LIC Policies with Sum Assured Above 1 Crore

LIC offers diverse policies with high coverage, including term insurance, endowment, and money-back plans. Term plans like Jeevan Kiran provide financial support to the family and return premiums on maturity. New TECH TERM is an online plan with flexibility, while New Jeevan Amar offers financial protection. Endowment plans like New Endowment and New Jeevan Anand combine savings and protection, participating in profit-sharing.

Money-back plans, such as New Bima Bachat and NEW MONEY BACK PLANS, offer periodic payouts and maturity benefits. LIC also has plans tailored for children and special plans for High Net-worth Individuals (HNIs) like Jeevan Shiromani and Bima Shree, offering financial security and lump sum payouts

LIC Term insurance plans:

Term insurance plans are traditional insurance products that offer a high sum assured for a relatively low annual premium. These plans are the ideal, cost effective, protection solutions.

1. LIC's Jeevan Kiran: LIC’s Jeevan Kiran is a non-linked, non-participating individual savings life insurance plan offering protection and savings. It provides financial support to the insured's family in case of their untimely death during the policy term. Additionally, if the policyholder survives till maturity, the plan returns the total premiums paid, excluding extra premiums, rider premiums, and taxes. The policy offers flexibility with options for single or regular premium payments, varied protection durations, and the choice to receive benefits in installments. It includes high sum assured rebates and has two premium rate categories based on smoking status. Accidental benefit riders are also available. Eligibility criteria include age at entry (18 to 65 years), policy term (10 to 40 years), and basic sum assured (minimum of Rs.15,00,000). Maturity benefits equal the total premiums paid, and death benefits are based on the highest of various calculations, including 7 times the annualized premium, 105% of total premiums paid up to the date of death, or the basic sum assured. The policy is available both offline through agents and online directly through the LIC website.

2.  LIC's New TECH TERM: LIC’s New Tech-Term is an online life insurance plan offering financial protection in case of the insured's death during the policy term. It's available only through LIC's website. Key features include two benefit options (Level Sum Assured and Increasing Sum Assured), flexible premium payment options (Single, Regular, or Limited), and special rates for women. The plan also offers high sum assured rebates and allows the addition of an Accident Benefit Rider for enhanced coverage. Benefits include a Death Benefit, payable on the insured's death during the policy term, and a Maturity Benefit, which is not applicable if the policyholder survives until the end of the policy term. Eligibility criteria encompass a minimum entry age of 18 years, a maximum entry age of 65 years, and a maximum maturity age of 80 years. The minimum Basic Sum Assured is Rs.50,00,000. Policy terms range from 10 to 40 years, with premium paying terms aligned with the policy term. The Basic Sum Assured is in multiples of Rs.5,00,000 or Rs.25,00,000 depending on the chosen Basic Sum Assured range.

3.  LIC's New Jeevan Amar: LIC’s New Jeevan Amar is a non-linked, non-participating individual life insurance plan designed to provide financial protection to the insured's family in case of their unfortunate demise. It can be purchased offline through licensed agents, corporate agents, brokers, and insurance marketing firms. Key features include flexibility in benefit options (Level Sum Assured and Increasing Sum Assured), premium payment options (Single Premium, Regular Premium, and Limited Premium Payment), policy term selection, and the ability to receive benefits in installments. Special rates for women, high sum assured rebates, and the option to add an Accident Benefit Rider for increased coverage are also available. Benefits comprise a Death Benefit paid in case of the insured's death during the policy term and a Maturity Benefit, which is not applicable if the policyholder survives until the end of the policy term. Eligibility conditions include a minimum entry age of 18 years, a maximum entry age of 65 years, and a maximum maturity age of 80 years. The minimum Basic Sum Assured is Rs.25,00,000. Policy terms range from 10 to 40 years, with premium paying terms aligned with the policy term. The Basic Sum Assured is in multiples of Rs.1,00,000 for policies between Rs.25,00,000 and Rs.40,00,000 and Rs.10,00,000 for policies above Rs.40,00,000. Single premium payment is not applicable.

Endowment Plans

Endowment plans offer two types of plans, participating and non-participating plans. This means that some of the plans take part in company profits and others don’t.

1.  LIC's New Endowment Plan: LIC’s New Endowment Plan is a Participating Life Assurance Savings Plan. It offers financial protection and savings, ensuring support for the family in case of the policyholder's death during the term and a lump sum at maturity. The Death Benefit includes 'Sum Assured on Death,' vested bonuses, and a potential Final Additional Bonus, ensuring a payout of at least 105% of total premiums paid. On surviving the policy term, the Maturity Benefit is the 'Sum Assured on Maturity' along with vested bonuses. The policy participates in profit-sharing with Simple Reversionary Bonuses and a possible Final Additional Bonus. Entry age is 8 to 55, with policy terms from 12 to 35 years.

