Non Medical Revision for Group I Plans

Savings Plans (6)

Sum Under Consideration Labh
Umang
Bima Shree
Age Group NMS NMG (P) & (SE) NMG (O) Bima Jyoti
Bachat Plus
 
Dhan Rekha (Ltd Premium)
18 – 35 yrs 50 lakhs 30 lakhs 12 lakhs
Ulip Plans(3)
Endowment Plus
36 – 45 yrs 25 lakhs 20 lakhs 8 lakhs
Nivesh Plus
SIIP
46 – 50 yrs 13 lakhs 10 lakhs 5 lakhs
Single Premium Plans (2)
Single Premium Endt
Bima Bachat
Usual Non Medical Rules for Group II Plans
Plans:
Sum Under Consideration New Endowment
Age Group NMS NMG NMG (O)
(P) & (SE) Jeevan Anand

18 – 35 yrs 30 lacs 25 lacs 8 lacs Jeevan Lakshya

20 Year Money Back

36 – 45 yrs 20 lacs 15 lacs 5 lacs
25 Year Money Back
46 – 50 yrs 10 lacs 8 lacs 3 lacs
Bachat Plus (Single Premium
Option A)
 Term Rider & Premium Waiver
Benefit under Non Medical
The Term Rider & Premium Waiver Benefit Rider will also come under Non
Medical, in case the Proposer is eligible under:
Non Medical Special
Non Medical General (Professional)
Non Medical General (Self Employed)

Provided the SUC (including the Riders) is within the prescribed limits.
 Eligibility of Insurance Under
Medical Report (Without Special Report)
Age Group NMS & NMG(P) & (SE) NMG (O)
18 to 35 50 lacs 20 lacs
36 to 45 30 lacs 20 lacs
46 to 50 13 lacs 6 lacs
51 to 55 13 lacs 3 lacs
56 to 60 3 lacs N.A.
Exclusive Non Medical Scheme for Single
Premium
AGE GROUP ACTUAL SUM ASSURED
(in last one full year)

18 to 35 15 lacs
36 to 50 10 lacs
51 to 60 3 lacs

Actual Sum Assured = Sum Assured less Single Premium

Here, all policies under Single Premium plans taken under Non
Medical during the last one full year on the basis of date of
commencement only taken into account.
Nivesh Plus, More Premium under Non Medical
Increase of Non Medical Insurance
under Nivesh Plus (1.25 times Cover Option)
Bachat Plus:
Non Medical/Medical Rules
For Single Premium under Option B:
✔Standalone Non Medical
For all ages & for all Sum Assured,
Provided the proposer does not suffer with
any of the diseases listed in Annexure A.

If life proposed suffers from any of the diseases:

Regret the proposal.
Critical Illness Rider: Non Medical limits
Non Medical Limit for Critical Illness Rider based on CIR SUC
Age nearer Birthday
18 (Completed)
36 to 45 46 to 50
to 35
Category

Non Medical Special (NMS) 15 lacs 10 lacs 2 lacs

Non Medical General (Professional & Self Employed) (NMG-P &

NMG-SE)
15 lacs 10 lacs 2 lacs

Major Students Age upto 30 years: 10 lacs

Medical is mandatory where the lifetime limit of 15 lakh under the new CIR is exceeded..
Where Medical Examination is required & CIR is opted, ECG & FBS mandatory if:

