LIC's Traditional Plans Closing Shortly

From October, insurer to charge an additional 3% from Policyholders towards service tax

LIC’s traditional policies will close shortly by 3% from October as the insurance behemoth plans to change from customers the service tax levied on non-unit linked products. At Presence LIC is paying service tax behalf of policyholder but from October Policyholders must have to pay an additional Rs. 3000 towards service tax on premium Rs. 1 Lack i.e. 3%. 

Following Traditional policies are closing shortly:

1. Jeevan Saral (Table 165)

LIC Jeevan Saral is actually an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. Hence it is categorized under Special Plans. This is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium….Read More

2. Jeevan Anand(Table 149)

LIC’s Jeevan Anand Plan has got both the features of Endowment Plan and Whole Life Insurance Plan. This is with profit plan and throughout the lifetime of the life assured with the provision of payment of lump sum at the end of the selected term in case of his survival. ….Read More

3. Jeevan Akshay- VI(Table 189)

This is an immediate annuity plan, which can be purchased by paying a lump sum amount. This plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities….Read More

4. Jeevan Tarang(Table 178)

This plan is a whole of life plan, which provides for annual survival benefit at a rate of 5.5% of the sum assured for life time of life assured after premium paying term or chosen accumulation period is over. On survival to the end of selected accumulation period provided premiums have been paid fully, the vested simple reversionary bonus will be payable in one lump sum. The first survival benefit (SB) will be payable on survival to one year after accumulation period is over and then on survival to the end of each year after that……Read More

5. Bima Bachat(Table 175)

LIC Bima Bachat (Table No.175) is a single premium money-back policy. Bima Bachat offers financial security and assurance to the policy holder and his family ……..Read More

6. Bima Nivesh(Table 171)

Bima Nivesh 2005 is an investment plan with compound rate of guaranteed additions and loyalty additions. It is a single premium, investment plan for those who have no regular income but good periodical income. ……..Read More

7. New Bima Gold(Table 179)

It has been decided to introduce LIC,S new bima gold (plan no. 179) with effect from 4th September, 2006. it is a plan where premiums paid over the term of plan are paid back
during the policy term in installments at specified duration in case of survival of life assured and life insurance cover is a available not only during the term but also during the extended term of the plan……..Read More

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