2.  LIC's New Jeevan Anand: LIC’s New Jeevan Anand Plan is a Participating Life Assurance plan providing protection and savings. It offers financial security against death throughout the policyholder's lifetime and pays a lump sum at the selected policy term's end if the policyholder survives. In case of death during the policy term, it provides a death benefit comprising 'Sum Assured on Death,' vested Simple Reversionary Bonuses, and a potential Final Additional Bonus. On surviving the policy term, it offers the 'Sum Assured on Maturity' along with bonuses. The policy participates in profit-sharing, including Simple Reversionary Bonuses and a potential Final Additional Bonus. Entry age is 18 to 50, with policy terms from 15 to 35 years, and risk coverage starts immediately.

3.  LIC's Single Premium Endowment Plan: LIC’s Single Premium Endowment Plan is an Individual Life Assurance savings plan that combines savings and protection. Premium is paid upfront. It provides financial security against death during the policy term, with a lump sum paid at the term's end if the policyholder survives. In the event of death during the policy term, the plan offers a death benefit, either a return of single premium or Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, depending on when the death occurs. On surviving the policy term, the policyholder receives the Sum Assured on Maturity, which is equal to the Basic Sum Assured. The policy participates in profit sharing, including Simple Reversionary Bonuses and potential Final Additional Bonuses. Entry age is 90 days to 65 years, with policy terms from 10 to 25 years. Minimum Sum Assured is Rs.50,000, with no maximum limit. Premiums are paid as a single premium.

4.  LIC's Jeevan Lakshya: LIC’s Jeevan Lakshya is an Individual Life Assurance plan that offers both protection and savings. It provides an Annual Income benefit in case of the policyholder's unfortunate death before maturity, primarily for the benefit of children, and a lump sum amount at maturity regardless of survival. The death benefit includes 'Sum Assured on Death', vested Simple Reversionary Bonuses, and Final Additional Bonus, ensuring financial security for the family. On surviving the policy term, the policyholder receives the 'Sum Assured on Maturity' along with bonuses. The plan also participates in profit sharing. The Basic Sum Assured ranges from Rs.100,000 with no maximum limit, and the policy term is 13 to 25 years. Entry age is 18 to 50 years, with a maximum maturity age of 65.

5.  LIC's Jeevan Labh: LIC's Jeevan Labh Plan offers comprehensive benefits under an in-force policy. In the event of the Life Assured's untimely death before the policy matures, the Death Benefit is paid, including the 'Sum Assured on Death,' vested Simple Reversionary Bonuses, and Final Additional Bonus (if applicable). The Death Benefit is no less than 105% of total premiums paid, with options for lump sum or installment payments. Upon surviving until the Maturity Date, Maturity Benefit is provided, consisting of the 'Sum Assured on Maturity' and bonuses. The policy also offers a choice of five riders. Participation in profits, premium payments, grace periods, and vesting on the life of a minor are additional policy features.

Money Back Plans

Money back plans are insurance policies that come with both death and maturity benefits.

1.  LIC's New Bima Bachat: LIC's New Bima Bachat is a non-linked, participating life assurance savings cum protection plan with a single premium payment. It offers financial protection against death during the policy term and provides survival benefits at specified intervals. On maturity, the single premium is returned along with Loyalty Addition, if any. The Death Benefit includes 'Sum Assured on Death,' which is higher of Sum Assured on Death, 1.25 times the single premium, or Basic Sum Assured. Survival benefits are fixed percentages of Basic Sum Assured at specified policy durations. The Maturity Benefit consists of 'Sum Assured on Maturity.' Loyalty Addition may be applicable. The plan offers eligibility based on age, policy term, and premium payment mode. Risk commences immediately, and vesting occurs when a minor policyholder reaches 18 years of age. Optional rider benefits are available.

2.  LIC's NEW MONEY BACK PLAN - 20 YEARS: LIC's New Money Back Plan-20 years is a non-linked, participating, limited premium individual life assurance plan. It offers protection against death throughout the policy term and periodic survival benefits at specified intervals. The Death Benefit includes 'Sum Assured on Death,' which is higher of 125% of the Basic Sum Assured or 7 times the annualized premium, ensuring it's at least 105% of total premiums paid till the date of death. Survival benefits of 20% of the Basic Sum Assured are payable at the end of the 5th, 10th, and 15th policy year. On maturity, 'Sum Assured on Maturity' equal to 40% of the Basic Sum Assured is provided. The policy also participates in profits, including Simple Reversionary Bonuses and Final Additional Bonuses. Eligibility is based on age, Basic Sum Assured, and policy term, with risk commencing immediately and vesting at the age of 18 for minor policyholders.