1. Age upto 35 years last birthday & new CIR Sum Assured exceeds 5 lakh

2. Age 36 yrs last birthday irrespective of CIR Sum Assured

Major Students
Age Group: 18 to 30 Years

Non Medical upto 25 lacs for Group I Plans

Non Medical upto 20 lacs for Group II Plans

No matching Insurance Needed upto 50 lacs

Minor Lives: Insurance Without Matching Insurance
Total Risk Sum Assured
Without Premium Waiver Benefit 25 lacs
With Premium Waiver Benefit 50 lacs
 Plans for Minors
Table No Plan Age at Entry Availability of PWB
914 New Endowment 8 years completed Yes
932 Child Money Back 90 days to 12 years Yes
934 Jeevan Tarun 90 days to 12 years yes
917 Single Premium Endowment 90 days onwards Not Applicable
936 Jeevan Labh 8 Years completed Yes
945 Jeevan Umang 90 days onwards Yes
948 Bima Shree 8 Years completed Yes
860 Bima Jyoti 90 days onwards Yes
861 Bachat Plus 90 days onwards Yes (under Limited
Premium option)
863 Dhan Rekha 90 days onwards Yes (under Limited
Premium option)
Premium Waiver Benefit Rider
 PWB can be opted, when the life assured is a minor (upto 17
years LBD), on the date of opting of the Rider.
 In case of death of the Proposer, the future Premiums are
waived, till the end of Premium Paying Term or 25 years of
age of the Life Assured, whichever is earlier.
 Available not only under exclusive minor lives policies , but
also under plans which are available to both minor and
major lives (such as Bima Shree, Umang, Bima Jyoti)
Eligibility Conditions for Proposer:
Minimum Entry Age 18 (completed)
Maximum Entry Age 55 (nearer birhday)
Policy Term(PPT) Outstanding Premium Paying Term or upto 25 Years of
Age of Life Assured, whichever is earlier.
Maximum cover ceasing Age 70 Years (nearer birthday).
 Premium Waiver Benefit
under Non Medical

● Premium Waiver Benefit Rider will also come under Non

Medical, in case the Proposer is eligible under:
● Non Medical Special
● Non Medical General (Professional)
● Non Medical General (Self Employed)

● Provided the SUC (including the Riders) is within the

prescribed limits.
 Lady Life - Category A (i)
All Plans are allowed
Financial underwriting is as applicable for male proponents
Funding from spouse income can also be considered.
Ladies employed in institutions eligible for Non Medical Special

If income tax returns are not filed, Ladies who have been recently employed, appointment letter along with Salary slip for
Form 16 for the last 3 years at least 3 months with bank passbook showing credit

Ladies filing income tax returns regularly

If Source of income is Investment or Property:
• Apart from Income Tax returns, submit supporting documents such as
Proof of investment / Latest Rental agreement / Bank Statement
• Moral Hazard Report to indicate Income details, Source, Social Status of the Life Proposed & Family members should be
insurance minded
If Self employment : Submit Income Tax Returns for last 3 years
Pregnant Lady Life of Category A (i) can Propose within 24 weeks of pregnancy
Maximum 1 Crore under Savings Plan Allowed
Medical Mandatory, Gynaecologist report and follow up records
No Chest X Ray & CTMT required even if it is in the Medical Grid
Special MHR in Form No 3251 mandatory
 A (ii) Earning Income and the income earned can be ascertained
Plans Maximum Requirement
( All Plans allowed Coverage Standard Age Proof mandatory
except Tech Term )
Immediate Annuity under Single
No limit
Premium Proof of Source of Income & Bank Pass Book showing credit for the
Single Premium source
1 Crore
Savings Plan
• SSC or10th pass or equivalent
Combination of • Proof for income Salary sheet, Rental agreement , Investment
50 Lakh income, Pension
Savings & Term Plans
• Bank passbook showing credit for source
• Funding can be from Spouse income
• Moral Hazard Report Annexure 1 for Female Life
Term Plan 25 Lakh

A (iii) Earning Income, but the income cannot be ascertained

Maximum Coverage Requirement
HSC / 12th Pass : 15 Lakh Others : 10 Lakh MHR in Annexure 1 Female Life
Savings Plan is Allowed
Term Plans, Term Rider, Premium Waiver Benefit Rider, Critical Illness Rider NOT Allowed
 B (i) Housewife without Own Income – Graduates and Above
Plans Requirement
(All Plans allowed Maximum Coverage Standard Age Proof mandatory
except Tech Term)

1 Crore
Combination of • Graduation Certificate
Subject to Equal
Savings & Term Plans
in - force insurance on Spouse • Any of the below mentioned
Passport / Credit Card / Driving License /
50 Lakh Medi Claim Cover / PAN
Term Plan Subject to 50% in - force Term insurance • Income Proof of Spouse
on Spouse

