1) New Magic Plan BAL SURAKSHA implemented.
BAL SURAKSHA secures the cash flow (with or without proposer) to take care of child’s education & career.
Plan 90 (Marriage / Educational Annuity with profit) & 807 (Jeevan Ankur) are used as a base plan.
2) Retire & Enjoy IV: - Plan no 149 (Jeevan Anand) added as a base plan for presentation.
3) Customer Data Entry: - New festival "PARYUSHAN" for the Jain Religion is added.
Visual Magic Pro - Release Notes
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4) Loan Ledger: - Report format modified.
5) Loan Interest Outstanding: - Tag for compounding interest on all Reports Options is added.
6) BOC Data Entry: - Two fields Group Code & Group Head Name are displayed in the tabular view.
Version No. 5.8.0 Dated 30-Nov-2012
1) Magic Mix:
1) Premium Budget Recalculate option added.
2) Daily Premium Calculation based on Yearly premium/365.
2) CRM Center: - Option to open the Consolidated Policy Services through CRM Center.
3) Client Index: - Report format modification for Groupwise sorting option.
4) P.A.Code:- Three new columns fields added 1.) Sub P.A.Code 2) Dept. No. 3) S.R. No.
5) Import Branches: - Option to Import ALL or Selected branches of LIC is added in Servicing module. The
form can be opened through Servicing>Tools & Utilities>Import Branch
6) Print Option: - Option of Printing on both sides (auto or manual) is added in all the report level forms.
1) Bonus2012: New Bonus rates, Final Addition Bonus and Loyalty Addition rates are implemented.
2) Implementation of New Magic Plan 4G: - A Quadruple Guarantee child protection plan; with
Guaranteed features like LUMPSUM amount on term end, Life time INCOME, Life time RISKCOVER &
LUMPSUM amount at age 100.
3) Implementation of Jeevan Vaibhav Bulk Campaign: - A unique one-page presentation personalized for
the Group and its members. Specially designed format to give a quick glance at the prospects of Jeevan
Vaibhav as an exciting investment.
4) Business Target: -
1- Bonus Commission Option added.
2- First Year Premium option added.
5) Client Index> New sorting option "Referred By” is included and Modification of the Report format done.
6) “Mode” field added in Current Status Report and Current Status of Insurance Chart.
7) Magic plan Retire & Enjoy I to V New Column “Maturity Amount” is added on Plan Combination.
8) Policy Data Entry >Add new group & member with basic details & add switch to Advance option for
move to basic form to advance form.
9) Mailing Labels >New Sorting option “Rating” is added.
10) Following Rows are added in magic mix and magic mix plus report: -
1. Single Premium inclusive of service tax on applicable plans:
2. Total First Year Premium inclusive of service tax on applicable plans:
3. Subsequent Year Premium inclusive of service tax on applicable plans:
11) Dashboard>SMS sending of Approved Templates.
Implementation of Jeevan Vaibhav - LIC’s Jeevan Vaibhav (Table No. 809) is a single premium non-linked
endowment assurance plan which provides for payment of Sum Assured on maturity or on death. Loyalty
addition, if any, is also payable on death during the last policy year or on maturity.
1) Benefits:
A) Death Benefit:
On death during the policy term, excluding last policy year: Sum Assured shall be payable.
On death during the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.
B) Maturity Benefit:
On maturity, the Sum Assured along with Loyalty Addition, if any, shall be payable.
C) Loyalty Addition:
Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy will
be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the
stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.
2) Eligibility Conditions and Restrictions
Minimum Entry Age : 8 years (completed)
Maximum Entry Age : 65 years (nearest birthday)
Mode of Premium Payment : Single premium
Minimum Sum Assured : Rs.2,00,000/-
Maximum Sum Assured : No Limit
The sum assured shall be in multiple of Rs.10,000/-
Policy Term : 10 years
Age at entry of the Policyholder is to taken as age nearest birthday except for minimum
age at entry i.e. 8 years.
Implementation of Modification of LIC’s Jeevan Akshay- VI (Plan No. 189)-
The modifications are as under :-
1) The plan shall also be sold online in addition to other existing distribution channels.
