• Whole Life Assurance Plan:
  A low cost insurance plan where Sum Assured is payable on death of the life assured and premiums are payable throughout life.
• Endowment Assurance Plan:
  Under this plan Sum Assured is payable on the date of maturity or on death of the life assured, if earlier.

Both these plans are available with facility of paying the premiums for a limited period.

Term Assurance Plans

• Two Year Temporary Assurance Plan:
  Term assurance for 2 years is available under this plan. Sum assured is payable only on death of the life assured during the term.
• Convertible Term Assurance Plan:
  It provides term assurance for 5 to 7 years with an option to purchase a new Limited Payment Whole Life Policy or an Endowment Assurance Policy at the end of the selected term provided the policy is in full force.
• Bima Sandesh:
  This is basically a Term Assurance Plan with the provision for return of premiums paid on surviving the term.
• Bima Kiran:
  This plan is an improved version of Bima Sandesh with an added attraction of Loyalty Addition, in built accident cover and Free Term Cover after maturity, provided the policy is, then in full force.

Pension Plans

These plans provide for either immediate or deferred pension for life. The pension payments are made till the death of the annuitant (unless the policy has provision of guaranteed period). Both the Deferred Annuity and Immediate Annuity Plans are available with return of GIVE amount on death after vesting under Jeevan Dhara Plan and return of Purchase Price on death under Jeevan Akshay Plan.

Jeevan Sarita

Joint life last Survival Annuity-cum-Assurance Plan (for husband and wife) where claim amount is payable partly in lumpsum and party in the form of an annuity with return of balance sum assured on the death of survivor.

Special plans to meet special needs

• Jeevan Griha Plan (Double cover & triple cover):
  For people desirous of obtaining a housing loan with the policy acting as collateral security and to ensure repayment of loan in the event of premature death of the borrower.
• Mortgage Redemption:
  Suitable width=450 for borrowers as it ensures that the outstanding loan is automatically repaid in the event of the borrower's death.
• Bhavishya Jeevan:
  Ideal plan for professionals with a limited span of high income.
• New Jana Raksha:
  Ideal for people with no regular income. It provides for death cover for a period of 3 years from first unpaid premium, provided at least 2 full years premiums have been paid.
• Double Endowment:
  Ideal for people with physical disability who are otherwise not acceptable width=450 for other plans of assurance at normal rates.
• Fixed Term (Marriage) Endowment/Educational Annuity:
  A plan suitable width=450 for making provision for start in life, marriage or education of children.
• Convertible Whole Life:
  The policy is issued as a whole life plan with an option to convert it into an Endowment Assurance at the end of 5 years. A plan suitable for those who cannot afford high premium in the initial years but have prospects of increased income within a few years.
• Money Back Plan:
  Beside providing life cover during the term of the policy, the maturity benefits are paid in instalments by way of survival benefits.
• Jeevan Surabhi:
  Improved version of Money Back Plan where premiums are payable for a limited period with an added attraction of periodical increase in insurance cover.
• Jeevan Sathi:
  This is a double cover Joint Life Endowment Assurance plan with profits for husband and wife.
• Jeevan Chhaya:
  The plan ideal to provide for child's higher education.
• Jeevan Mitra:
  Basically an endowment assurance plan with payment of an additional sum assured on death of the life assured during the term of the policy.
• Jeevan Shree:
  Jeevan Shree is basically a limited payment endowment assurance plan with attractive Guaranteed Addition and Loyalty Additions.
• Asha Deep II:
  This plan provides besides death and maturity payment, benefits in case the life assured suffers from any of the four defined ailments.
• Jeevan Aadhar:
  Especially designed for handicapped dependents. This is a limited payment whole life policy where claim amount is paid partly in lumpsum and partly in the form of an annuity. Income Tax relief under Section 80 DDA is also available.
• Jeevan Suraksha:
  This is a new pension plan which will fulfill one's financial needs during old age. Income Tax relief under Section 80 CCC(I) is also available.
• Jeevan Sanchay:
  This is a without profit Money Back type plan with provision for Guaranteed Additions and Loyalty Additions. While the plan provides full life cover during the term of the policy, the sum assured is payable in instalments at various durations. Guaranteed Addition at the rate of Rs.70 p.a. per thousand sum assured alongwith Loyalty Addition is payable on the date of maturity or at death.
• Jeevan Sneha:
  This plan has been prepared specially for females. This is basically a Money Back Type Plan without participating in profits but with Guaranteed Additions and Loyalty Additions. While the plan provides full life cover during the term of the policy, the sum assured is payable in instalments at various durations. Guaranteed Addition at the rate of Rs.70 p.a. per thousand sum assured together with Loyalty Addition is payable on the date of maturity or at death. In addition it provides for inbuilt accident benefit and some other benefits details of which can be obtained from Branch Office.

The Objectives

• Insurance protection at the lowest possible premium cost.

Extend cover to large segments of the population including those who cannot afford individual insurance.

 

Scheme Highlights Valuable life insurance cover with simple procedures. Low premiums, reduced further if experience is favourable. Cost mostly borne by employer. Tax benefits for both employer and employee. LIC of India has designed various group schemes to employer-employee groups either to meet the statutory liability of the employer or to provide some additional benefits for the welfare of the employees and their families. Basic advantages under these plans are : Low cost of insurance, Simple administration, Simple underwritting procedure, and Tax benefits to the Employer/Employees (if it is contributory scheme).

