LIC’s New Plan e-Term (Table No. 825)

LIC’s New Plan e-Term (Table No. 825) implemented.
INTRODUCTION: It has been decided to introduce LIC’s e-Term Plan (Table No. 825) with effect from
16th May, 2014. The Unique Identification Number (UIN) for LIC’s e-Term Plan is 512N288V01. This
number has to be quoted in all relevant documents furnished to the Policyholders and other users
(public, distribution channels).
a) Death Benefit:
Benefits payable on Death: On death of the Life assured during the policy term Sum Assured shall be
payable.
ELIGIBILITY CONDITIONS AND RESTRICTIONS:
1) Minimum Age at entry for Life Assured :- 18 years (completed)
2) Maximum Age at entry for Life Assured :- 60 years (nearest birthday)
3) Minimum Policy Term :- 10 years
4) Maximum Policy Term :- 35 years
5) Minimum Basic Sum Assured : - Rs. 2500000 for Aggregate Category.
: - Rs. 5000000 for Non Smoker Category.
6) Maximum Basic Sum Assured :- No Limit
7) Maximum Cover ceasing age for Life Assured : - 75 years (nearest birthday)
The Basic Sum Assured shall be in multiples of Rs. 100000/-
Mode of payment Yearly only.
Club Membership Eligibility:- New Club i.e. Club Galaxy implemented.
1. Membership year: The year in which an agent becomes member of a club will be known as
the Membership Year. It will run from 1st September to the following 31st August. The Financial
year immediately preceding the Membership Year is the Qualifying Year. First qualifying year
will be from 1st April 2014 to 31st March 2015 and First membership year will be from 1st
September 2015 to 31st August 2016.
2. Eligibility Criteria:- Eligibility criteria for the Entry and Continuation in the club shall be fixed
every year by the Central Office.
Eligibility criteria for Membership year 2015-16 :-
(a) The qualifying condition for entry to the Club would be as under:
1 Agents should have brought following business in the financial year preceding the
qualifying year i.e. during the financial year 2013-14:
First Year Commission : 8 lakh (Without Bonus Commission) OR
First year Premium : 33 lakh (1n case of Single premium 6% credit will
be given for First year premium)
2 Requirement in qualifying year (2014-15):
First Year Commission :- 10 lakh (without Bonus commission) OR
First year Premium :- 40 lakh (In case of Single premium 6% credit will be
given for First year premium)
3 First Year Lapsation at the end of qualifying year: <10%
b.) Continuation in the club:-
1 First Year Commission :- 10 lakh (without Bonus commission
OR
First year Premium : - 40lakh (In case of Single premium 6% credit will be
given for First year premium)
2 First Year Lapsation <10%
Comprehensive Insurance Chart:-
1) Special Information column is added to show Rider (Other than DAB) & Extra Premium
Information if opted.
2) Premium paid option is added in Current Status of Ulip Linked Policies.

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