B (ii) Housewife without Own Income - Others

Plans Maximum Coverage Requirement
60 Lakh
Savings Plan Subject to Equal Income Proof of Spouse
in - force insurance on Spouse
Term Plans, Term Rider, Premium Waiver Benefit Rider, Critical Illness Rider NOT Allowed

Category B (i) & B (ii) - Further Guidelines

• Income of Husband to fund for the Total Insurance Coverage of family members
• If Spouse uninsurable due to medical reasons , submit proof of uninsurability & detailed Special Moral Hazard Report
by competent authority
 Income proof Requirements
Total Risk Cover Term Plans/
(including Term Term Rider/ Proof required
Plans/Term Rider/CIR) CIR
Upto Upto No income proof needed.
25 Lacs 15 Lacs Only MHR by competent Authority.

15 Lacs To C.A. Certificate or

25 Lacs To 50 Lacs
25 Lacs Personal Finance Questionnaire (PFQ)
Beyond 50 Lacs Beyond 25 Lacs a. ITRs/Form 16/Form 16A/Form 26AS for last three
Years.
b. ITRs with Computation of Income , Audited Profit
& Loss Account & Balance Sheet, if income
shown in ITRs are insufficient for the proposed
insurance
c. Tahsildar’s Certificate & 7/12 Extract for
Agriculture income cases
d. In case of Employed persons, if ITRs are
available, Employment Contract, Salary slips for last
3 months & Bank Statements showing the salary
Credits..
 Power of Detailing: Jeevan Labh

Age 30; S A 10 Lacs 16 (10) 21(15) 25(16)

Annual Premium 82,990 52,351 44,168

Current Bonus 40,000 44,000 47,000

Total Premium 8,29,900 7,85,265 7,06,688

Savings in Premium 1,70,100 2,14,735 2,93,312

 Power of Detailing: Jeevan Labh
Age 30; S A 10 Lacs 16 (10) 21(15) 25(16)

Premium Payable for (Years) 10 15 16

Bonus Payable for (years) 16 21 25

Total Bonus At Current Rate 6,40,000 9,24,000 11,75,000

Current FAB Rate (1000 SA) 25 100 450

FAB At Current Rates 25,000 1,00,000 4,50,000

Approximate Maturity 16,65,000 20,24,000 26,25,000

Total Premiums 8,29,900 7,85,265 7,06,688

 Power of Detailing: Jeevan Anand

125% Insurance
Life Long Free Insurance after Maturity
Proportionate Free Insurance Available on Paid Up Policies also..
Free Insurance also can be Surrendered
 Surrender Value factor for Jeevan Anand - Plan No.915 after end of the policy Term (After
Maturity)
If full S.A. is received on Maturity, then full S.A. (X) S.V. Factor; If Paid up S.A. is received on
Maturity, then Paid up S.A. (X) S.V. Factor
Age (NBD) on Age (NBD) on Age (NBD) on
Surrender Surrender Surrender
the date of the date of the date of
Value Factor Value Factor Value Factor
Surrender Surrender Surrender
33 8.73% 55 30.14% 77 63.24%
34 9.29% 56 31.53% 78 64.62%
35 9.88% 57 32.95% 79 65.98%
36 10.51% 58 34.40% 80 67.30%
37 11.18% 59 35.87% 81 68.58%
38 11.90% 60 37.36% 82 69.83%
39 12.65% 61 38.88% 83 71.04%
40 13.45% 62 40.40% 84 72.21%
41 14.30% 63 41.94% 85 73.35%
42 15.18% 64 43.49% 86 74.44%
43 16.10% 65 45.05% 87 75.50%
44 17.06% 66 46.62% 88 76.52%
45 18.06% 67 48.18% 89 77.54%
46 19.10% 68 49.74% 90 78.52%
47 20.18% 69 51.30% 91 79.52%
48 21.30% 70 52.85% 92 80.51%
49 22.45% 71 54.39% 93 81.53%
50 23.64% 72 55.92% 94 82.83%
51 24.87% 73 57.43% 95 83.97%
52 26.14% 74 58.92% 96 86.93%
53 27.44% 75 60.38% 97 88.24%
54 28.77% 76 61.82% 98 and above 93.10%
Power of Detailing: Jeevan Umang

