Life Insurance in Estate Planning

I recently received a video by my mentor Dr Sanjay Tolani, which he shared about why you should buy life insurance and I thought it is an important video for you to watch.

In fact, all my clients have learn a lot about financial planning just by watching this video.

Here's the link: https://youtu.be/R0jgKBphwYE

LIC Single Premium Endowment (817)

LIC Single Premium Endowment (817) Plan is a single premium, non-linked, with profits Endowment Plan of LIC.

Below are some of the additional details of this plan. To get more information, contact us using the "Contact Form" option on this blog.

Premium Payment Mode:
Single Premium

Term :
10 to 25 Years

Minimum Entry Age :
90 days Completed

Maximum Entry Age :
65 Year (Nearest Birthday)

Maximum Maturity Age :
75 Year

Minimum Sum Assured :
50,000

Maximum Sum Assured :
No Limit (Depending upon Income)

Policy Benefits :
On Death :
On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any
On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.

On Survival :
On survival Sum Assured + Vested Bonus + FAB if any.

Surrender Value :
The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Loan :
Loan Facility is available under this plan, after completion of one policy year.

Income Tax Benefit :
• u/s 80C up to 10% of SA.

LIC Jeevan Shanti (850)

LIC Jeevan Shanti (850) Plan is a non-linked, non-participating, single premium annuity plan of LIC wherein the Policyholder has an option to choose an Immediate Annuity or Deferred Annuity. This plan shall be allowed to lives including third gender.

Below are some of the additional details of this plan. To get more information, contact us using the "Contact Form" option on this blog.

Premium Payment Mode:
Single Premium

Annuity Mode:
• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals.

Minimum Entry Age :
30 Year Completed

Maximum Entry Age :
• 100 years (last birthday) for Option F in Immediate Annuity
• 85 years (last birthday) except Option F in Immediate Annuity
• 79 years (last birthday) Deferred Annuity

Minimum Sum Assured :
• Rs.1,50,000/-

Maximum Sum Assured :
No Limit

Annuity Options :
1. Immediate Annuity or  2. Deferred Annuity.
10 Options for Immediate Annuity
2 Options for Deferred Annuity: 1. Single Life 2. Joint Life

DEFERMENT PERIOD :
1 year to 20 years

Close relatives as Joint Life Annuitants means ( Grand Parents, Parents, Children, Grand children, spouse or Siblings).

Surrender Value :
The policy can be surrendered at any time after three months from the completion of policy.Surrendered shall be allowed under the following annuity options only:
a. Immediate annuity-
i) Option F: Immediate Annuity for life with return of Purchase Price.
ii) Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
b. Deferred annuity-
i) Option 1: Deferred annuity for Single life
ii) Option 2: Deferred annuity for Joint life

Loan :
Loan facility shall be available after completion of 1 policy year. 

Policy loan shall be allowed under the following annuity options only:
a. Immediate annuity-
i) Option F: Immediate Annuity for life with return of Purchase Price.
ii) Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
b. Deferred annuity-
i) Option 1: Deferred annuity for Single life
ii) Option 2: Deferred annuity for Joint life

Think about it

Do you know any country or company that offers 8% of Insured amount as Tax Free and Assured Return with Sovereign guarantee upto 99 years ?

Can you imagine assured return upto 99 years ?

How about you enroll yourself in a wonderful product which has the option of paying premium as low as 3 years to high of 30 years. You have the choice of paying for 3 years also.

Since long term interest rate in India is continuously going down, this product is a must in everyone's portfolio for peaceful Retired Life.

To discuss this and more, please Contact Us.



LIC Jeevan Labh (836)

LIC Jeevan Labh (836) plan is a limited premium paying, non-linked, with-profits Endowment Assurance plan of LIC.

Below are some of the additional details of this plan. To get more information, contact us using the "Contact Form" option on this blog.

Premium Payment Mode:
Yearly, Half yearly, Quarterly, Monthly(ECS)

Term :
16 Years /21 Years /25 Years

Premium Paying Term (PPT):
For Term 16 Years, PPT 10 Years
For Term 21 Years, PPT 15 Years
For Term 25 Years, PPT 16 Years

Minimum Entry Age :
8 Year Completed

Maximum Entry Age :
59 Year (Nearest Birthday)

Maximum Maturity Age :
75 Year

Minimum Sum Assured :
2,00,000

Maximum Sum Assured :
NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits :
On Death :
Basic Sum-Assured, OR 10 times of Annualized Premium, OR 105% of all the Premiums paid as on death, whichever is higher.

