefit Rider
2. New Term Assurance Rider

Lic Accidental Death and Disability Benefit Rider:

Lic Accidental Death and Disability Benefit can be opted for at any time
within the Premium Paying Term (PPT) of the Basic Plan provided the
outstanding PPT is atleast 5 years. If Accidental Death and Disability
Benefit is opted for, then

On death due to an accident, an additional amount equal to

the Accident Benefit Sum Assured is payable, provided the rider is
inforce at the time of accident.

In case of accidental permanent disability, an amount equal to

the Accident Benefit SA will be paid in equal monthly installments
spread over 10 years. Future premiums for Accident Benefit
SA and premiums for the portion of Basic SA (which is equal to
Accident Benefit SA), shall be waived.

Eligibility Conditions for Accidental Death and Disability Benefit Rider:

Minimum Entry
Age:

18 years (last birthday)

Maximum Entry

This cover can be opted for at inception provided t

Age:
Maximum cover
ceasing Age:
Accident Benefit

minimum PPT left under the Basic plan is 5 years.

65 years (nearer birthday)

Minimum: Rs. 10,000/-

Maximum: An Amount equal to Basic SA subject to t

Sum Assured :

maximum of Rs.100 lakh overall limit.

Accident Benefit SA shall be in multiples of Rs. 10,000

only.

Lic New Term Assurance Rider:

Lic New Term Assurance Rider is available at the beginning of the
policy on payment of additional premium. It is to be paid along with
the premium of the basic plan and any other rider (if opted for), during
the PPT of the Lic Jeevan Lakshya policy. If this rider is opted for,

On death of the Life Assured during the policy term, an additional

amount equal to Term Assurance Rider Sum Assured shall be
payable provided the rider cover is inforce.

Eligibility Conditions for New Term Assurance Rider:

Entry Age:

Minimum: 18 years (last birthday)

Maximum: 50 years (nearest birthday)

Same as Basic plan i.e.,

Policy Term:

Premium Paying Term:

Minimum: 13 years

Maximum: 25 years

Same as Basic plan i.e.,

Term Assurance Rider

Sum Assured:

(Policy term 3) years

Minimum: Rs. 100,000/-

Maximum: Rs. 25 lakhs.

Term Assurance Rider SA can be taken in multipl

of Rs. 10,000/- only.

LIC Jeevan Lakshya Premium and Maturity

Calculator
You can calculate the premium and Maturity benefits using Lic Jeevan
Lakshya Premium and Maturity calculator. Policy period, Age and Sum
assured are required to calculate the premium and maturity benefits.

LIC Jeevan Lakshya Policy Buying Procedure

Documents required for buying Lic Jeevan Sangam Plan:

Application form/Proposal form 300 along with photo.

Address proof

Age proof

Medical reports (if required)

Lic Jeevan Sangam plan no 831 Introduction

Lic Jeevan Sangam Plan is a close ended plan which would be open for
a maximum period of 90 days. It was introduced on 3rd March 2015.
Lic Jeevan Sangam Plan is a Non linked, with profit plan which
provides high level of death cover during the policy term. It is a Single
Premium Plan where the life assured is having the option to choose the
Maturity Sum Assured. Under Lic Jeevan Sangam Policy, the Single
Premium payable will depend on the chosen amount of Maturity Sum
Assured and the Life Assured age.

Lic Jeevan Sangam Policy no 831 Conditions

Eligibility conditions for Lic Jeevan Sangam Policy are,

Entry Age:

Policy Term:
Premium Payment
Mode:
Maturity Sum Assured:

Minimum: 6 years (completed)

Maximum: 5o years (nearest birthday)

12 Years

Single Premium

Minimum: Rs. 75,000/-

Maximum: No limit

Maturity Sum Assured shall be in multiple of R

10,000/-

Lic Jeevan Sangam plan no 831 Rebates

High Maturity Sum Assured Rebate: Under Lic Jeevan Sangam Plan
there is a rebate for High Maturity Sum Assured. It is a refund to the
Life assured who has opted for High Maturity Sum Assured.
Maturity Sum Assured (MSA) chosen

