LIC new updates 2020, LIC 2020 new plans, LIC policy changes full details

LIC new updates 2020, LIC 2020 new plans, LIC policy changes full details

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LIC new updates 2020 | LIC 2020 new plans | LIC policy changes full details
This video helps you to understand the LIC new changes in 2020 in very simple but effective language, it provides complete information about the lic all changes about policies like major changes, closed plans, present policies, Riders and Other Benefits etc.

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From 1St Febraury 2020 Onwards Some Changes made
in LIC Plans and in that 5 Policies Withdrawn and
21 Policies are continuing.

Here In this Video explaining about what are main changes done by LIC.

Following Plans Stands Withdrawn as on 01/02/2020:

1.Plan 818 – Jeevan Nidhi
2.Plan 822 – Anmol Jeevan-1
3.Plan 827 – Jeevan Rakshak
4.Plan 830 – Limited Payment Endowment
5. Plan 838 – Jeevan Pragathi

After 5 Policies Discontinuing, Now 21 Plans Available :
Term Insurance Plans : 855
Whole Life Plans : 945
Endowment Plans : 914, 915, 933, 936, 943 & 944
Money Back Plans : 920, 921, 947 & 948
Children Plans : 932 & 934
Pension / Annuity Plans : 842 & 850
Single Premium Plans : 916 & 917
Ulip Plans : 935
Health Insurance Plans : 904 & 905

Premium Rates :There is No Change under Premium Rates of All Plans

Risk Cover :
Risk Cover Depends as Policy Wise

IT Rebate :
All Plans are Eligible for Tax Rebate under section 80C
for full amount of Premium Paid and Maturity will be
Tax Free under section 10(10D)

Plan Features :
There is No Change under :
Age at Entry,
Age at Maturity,
Policy Term and PPT,
Minimum and Maximum SA etc.

Only Change is Under Plan 916 :
Maximum Age at Entry Under Plan 916 is
restricted to Age 50 years NBD.

Accident Riders :
Prospect has the option to choose one of the
following two accident riders under Plans 914,
915, 920, 921, 933, 936, 945, 947 & 948 :

1. ADDB Rider : Accidental Death & Disability Rider
Covers Both Accidental Death and Permanent Disability
Benefits.

Available for Full Policy Term or Age Upto 70 years
Premium will depend on PPT and Policy Term.

2. AB Rider: Accident Benefit Rider
Covers only Accidental Death
Available Upto PPT or Age 70 years.
Premium will be 0.50 per 1000 SA.

Only Accidental Benefit Rider Following Plans :
855, 943, 944 & 904

Term and Critical Illness Riders
Now Both Term and Critical Illness Riders are
available under following Plans : 914, 915, 920, 921, 933, 936, 945, 947 & 948

Premium Waiver Benefit Rider :
Now PWB Rider is now available only upto
Age 25 of Child under following plans : 914, 932, 934, 936, 945 & 948

Surrender / Paid up / Loan :
Now Available after Payment of 2 full years Premium

Bonus :
However Bonus will Accrue only after payment
of 3 Full Years Premium

Quantum of Loan and Foreclosure
Policy Loan under All Applicable Plans :
Upto 90% of SV under In force Policies
Upto 80% of SV under Paid-Up Policies