Atal Pension Yojna (APY)-New Pension Scheme

Government of India launched three more Jan Suraksha Schemes called Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojna (APY). Atal pension Yojna(APY) is pension scheme for citizens of India focussed on the unorganized sector workers. Under the Atal pension Yojna (APY) scheme, a guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions made by the subscribers. 

Who can subscribe/enroll for APY?

Any Citizen of India can join APY scheme. The following are the eligibility criteria;

• The age of the subscriber should be between 18 – 40 years.
• He / She should have a savings bank account/ open a savings bank account.
• The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration.

LIC JEEVAN TARUN – New Child Plan

LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Option	Survival Benefit	Maturity Benefit
Option 1	No survival benefit	100% of Sum Assured
Option 2	5% of Sum Assured every year for 5 years	75% of Sum Assured
Option 3	10% of Sum Assured every year for 5 years	50% of Sum Assured
Option 4	15% of Sum Assured every year for 5 years	25% of Sum Assured

Eligibility Conditions and Other Restriction:  

Minimum Sum Assured                             : Rs. 75,000

Maximum Sum Assured                           : No Limit

(The Sum Assured shall be in multiples of Rs. 5,000 from Sum Assured Rs. 75,000 to Rs. 100,000 and Rs. 10,000/- for Sum Assured above Rs 100,000)

Minimum Age at entry                               : [90] days  (last birthday)

Maximum Age at entry                              : [12] years (last birthday)

Minimum/ Maximum Maturity Age             : [25] years (last birthday)      

Policy Term                                               : [25 – Age at entry] years

Premium Paying Term (PPT)                      : [20 – Age at entry] years

Premium paying modes                               :Yearly, Half-yearly, Quarterly and Monthly mode.

However, 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.
 

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

LIC NEW MONEY BACK PLAN-25 YEARS

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.

Eligibility Conditions and Other Restrictions:

Minimum Basic Sum Assured                       :   Rs. 100,000

Maximum Basic Sum Assured                      :   No Limit

(The Basic Sum Assured shall be in multiples of Rs. 5000/-)

Minimum Age at entry for Life Assured         :  13 years (completed)

Maximum Age at entry for Life Assured        :  45 years (nearest birthday)

Maximum Maturity Age for Life Assured      :  70 years (nearest birthday)

Term                                                            :  25 years

Premium paying term                                    :  20 years

Premium paying modes                                 : Yearly, Half-yearly, Quarterly and Monthly mode.

However, 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.

LIC JEEVAN SANGAM

LIC’s Jeevan Sangam is a participating, non-linked, savings cum protection single premium plan wherein the risk cover is a multiple of single premium. The proposer will have an option to choose the Maturity Sum Assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of Maturity Sum Assured and age of the life assured.

The plan will be open for sale for a maximum period of 90 days from the date of launch (1^st June 2015).

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:

Minimum Entry Age                                         : 6 years (completed)

Maximum Entry Age                                         : 50 years (nearest birthday)

Minimum/Maximum Basic Sum Assured       : 10 times of tabular single premium                                                                                  

Minimum Maturity Sum Assured                    : Rs. 75,000/-

Maximum Maturity Sum Assured                   : No Limit

Policy Term                                                      :   12 years

Premium payment mode                                   : Single premium only

Date of commencement of risk: In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years.

For those aged 8 years or more, risk will commence immediately.

Policy Benefits:

On death during first five policy years:
Before the date of commencement of risk: Refund of single premium excluding service tax and extra premium, if any, without interest.

 After the date of commencement of risk: Basic Sum assured i.e. 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:
 Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

Maturity Benefit:

On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.


For more details visit your nearest LIC branch or email at: sushilshm2010@gmail.com  
Call: 0- 80581 89360 

LIC Jeevan Lakshya

LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

Eligibility Conditions and Other Restrictions:

Minimum Basic Sum Assured      :   Rs. 100,000

Maximum Basic Sum Assured     :   No Limit

Policy Term                                    : 13 to 25 years

Premium Paying Term                  : (Policy Term – 3) years

Minimum Age at entry                 :  18 years (last birthday)

Maximum Age at entry                 :  50 years (nearest birthday)

Maximum Maturity Age               :  65 years (nearest birthday)

Premium paying modes:                   Yearly, Half-yearly, Quarterly and Monthly mode.

Policy Benefits:

On Death:
1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, (till policy anniversary prior to date of maturity)

2.      2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable  on due date of maturity; and

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit,  shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

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

For more details visit your nearest LIC branch or email at: sushilshm2010@gmail.com