➢ 8% of Sum Assured Guaranteed for Life Time (Tax Free)

➢ Increasing Insurance Cover from Day one till Last Breathe.
➢ Three Types of Bonuses: Bonus 1, Bonus 2 & Final Additional
Bonus
➢ Accidental Death & Disability Cover upto Age 70
 Power of Detailing: Jeevan Umang

➢ Gift for Children to secure their Future, especially Girl Child

➢ Dating back to Birth date, to get Life Long Annual BirthDay Gift
from LIC, on behalf of Parents
➢ Power of 3G Concept
➢ 12 Policy Package for Life Time Monthly Pension
 Power of Detailing: Jeevan Umang
Attractive Surrender Value (Anytime After Premium Paying Term):
90% of Sum Assured and Accrued Bonuses.
Benefits available for Paid Up Policies (Minimum Maturity Sum Assured 2 lacs):
Proportionate Annual LifeTime Money Back
Proportionate Life Long Insurance,
Participation in Bonus 2
Final Additional Bonus, on Surrender after Premium Paying Term
 LIC’s Jeevan Umang:
Benefits of 1 lac Annual Premium,
For Different Premium Paying Terms
Guaranteed Bonus Bonus,
Age Premium Annual Sum Annual Rate Bonus as % of
at Paying Term Premium Assured Survival as per Amount Premiu
Entry (Years) (Rs.) Benefit 31.3.21 m
(life long) Valuation

0 30 99,845 35 lacs 2,80,000 57 1,99,500 199.81

5 25 1,00,043 27 lacs 2,16,000 62 1,67,400 167.33

10 20 1,03,418 20 lacs 1,60,000 67 1,34,000 129.57

15 15 96,180 12.5 lacs 1,00,000 64 80,000 83.18

Encash GST Waiver for NRI/FNIO/OCI
New Business
Renewal
Regular Premium
Single Premium
Premium

NRE Cheque,
Foreign Currency or
Direct Remittance from NRE Cheque NRE Cheque
foreign to LIC Branch Only Only
Account.

GST relaxations Not available for ONLINE business

and also proposals under NACH mode.
 Power of Non Single Premium
• Example: Rs. 1 lac premium every year under
Jeevan Anand for 15 years.
• Commission earnings:

Year Commission (%) Commission

1 35% (incl Bonus Commission) 35,000

2&3 7.5% each year (7,500 pa) 15,000

5% each year (5,000 pa) for

4 to 15 60,000
12 years
Total commission 1,10,000

The total commission earned during the policy term is more than the First
Year Premium.
 More Premium Paying Term,
More Commission.
Premium Every Premium Paying Total Total
Year Term Commission (%) Commission
(Amount)
1,00,000 15 110 % 1,10,000
1,00,000 16 115% 1,15,000
1,00,000 20 135 % 1,35,000
1,00,000 25 160 % 1,60,000
1,00,000 30 185 % 1,85,000
 Power of Final Additional Bonus
• Suggest long term plans for youngsters :
FAB
Final Additional Bonus will be higher, RATES
which can beat inflation.
Sum Assured RANGE
POLICY TERM Sum Assured RANGE 2,00,000 & above
50,001 to 1,99,999

15 10 20
20 40 70
25 330 450
30 900 1100
35 1850 2300
40 3000 3550
 Power of Final Additional Bonus
• Final Additional Bonus will be higher, which can beat inflation.

Bonus Rate FAB on

POLICY Reversionary Total Bonus (at Approx Total
for 10 lacs SA 10 lacs S A
TERM Bonus for current rates) Maturity
(31.3.20) (31.3.20)

15 15 years 35,000 5,25,000 20,000 15,45,000

20 20 Years 39,000 7,80,000 70,000 18,50,000

25 25 Years 45,000 11,25,000 4,50,000 25,75,000

30 30 Years 45,000 13,50,000 11,00,000 34,50,000

35 35 Years 45,000 15,75,000 23,00,000 48,75,000

40 40 Years 45,000 18,00,000 35,50,000 63,50,000

The advantage of huge, Tax Free Returns.

