Insurance Schemes

Jeevan Dhara

This is a Pension Plan for the individuals who are self-employed, artists, cine artists, technicians, businessmen, businesswomen, professionals, as these individuals cannot have 'Pension' benefit after they cease to earn, when compared with State/Central Government's employees who are endowed with 'Pension' benefits.

Restrictions: Age range at entry: 18-65 years. Minimum annuity per month Rs 100 (Agent Manual-LIC of India. For more details, please contact the nearest LIC Branch or your LIC agent)

Jeevan Akshay

This is a pension plan to provide life-long pension and a lump sum death benefit and also a survival benefit at the end of seven years under certain terms and conditions.

Restrictions: Minimum age at entry: 50 years. Minimum purchase price: Rs 10,000 and in multiples of Rs 100 thereafter. Dating Back is not permitted. Jeevan Akshay Policies will not be issued under MWP Act. This annuity cannot be assigned. (Agent Manual-LIC of India. For more details, please contact the nearest LIC Branch or your LIC agent)

Jeevan Suraksha

Jeevan Suraksha is available in three types to suit individual needs

• Pension with life cover

• Pension without life cover

• Pension with Endowment type

Contributions under Jeevan Suraksha up to Rs 10,000 per annum will be eligible for tax exemption under section 80 CCC(1) of the Income Tax Act, 1961. Commuted value up to 25 per cent as allowed under the plan is free of tax. (Agent Manual-LIC of India. For more details, please contact the nearest LIC Branch or your LIC agent)

Bima Nivesh

Bima Nivesh is a short-term, single-premium life insurance scheme that also provides safety, liquidity, attractive return and tax benefits.

Salient Features:

• Minimum age: 35 years.

• Maximum age: 65 years (for a 10-year term), 70 years (for a 5-year term).

• Term: 5 years and 10 years.

Contribution is eligible for tax exemption under Section 88 of the IT Act. No medical examination required. Only a Simple declaration of good health to be submitted.

(Agent Manual-LIC of India. For more details, please contact the nearest LIC Branch or your LIC agent)

The schemes Jeevan Dhara, Jeevan Akshay, Jeevan Suraksha and Bima Nivesh have been discontinued and relaunched in the new version as New Jeevan Dhara, New Jeevan Akshay, New Jeevan Suraksha and New Bima Nivesh respectively.

Medical Insurance Scheme

The Medical Insurance Scheme known as Mediclaim is available to persons between the age of 5 years and 75 years. Earlier, the sum insured varies from Rs 15,000 to Rs 300,000 and premium varies from Rs 175 to Rs 5,770 per person per annum depending upon the different slabs of sum insured and different age groups.

However, with effect from 1 November 1999, these limits of benefits and the premium rates have since been revised. The sum insured now varies from Rs 15,000 to Rs 500,000 and premium varies from Rs 201 to Rs 16,185 per person per annum depending upon different slabs of sum insured and different age groups. The policy is now available to persons between the age of 5 years and 80 years.

The cover provides for reimbursement of medical expenses incurred by an individual towards hospitalization/domiciliary, hospitalization for any illness, injury or disease contracted or sustained during the period of insurance.

(For more details, please contact the nearest New India Assurance Company Ltd. Branch or your agent)

Group Medical Insurance

Scheme The Group Medi-claim policy is available to any group/ association/ institution/ corporate body of more than 100 persons provided it has a central administration point. The policy covers reimbursement of hospitalization and/or domicilary hospitalization expenses only for illness/diseases contracted or injury sustained by the insured person.

The basic policy under this scheme is Medi-claim only. This policy is also available to persons between the age of 5 years and 80 years. The sum insured varies from Rs 15,000 to Rs 500,000 and premium varies depending upon the different slabs of sum insured and different age groups.

(For more details, please contact the nearest New India Assurance Company Ltd. Branch or your agent)

Jan Arogya

 This scheme is primarily meant for the larger segment of the population who cannot afford the high cost of medical treatment. The limit of cover per person is Rs 5,000 per annum. The cover provides for reimbursement of medical expenses incurred by an individual towards hospitalization/domiciliary hospitalization for any illness, injury or disease contracted or sustained during the period of insurance. Age limit: 70 years.

(For more details, please contact the nearest New India Assurance Company Ltd. Branch or your agent)