LIC Samridhi Plus (Plan No.804) is a ULIP plan. It’s a close ended plan which would be open for sale for a maximum period of 3 months.
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- Cisco Anyconnect Ordering Guide
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Samridhi Plus Plan at Glance:
- Guaranteed Highest NAV of the first 100 months at Maturity
- Policy Term 10 years
- Lock in period 5 years
- Limited Premium Payment (5 years or single premium)
- Unlimited investment under Single Premium
- Easy liquidity through Partial Withdrawals
- Entry age 8 to 65 years
LIC Samridhi Plus with a policy term of 10 years that offers payment of Fund Value at the end of the policy term based on the highest Net Asset Value (NAV) over the first 100 months of the policy or the NAV as applicable at the end of the policy term, whichever is higher. The premium payment under this plan is limited to single or 5 years. The policyholder can choose the level of cover within the limits, depending on his/her age.
Benefits payable on death:
Lic said I will get a surrender value of 1.4Lakh in May 2018. I would like to know if it makes sense just to stop the premiums and go for Paid up Value, so at the time of maturity I can get the bonus amount of 2Lakh or just take the money out and invest it into SIP which might give me better returns. LIC New Bima Kiran Policy is a premium back term assurance plan that provides financial protection against death throughout the term of plan together with a return of premiums paid at maturity. Features of the policy – (Table 150) Premiums can be quarterly, half-yearly and yearly throughout the term of the policy. Rider Benefit is.
The nominee will get Sum Assured or Policyholder’s Fund Value whichever is higher
Maturity Benefit:
Highest NAV Fund Value Or Maturity Fund Value Whichever is higher.
Guaranteed NAV:
In this plan there is a guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of Rs. 10/-. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for guarantee of NAV shall be 100 months from the date of commencement of policy.
Eligibility condition and restrictions for LIC Samridhi Plus
a) Minimum Basic Sum Assured:
- 5 year Premium paying term policies:
- For age at entry below 45 years: 10 times the annualized premium
- For age at entry 45 years and above: 7 times the annualized premium
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Single Premium:
- For age at entry below 45 years: 1.25 times the single premium
- For age at entry 45 years and above: 1.10 times the single premium
b)Maximum Basic Sum Assured:
- 5 years Premium paying term policies:
- For age at entry below 45 years: 20 times the annualised premium
- For age at entry 45 years and above: 10 times the annualised premium
Single Premium Policies:
- 5 times the Single premium, if age at entry is upto 55 years.
- 1.25 times the Single premium, if age at entry is 56 to 65 years
Top-up: No Top-up shall be allowed under the plan.
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- Entry age: 8-65 years
- Maturity age: 18-75 years
- Policy Term 10 yrs
- Premium paying term: 5yrs or single premium
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Minimum Premium:
- Yearly Premium: Rs.15000/-
- Half Yearly: Rs.8,000/-
- Quarterly: Rs.4,000/-
- ECS Monthly Rs.1500/-
- Min. Single Premium: Rs.30,000/-
Maximum premium:
- Single Premium: No Limit
- Regular Premium: 1 lac p.a.
Benefit illustration (Assuming Gross Interest Rate of 10% P.a.)
- Age: 30 years
- Sum Assured: Rs.200000/-
- Policy Term : 10 years
- Premium: Rs.20000/- p.a.
- Premium Paying Term: 5 years
- Maturity Amount: Rs.1,73,355/-
Accident Benefit:
Accident Benefit is available at extra Rs.0.50 per thousand Sum Assured
Premium Allocation Charge:
Cisco Anyconnect Ordering Guide
For Single premium policies: 3.3%
For Regular premium policies:
Premium | Allocation Charge |
First year | 6% |
2nd-5th year | 4.50% |
Other Charges:
Policy Administration charge: Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy.
Fund Management Charges (FMC): 0.90% p.a
Guarantee Charge: 0.40% p.a
Last Date: 24th May 2011
How to Apply for Samridhi Plus plan?
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Update: Samridhi Plus Table No.804 Has Been Discontinued
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
LIC India’s Minimum Business Guarantee (MBG) norms for an LIC agent, during the agency year are :
An agent has to achieve –
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- EITHER 6 different lives AND Rs. 50,000/- First Year Premium Income (FYPI)
- OR 12 different lives
- OR Rs. 1 Lac First Year Premium Income (FYPI)
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Notwithstanding the above, an agent shall be exempt from bringing in the business required of him, if he has continually worked for the LIC India as an agent for a period of:
(a) not less than 21 years ; or
(b) at least fifteen years and he is at least 55 years of age; or
(c) fifteen years and at any time subsequent thereto there is business
(a) not less than 21 years ; or
(b) at least fifteen years and he is at least 55 years of age; or
(c) fifteen years and at any time subsequent thereto there is business
in force in the books of the LIC India under his agency yielding a renewal premium income of not less than Rs. 2,00,000 per annum.