3.  LIC’s NEW MONEY BACK PLAN - 25 YEARS: LIC's New Money Back Plan-25 years is a non-linked, participating, limited premium individual life assurance plan. It provides protection against death throughout the policy term and periodic survival benefits at specified intervals. The Death Benefit includes 'Sum Assured on Death,' which is higher of 125% of the Basic Sum Assured or 7 times the annualized premium, ensuring it's at least 105% of total premiums paid till the date of death. Survival benefits of 15% of the Basic Sum Assured are payable at the end of the 5th, 10th, 15th, and 20th policy year. On maturity, 'Sum Assured on Maturity' equal to 40% of the Basic Sum Assured is provided. The policy also participates in profits, including Simple Reversionary Bonuses and Final Additional Bonuses. Eligibility is based on age, Basic Sum Assured, and policy term, with risk commencing immediately and vesting at the age of 18 for minor policyholders.

4.  LIC's Jeevan Umang: LIC's Jeevan Umang is a whole life insurance plan offering financial protection and periodic income. In the event of the policyholder's death during the term, the plan provides a death benefit comprising the Sum Assured on Death, Simple Reversionary Bonuses, and Final Additional Bonus. Survival benefits, equal to 8% of the Basic Sum Assured, are paid annually upon surviving to the premium-paying term's end. Upon maturity, the Sum Assured on Maturity is paid, along with accrued bonuses. The policy participates in profits, with bonuses declared during the premium-paying term and Final Additional Bonuses upon death or maturity. Eligibility includes a minimum Basic Sum Assured of Rs. 2,00,000 and various premium-paying and policy terms.

5. LIC's NEW CHILDREN'S MONEY BACK PLAN: LIC's New Children's Money Back Plan is a participating life insurance policy tailored for children aged 0 to 12. It offers financial security through various benefits. In case of the child's demise during the policy term, the plan pays a death benefit. Additionally, it provides survival benefits at ages 18, 20, and 22, granted the policy remains active. Upon maturity, a maturity benefit is paid, including the Sum Assured on Maturity, accrued bonuses, and a possible Final Additional Bonus. The policy participates in the insurer's profits, offering Simple Reversionary Bonuses. Minimum Basic Sum Assured is Rs.100,000, with no upper limit. Risk commencement varies with the child's age, and vesting occurs at 18 years old.

6.  LIC's Jeevan Tarun: LIC's Jeevan Tarun is a participating life assurance plan designed for children aged 0 to 12, focusing on financial security and savings. It offers flexibility by allowing the proposer to choose from four options for Survival Benefits and Maturity Benefits. Survival Benefits provide annual payments starting at age 20 and continuing until age 24, with different options determining the payout structure. The Maturity Benefit includes Sum Assured, accrued bonuses, and a potential Final Additional Bonus, payable at age 25. Once the option is chosen, it becomes part of the policy. The plan also offers a loan facility and can be purchased by parents or grandparents

7.  LIC's Jeevan Shiromani: LIC's Jeevan Shiromani is designed for High Net-worth Individuals, offering protection and savings. It provides financial support for the family in case of the policyholder's death during the policy term. Periodic payments are made upon survival at specified intervals, with a lump sum at maturity. Additionally, it offers a lump sum on the diagnosis of specified Critical Illnesses. The death benefit includes 'Sum Assured on Death' and accrued Guaranteed Additions, while the survival benefit pays a percentage of the Basic Sum Assured. The maturity benefit consists of 'Sum Assured on Maturity' and accrued bonuses. There's also an inbuilt Critical Illness Benefit and a loan facility available.

8.  LIC's Bima Shree: LIC's Bima Shree is a savings and protection plan tailored for High Net-worth Individuals, offering financial security to their families in the event of the policyholder's demise during the policy term. This plan features periodic payouts at specific intervals, a lump sum at maturity, and includes the option to receive a lump sum upon diagnosis of specified Critical Illnesses. Policyholders can also avail of a loan facility for liquidity needs. The plan offers Death Benefits, Survival Benefits, and Maturity Benefits, with participation in profits and guaranteed additions. Eligibility is for individuals aged 8 to 55, with a minimum Basic Sum Assured of Rs. 10,00,000, and various rider options are available. The policy automatically vests when the insured turns 18.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017