LIC Bima Designer Plans

All products are designed to cater to customer needs and they evolve over a period of time as a response to felt/expressed customer needs and aspirations and to provide new and richer experience. A plan combination is an extension of this philosophy and is a sales persons response to what a customer desires. For example 1. They hesitate to commit to a long term pay out plan, although they need a long term financial program. 2.They get more inclined to commit to a pension plan, than to a risk cover plan, although they require the latter more. 3. They desire an inbuilt facility in making payment of premium meaning the premium term may be reduced or elongated depending on the financial situation. . They desire mid term liquidity. ( This is the reason for popularity of money back plans.) 5. They do want meaningful risk cover.

In the package here ( named "Chinta Se Mukti"), we begin by asking the prospect (i) the amount of monthly pension he/she would need, (ii) the age from which he/she would need it and (iii) the shortest period for which he/she would like to pay for it. [Single premium is not provide for. And payment term for less than 12 years is not provided for because it is not available.]
The system decides the number of endowment policies, their sum assured etc. with a view to ensuring that the longest policy's maturity proceeds suffice to buy Jeevan Akshay VI plan at decided age. Smaller term feeder policies are intended to pay for the longer term policies. It is so worked out that, given the current rate of bonus, pension rates, interest rate in settlement options, that after the smallest term policy matures, the program gets self-financed.


The package is so designed that the (i) payout period is limited (ii) high risk cover results in the early duration of the program (iii) if financial position allows, the maturity proceeds can be used and premium payment continued, as in a money back plan (iii) there is desired pension for life time (option 6) and (iv) policy holder leaves behind a big corpus for nominee. And for every single rupees paid till the first policy matures, benefit is safely 10 times.