Reduction in Tabular Premium (pe

under the policy

Rs. 1000/- MSA)

Below Rs. 2,00,000/-

Nil

Rs. 2,00,000/- to Rs. 3,90,000/-

Rs. 15.00/-

Rs. 4,00,000/- and above

Rs. 20.00/-

Lic Jeevan Sangam Policy no 831 Premium and

Maturity Calculator
You can calculate the premium and Maturity benefits using Lic Jeevan
Sangam Premium and Maturity calculator. Policy period, Age and Sum
assured are required to calculate the premium and maturity benefits.
LIC Limited Premium Endowment Policy 830, name itself indicates that
this policy has an option of Limited Period premium payment. In LIC
Limited Premium Endowment Policy 830 the payment of premiums is

limited compared to the policy term. Suppose if policyholder has taken

12 years policy term then he/she needs to pay the premium either 8
or 9 years maximum which is limited period of premium payment
term. LIC Limited Premium Endowment Policy 830 provides a
combined facility of protection and saving. This plan provides bonus
which will be declared on this policy every year. This LIC Limited
Premium Endowment Policy 830 insurance plan financially helps the
family of policyholder if policyholder dies unfortunately before maturity
or a lump sum amount on maturity if the policyholder survives.

Entry age of LIC Limited Premium Endowment

Policy 830

Minimum Entry age -18 years (Completed)

Maximum Entry age is based on term policy which is tabulated

below

Maximum Entry age

Term of the

Premium payment term 8

Premium payment term 9

policy

years

years

12

Maximum age is 57 years

Maximum age is 62 years

16
21

Maximum age is 59 years

Maximum age is 54 years

Maximum age is 59 years

Maximum age is 54 years

Terms and other Eligibility Conditions of LIC

Limited Premium Endowment Policy 830

Sum Assured

Policy term
Premium
payment term
Premium
payment mode

minimum Rs.3,00,000

maximum No limit

12,16,21 years

8,9 years

Yearly, Half-Yearly, Quarterly, monthly(ECS, SSS)

One lakh

One crore

69 years (Nearest birthday) for 12 year policy term and 8

Minimum
Accident death
benefit
Maximum
Accident death
benefit
Maximum

years Premium payment term.

cover ceasing
age

70 years (Nearest Birthday) in all other cases.


Grace Period

If the Premium is not paid within the time then a delay of 30

days for Yearly, Half-Yearly and Quarterly modes and 15 days

for monthly mode is extended to pay the premium amount
which is grace period.

LIC Limited Premium Endowment Policy 830

Rebates
Rebate means providing Discount on Premium. There are 2 types of
Rebates

Based on Sum assured Rebate

Mode Rebate

Sum Assured Rebate:

Basic Sum Assured (or) Policy Value

Rebate per Rs.1000 of Sum Assure

Rs.3,00,000 to Rs.4,90,000

NIL

Rs.5,00,000 to Rs.9,90,000

0.50% of Basic Sum Assured

Rs.10,00,000 and above

0.75% of Basic Sum Assured

Corporate Employees Insurance Scheme (CEIS) Rebate: 5 % on

tabular Premium for all LIC Employees.

Mode Rebate:
Premium Payment mode

Percentage

Yearly Mode

2% of Tabular Premium

Half-Yearly Mode

1% of Tabular Premium
NIL

Quarterly and Monthly

Benefits of LIC Limited Premium Endowment Policy

830
Death Benefit: In case of death of the Life Insured within the policy
term, then the nominee gets Sum assured on death, Simple
Reversionary

Bonus

and

Final

additional

Bonuses(if

any). Sum

assured on death means 10 times of annualized premium or 125%

of basic sum assured or 105% of all premiums will be paid. Death
benefit shall not be less than 105% of all premiums paid as on date of
death.
Maturity Benefit: If policyholder survives till the end of policy term
then policyholder will receive Sum Assured on Maturity, Bonus and
Final Additional Bonus (if any). Here Sum Assured on Maturity is equal
to Basic Sum Assured.