Accidental Death and
Disability Benefit Rider:
Benefit of the Rider:
1. Death due to Accident:
A sum equal to Accident Benefit Rider Sum Assured taken under the policy
will be paid to the nominee.

2. Permanent Disability occurred due to Accident:

 Future Premiums fully waived.
 In case of Permanent Disability due to accident, a sum equal to the AB
Sum Assured will be paid to the Life Assured in 120 monthly instalments.
 Ex: Sum Assured 10 lacs. Disability Benefit will be Rs.8,333 per month for
10 years
 Club Membership Norms
S NO Crieteria CM ZM DM BM
1 Net Number of Lives 130 100 80 50

2 Min Net No of Lives 40 30 20 15

&
Lives in Force 600 400 250 150
3 Renewal Commission 2,10,000 1,47,000 95,000 53,000

4 First, First Year and Bonus 2,10,000 1,47,000 63,000 37,000

Commission
5 Total Commission 4,20,000 2,94,000 1,58,000 90,000

1. For Entry: The above levels of performance to be reached in 3 continuous

financial years or 3 out of 4 financial years.
2. For continuation, the performance to be achieved every year, after entry.
3. Relaxation is commission earnings allowed, (RC 100% & FC 50%),
but total commission to be ensured.
4. Lapsation Ratio should not exceed 15%
 Difference between
Net No of lives and Lapse Ratio
Net Number of Lives Lapse Ratio
Number of lives are the basis Number of Policies is the basis
Pucca lapsed Policies as at 31st March Policies for which at least one full year Premium
not received as at 31st March
The lapsed lives are deducted from the FY Lapse Policies of Previous Year are divided by
current year lives and Net Number of lives Total Policies of Previous Year and the Ratio is
arrived at. arrived.
All lives with FUP Sep or earlier will be All policies where one Full year Premium not
Pucca lapsed policies. received will be F Y Lapses
All calculations are made as per Premium position as at 31st March.
 Bachat Plus: Basic Parameters
Maximum
Premium Insurance Age At Policy
Option Age at
Mode Cover Entry Term Maturity

A 10 Times 0 to 40 10 to 25 65
A 10 Times 41 to 44 10 to 16 60
Single
B 1.25 Times 0 to 70 10 to 25 80

1 10 Times 0 to 60 10 to 25 75
Limited
2 7 Times 40 to 65 10 to 25 75
 Bachat Plus & Single Premium Endowment:
The Comparison

Single Premium Bachat Plus

Endowment (Option B)
Plan available Plan available
upto Age at entry 65 only upto 70 years