On Survival :
On survival Basic Sum-Assured + Reversionary Bonus + Final Additional Bonus.

Surrender Value :
The Policy can be surrendered at any time during the policy term provided at least three full years premiums have been paid.

Loan :
Loan Facility is available under this plan, after payment of premiums for at least 3 full years.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).

LIC Jeevan Umang (845)

LIC Jeevan Umang Plan (845) plan is a non-linked, with-profits whole life assurance plan of LIC. This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sum payment at the time of maturity or on death of the policyholder during the policy term.

Below are some of the additional details of this plan. To get more information, contact us using the "Contact Form" option on this blog.

Premium Payment Mode:
Yearly, Half yearly, Quarterly, Monthly(ECS)

Term :
[100 - age entry] Year

Premium Paying Term (PPT) :
15 years / 20 years / 25 years / 30 years

Minimum Entry Age :
[90]days (completed)

Maximum Entry Age :
55 years (Nearest Birthday) for PPT = 15
50 years (Nearest Birthday) for PPT = 20
45 years (Nearest Birthday) for PPT = 25
40 years (Nearest Birthday) for PPT = 30

Minimum age at the end of the PPT :
[30]years(Nearest Birthday)

Maximum age at the end of the PPT :
[70]years(Nearest Birthday)

Age at Maturity :
[100]years(Nearest Birthday)

Minimum Sum Assured :
2,00,000

Maximum Sum Assured :
No Limit (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Maximum Accidental Benefit Rider shall be available during the PPT only.

Policy Benefits :
On Death :
On death before the commencement of Risk:
An amount equal to the total amount of premium/s paid without interest shall be payable.
On death after commencement of Risk:
Sum Assured on Death+vested simple reversionary Bonus + FAB if any.
Where Sum Assured on Death is defined as the highest of
Basic Sum-Assured,OR
10 times of Annualized Premium, OR
105%of all Premiums paid as on death

On Survival :
On survival 8% of Basic Sum Assured shall be payable each year.

LIC Jeevan Lakshya (833)

LIC Jeevan Lakshya (833) plan is a limited premium paying term conventional With-Profits Endowment Assurance plan of LIC where premium paying term is less than policy term by three years.

Below are some of the additional details of this plan. To get more information, contact us using the "Contact Form" option on this blog.

Premium Payment Mode:
Yearly, Half yearly, Quarterly, Monthly(ECS)

Term :
13 to 25 Years

Premium Paying Term (PPT) :
(Policy Term - 3) Years

Minimum Entry Age :
18Years Completed

Maximum Entry Age :
50Years (Nearest Birthday)

Maximum Maturity Age :
65 Year (Nearest Birthday)

Minimum Sum Assured :
1,00,000

Maximum Sum Assured :
No Limit (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 65.

Policy Benefits :
On Death :
Benefits payable on death:
Sum Assured on Death + Bonuses and Final Additional Bonus, if any, shall be payable in following manner.
Annual Income Benefit equal to 10% of the Basic Sum Assured (till policy anniversary prior to date of maturity).
Assured Absolute Amount of 110% of Basic Sum Assured, payable (on due date of maturity).
Along with Bonuses and Final Additional Bonus, if any, on maturity. (on due date of maturity).

On Survival :
On survival Basic Sum Assured + Vested Bonus + FAB if any.

Surrender Value :
The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.

Loan :
Available after payment of premium of 3 full years.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).

LIC Jeevan Anand (815)

LIC Jeevan Anand (815) Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump sum at the end of the selected policy term in case of his or her survival.

Below are some of the additional details of this plan. To get more information, contact us using the "Contact Form" option on this blog.

Premium Payment Mode:
Yearly, Half yearly, Quarterly, Monthly(ECS)

Term :
15 to 35 years

Minimum Entry Age :
18 Year Completed

Maximum Entry Age :
50 Year (Nearest Birthday)

Maximum Maturity Age :
75 Year

Minimum Sum Assured :
1,00,000

Maximum Sum Assured :
No Limit (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits :
On Death :
Provided all due premiums have been paid, the following death benefit shall be paid:
• On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Revisionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
• On death of policyholder at any time after policy term: Basic Sum Assured

On Survival :
Basic Sum Assured, along with vested Simple Revisionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Surrender Value :
The policy can be surrendered for cash provided at least three full years premiums have been paid.The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered.

Loan :
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).