LIC Limited Premium Endowment Policy 830 Buying

Procedure
Documents required to buy LIC Limited Premium Endowment Policy
830

Application form/Proposal form along with photo.

Address proof

Age proof

Medical reports (if required)

Claim Procedure of LIC Limited Premium

Endowment Policy 830
The documents required for claim procedure under LIC Limited
Premium Endowment Policy 830 are given below

NEFT form

Discharge form

Cancel check or Bank Pass book xerox

Policy bond

Death certificate

LIC Limited Premium Endowment Policy

830 Premium Calculator
In LIC Limited Premium Endowment policy 830 to calculate the
premium rates the following details are required.
Name:
Age :
E-Mail Id:

Mobile Number:
Policy term :
Premium payment term :
Sum assured :

Example of LIC Limited Premium Endowment Policy

830
Suppose, Sudheer had decided to buy the LIC Limited Premium
Endowment policy 830 then following details of sudheer are given
below:
Age : 25
Policy term : 12 years
Premium payment term : 8 years
Sum assured : Rs.10,00,000
Now, Sudheer has to pay premium with and without tax that are
varying from first year premium to remaining years premium. To
understand more clearly refer the following table given below,
First Year Premium
Mode of Payment

Without tax

Tax

With tax

Yearly premium

274433

8480

282912

half yearly premium

138608

4283

142891

Quarterly premium

70000

2163

72163

Monthly premium

23333

721

24054

From Second Year to last year Premium

Mode of Payment

Without tax

Tax

With tax

Yearly premium

274433

4240

278673

half yearly premium

138608

2141

140749

Quarterly premium

70000

1082

71082

Monthly premium

23333

360

23693

Benefits
Policy Document
LIC's New Money Back Plan-20 years is a participating non-linked plan which offers an attractive
combination of protection against death throughout the term of the plan along with the periodic
payment on survival at specified durations during the term. This unique combination provides financial
support for the family of the deceased policyholder any time before maturity and lump sum amount at
the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs

through

its

loan

facility.

1.Benefits:
Death benefit: On death during the policy term provided the policy is in full force, death benefit,
defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final
Additional Bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of
125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be
less
The

than
premiums

105%

of

mentioned

the

total

premiums

above

exclude

tax,

extra

paid

as

premium

on

and

date

rider

of

death.

premium,

if

any.

Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20% of the
Basic

Sum

Assured

at

the

end

of

each

of

5th,

10th

&

15th

policy

year.

Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic
Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall
be

payable.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled
to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided
the

policy

is

in

full

force.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a
claim either by death or maturity, provided the policy has run for certain minimum term.
2.Optional

Benefit:

LICs Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit
Rider can be opted for under an inforce policy at any time within the premium paying term by
payment of additional premium and the cover will be available throughout the policy term provided the
Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the
Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the
basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the
date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly
instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as
premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under
the

policy,

shall

be

waived.

However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this
rider is attached, a proportion of additional premium charged in respect of cover after premium paying
term shall be refunded.

Benefits
Policy Document
LIC's New Money Back Plan-25 years is a participating non-linked plan which offers an attractive
combination of protection against death throughout the term of the plan along with the periodic
payment on survival at specified durations during the term. This unique combination provides financial
support for the family of the deceased policyholder any time before maturity and lump sum amount at
the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs
through

its

loan

facility.

1.Benefits:
Death benefit: On death during the policy term provided the policy is in full force, death benefit,
defined as sum ofSum Assured on Death and vested Simple Reversionary Bonuses and Final
Additional Bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of
125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be
less
The

than

105%

premiums

of

mentioned

the

total

above

exclude

premiums
tax,

extra

paid
premium

as

on

and

date

rider

of

premium,

death.
if

any.

Survival Benefits: In case of Life Assured surviving to the end of the specified durations 15% of the
Basic

Sum

Assured

at

the

end

of

each

of

5th,

10th,

15th

&

20th

policy

year.