Above 60, under Medical Upto age 70, Non Medical

only
No limits for Non Medical.
For upto Age 60 also,
Any Amount can be considered
there are limits for
under Non Medical, upto age
Non Medical
entry 70
 LIC's Jeevan Akshay Rates ( Revised w.e.f 1.2.2022)
Yearly Annuity Rate under Option F
Age
10 lakhs 25 lakhs 50 lakhs 1 Crore
  Old New Old New Old New Old New
30 5.27% 5.75% 5.31% 5.79% 5.32% 5.80% 5.33% 5.81%
35 5.28% 5.76% 5.32% 5.80% 5.33% 5.81% 5.34% 5.82%
40 5.30% 5.77% 5.34% 5.81% 5.35% 5.82% 5.36% 5.83%
45 5.31% 5.79% 5.35% 5.83% 5.36% 5.84% 5.37% 5.85%
50 5.33% 5.81% 5.37% 5.85% 5.38% 5.86% 5.39% 5.87%
55 5.36% 5.84% 5.40% 5.88% 5.41% 5.89% 5.42% 5.90%
60 5.39% 5.87% 5.43% 5.91% 5.44% 5.92% 5.45% 5.93%
65 5.43% 5.91% 5.47% 5.95% 5.48% 5.96% 5.49% 5.97%
70 5.47% 5.96% 5.51% 6.00% 5.52% 6.01% 5.53% 6.02%
75 5.51% 6.01% 5.55% 6.05% 5.56% 6.06% 5.57% 6.07%
80 5.55% 6.07% 5.59% 6.11% 5.60% 6.12% 5.61% 6.13%
 LIC's JEEVAN SHANTI (Table No. 858) w.e.f 1.2.2022
Deferment
Entry Age & Life Time Guaranteed Annuity Rates (Yearly Pensio
for 10 lacs)
Period 30 35 40 45 50 55 60 65 70
1 5.89% 5.91% 5.93% 5.95% 5.97% 6.00% 6.04% 6.09% 6.15%
2 6.24% 6.27% 6.30% 6.34% 6.39% 6.45% 6.54% 6.65% 6.82%
3 6.62% 6.65% 6.70% 6.76% 6.84% 6.94% 7.08% 7.26% 7.54%
4 7.01% 7.06% 7.12% 7.21% 7.32% 7.46% 7.65% 7.92% 8.30%
5 7.28% 7.34% 7.43% 7.53% 7.66% 7.84% 8.06% 8.39% 9.78%
6 7.71% 7.79% 7.89% 8.02% 8.19% 8.40% 8.68% 9.07% 9.45
7 8.16% 8.26% 8.39% 8.55% 8.75% 8.99% 9.32% 9.74% 9.98
8 8.64% 8.76% 8.84% 9.10% 9.33% 9.60% 9.98% 10.36% 10.32
9 9.14% 9.28% 9.46% 9.68% 9.93% 10.23% 10.63% 10.87% 10.49
10 9.54% 9.70% 9.89% 10.12% 10.38% 10.69% 11.04% 11.02% 10.28
11 10.09% 10.27% 10.49% 10.73% 10.99% 11.32% 11.55% 11.20%  
12 10.65% 10.87% 11.11% 11.36% 11.62% 11.92% 11.95% 11.27%  
 LIC's JEEVAN SHANTI (Table No. 858) Revised Rates w.e.f 1.2.2022
Deferment Entry Age & Life Time Guaranteed Annuity Rates (Yearly Pension for 10 lacs)
Period 30 40 50 60 70
  Old New Old New Old New Old New Old New
1 5.36% 5.89% 5.39% 5.93% 5.43% 5.97% 5.49% 6.04% 5.58% 6.15%
2 5.66% 6.24% 5.71% 6.30% 5.79% 6.39% 5.93% 6.54% 6.16% 6.82%
3 5.97% 6.62% 6.05% 6.70% 6.18% 6.84% 6.39% 7.08% 6.80% 7.54%
4 6.30% 7.01% 6.41% 7.12% 6.59% 7.32% 6.89% 7.65% 7.46% 8.30%
5 6.51% 7.28% 6.65% 7.43% 6.87% 7.66% 7.22% 8.06% 7.87% 9.78%
6 6.87% 7.71% 7.04% 7.89% 7.31% 8.19% 7.75% 8.68% 8.44% 9.45%
7 7.24% 8.16% 7.45% 8.39% 7.78% 8.75% 8.31% 9.32% 8.91% 9.98%
8 7.64% 8.64% 7.89% 8.84% 8.27% 9.33% 8.87% 9.98% 9.21% 10.32%
9 8.05% 9.14% 8.35% 9.46% 8.78% 9.93% 9.43% 10.63% 9.35% 10.49%
10 8.36% 9.54% 8.70% 9.89% 9.14% 10.38% 9.76% 11.04% 9.14% 10.28%
11 8.82% 10.09% 9.19% 10.49% 9.66% 10.99% 10.20% 11.55%    
12 9.29% 10.65% 9.70% 11.11% 10.19% 11.62% 10.54% 11.95%    
New Jeevan Shanti: Comparision of Rates
 Power of Life long Guarantee!
Year Bank FD Rates SHANTI RATES (for different waiting periods)
for age at entry 50, 10 lacs )
3 Years 5 Years 10 Years 12 Years
1999 11.5%
2009 8.5%
2019 6.5%
2022 5.0% 6.84%
2026 ?? 6.84% 7.66%
2031 ?? 6.84% 7.66% 10.38%
2033 ?? 6.84% 7.66% 10.38% 11.62%
2039 ?? 6.84% 7.66% 10.38% 11.62%
2049 ?? 6.84% 7.66% 10.38% 11.62%
On Death,
Return of
100% Minimum of 105%
Capital