About Me

My photo
Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Sunday, January 3, 2010

Modifications - Profit Plus (188)

LIC’s Profit Plus (Plan No. 188)

I. MODIFICATIONS UNDER THE PLAN:


Under Limited premium paying term policies:

a) Minimum Premium:


EXISTING

MODIFIED

Other than monthly ECS mode:

Rs. 10,000 p.a.


Monthly ECS mode: Rs. 1,000 p.m.

Other than monthly ECS mode:

Rs. 15,000 p.a.


Monthly ECS mode: Rs. 1,500 p.m.

b) Minimum / Maximum Sum Assured:


EXISTING

MODIFIED

5 times the annualized premium or half

of the policy term times the annualized premium whichever is higher

5 times the annualized

premium


c) Maximum Maturity Age:

3 years premium payment:


EXISTING

MODIFIED

70 years nearest birthday

75 years nearest birthday


d) Policy Term:

3 years & 4 years premium payment:


EXISTING

MODIFIED

5 years to 20 years

10 years to 20 years

5 years premium payment:


EXISTING

MODIFIED

5 years to 20 years

10 years & 15 to 20 years

e) Premium Allocation Charge:

3 years & 4 years premium payment:


Existing

Modified

Premium Band

(per annum)

First year

Thereafter

Premium Band

(per annum)

First year

Thereafter

10,000 to 1,50,000

10.50%

2.50%

15,000 to 1,50,000

10.50%

2.50%

1,50,001 to 3,00,000

10.00%

2.50%

1,50,001 to 3,00,000

10.00%

2.50%

3,00,001 to 4,50,000

9.50%

2.50%

3,00,001 to 4,50,000

9.50%

2.50%

4,50,001 and above

9.00%

2.50%

4,50,001 and above

9.00%

2.50%

5 years premium payment:


Existing

Modified

Premium Band

(per annum)

First year

Thereafter

Premium Band

(per annum)

First year

Thereafter

10,000 to 1,50,000

24.00%

4.00%

15,000 to 1,50,000

24.00%

4.00%

1,50,001 to 3,00,000

23.50%

4.00%

1,50,001 to 3,00,000

23.50%

4.00%

3,00,001 to 4,50,000

23.00%

4.00%

3,00,001 to 4,50,000

23.00%

4.00%

4,50,001 and above

22.50%

4.00%

4,50,001 and above

22.50%

4.00%


f) Accident Benefit Rider:



EXISTING

MODIFIED

Maximum Entry Age

65 Yrs

60 Yrs

Policy Term for PPT 3 & 4 yrs

5 to 20 Yrs

10 to 20 Yrs

Policy Term for PPT 5 yrs

5 to 20 Yrs

10 & 15 to 20 Yrs

g) Critical Illness Rider:



EXISTING

MODIFIED

Policy Term for PPT 5 yrs

10 to 20 Yrs

10 & 15 to 20 Yrs

Under Single premium policies:


Minimum Premium:


EXISTING

MODIFIED

Rs. 20,000

Rs. 40,000


Under Limited premium paying policies and Single premium policies:


a) Fund Management Charge:



EXISTING

MODIFIED

Bond Fund

0.75 % p.a.

0.50 % p.a.

Secured Fund

1.00 % p.a.

0.60 % p.a.

Balanced Fund

1.25 % p.a.

0.70 % p.a.

Growth Fund

1.50 % p.a.

0.80% p.a.


b) Right to revise charges:

Fund Management Charge: The Maximum for each Fund will be as follows:



EXISTING

MODIFIED

Bond Fund

1.50 % p.a.

1.00 % p.a.

Secured Fund

2.00 % p.a.

1.10 % p.a.

Balanced Fund

2.50 % p.a.

1.20 % p.a.

Growth Fund

3.00 % p.a.

1.30 % p.a.

c) Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS

monthly. For monthly (ECS), the instalment premium shall be in multiples of Rs. 250/-.


II. FUND MANAGEMENT CHARGE UNDER EXISTING POLICIES:

With effect from 1st January 2010 under all the existing policies of LIC’s Profit Plus plan (i.e. policies taken prior to 1st January 2010) the fund management charges shall be at the revised rates as applicable in case of the policies issued with effect from 1st January 2010.


III. POLICY DOCUMENT:

Existing Policy Document shall be used with the following modifications:

New UIN (Unique Identification Number).

An endorsement shall be required to be attached as per Annexure I enclosed.

The relevant items in the existing policy bond corresponding to the items given in the endorsement shall be required to be cancelled.

Needless to add, at the time of fresh printing of policy document these changes shall need to

be incorporated.


IV. PROPOSAL FORM:

Existing Proposal Form shall be used after modifying the UIN (Unique Identification

Number). Further, it has been decided to add another question as given below. The same may be added while printing the new proposal form. For existing stock of proposal forms a rubber stamp may be used to add the question.

Question 4 c) Is your life now being proposed for another assurance or an application for revival of a policy on your life or any other proposal under consideration in any office of the corporation or to any other insurer? If yes, give details.


All other terms and conditions of the plans shall remain unchanged.

These modifications will come into force with effect from 1st January 2010.

1 comment:

  1. Way2profit provides research based stock market tips in Indian stock market covering NSE, BSE and MCX exchanges.

    ReplyDelete