Maturity Benefit: In case of Life assured surviving the stipulated date of maturity, 40% of the Basic

Sum Assured along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall
be

payable.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled
to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided
the

policy

is

in

full

force.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a
claim either by death or maturity provided the policy has run for certain minimum term.
2.Optional

Benefit:

LICs Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit
Rider can be opted for under an inforce policy at any time within the premium paying term by
payment of additional premium and the cover will be available throughout the policy term provided the
Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the
Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the
basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the
date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly
instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as
premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under
the

policy,

shall

be

waived.

However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this
rider is attached, a proportion of additional premium charged in respect of cover after premium paying
term shall be refunded.

Lic Children's Money Back Premium Payment Plan Table no 832 Details
1. 1. LIC Children's Money Back Premium Payment Plan Table No 832
2. 2. Details: LICs New Childrens Money Back Plan is a non-linked, with-profits, regular
premium payment money back plan specially designed to meet various financial needs of
children through Survival Benefits. It provides for the risk cover on the life of child during the
policy term and number of survival benefits on surviving to the end of the specified durations.
The benefits and other details of the plan are given below. Death Benefit: The benefits
payable under an in force policy are as under: On death Before the Date of Commencement
of Risk: An amount equal to the total amount of premium/s paid excluding taxes, extra
premium and rider premium, if any shall be payable. On death After the Date of
Commencement of Risk: Death Benefit, defined as sum of Sum Assured on Death and
vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Where Sum Assured on Death is defined as higher of 10 times of annualized premium or
Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit
shall not be less than 105% of the total premiums paid as on date of death. Survival Benefit :

On the Life Assured surviving on each policy anniversary coinciding with or immediately
following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the
Basic Sum Assured on each occasion shall be payable provided the policy is in full force. LIC
Children's Money Back Premium Payment Plan Table No 832
3. 3. Maturity Benefit: On the Life assured surviving the stipulated date of maturity, Sum
Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple
Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Participation in
profits: Depending upon the Corporations experience the policies shall participate in the
profits and shall be eligible for Simple Reversionary Bonus at such rate and on such terms as
may be declared by the Corporation. Final Additional Bonus may also be declared under the
policy which will be payable on the expiry of the policy term or on earlier death, provided the
policy has run for certain minimum term. Option to defer the Survival Benefit(s): The
policyholder will have the option to take the survival benefit (s) at any time on or after its due
date but during the currency of the policy. In case of deferment of a due survival benefit(s)
opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to
Survival Benefits % * Sum Assured * Factor applicable to Survival Benefit (s) This option
shall be required to be intimated by the policyholder six months before the due date of the
Survival Benefit (s) in writing. LIC Children's Money Back Premium Payment Plan Table No
832
4. 4. LICs Premium Waiver Benefit Rider (UIN: 512B204V01) LICs Premium Waiver Benefit
Rider is available on payment of additional premium. This rider can be opted for along with
the basic plan at the inception or at any time during the policy term provided the outstanding
policy term of the basic plan is at least 5 years. If this rider is opted for, in case of death of the
proposer, the payment of the premiums falling due after the date of death shall be waived;
The Premium Waiver Benefit shall be granted on the basis of the proposer's age, personal
declaration and other related documents. In case it is found that any untrue or incorrect
statement is contained therein or any material information is withheld, then and in every such
case but subject to the provisions of Section 45 of the Insurance Act, 1938, as amended from
time to time, all claim to the benefit shall cease and determine; The Premium Waiver Benefit
shall not operate if the proposer (whether sane or insane) commits suicide within 12 months
from the date of issuance of First Premium Receipt or within 12 months from the date of
revival; The additional premium shall not be taken into account in arriving at the amount to be
refunded in the event of death of the Life Assured before the date of commencement of risk
and in calculating the surrender value of the policy; LIC Children's Money Back Premium
Payment Plan Table No 832 Maturity Sum Assured (M.S.A) chosen under the policy
Reduction in Tabular premium (per Rs. 1000/- Maturity Sum Assured) Below Rs.2,00,000 Nil
Rs.2,00,000 to Rs. 3,90,000 Rs. 15.00 Rs.4,00,000 and above Rs. 20.00
5. 5. The medical report and special reports, if required, at proposal stage or on revival, shall be
at the proposers own expense from the Corporation's appointed Medical Examiner; The
revival of the rider will be considered along with the revival of the basic policy. The rider can
be revived at any time but within a period of two consecutive years from the due date of the
said unpaid premium or before the date of expiry of policy term, whichever is earlier subject
to evidence of health and habits of the proposer to the satisfaction of the Corporation The

