Difference between LIC’s older and newer ( 9-series) plans wef 01-02-2020

Modifications:

👍 No change in premiums


📌 No Anmol Jeevan. Hence, MIN. SA for Term plans is 25 lakhs (under 855)


❌ No Limited Premium Endowment (830): STOPPED FOR SALE


🆕Max. Age at Entry in 917: reduced from 67 to 50.

RIDER INCLUSIONS:

ACCIDENTAL RIDERS: 

Both AB (@ ₹0.50 ‰) & ADDB (₹1‰ SA) available in all regular plans. Choose from either one.

TERM RIDER:

 added to S.P. plans 916 & 917 along with ADDB.

CRITICAL ILLNESS RIDER: 

added to LAKSHYA (933)

PREMIUM WAIVER BENEFIT: 

Added to minor life proposals on 814, 836, 845.

GENERAL CHANGES:

👍 Revival period increased to 5 years from 2 years

👍👍 SV / paid-up/ Loan in 2 years

👁 Grace period 30 days for yrly, half yrly, qly modes

👉 Change in claim relaxation in suicide cases

PROPOSAL FORM CHANGES:

📌 ACR SEPARATE

📌 DOCTOR SIGN NOR REQUIRED IN PROPOSAL; ADDENDUM TO FMR to be included.

📌 Suitability Form to be collected.

📌 Settlement options (Risk & Maturity) to be mentioned in proposal.

🆔 Nominee's ID proof be submitted along with proposal.