2) Annuity option- “Joint-life and 100% of annuity to spouse on death of the annuitant with
return of purchase price on death of last survivor” shall also be available in addition to
the existing six options.
3) Reduction in the minimum age at entry and increase in maximum age at entry.
4) Minimum premium amount for online sale shall be Rs. 1.5 lacs and for other
distribution channels it shall be Rs. 1 lac.
5) Slabs of incentive for higher purchase price have been modified.
6) Service tax to be collected from the policyholder along with the purchase price.
2. Type of annuities available:
Various annuity options available under the Plan are as under:
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/
her life time on death of annuitant with return of purchase price on the death of last
survivor.
Service Tax Form Implementation :-
This form is implemented to take care the changes made in service tax every financial year.
Implementation of Rate of Interest under various financial transactions for the financial year 2012-13 –
It has been decided that the rate of interest for the financial year 2012-13 will be as under:
Sr. No.
Type of Transaction Rate of Interest
1. (i) Policy Loans [under all plans except Jeevan Aastha (Plan 195) and
Jeevan Vridhhi (Plan 808)]
(ii) Policy Loans under Jeevan Aastha (Plan 195) and Jeevan
Vridhhi(Plan 808)
10.00
10.50
2. For policies issued on or after 1/1/1987 -
(i) Arrears of premiums within six months from the date of FUP
(ii) For revivals
9.50
(subject to a
minimum int. of
Rs.5/-)
3 Arrears of premiums for alterations and age proving higher 9.50
4. Dating back the policies 9.50
5. Settlement options for Maturity Claims 6.00
6. i) Advance payment of premiums [for all plans except Jeevan
Sneha (Plan 128)]
ii) Advance payment of premiums for Jeevan Sneha (Plan 128)
6.00
10.00
1) Implementation of Jeevan Vriddhi - LIC’s Jeevan Vriddhi is a single premium non-linked plan which
provides for payment of Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, on
maturity. Under this plan death benefit is the Basic Sum Assured.
2. Benefits:
a) Death Benefit:
On death of the life assured during the policy term, Basic Sum Assured i.e. 5 times of single premium
excluding extra premium, if any, shall be payable.
b) Maturity Benefit:
At the end of the policy term maturity benefit equal to the Guaranteed Maturity Sum Assured along with
Loyalty Addition, if any, shall be payable. Guaranteed Maturity Sum Assured will depend on the entry age
of the Policyholder and the single premium excluding extra premium, if any.
c) Loyalty Addition:
Provided the policy is in full force at the time of maturity, then depending upon theCorporation’s
experience with regard to the policies issued under this plan, the policy will be eligible for Loyalty Addition
on the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.
The Loyalty Addition payable shall be based on the Guaranteed Maturity Sum Assured.
2) Implementation of Jeevan Vriddhi Bulk Campaign.
Jeevan Vriddhi Bulk Campaign - A unique one-page presentation personalized for the Group and its
members. Specially designed format to give a quick glance at the prospects of Jeevan Vriddhi as an
exciting investment.
3) Implementation of Jeevan Vriddhi Ready Recknor
Jeevan Vriddhi Ready Recknor - A unique one-page presentation which gives the quick look on maturity
value & yield against the single premium paid for different age groups.
Version No. 5.4.0 Dated 10-Jan-2012
1) Implementation of Jeevan Ankur- LIC’s Jeevan Ankur is a unique conventional with profit plan that
offers you the most innovative solution to meet the educational and upbringing expenses of your child
with relative ease, even in case you aren't around.
Benefits:
a) Benefits payable on death:
• On death of the Life Assured
In case of death of the Life Assured during the policy term, Basic Sum Assured is payable immediately on
death. In addition, an Income Benefit equal to 10% of the Basic Sum Assured is payable on each policy
anniversary from the policy anniversary coinciding with or next following the date of death, till the end of
policy term to the nominee child. Another lump sum amount equal to Basic Sum Assured is payable on the
scheduled maturity date of the policy along with Loyalty Addition, if any.
• On death of child, when Life Assured is alive.
In case of death of the child when the Life Assured is alive, the Life Assured will have an option to
nominate another child/person and the policy will continue with the same benefit payable to new
nominee/legal heirs after the death of the Life Assured during the term of the policy.
• On death of child/nominee after Life Assured’s death.