Premium Waiver Benefit shall cease to apply if policy is in lapsed condition; Eligibility
Conditions and Restrictions: For Basic Plan Minimum Age at entry for Life Assured : [0] years
(last birthday) Maximum Age at entry for Life Assured :[12] years (last birthday) Policy Term :
[25 Age at entry] years Minimum/Maximum Maturity Age : [25] years Minimum Basic Sum
Assured : Rs. 1,00,000 Maximum Basic Sum Assured : No Limit The Basic Sum Assured
shall be in multiples of Rs. 10,000/- LIC Children's Money Back Premium Payment Plan
Table No 832
6. 6. Date of commencement of risk under the plan: In case the age at entry of the Life Assured
is less than 8 years, the risk under this plan will commence either one day before the
completion of 2 years from the date commencement of policy or one day before the policy
anniversary coinciding with or immediately following the completion of 8 years of age,
whichever is earlier. For those aged 8 years or more, risk will commence immediately. Date
of vesting under the plan: The policy shall automatically vest in the Life Assured on the policy
anniversary coinciding with or immediately following the completion of 18 years of age and
shall on such vesting be deemed to be a contract between the Corporation and the Life
Assured. For LICs Premium Waiver Benefit (PWB) Rider optional: Minimum Entry Age :
[18] years (completed) Maximum Entry Age : [55] years (Nearer Birthday) Premium paying
term : Same as basic plan Maximum cover ceasing age : [70] years (Nearest Birthday) Mode
of Premium Payment : The modes of premium payment allowable are Yearly, Half Yearly,
Quarterly, and Monthly [ECS only or through salary deductions (SSS)]. LIC Children's Money
Back Premium Payment Plan Table No 832
7. 7. Grace Period for Payment of Premium: A grace period of one month but not less than 30
days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of
premium payment. If death of the Life Assured occurs within the grace period but before the
payment of premium then due, the policy will be treated as in force and the benefits will be
paid after deductions of the said unpaid premium as also the unpaid premium/s falling due
before the next anniversary of the policy. If the premium is not paid before the expiry of the
days of grace, the policy lapses. If the policy has not lapsed and the claim is admitted in case
of death under the policy where the mode of payment of premium is other than yearly, unpaid
premium(s), if any, falling due before the next policy anniversary shall be deducted from the
claim amount. The above grace period will also apply to rider premium as the rider premium
is to be paid along with Basic Premium. Rebates: Mode Rebate: Yearly mode : 2% of tabular
premium Half-yearly mode : 1% of tabular premium Quarterly and monthly : NIL LIC
Children's Money Back Premium Payment Plan Table No 832
8. 8. High Sum Assured Rebate: Basic Sum Assured Rebate (Rs.) 1,00,000 to 1,90,000 Nil
2,00,000 to 4,90,000 2 per thousand Basic Sum Assured 5,00,000 and above 3 per thousand
Basic Sum Assured Surrender Value: The policy can be surrendered at any time during the
policy term provided premiums have been paid for full three years. Guaranteed Surrender
Value: The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of
taxes) excluding any extra premiums and premium for rider, if opted for, less any survival
benefits already paid. This percentage will depend on policy term and year in which the
policy is surrendered. In addition, the surrender value of vested Simple Reversionary
Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the