Group Insurance Scheme   Group Insurance Scheme provides for the benefit in case of death of the member during the policy-year. This cover is granted under one year renewable group term assurance plan. The various types of this Group Insurance Scheme are as follows : Group Insurance Scheme Group Insurance Scheme in lieu of EDLI, 1976 Group Insurance Scheme in Conjunction with Superannuation Scheme Group Insurance Scheme covering Housing Loan Group Insurance Scheme covering Vehicle Loan Group Savings Linked Insurance Scheme : (GSLI) Group Gratuity Scheme Group Superannuation Scheme Group Savings Linked Insurance Scheme Group Annuity Scheme : (GA) Group Scheme For Voluntary Retirement Scheme : (VRS) Group Leave Encashment Scheme : (GLES)   Group Insurance Scheme : This scheme provides for insurance cover, either flat or graded, depending upon the choice of the Master Policyholder.The gradation depends on the designation of the employees. This scheme may create a goodwill among the employees for the employer since it will be an additional benefit providedby employer for employees' welfare. Group Insurance Scheme in lieu of EDLI, 1976 : An Employer has to subscribe for the insurance cover to the employees, who are members of P. F., to Provident Fund Authorities. LIC offers better cover than offered by RPFC. This can be a flat cover of Rs.37,000/- or graded cover from Rs.11,000/- to Rs.37,000/- depending upon the notional balance in the P. F. account of the employee. If employer opts for LIC's scheme, he can be exempted from paying premium to RPFC for which an application is made. Group Insurance Scheme in Conjunction with Superannuation Scheme : This scheme provides for life cover depending upon the outstanding service of the employee for the members of Superannuation Scheme. This provides lumpsum benefit in case of unfortunate death of the member before superannuation age. Group Insurance Scheme covering Housing Loan : The employers are granting Housing Loan to their employees. In case of unfortunate death of the employee, the outstanding loan is recovered from terminal dues, which will hardly leave anything for the family members. This scheme is to cover the outstanding housing loan of the employee which will be paid to the employer in case of his unfortunate death and the family members of the employee will be entitled for full terminal dues. Group Insurance Scheme covering Vehicle Loan : The employers are granting Vehicle Loan to their employees. Like Housing Loan, the outstanding vehicle loan granted to the employees can be covered under group insurance Scheme.

Group Savings Linked Insurance Scheme : (GSLI) The Objectives To offer higher savings/death benefits at lower cost. This scheme provides for benefit on maturity, leaving service or in case of death. This can be a contributory or non-contributory scheme. Part of the premium collected is the savings premium which is accumulated at the rate declared from time to time; and, part is utilised as OYRGTA premium to provide life cover in case of death.

Assured payment of full retirement gratuity to employees even to those who die prematurely. Scientific funding of employers' statutory liability. Gratuity is a statutory liability of an employer who employs 10 or more employees. As per the Gratuity Act, employer has to pay 15 days' salary for each year of service subject to maximum of Rs.2.5 Lakhs. The fair practice is to provide for the gratuity liability on yearly basis, as per the advice of the Actuary. LIC offers a gratuity scheme to the employer and advises the Master Policyholder about the yearly contributions (including premium for the Term Assurance) to be made to the Gratuity Fund. On the contributions received towards the gratuity fund, interest as declared from time to time is allowed and all the claims are settled out of this fund. The unique feature of LIC's scheme is that in case of death of the employee, LIC pays gratuity for the accrued as well as anticipated years of service.

Group Savings Linked Insurance Scheme The object is to offer much higher lump sum death benefits than those secured under individual assurances. Some employers provide for Pension benefit to all the employees or a particular section of employees on thier retirement. This is not a statutory liability of the employer. LIC's superannuation scheme provides for this pension benefit to the employees on their retirement, resignation or death. The employer can contribute to the superannuation fund to the extent of 27% of annual salary less contributions towards the PF. These contributions are accumulated for each individual member at the rate declared by LIC from time to time and the accumulated amount available as on the date of retirement, resignation or death will be utilised to pay the pension to the beneficiary under various options as mentioned below : Life/Jt. Life Annuity ; Life/Jt. Life Annuity guaranteed for 5, 10, 15, 20 years ; Life/Jt. Life Annuity with return of capital. If the employer so desires, arrangement for the pension based on the terminal salary can be made. In such case the rate of annual contribution will be quoted by LIC every year after evaluating the liability for the year.

Group Annuity Scheme : (GA) The employers who are managing the superannuation or pension fund themselves have to purchase annuities, as and when the contingency arises, from LIC. Lumpsum payment can be made to LIC to purchase the annuities in respect of the member and the pension will be paid to the member/beneficiary as per the choice of the plans above. In case of voluntary retirement scheme the pension payable to employees, will be paid by LIC as per the terms and conditions of the voluntary scheme. The purchase price required will be quoted by LIC as per the data of employees who have opted for voluntary retirement. Group Leave Encashment Scheme : (GLES) As per the amended section 209 (3) of the Companies "Act, 1957, and Accounting Standard 15 of January '95, the employer has to provide for the liability of leave encashment facilities available to the employees in the annual accounts. The LIC Scheme will enable the employer to fund this leave encashment as per the advice given by LIC from time to time and will also provide for flat insurance cover from Rs.5,000/- to Rs.25,000/-. On the funding premium, interest will be allowed as per the interest rate declared from time to time and all the claims will be settled out of this fund. In case of death, the life cover available will also be paid