Professional Documents
Culture Documents
so
ii. Limited Payment Whole Ute Policy
r--
~_ T21970
51
iii. Jeevan Mitra (Double Cover or Triple Cover)
S2
cardiac bye-pass surgery. In case the insured is affected by any
one of the above conditions in any year except the first year of
the policy, LIe of India (a) pays SO percent of the sum assured
immediately (b) waives payment of all further premiums (c) pays
an annuity of 10 percent of.sum assured till date of maturity and
(d) pays the balance of 50 percent of sum assured on death or on
maturity with bonus.
S3
These are called survival benefits. The balance of 40 percent of
sum assured along with bonus is paid on maturity. In case of
death of the insured any time during the 20-year period, full sum
assured along with accrued bonus is paid without deducting any
survival benefits already paid.
54
v. Mortgage Redemption Assurance
i. For Children
5S
4.1.5 Joint Life Policies
J. Jeevan Saathi
56
going for direct investment in the capital market. Bima Plus offers a choice
of three funds (Secured, Balanced & Risk) with different risk profiles
depending on different patterns of investment in equities, debts and liquid
assets. The policyholder is allocated units, which are valued every week.
The plan offers life cover up to Rs.lO lakhs and accident cover up to Rs.2
lakhs.
1. Jeevan Shree - I
ii. Jeevan Pramukh
57
Table 4.1
Business in-force in India Business in-Force out of India Total Business in -Force
Year Number of Sum Annual Number Sum Annual Number of Sum Annual
Policies AssuredlN Premium of AssuredlN Premum Policies AssuredlNC premum
CO/APA Receivable Policies CO/APA Receivable O/APA Receivable
(Rs. In (Rs. In (Rs. In (Rs. In (Rs.ln (Rs. In
crore) crore) Crore) Crore) Crore) Crore)
Individual
Assurance
2001-2002 125786529 668113.76 44656.63 87151 1476.66 79.01 125873680 669590.42 44735.64
2002-2003 138784878 790716.65 53994.12 89544 1746.66 107.82 138874422 792463.31 54101.94
..
u.
2003-2004
General
Annuity
153921144 925033.33 62333.71 93853 2038.97 131.42 154014997 927072.30 62465.13
2001-2002 985274 1453.89 2323.01 169 1.18 0.16 985443 1455.07 2323.17
2002-2003 984066 1449.53 1892.90 2 0 0.15 984068 1449.5J 1893.05
2003-2004 998001 1406.02 1877.51 2 0 0 998003 1406.02 1877.51
Pension
2001-2002 1077963 9005.45 842.24 0 0 0 1077963 9005.45 842.24
2002-2003 1301630 8898.55 1056.88 174 1.26 0 1301804 8899.81 1056.88
2003-2004 1594946 8610.57 1454.48 194 1.35 0 1595140 8611.92 1454.48
Unit
Linked
2001-2002 2308 1747 0.30 0 0 0 2308 17.47 0.30
2002-2003 3066 21.70 2.41 0 0 0 3066 21.70 2.41
2003-2004 172693 1009.69 19.56 0 0 0 172693 1009.69 19.56
Source: LIe's Annual Reports and ACCOllllts
4.2 GROUP INSURANCE SCHEMES
59
by the employee and the current monthly salary on each Annual Renewal
Date.
60
b) Benefit Purchase Scheme: The employer fixes the amount of
•
pension in advance generally in relation to the .salary drawn by
.the employee at the time of exit. LIC detennines the
contribution payable for funding of pension benefits.
61
purchase pensions for employees as and when due under 'Group Annuity'
policies from LIC. Different types of pensions are available under LIC'
scheme such as pension payable for life, guaranteed for 5, 10, 15 or 20
years and thereafter for life, joint life last survivor pension, pension
payable for life with return of purchase price an death of the pensioner etc.
62
accident) after expiry of a lien period of 45 days from the date of entry to
the scheme.
Table 4.2
BUSINESS IN FORCE - GROUP INSURANCE
Graph 4.2
BUSINESS IN FORCE - GROUP INSURANCE
63
Lie's premium income from Group Insurance is showing
increasing trend from year to year. It was Rs.1987.20 crores in the )
1999-2000 increased to Rs.3617.38 crores in the year 2003-2004. Num
of members under Group Insurance is also showing an increasing tn
except for the year 2003-2003.
Table 4.3
: D No. of Schemes
, (in thousands)
.No. of members
,
(in lakhs)
, • Sum Assured
I (Rs. In crores)
'.Annual Premium
(Rs. In crores)
yea< 1999-00 yea< 200().()1 yea< 2001~2 year 2002.()3 yea< 21J03.04
64
Number of schemes under Group Surperannation schemes of LIC is
always showing an upward trend. Annual premium in respect of the
Superannuation is also showing an increasing trend. Increase in annual
premIUm IS highest in the year 2003-2004 compared to the year 2002-
2003.
6S
4.3.3 Shiksha Sahayog Yojana 2001:
Table 4.4
STATEMENT OF NEW BUSINESS UNDER JANASHREE SIMA
YOJNA & KRISHI SHRAMIK SAMAJIK SURAKSHA YOJNA-
2001 AS AT 31-03-2003 BY THE LIC
66
4.4 ANNUITY PLANS
The purchase price is payable in lump sum and the annuity payment
commences one year, six months, three months or one month after the
date of purchase. The rate of annuity (per annum per Rs.IOOO of
purchase price for an immediate annuity (without any certain period)
varies from Rs.122.50 for age 40 to Rs.152.00 for age 60. If the annuity
is guaranteed for say 10 years and payable thereafter till death of the
annuitant, the rate of annuity varies from Rs.122.00 for age 40 to
Rs.144.20 for age 60. The same rates are applicable to male or female
annuitants.
67
4.4.3 Immediate Annuity (with return ofpurcbase price)
4.4.5 LIe of India also offers annuity certain plans as immediate annuity
or deferred annuity. In the case of annuity certain, a single premium
is payable and in respect of deferred annuity, premiums can be paid
in lump sum or in installments spread over the deferment period.
68
deferred date) will be paid. The following additional options also are
available to the annuitant on the vesting date:
69
4.5 HOUSING LOAN SCHEMES
70
Purchase of plots/sites
Griha Suraksha
71
Table: 4.5
RATE OF INTEREST: (MONTHLY REST BASIS)
The above rates of interest are for Loans with an LIC Policy as
collateral security. Loans without an LIC Policy as collateral security carry
an interest 0.25% higher than the normal rates both under Fixed and
Floating, for the respective Loan Amount under Different Loan Schemes.
The rates of interest are subject to revision.
Table 4.6
PLANS WITHDRAWN BY LIC
S.NO. PLANS
3. Centenary Policy
4. Grihalakshrni Policy
.,.,