Surrender Value factor applicable to vested bonuses. These factors will depend on the policy
term and policy year in which policy is surrendered. Revivals: If premiums are not paid within
the grace period then the policy will lapse. A lapsed policy can be revived during the lifetime
of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid
premium and before the date of maturity, as the case may be, on submission of proof of
continued LIC Children's Money Back Premium Payment Plan Table No 832
9. 9. insurability to the satisfaction of the Corporation and the payment of all the arrears of
premium together with interest (compounding half-yearly) at such rate as fixed by the
Corporation from time to time. The Corporation reserves the right to accept at original terms,
accept with modified terms or decline the revival of a discontinued policy. The revival of
discontinued policy shall take effect only after the same is approved by the Corporation and
is specifically communicated to the Policyholder. Revival of Premium Waiver Benefit Rider, if
opted for, will be considered only along with revival of the Basic Policy, and not in isolation.
Loan: Loan facility is available under this plan after the payment of premiums for atleast three
full years and after obtaining the declaration from the proposer to the effect that loan is raised
for the benefit of the minor life assured. The loan shall be subject to the following conditions:
The Maximum loan that can be granted as a percentage of Surrender Value shall be as
under: For in force policies up to 90% For paid-up policies up to 80% However, the above
percentages may vary from time to time. The rate of interest to be charged for loan amount
would be determined from time to time by the Corporation. No foreclosure action under in
force policies shall be taken under this plan even if there is a default in payment of loan
interest. However, any loan outstanding along with interest shall be recovered from any
survival benefits or claim proceeds at the time of exit. LIC Children's Money Back Premium
Payment Plan Table No 832
10. 10. Taxes: Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax
as applicable from time to time. The amount of tax as per the prevailing rates shall be
payable by the policyholder on premiums including extra premiums and rider premium, if any.
The amount of Tax paid shall not be considered for the calculation of benefits payable under
the plan. LIC Children's Money Back Premium Payment Plan Table No 832

Lic New Bima Bachat policy Introduction

LIC New Bima Bachat Policy is a participating non-linked savings and
protection plan which provides financial protection against death during the
policy term. LIC Bima Bachat Policy is a single premium Money Back Plan
and a non unit-linked insurance traditional plan where a certain amount of
money is paid as pre-decided intervals.

In Lic New Bima Bachat plan no 816 Policy the premium is paid only
once and 15% of the Sum Assured is paid after every 3 years and the entire
Single Premium paid plus Loyalty Additions are paid on Maturity. However, if
the Life Insured dies within the policy tenure, the entire Sum Assured is paid
irrespective of the amount of money paid as Survival Benefit. In addition to
the Maturity benefit, on maturity of the policy, the single premium shall be
returned along with Loyalty Addition, if any. Lic New Bima Bachat
policy also takes care of liquidity needs through its loan facility.
You can calculate the premium that has to be paid on maturity of the Policy
using LIC New Bima Bachat Premium Calculator, you can also
calculate the maturity amount that you can get on completion of the policy
period i.e after maturity of your Bima Bachat Policy usingLIC New Bima
Bachat Maturity Calculator. You can also check Bima Bachat Premium
chart for remaining details about premium.

Lic New Bima Bachat plan no 816 Keyfeatures

Lic New Bima Bachat 816 is a single premium plan.

Loyalty Additions are payable on Policy Maturity.

Sum Assured Rebate for large Sum Assured.

In Lic New Bima Bachat policy with profits,Survival Benefit is payable

every 3 years of 15% of the Sum Assured.

Lic Bima Bachat consists of 3 policy tenures possible- 9 years, 12 years

and 15 years.

Survival benefits will be given to the policy holder after completion of

3 years of the policy period.

 At end of the term of the policy Policyholder receives Maturity

Benefit which is SUM ASSURED Survival Benefits paid + BONUS
+FAB etc
If he dies within the term of the Policy Death Benefit paid to Nominee
i.e. SUM ASSURED + BONUS acquired till that Year.
We can opt for Accident Benefit Rider and Critical Illness Rider by
paying small Amount with the Premium.
In New Bima Bachat there is High Bonus and High liquidity and saving
point.

