Jeevan Nischay Table no.- 199

It is a close ended single premium policy for those of you who have an existing policy with the LIC, a risk bearing policy accepted at a standard rate. The premium amount you pay can be chosen by you and the sum you receive on maturity will depend upon the premiums paid by you, your age and the term you have selected.

Following are the eligibility criterion for this plan:

Minimum age at entry	18 years (completed)
Maximum age at entry	50 years (nearest birthday)
Policy term	5, 7 and 10 years
Minimum Single Premium	Rs. 10,000/-
Maximum Single Premium	Rs. 10,00,000/-

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Aam Aadmi Bima Yojna

This scheme is a start up of central and state governments administered by the LIC aimed to make life easy for the rural landless household. The applicant has to aged between 18 years and 59 years and should be the head of the family or the earning member of the household.

This prestigious plan is an initiative towards making lives easy for the distressed in the rural areas.

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Janashree Bima Yojna

This plan aims at providing life insurance protection to the rural and urban poor, who belong to the group of Below Poverty Line and are marginally above the poverty line. The person has to be aged between 18 years and 59 years to opt for this plan. The state government is the nodal authority concerned with the welfare of such occupation groups or welfare funds. The minimum membership has to be of 25 individuals under this scheme.

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Group Leave Encashment Scheme

Another benefit along with retirement benefit provided by the employers to their employees is leave encashment which is a lump sum amount paid to the employees or their dependants. The amount paid depends upon the leave to the credit of the employee and his/her salary at the time of exit. The liability attached here is increasing in nature and is linked with the salary and leave position.

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Group Savings Linked Insurance Scheme

Those of us staying in the metropolitan cities are occupied all day long and here, the inflation is inevitable. Individual insurance is thus a costly affair. Group savings linked insurance scheme is a low cost alternative to invest and secure. There is no need to provide individual medical evidence and the returns on your savings are attractive, post retirement needs.

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Group Gratuity Scheme

This is a cash accumulation scheme provided by LIC which enables you, as an employer, to meet the gratuity liability in a simple and efficient manner. Many services are attached to this plan such as- fund management under interest accumulation system, built insurance arrangement for the employees for future service, MIS related to income tax and trusts accounts and actuarial valuation, Claim settlement on exit as per company rules.

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Group Insurance Scheme in Lieu Of EDLI (UIN - 512N048V01)

All those employees who can be classified under the Employee’s Provident Fund and Miscellaneous Provision Act, 1952, have to subscribe this scheme. Herein, the insurance benefit will be equal to the average balance to the credit of the deceased employee during the last 12 months. 0.05% of each employee’s salary is payable by the Employer to the Provident fund authorities. If you are an employer you will incur a low cost and as an employee you are only safeguarding your own future, along with your family’s by investing in this scheme.

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Group term Insurance Scheme

If you want to insure a group of people for instance your employees and wish to cover them under a single umbrella, group insurance is your best bet. The cost incurred is low and there is no insistence on medical evidence. The scheme offers a cover only on death and no maturity value is attached at the end of policy term. LIC presently charges premium  on One Year Renewable Group Term assurance and varies the amount charged as per the additions made in the group and on the basis of age distribution.

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Jeevan Deep (UIN : 512N270V01)

Jeevan Deep is a savings related life insurance plan where you pay the premiums on regular basis or as a lump sum and you get Guaranteed Additions under this plan.

Following are a few details regarding the plan requirements:

Minimum entry age	18 years
Maximum entry age	60 years
Maximum Maturity Age	65 years
Policy term	5 to 15 years
Minimum Sum Assured	Rs.30,000
Sum Assured- in multiples of	Rs.1,000
Minimum Sum Assured	Rs.5,000

For whatever mode of payment you choose, the corporation will provide a grace period of two months. And in case you are not satisfied with the terms and conditions of the policy, you may return the policy to LIC within the cooling off period of 15 days and LIC in exchange will pay you back the premiums you have paid till that date after deducting the stamp duty.

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