In case of death of the child/nominee after Life Assured’s death, the policy shall continue and the benefits
shall be payable to the legal heir(s) till the end of policy term.
b) Benefits payable on maturity:
At the end of the policy term, an assured maturity benefit equal to Basic Sum Assured along with Loyalty
Addition, if any, shall be payable irrespective of survival of the Life Assured.
c) Loyalty Addition:
Provided the policy is in full force at the time of maturity or on death, whichever is applicable, then
depending upon the Corporation’s experience with regard to the policies issued under this plan, the policy
will be eligible for Loyalty Addition on the stipulated date of maturity at such rate and on such terms as
may be declared by the Corporation.
2) Magic Plan – Forever Income- Combination of 12 Jeevan Tarang policies, Each policy will be
commenced in every month from April to March.
3) Amulya Jeevan: New Option Planner for Amulya Jeevan plan no. 190 has been implemented.
4) NEFT Implementation:
• New module added for NEFT Batch Updation.
• Policy Data Entry
• Reports: Maturity Due, S.B. Due, Comprehensive Insurance Chart, Loan Surrender Value Calculator
5) Loyalty Rate: Modification done in Loyalty Rates, User defined LA option for Jeevan Saral, and same
has been implemented throughout the project.
6) Income Tax Calculator: New module introduced for Income Tax calculation.
7) Future Value Calculator: New module introduced to calculate future value of your current amount.
8) Premium Quotation I & II: Inclusion of Plan no. 165
9) Magic Mix:
A) Implementation of Magic Yield on Risk and Investment.
B) Customized Advance Premium Schedule can be created in magic mix.
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C) Back Dating interest has been rectified.
D) Generate reports with User defined loyalty rates.
10) Blank Nominee List: New Module Blank Nominee List has been introduced.
11) Policy Register: Now policy resister can be generated with completion date wise.
12) Branch: Two new fields are added in the form. A) Tel No. B) Email ID.
13) Commission Deduction: Two new heads are added in the dropdown. A) Agent Pension B) Group
Insurance Premium.
• Bonus2011:
New Bonus rates, Final Addition Bonus and Loyalty Addition rates are implemented in this
1) Implementation of Jeevan Arogya (Plan N0.903) in Servicing Module.
2) Magic Plan - Arogya Dhan: - Implementation of New Magic Plan Arogya Dhan.
Arogya Dhan is a versatile insurance cum savings solution which has been designed to meet today’s
practical needs of your family.
Here are some of the highlights of this Magic Plan especially tailor-made for you:
• Limited premium paying term for much longer period of benefits.
• A unique All-in-one solution offering Health insurance, Life insurance and Wealth creation.
• Choice of 3 premium paying terms - 10, 15 and 20 years.
• Lifelong riskcover for yourself.
• Option to cover life of your spouse till age 60.
• Health cover available for entire family including parents and parent-in-laws too.
• Tax benefits under Sec.80 CCE and 80D. Tax benefits under Sec.80 D available even after premium
payment stops.
• Regular income flow till age 100 after premium payment stops.
3) Saral Bachat: - Implementation of New Plan Combination Saral Bachat.
Saral Bachat is a combination of Jeevan Saral (Plan No. 165) & Bima Bachat (Plan No. 175).
Jeevan Saral is a widely sold insurance plan of L.I.C. which offers many exceptional benefits to the policy
holders. Unfortunately this plan is not available for Single Premium payment. The objective of Saral Bachat
plan combination is to provide a Single Premium payment solution while keeping the attractive benefits of
Jeevan Saral intact. The basis of the solution is to fund the premium liability of Jeevan Saral with periodical
returns received through Bima Bachat plan. The returns are channelized to Jeevan Saral policy using the
Advance Premium facility offered by L.I.C. of India to its policy holders.
4) Club Membership Eligibility: - New rules of Club Membership Eligibility are implemented.
5) Class Extra Premium Rates: - Class Extra rate has been implemented in Magic Mix.
For Any Clarification or More Information Regarding the Plan/ Investment,
Please Call to us: +91 9885126368, and +91
9246826368, or Write to us through the ‘E-mail Us’:- licbestplang@gmail.com, www.plotsinhyd.com