Lic New Bima Bachat policy Eligibility Conditions

Eligibility

Maximum

Minimum

Age

66 years (nearest birthday) for term of 9

years63 years (nearest birthday) for term of
Age

12 years60 years (nearest birthday) for term

15 years (completed)

of 15 years

Sum
Assured

No Limit

Rs. 35,000 for term of 9

yearsRs. 50,000 for term of 12

yearsRs. 70,000 for term of 15

years

Conditions:

The person applying for the LIC New Bima Bachat policy should have
completed 15 years and should not be older than 66 years.

Lic new bima bachat policy will mature when the person is 75 years old.

There is a choice of three terms to choose from (9, 12 and 15 years) for
the policy depending on the age and requirement of the applicant.

The minimum sum that needs to be assured is Rs 20,000/- and there is

no limit on the amount that can be assured.

It is important to note that the sum assured should be in multiples of Rs

5000/- only.

Lic new bima bachat plan 816 requires the holder to pay a single
premium.

Policy Term:

Policy Term: 9, 12, 15 years

Premium Paying Mode:

Single Premium Payment

Lic New Bima Bachat Rebates:

Term
9 years

12 years

15 years

Sum Assured

Rebate

Less than Rs. 75,000

NIL

Rs. 75,000/- to Rs. 1,50,000/-

6%

Rs. 1,50,000/- and above

8%

Less than Rs. 1,00,000

NIL

Rs. 1,00,000/- to Rs. 2,00,000/-

4%

Rs. 2,00,000/- and above

6%

Less than Rs. 1,50,000

NIL

Rs. 1,50,000/- to Rs. 3,00,000/-

3%

Rs. 3,00,000/- and above

5%

Lic New Bima Bachat policy Premium Calculator

Now you can also know your premium with Lic Bima Bachat policy premium
calculator

for

that

you

have

to

mention

your

id,Number,Age,Term and Sum Assured.

Lic Bima Bachat policy benefits

1.Death benefit:

Name,Email

On death during the first five policy years: Sum Assured.

On death after completion of five policy years: Sum Assured along with
Loyalty Addition, if any.

If Death occured to the insured person the nominee will receives the
entire Sum Assured+Accrued Bonus.

2.Survival Benefits:
Insured Person will be paid survival benefits at end of specific durations
depend upon the policy term and Payable as given below in case of Life
Assured surviving to the end of the specified durations:

For policy term 9 years: 15% of the Sum Assured at the end of each
of 3rd & 6th policy year

For policy term 12 years: 15% of the Sum Assured at the end of each
of 3rd, 6th & 9th policy year

For policy term 15 years: 15% of the Sum Assured at the end of each
of 3rd, 6th, 9th & 12th policy year

3.Maturity Benefit:
Payment of Single Premium (excluding taxes and extra premium, if any) along
with Loyalty Addition, if any, in case of Life Assured surviving to the end of
the policy term.
4.Loyalty Addition:

Depending upon the Corporations experience the policies shall be participate

in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition,
if any, is payable on death after completion of five policy years and on
policyholder surviving to maturity, at such rate and on such terms as may be
declared by the Corporation.

LIC New Bima Bachat Plan Example

Mr.Kunal taken lic bima bachat policy whos age is 35 years old and he takes
for

the

term

of

12

years

for

Sum

of

Rs

1,00,000/-

to

12

He pays a single premium of Rs 72145/On Death during the policy period:

End
Total

of

year:

premiums

paid

1
till

end

of

Guaranteed:

year:

72145
100000

Total: 1,00,000.
Survival Benefits:
End

of

years:

15000

End

of

years:

15000

End

of

years:

15000

End of 12 years: 112945

If he dies during the first five years of policy term, his nominee will receive the
sum assured (Rs 1,00,000/-)
If Mr. Kunal dies after completing first five years of the policy term, his
nominee will receive the sum assured (Rs 1,00,000/-) + Loyalty additions